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CORAN urges the government to consider selling NNPC refineries as a means to finance modular plants.

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The Federal Government has been urged to consider selling the state-owned refineries in Port Harcourt, Warri, and Kaduna in order to finance the development of modular refineries.

The Crude Oil Refiners Association of Nigeria has urged for the sale of the refineries, asserting that this is the only solution to the ongoing fuel crisis plaguing the nation.

Eche Idoko, the Publicity Secretary of CORAN, raised concerns regarding the Federal Government’s investment of over $1 billion in the rehabilitation of the Port Harcourt refinery. Unfortunately, despite six delays, the refinery has still not commenced production.

He said, “We are not asking for free money. The government should set up an intervention fund in which people can access credit. So, it’s not free money. There are a lot of intervention funds in the agricultural sector,”

“The $1.5bn spent on the Port Harcourt refinery could be used to develop 10 modular refineries to be able to produce PMS of a minimum of 10,000 barrels per day. That is about 100,000 barrels a day.

“And if you have 100,000 barrels per day, at least, with the Dangote refinery, you would have solved that problem. We would actually have enough to begin to export,”

“The low-hanging fruit is simply to empower the modular refineries.

“A modular refinery takes an average of 12 to a maximum of 18 months to set up. This administration can identify and select from the modular refineries that are already on stream to support them.

“Right now, we have about 15 of them – five are operating but not producing PMS; the other 10 are at various stages of completion. If the government supported these 15 modular refineries to produce PMS, in about 12 months or less, they would have solved this problem of fuel scarcity, rather than say, you are putting money into the Port Harcourt refinery, Warri refinery, or Kaduna refinery.

“That was why there was a particular administration that tried to sell those facilities. Most of them are obsolete.

Technology has changed. I would have said that the government should sell them off. We know that the issue of fuel crisis is a serious issue, but do we have a solution to it now? We don’t have a quick-fix solution other than what is being done right now, which is importation.

“But that is simply not sustainable. For how long can you continue like this? And so, what we are saying is that give yourself a target of the time to completely wind down the importation of petroleum products. Bring stakeholders like the modular refineries and the traders together. We will all put our heads together and then work out a scheme.”

“Saudi Aramco is a purely private-loaned entity. It has shares, it has boards, it runs as a private entity. In the United States, in all the countries where you are seeing self-sufficiency in their refineries, the private sector takes the lead. All the government does is to create an enabling environment to provide support.”

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Google wins legal bid to overturn 1.5 billion euro antitrust fine in EU digital ad case

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LONDON (AP) — Google won a court challenge on Wednesday against a 1.49 billion euro ($1.66 billion) European Union antitrust fine imposed five years ago that targeted its online advertising business.

The EU’s General Court said it was throwing out the 2019 penalty imposed by the European Commission, which is the 27-nation bloc’s top antitrust enforcer.

“The General Court annuls the Commission’s decision in its entirety,” the court said in a press release.

The commission’s ruling applied to a narrow portion of Google’s ad business: ads that the U.S. tech giant sold next to Google search results on third-party websites.

Regulators had accused Google of inserting exclusivity clauses in its contracts that barred these websites from running similarly placed ads sold by Google’s rivals. The commission said when it issued the penalty that Google’s behavior resulted in advertisers and website owners having less choice and likely facing higher prices that would be passed on to consumers.

But the General Court said the commission “committed errors” when it assessed those clauses. The commission failed to demonstrate that Google’s contracts deterred innovation, harmed consumers or helped the company hold on to and strengthen its dominant position in national online search advertising markets, it said.

The ruling can be appealed, but only on points of law, to the Court of Justice, the bloc’s top court.

The commission said in a brief statement that it “will carefully study the judgment and reflect on possible next steps.”

Google did not respond immediately to a request for comment. The company’s legal victory comes a week after it lost a final challenge against a separate EU antitrust case for its shopping comparison service that also involved a hefty fine.

They were among three antitrust penalties totaling about 8 billion euros ($8.9 billion) that the commission punished Google with in the previous decade. The penalties marked the beginning of an era of intensifying scrutiny for Big Tech companies.

Since then, Google has faced escalating pressure on both sides of the Atlantic over its digital ad business. It’s currently battling the Justice Department in a U.S. federal court over allegations that its dominance over the technology that controls the sale of billions of internet display ads constitutes an illegal monopoly.

British competition regulators this month accused the company of abusing its dominance in the country’s digital ad market and giving preference to its own services.

EU antitrust enforcers carrying out their own investigation suggested last year that breaking up the company was the only way to satisfy competition concerns about its digital ad business.

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“Hope Our Money Is Safe” — Nigerians React As Access Bank Changes Their Logo Twice In Less Than 3 Hours.

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Nigerians are buzzing with concern after Access Bank changed its logo twice in under three hours, sparking worries about the safety of their money.

In 2019, Access Bank unveiled a new logo after merging with Diamond Bank, signaling the beginning of a new era for the enlarged banking entity ¹. This change was part of the bank’s expansion strategy, which aimed to make Access Bank the largest bank in Africa by customer base.

Regarding the recent logo change, it’s essential to note that logo updates are common in the banking industry, especially when companies undergo significant transformations or rebranding efforts ². However, the swift reversal of the logo change has understandably raised eyebrows.

To alleviate concerns, Access Bank has not announced any changes to its operations or services that would impact customers’ funds. If you’re an Access Bank customer, you can visit their official website or contact their customer support for the latest information.

*Key Takeaways:*

– _Logo Changes are Common_: Banks and financial institutions often update their logos to reflect changes in their business strategy or branding.
– _Access Bank’s History_: The bank has undergone significant expansions and mergers, including the 2019 merger with Diamond Bank.
– _Stay Informed_: For the latest updates on Access Bank’s logo change and its potential impact on customers, visit their official website or contact customer support.

Remember, it’s always a good idea to stay informed and verify information through official channels to ensure your money’s safety.

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iPhone Xs | Xr are now on their 6th year receiving iOS updates

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The iPhone XS and XR are indeed receiving their sixth round of iOS updates, which is a testament to Apple’s commitment to supporting their devices with the latest software.

This is great news for users who have stuck with these models, as they’ll continue to receive security patches, new features, and performance improvements.

Not on par with Samsung or Google, but still very impressive

Of course, the new features those devices actually get is a different story

 

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