Local Nigeria’s Maritime Security Crucial for Tapping into $2.5 Trillion Blue Economy Opportunities November 8, 2023 Ekemini Bashir Jamoh, Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), emphasized the pivotal role of maritime security in unlocking Nigeria’s potential within the global Blue Economy, estimated…
Local Revitalizing Nigeria’s Oil and Gas Sector: Challenges and Imperatives November 8, 2023 Ekemini The Nigerian government is pinning hopes on the oil and gas sector to stabilize the devalued naira, but the industry is grappling with various challenges. Insecurity, pipeline sabotage, and regulatory…
Business Total Energies’ Dividends Surge as Earnings and Cash Flow Strengthen November 8, 2023 Ekemini Total Energies Plc, a downstream firm, has demonstrated a robust dividend payout trend since 2006, with a consistent increase in the past seventeen years. This payout trend is a testament…
Local Revitalizing Nigeria’s Oil and Gas Sector: Challenges and Imperatives November 8, 2023 Ekemini The Nigerian government is pinning hopes on the oil and gas sector to stabilize the devalued naira, but the industry is grappling with various challenges. Insecurity, pipeline sabotage, and regulatory…
Local Nigeria’s High Drug Import Tariffs: A Barrier to Essential Medicines for Non-Communicable Diseases November 8, 2023 Ekemini Steep tariffs on imported drugs in Nigeria are driving up prices, making essential medicines for non-communicable diseases unaffordable for many. This situation is exacerbated by the heavy tax burden imposed…
Local African Startup Funding Sees Decline in October, Nigeria Lags Behind Peers November 8, 2023 Ekemini Funding activity for startups in Africa, particularly Nigeria, witnessed a decline in October. While there was a modest month-on-month increase in equity funding, the overall funding amount was notably lower…
Local Atedo Peterside Criticizes Nigerian Government’s Lavish Spending Amid Economic Crisis November 8, 2023 Ekemini Atedo Peterside, in an exclusive interview with BusinessDay, has voiced his criticism of the Nigerian government’s extravagant spending habits, particularly in light of the economic hardships faced by millions of…
Local MeCure Industries Set to List 4 Billion Shares on NGX, Boosting Market Capitalization by N11.84 Billion November 7, 2023 Ekemini Leading pharmaceuticals and nutraceuticals manufacturing company, MeCure Industries Limited, is gearing up for a significant listing on the Nigerian Exchange Limited (NGX). The company plans to introduce 4 billion ordinary…
Local Berger Paints Nigeria PLC Demonstrates Resilience Amid Challenges, Promises Stronger Engagement with Capital Market Community November 7, 2023 Ekemini Berger Paints Nigeria PLC (BPN) Plc, a prominent manufacturer of paints and allied products, has reassured the capital market community of enhanced collaboration by committing to regular and transparent communication…
Local Nigeria’s Equities Market Commences the Week on a Positive Note, Gaining N155 Billion November 7, 2023 Ekemini On Monday, November 6, Nigeria’s equities market started the week on a positive trajectory, surging by 0.40 percent. This upbeat performance resulted in investors gaining N155 billion, with notable contributions…
Business Dangote Cement Offers Series 10 and 11 of Commercial Papers in N300bn Issuance Programme November 7, 2023 Ekemini Dangote Cement, a prominent Sub-Saharan Africa cement producer, has launched series 10 and 11 of its Commercial Papers (CP) as part of its N300 billion Issuance Programme. The offering, which…
Business Novatek Dismisses US Sanctions on Arctic LNG 2, Calls it a Bid to Inflate Gas Prices November 7, 2023 Ekemini Russian gas giant Novatek has brushed aside recent US sanctions against its Arctic LNG 2 project, characterizing them as a maneuver to artificially boost global gas prices. The sanctions, imposed…
Local Peter Obi Expresses Disappointment in Supreme Court’s Ruling on Presidential Election November 7, 2023 Ekemini Peter Obi, the presidential candidate of the Labour Party (LP) in the 2023 election, has voiced his disappointment with the Supreme Court’s decision regarding the election dispute. Obi, along with…
Local Mobile Money Agents Surge in Nigeria, Boosting Financial Inclusion November 7, 2023 Ekemini A recent report by the International Monetary Fund (IMF) reveals a substantial increase in registered mobile money agent outlets in Nigeria, reaching a six-year high. The number of outlets rose…
Local Nigeria’s Federal Government Borrowing from Central Bank Hits ₦4.36 Trillion November 7, 2023 Ekemini Data shows that Nigeria’s federal government borrowed ₦4.36 trillion from the Central Bank of Nigeria (CBN) as of June, a month after the previous president securitized a significant portion of…
Local Naira Loses 4.24% Against the Dollar Due to Declining Dollar Supply November 7, 2023 Ekemini The Nigerian Naira has experienced a 4.24% loss in value against the US Dollar at the official market due to a decline in dollar supply. This decrease comes after trading…
Local Banks’ Borrowings from Central Bank of Nigeria Surge 466% YoY Due to Increased Currency Holdings November 7, 2023 Ekemini Banks’ borrowings from the Central Bank of Nigeria (CBN) through the Standing Lending Facility (SLF) have seen a significant year-on-year increase of 466%, totaling N268.3 billion as of October 2023.…
Local Over N4.3tn Worth of Crude Oil Stolen in 7,143 Pipeline Vandalism Cases in 5 Years November 7, 2023 Ekemini The Nigerian government has revealed that more than N4.3 trillion worth of crude oil was stolen in 7,143 pipeline vandalism cases over a five-year period. This disclosure was made at…
Local Unveiling Equipment Leasing Registration Authority: A Boost to Revenue Generation November 7, 2023 Ekemini The Nigerian government is set to introduce the Equipment Leasing Registration Authority (ELRA) with the aim of tapping into the global equipment leasing market, targeting an estimated $1.5 billion in…
Local Challenges Persist in Nigerian Power Sector Despite Multi-Trillion Naira Investments November 7, 2023 Ekemini Despite the federal government’s substantial investments exceeding N3 trillion in the power sector between 2015 and 2022, new data from the Nigerian Electricity Regulatory Commission (NERC) has revealed a concerning…
Local Nigeria’s Creative Industry Poised to Drive $100 Billion to GDP by 2030, Says U.S. Department of State November 7, 2023 Ekemini The Assistant Secretary for the Bureau of Economic and Business Affairs at the U.S. Department of State, Ramin Toloui, has highlighted the immense potential of Nigeria’s creative industry. Speaking in…
Local Dangote and BUA Trade Words, Renewing Rivalry November 6, 2023 Ekemini After a brief truce brokered by former Kano State governor Abdullahi Ganduje, Aliko Dangote, President of Dangote Group, and Abdussamad Rabiu, Chairman of BUA Group, have reignited their rivalry. Both…
Local GlaxoSmithKline Consumer Nigeria Announces Scheme for Shareholder Dissolution November 6, 2023 Ekemini GlaxoSmithKline Consumer Nigeria Plc has proposed a Scheme of Arrangement for the dissolution of the company, following the UK-based pharmaceutical giant’s decision to leave Nigeria. The scheme offers shareholders (excluding…
Local Nigeria’s Market Interest Rates Rise, Reigniting Foreign Investor Interest November 6, 2023 Ekemini Nigeria is re-emerging as an attractive destination for foreign investors following a rise in market interest rates and steps to clear the foreign exchange backlog, boosting confidence in broader FX…
Local Diezani Allison-Madueke Seeks Prayers as UK Court Hears Bribery and Corruption Case November 6, 2023 Ekemini Former Minister of Petroleum Resources, Diezani Allison-Madueke, appeared before a Southwark Crown Court judge in the UK over a case of alleged multi-million pounds bribery and corruption. Her lawyer stated…
Local Businessman Chief Cletus Ibeto Faces Bench Warrant for Alleged N4.8 Billion Fraud November 6, 2023 Ekemini Justice I.O. Ijelu of the Lagos State High Court issued a bench warrant for businessman Chief Cletus Ibeto’s arrest after he failed to appear in court for his arraignment. Ibeto…
Local President Bola Tinubu May Reshape Cabinet as Ministerial Retreat Concludes November 6, 2023 Ekemini President Bola Tinubu may consider reshaping his cabinet following the conclusion of a three-day Ministerial retreat. The President’s recent appointment of Hadiza Usman to head the new Performance Bond, tasked…
Business FTX Founder Sam Bankman-Fried Convicted: What Happens Next? November 6, 2023 Ekemini FTX founder Sam Bankman-Fried has been convicted of orchestrating a multibillion-dollar fraud on the cryptocurrency exchange’s customers. Here’s what to expect next: Key Takeaway: The conviction of Sam Bankman-Fried marks…
Local Nigeria Gains Traction with Foreign Investors as Economic Reforms Pick Up November 6, 2023 Ekemini Following a slowdown in reforms, Nigeria is back on the radar of foreign investors. The Central Bank of Nigeria’s decision to raise market interest rates to match inflation and address…
Africa AFC Successfully Exits Investment in Ghana’s Takoradi Port Expansion Project November 6, 2023 Ekemini Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has successfully exited its 35% equity investment in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of…
