Business

Tinubu’s Oando among final bidders to acquire Trinidad’s refinery

Published

Friday, 2 May 2025, 10:00 pm

Tinubus Oando among final bidders to acquire Trinidads refinery

The criteria for finalists included a concrete restart plan, robust operational timelines, and a clear path to refinery activation—a requirement heightened by Trinidad and Tobago’s historical role as a petroleum product supplier to Nigeria.

Oando Plc, a Nigerian oil company owned by Wale Tinubu, nephew of President Bola Ahmed Tinubu, has advanced as one of three finalists to acquire Trinidad and Tobago’s state-owned Petrotrin refinery.

During the country’s national budget presentation, Trinidad’s Finance Minister, Colm Imbert, revealed the shortlist, highlighting Oando as one of three companies competing to revitalise the long-defunct refinery.

“After evaluating 10 initial proposals, we narrowed down to three final contenders,” Imbert said, listing Oando alongside Trinidad’s CRO Consortium and American energy firm INCA Energy.

“A formal Request for Proposals process will now follow, aimed at selecting the company best suited to restart the refinery, should it prove feasible,” he added, underscoring the strategic criteria that guided the selection.

READ ALSO: Fuel price hike expected as NNPC quits as middleman for Dangote Refinery

Trinidad launched the bidding process in February 2024, enlisting US-based Scotia Capital to facilitate the refinery’s procurement. The criteria for finalists included a concrete restart plan, robust operational timelines, and a clear path to refinery activation—a requirement heightened by Trinidad and Tobago’s historical role as a petroleum product supplier to Nigeria.

The move highlights contrasting fortunes for Nigeria’s oil refineries. While the Petrotrin facility in Trinidad is eyeing rejuvenation, Nigeria’s state-run refineries in Port Harcourt, Warri, and Kaduna have remained dormant despite multiple revitalisation promises by the Nigerian National Petroleum Company Limited (NNPC).

Missed production deadlines at the Port Harcourt refinery further underscore Nigeria’s struggle to revive domestic production.

The final decision on Petrotrin’s fate could have implications for both Trinidad’s energy sector and Nigeria’s dependency on foreign petroleum products.
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CBN recovers from loss reports N38.8 billion profit in 2024

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The CBN reported a profit of N38.8 billion after tax in the full year of 2024 from its N1.15 trillion loss recorded in the 2023 financial yr.

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Business

emPLE Unveils BETA Life: A Three-in-One Endowment Plan for Smarter Savings and Protection

Published

4 hours ago

May 2, 2025

John

emPLE Life Assurance Limited has announced the launch of BETA Life, an endowment policy designed to empower Nigerians to grow their wealth, secure their future, and protect what matters most.

In a market where financial uncertainty and underinsurance remain widespread, BETA Life offers a refreshing alternative. The product offers a unique combination of protection and savings in one simple, flexible plan helping Nigerians meet their financial goals while staying protected through life’s uncertainties.

With three cash benefits spread over the policy term, BETA Life helps customers plan for real goals be it education, rent, homeownership, or business without having to wait till the end of the tenure to benefit from their plan.

Speaking on the launch, Rantimi Ogunleye, MD/CEO of emPLE Life Assurance Limited, said:

BETA Life is more than a product; it’s a solution built around the realities of our customers. It’s for the parent who wants to secure their child’s future, the entrepreneur planning ahead, or the individual who wants to save smartly without losing the safety net of protection. We’ve brought together savings and life insurance into one plan, because we believe financial empowerment shouldn’t mean choosing one over the other.

With flexible policy durations and multiple payout points, BETA Life is designed to adapt to a customer’s journey while providing peace of mind. In the unfortunate event of death or permanent disability, the plan ensures that loved ones or the policyholder are financially supported, proving that life insurance can be just as much about living well as it is about preparing for life’s uncertainties.

This launch is a continuation of emPLE’s mission to make life insurance more inclusive, relevant, and empowering, giving more Nigerians the tools to build financial resilience with confidence.

For more information, visit www.emple.group/betalife

About emPLE

emPLE is a leading financial services company dedicated to providing insurance and investment solutions to retail and corporate clients across Africa. At emPLE, our purpose is to empower Africans by providing innovative financial solutions that enhance their freedom, security, and prosperity. We believe that true empowerment comes from providing not just access to financial products but also the knowledge and tools necessary for our customers to make informed decisions and achieve financial independence.

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For more information about emPLE, visit: www.emple.group

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