Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.

Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.

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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs. 

Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.

However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024. 

The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.  

Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.

The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.

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A luxury jet owned by the Nigerian government has been repossessed by a Chinese firm, Zhongshang Fucheng Industrial Investment Ltd, in Canada. The Bombardier 6000 type BD-700-1A10 aircraft was seized after a Canadian court granted Zhongshang permission to take custody of the plane.

According to Peoples Gazette, Zhongshang recently received a change of custodian paperwork for the aircraft from Canadian authorities in Montreal. The paperwork change was made after a Canadian court gave a verdict empowering the firm to seize the jet from Nigeria.

A source with knowledge of Zhongshang’s activities said anonymously: “The court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody from Nigeria to Zhongshang was only recently concluded.”

The source added: “Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid.”

The report states that Nigeria’s bid to retain ownership of the aircraft was quashed by Judge David Collier of the Superior Court of Quebec on March 21, 2024.

Read also : Peter Obi Slams Seizure Of Presidential Jets As “International Embarrassment”

This is not the first time Nigeria’s assets have been seized by Zhongshang. The firm has already taken possession of Nigerian assets in the United Kingdom and France. The latest seizure brings the total number of countries where Nigeria’s assets have been seized to three.

The repossession of the luxury jet is a significant embarrassment for the Nigerian government, which had attempted to retain ownership of the aircraft. The seizure is part of an effort to recover unpaid arbitration awards.