Business

Toyota Acknowledges More Certification Cheating

Published

1 year ago

July 31, 2024

Japanese automaker Toyota, reported Wednesday more cases of cheating on certification tests for new models required by the Japanese government, on top of those acknowledged earlier.

In the latest report, Toyota Motor Corp. said it failed to carry out proper certification on seven models, including the Camry sedan and RAV 4 sport utility vehicle. The false tests included pedestrian protection, side collisions and steering impact.

No safety problems were associated with the misconduct and people who own Toyota vehicles don’t need to take any action, according to Toyota. Toyota’s overseas production was not affected.

Toyota’s chairman, Akio Toyoda apologized in June while announcing massive testing irregularities involving six models, including the Crown and the Lexus RX luxury models. Production of some models in Japan was halted.

“It is with deep regret that we were not able to properly conduct our certification operations, and we apologize to our stakeholders for any concern or inconvenience this may have caused them,” Toyota said in a statement.

Toyota said workers did not clearly understand the rules for preparing documents required for certification applications or the basic importance of such work. Managers also lacked that understanding and were not adequately involved.

The company was carrying out an internal investigation after the earlier mishap, trying to correct the problem, when the latest oversight surfaced.

The wide-ranging fraudulent testing, which surfaced earlier at Japan’s top automaker, involved the use of inadequate or outdated data in collision tests and incorrect testing of airbag inflation and rear-seat damage in crashes. Engine power tests also were falsified. The deceptive test results were also found on discontinued models.

Similar fraudulent tests were found at Mazda Motor Corp. and Honda Motor Co., and at Toyota group makers Hino Motors and Daihatsu Motor Co.

Toyota reported the latest findings to the government and renewed its promise to correct its corporate culture and its work habits.

Production of the Corolla Fielder, Corolla Axio and Yaris Cross, all small models for the Japanese market, has been suspended since June 3. It is scheduled to resume in September once the transport ministry confirms they comply with standards.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

1 week ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

2 weeks ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

2 weeks ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.