The Grangemouth refinery, Scotland's last remaining oil refinery, has officially ceased processing crude oil, marking the end of an era for the industrial site that has been operational since 1924. Petroineos, the owner of the refinery, confirmed the transition to an import terminal for finished fuels, a move announced in September last year with operations expected to cease by 2025. The company has invested £50 million in transforming the site into a modern import and distribution terminal, ensuring the continued supply of transport fuels to Scotland.

The closure of the refinery has raised concerns over employment in the Grangemouth area, with hundreds of workers accepting voluntary redundancy and others facing compulsory job losses. Discussions between Petroineos and the governments in Edinburgh and London have focused on the future of the site, including potential investments in low-carbon energy projects. However, the transition has been met with criticism, with some describing it as 'industrial vandalism' and calling for more support for the affected workforce.

Petroineos has defended its decision, citing the refinery's daily losses of £380,000 and the unsustainable nature of its operations. The company has also dismissed suggestions that the site could easily transition into a hub for sustainable aviation fuel production. Despite the challenges, Petroineos has praised the resilience and professionalism of its workforce during the transition period, ensuring the security of fuel supply across Scotland.

The UK Government has pledged £200 million to support the Grangemouth area, with hopes of attracting additional private investment. However, calls have been made for greater transparency and urgency in deploying these funds, particularly in light of the Acorn Carbon Capture project's delayed progress. As Grangemouth embarks on its new chapter as an import terminal, the focus remains on securing a sustainable future for the site and its surrounding community.

The ongoing trial involving the Asset Management Corporation of Nigeria (AMCON) and Arik Air has taken a dramatic turn as Muhammed Abbas Jega, a former Executive Director of Credits at AMCON, contradicted his earlier testimony regarding the performance of Arik Air's loan. Initially, Jega had stated that the loan was performing, but during cross-examination, he admitted that the loan had been non-performing since its inception, shedding light on the complexities of the case.

Jega's revelation came during the trial of former AMCON MD/CEO Ahmed Kuru and others, who are facing charges related to the alleged mismanagement of N76 billion and $31.5 million. The case, which has drawn significant attention, highlights the challenges faced by AMCON in managing non-performing loans acquired from Nigerian banks under the Eligible Bank Asset (EBA) programme.

Further complicating the matter, Jega disclosed that despite AMCON's injection of N85 billion to purchase Arik's debt from Union Bank and Bank PHB, and an additional N11 billion extended as working capital, Arik Air failed to meet its financial obligations. This admission raises questions about the due diligence processes at AMCON and the viability of the airline's financial restructuring efforts.

The trial also took an unexpected turn when Jega questioned the authenticity of the Loan Purchase Agreement presented in court, pointing out discrepancies in signatures and document structure. This development adds another layer of intrigue to the case, as it challenges the integrity of the documents underpinning the financial transactions between AMCON and Arik Air. The court's decision on these matters could have far-reaching implications for corporate governance and financial accountability in Nigeria's banking and aviation sectors.