Business Commodities Finance Local Market TotalEnergies’ Akpo West Field to Increase Output February 8, 2024 Ekemini Uba Nigeria is poised to witness a rise in condensate production by 14,000 barrels per day, following the commencement of operations at the Akpo West field owned by TotalEnergies. Currently, Nigeria’s…
Business Finance Local Customs Forecasts Revenue Surpassing N5.079 Trillion February 8, 2024 Ekemini Uba The Comptroller-General of the Nigerian Customs Service (NCS), Adewale Adeniyi, has expressed confidence in the Service’s ability to exceed its revenue target of N5.079 trillion for the year 2024. Presenting…
Business Commodities Finance Local NNPCL SpendS N267 Billion To Curb Insecurity February 8, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPCL) reportedly allocated a substantial N267.98 billion for security expenses over 16 months, reflecting the severity of the security challenges faced by the industry.…
Africa Business Investing investment World Benin Republic’s Dollar Bond Oversubscribed, Raises $750m February 8, 2024 Ekemini Uba Benin Republic successfully issued its first-ever dollar-denominated bond, raising a substantial $750 million. The bond offering witnessed overwhelming investor interest, being oversubscribed by an impressive $5 billion. The Finance Minister…
Africa Business investment Local World Tullow Oil To Plan Temporary Halt in Ghana Drilling Operations February 8, 2024 Ekemini Uba Tullow Oil, in collaboration with its Joint Venture Partners, is gearing up for a temporary suspension of drilling operations in Ghana later this year. The cessation is slated for 2024,…
Business Commodities Currency Finance Local Market Trade Foreign Exchange: Market Records $584m Increase February 7, 2024 Ekemini Uba The official Nigeria Autonomous Foreign Exchange Market witnessed a substantial boost, reaching $584 million in foreign exchange transactions, as revealed by data from the FMDQ Exchange on Tuesday. This marks…
Business Local Trade Nigerians’ Foreign Expenditure Hits $98 Billion in a Decade February 7, 2024 Ekemini Uba According to recent data released by the Central Bank of Nigeria (CBN), Nigerians have spent over $98 billion on foreign education, healthcare, and personal travels over the past ten years.…
Commodities Local Customs Intercepts N854m Worth of Vehicles in January February 7, 2024 Ekemini Uba The Nigeria Customs Service, Federal Operations Unit, Zone A, Ikeja, revealed that it intercepted 11 imported used vehicles and other contraband valued at N854 million in January. Hussein Ejibunu, the…
Local CITN, Afolake Oso as Acting Registrar/Chief Executive February 7, 2024 Ekemini Uba The Chartered Institute of Taxation of Nigeria (CITN) has named Mrs. Afolake Oso as the acting registrar/chief executive of the institute, according to a statement by Mrs. Oyeronke Ojo, the…
Finance Local Market Stock Trade Nigerian Exchange Records N849 Billion Loss February 7, 2024 Ekemini Uba On Tuesday, the Nigerian Exchange witnessed losses spurred by declines in BUA Cement, Sterling Financial Holding Company, Consolidated Hallmark Holdings, UPDC, and The Initiates. The equity market saw a significant…
Business Finance Investing Local Trade Cadbury Nigeria Records N8.397 bn Operating Profit- Reports February 7, 2024 Ekemini Uba Cadbury Nigeria Plc has disclosed a remarkable operating profit of N8.397 billion for the full year ending December 31, 2023. This figure, as per the company’s audited financial statement filed…
Banking Business Local Nigeria’s Inflation to Decline by 21.4% by 2024- CBN February 7, 2024 Ekemini Uba Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), projected a drop in Nigeria’s inflationary pressure from 28.92% to 21.4% in 2024. Addressing the House of Representatives…
Asia Business Commodities Europe Fintech World Meta to Detect AI Tech Across Facebook and Instagram February 7, 2024 Ekemini Uba Meta, the parent company of Facebook, announces its intention to roll out technology capable of detecting and labeling images produced by other companies’ artificial intelligence (AI) tools. This new feature…
Local WeWork’s CEO Interested in Buying Back Bankrupt Company February 7, 2024 Ekemini Uba Adam Neumann, the former CEO of WeWork, has expressed his desire to repurchase the bankrupt shared office company, as revealed in a letter made public on Tuesday. Neumann initiated discussions…
Business Commodities Trade World Trump to Impose Higher Tariffs on Chinese Goods if Re-elected February 6, 2024 Ekemini Uba Former US president Donald Trump has declared his intention to levy additional tariffs on Chinese goods exceeding 60% if he wins the US election in November. Trump reiterated his stance…
World Yandex: “Russia’s Google” Withdraws from Home February 6, 2024 Ekemini Uba The owner of Yandex, dubbed “Russia’s Google”, has announced its withdrawal from its home country, selling its Russian operation for 475 billion roubles ($5.2 billion; £4.2 billion) to a consortium…
Banking Business Finance World Businesses Deem Bank of Ghana’s Monetary Policy Insufficient February 6, 2024 Ekemini Uba Businesses have expressed dissatisfaction with the Bank of Ghana’s (BoG) 100 basis point reduction in the monetary policy rate, lowering it from 30 percent to 29 percent. They argue that…
Africa Banking Breaking Business Local World UBA Appoints new CEOs in Kenya and Sierra Leone February 6, 2024 Ekemini Uba United Bank for Africa (UBA) Plc has announced the appointments of Mary Mulili and Mohamed Alhajie Samoura as the new chief executive officers of its subsidiaries in Kenya and Sierra…
Commodities Energy Local Trade NNPC Adresses Concerns on Fuel Scarcity February 6, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPCL) has addressed concerns regarding long queues at filling stations in parts of Lagos, assuring the public that there is no fuel scarcity. The…
Business Commodities Finance Investing Local Stock Airtel Africa Plans $100 million Share Buyback February 6, 2024 Ekemini Uba Airtel Africa Plc has unveiled its intention to repurchase up to $100 million worth of its shares, underscoring confidence in its financial performance despite ongoing foreign exchange challenges. In its…
Breaking Commodities Energy Local BAT (Nigeria) Unveils Solar Panel System February 6, 2024 Ekemini Uba Today, British American Tobacco (BAT) (Nigeria) Limited will inaugurate a 1.4MWP grid-tied solar panel system at its Ibadan factory, marking two decades of exceptional value delivery to the Nigerian economy,…
Banking Commodities Finance Local Bank Directors Supports CBN on Foreign Currency Hoarding February 6, 2024 Ekemini Uba The Bank Directors Association of Nigeria (BDAN) has expressed support for the Central Bank of Nigeria’s (CBN) directive instructing commercial banks to cease “hoarding” foreign currencies. The CBN had raised…
Business Finance Finance Investing investment Local Stock IFC’s Invests $2 Billion Across Sectors in Nigeria February 6, 2024 Ekemini Uba Sergio Pimenta, the Regional Vice President for Africa at the International Finance Corporation (IFC), revealed that the institution’s investments in Nigeria amount to $2 billion and are diversified across various…
Africa Finance Market World Alan Kyerematen Plans to Revitalize Ghana’s Economy February 6, 2024 Ekemini Uba Alan John Kwadwo Kyerematen, Leader and Founder of the Movement for Change, has introduced his Great Transformational Plan (GTP) aimed at lifting Ghana out of its persistent economic challenges and…
Local NAFDAC Bans Alcoholic Beverages in Sachets Under 200ml February 6, 2024 Ekemini Uba The National Agency for Food and Drug Administration and Control (NAFDAC) has officially declared its intention to enforce the ban on alcoholic beverages produced in sachets less than 200ml. The…
Africa Breaking Europe Investing investment Local World World Bank’s Managing Director to Embark on Visit to Nigeria February 6, 2024 Ekemini Uba Anna Bjerde, the Managing Director of Operations at the World Bank, is poised to undertake a pivotal two-day engagement in Nigeria, marking her inaugural trip to the country in her…
Banking Breaking Business Currency Finance Local Market Trade Dollar Supply Surges, Naira Closes Week at N1435.53/$ February 5, 2024 Ekemini Uba In the official foreign exchange market, dollar supply witnessed a significant increase, rising by 180.59 percent to $440.13 million on Friday. 00he naira concluded the week at N1435.53/$ after a…
Commodities environment Finance Investing Local N146bn Needed for Marina Shoreline Repairs- FG February 5, 2024 Ekemini Uba The Minister of Works, David Umahi, has highlighted the need for N146 billion to repair the deteriorating Marina shorelines during a joint inspection of lagoon sections including the Third Mainland,…
Business Commodities Finance Investing Local Neveah Ltd Redeems N2.92bn Commercial Papers February 5, 2024 Ekemini Uba Neveah Limited, a commodity trading company specializing in solid minerals and agricultural products, has fulfilled its obligation by redeeming the N2.92 billion Series 7, 8, and 11 commercial papers issued…
Africa Business Finance Local NGX Regulation, IFRS, and FRC Nigeria Commits to Sustainability Reporting February 5, 2024 Ekemini Uba The NGX Regulation Limited, IFRS Foundation, and Financial Reporting Council of Nigeria have reaffirmed their dedication to promoting sustainability reporting initiatives among listed companies. This commitment was reiterated at the…
