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The Port Harcourt Refining Company has clarified that its operations were not completely halted but scaled down to facilitate improvements at the facility. It disclosed this on Sunday as the Independent Petroleum Marketers Association of Nigeria insisted that it would not buy from the Port Harcourt refinery if the Nigerian National Petroleum Company Limited sells fuel from the plant at an expensive rate. Oil retailers had claimed that NNPCL was dispensing petrol from the plant at N1,030/litre. This is about N60 higher than the price of petrol produced by the Dangote Petroleum Refinery. Although NNPCL denied the claim, it failed to state the price of petrol produced from the newly rehabilitated Port Harcourt refinery.

Read more: Punch News

Swiss cement maker Holcim will exit its Nigerian business through the sale of its nearly 84 per cent stake in Lafarge Africa to China’s Huaxin Cement, the firm announced in a statement on Sunday. The sale price was $1bn for a 100 per cent stake. It stated, “The sale aligns with Holcim’s strategy to streamline its portfolio and focus on high-growth regions, including the upcoming spin-off of its North American business, which remains on track for a US listing in the first half of 2025.“The transaction is expected to close in 2025, subject to regulatory approval, according to Holcim’s statement, which did not provide further details on the reason for this specific sale.” According to Reuters, the deal marks the latest in a series of African acquisitions by Huaxin Cement.

Read more: Punch News

United Bank for Africa has signed a deal to commence full banking operations in France. In a statement late Thursday, the banking group said the landmark business cooperation agreement with the French Finance Minister, Antoine Armand, was part of President Bola Tinubu’s state visit to France. During the visit, the Chairman of UBA Group, Tony Elumelu, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed the agreement indicating support by the French Government for the development of UBA’s full banking operations in France. With this agreement, UBA joins tier-1 banks in Nigeria, running a banking presence in France.

Read more: Punch News

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