Nigeria eyes fresh 480,000bpd as NNPC, ExxonMobil sign new deal
Good news for Nigeria’s oil production! The Nigerian National Petroleum Company (NNPCL) and ExxonMobil have reached a settlement agreement regarding…
Month: May 2024
UPDC Declares 177% Income Growth
UPDC, a leading Nigerian real estate company owned by UAC, is experiencing a major turnaround. The company recently announced a…
Stakeholders Applaud Smooth Start Of Hajj Flights
This year’s airlift of Nigerian pilgrims to Saudi Arabia for Hajj is off to a great start! Pilgrims and stakeholders…
Lagos Innovation Bill Proposes Tax Holiday, Waiver For Start-Ups
Lagos is set to become a hub for innovation, according to a new policy proposal. The Lagos Innovation Bill aims…
Presidential tax committee recommends N800/$ Customs duty rate
Nigerian businesses are likely to welcome a new proposal that could make planning and budgeting easier. The Presidential Committee on…
FG secures World Bank’s $500 million loan for electricity sector
Nigeria’s power sector is set for a shot in the arm with a $500 million loan from the World Bank.…
Credit to government rises 2% to N19.98trn
Nigeria’s government borrowing increased slightly in April, to N19.98 trillion, despite analysts’ predictions of a continued decline. This rise comes…
Customs pushes for a single document, PCS for cargo clearance
Nigerian Customs Aims to Simplify Trade with Single Clearance Document Nigerian Customs is working towards a system that uses a…
Naira falls further as dollar sales drop by 30.05%
The Nigerian Naira continued its decline against the US Dollar on Thursday, losing over 10% of its value at the…
Nigerian drugmakers see 58% revenue rise as prices soar
Nigerian pharmaceutical companies are experiencing a surge in revenue, with a combined increase of 58% in the first quarter of…
Chinese companies rush to hike dividends, buy back shares in Japan-style reform
Chinese companies are responding to government calls to improve investor returns by offering record dividends and share buybacks. This has…
Saudi Arabia Considers Selling More Aramco Shares
Saudi Arabia is preparing to announce a potential secondary share offering for Aramco, its state-owned oil giant. This offering, if…
Oil prices steady as solid U.S. crude demand offsets rate concerns
Oil prices remained relatively unchanged today as conflicting factors influenced the market. Upward pressure came from a recent decline in…
Germany to Scrap Gas Storage Fee for Neighboring Countries
Germany is removing a fee it charged neighboring countries for accessing its natural gas reserves. This levy, implemented during the…
EU agrees to quit energy investment treaty over climate concerns
The European Union (EU) has unanimously decided to withdraw from the Energy Charter Treaty (ECT), a move driven by concerns…
Asia’s Oil Imports Surge in May, Driven by India
Asia’s crude oil imports reached a 12-month high in May, fueled by a massive increase in demand from India. The…
U.S. Announces $176 Million in Additional Aid for West Africa
The United States Agency for International Development (USAID) announced nearly $176 million in additional humanitarian aid for West African countries…
Elon Musk reclaims title of world’s richest person with $209bn net worth
Elon Musk reclaimed the title of the world’s richest person thanks to his new AI startup, xAI. The company’s $6…
Shell, others pay NDDC $142m in one year
Shell Petroleum Development of Nigeria (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCo) jointly paid $142.5 million to the…
Airspace management agency seeks reversal of 50% revenue deduction
The Nigerian Airspace Management Agency (NAMA) is facing financial difficulties due to a 50% reduction in their revenue. This cutback…
Dash for debt sees 64% surge in naira loan apps
The number of digital lenders in Nigeria has skyrocketed by 64% in the past year. This surge reflects Nigerians’ growing…
Aigboje Aig-Imoukhuede Wins African Banker Lifetime Achievement Award
Nigerian banking leader Aigboje Aig-Imoukhuede has been awarded the prestigious African Banker Lifetime Achievement Award. This recognition celebrates his exceptional…
Court gives GTB nod to seize Afex over N17.8b Anchor Borrowers’ Loan
Guaranty Trust Bank (GTBank) has secured a court order to freeze the assets of Afex Commodities Exchange Limited following a…
Naira appreciates to N1,375/$ in parallel market
Nigeria’s Naira showed mixed performance on Wednesday, appreciating slightly on the black market but depreciating against the dollar in the…
Investment Tribunal Settles Over N1 Trillion in Capital Market Disputes
The Investment and Securities Tribunal (IST) has played a key role in fostering investor confidence in the Nigerian capital market…
Nigeria’s E-commerce Boom Expected to Hit $14.92 Billion by 2029
Nigeria’s e-commerce market is expected to experience significant growth in the coming years, with a projected CAGR (compound annual growth…
New Export Policy Requires “Nigeria Export Proceeds” Form for NPA Bookings
The Nigerian Ports Authority (NPA) is implementing a new policy requiring exporters to fill out a “Nigeria Export Proceeds (NXP)”…
NGX retail transactions dip by 54.89% – Report
Retail transactions on the Nigerian Exchange Limited (NGX) saw a significant drop of 54.89%, falling to N100.77 billion in April…
World Bank Disburses $250,000 US Dollars To 10 Vulnerable Nasarawa Communities
The World Bank, through its Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) program, has disbursed a $250,000 revolving loan to 10…
FBN Holdings Shareholders To Share N14.3bn Dividend For FY 2023
FBN Holdings Plc. announced strong financial performance for the year ending December 2023. The company reported a record-breaking profit after…