Local Nigeria eyes fresh 480,000bpd as NNPC, ExxonMobil sign new deal May 31, 2024 Ekemini Uba Good news for Nigeria’s oil production! The Nigerian National Petroleum Company (NNPCL) and ExxonMobil have reached a settlement agreement regarding the sale of ExxonMobil assets to Seplat Energy. This long-standing…
Business Local UPDC Declares 177% Income Growth May 31, 2024 Ekemini Uba UPDC, a leading Nigerian real estate company owned by UAC, is experiencing a major turnaround. The company recently announced a whopping 177% growth in income, thanks in part to strategic…
Local Stakeholders Applaud Smooth Start Of Hajj Flights May 31, 2024 Ekemini Uba This year’s airlift of Nigerian pilgrims to Saudi Arabia for Hajj is off to a great start! Pilgrims and stakeholders have praised the Federal Airports Authority of Nigeria (FAAN) and…
Business Local Lagos Innovation Bill Proposes Tax Holiday, Waiver For Start-Ups May 31, 2024 Ekemini Uba Lagos is set to become a hub for innovation, according to a new policy proposal. The Lagos Innovation Bill aims to create a supportive environment for businesses of all sizes…
Business Finance Local Presidential tax committee recommends N800/$ Customs duty rate May 31, 2024 Ekemini Uba Nigerian businesses are likely to welcome a new proposal that could make planning and budgeting easier. The Presidential Committee on Fiscal Policy and Tax Reforms has recommended setting a fixed…
Business Local FG secures World Bank’s $500 million loan for electricity sector May 31, 2024 Ekemini Uba Nigeria’s power sector is set for a shot in the arm with a $500 million loan from the World Bank. This funding aims to address challenges faced by Electricity Distribution…
Business Local Credit to government rises 2% to N19.98trn May 31, 2024 Ekemini Uba Nigeria’s government borrowing increased slightly in April, to N19.98 trillion, despite analysts’ predictions of a continued decline. This rise comes after a period of significant fluctuation, with government credit reaching…
Business Customs pushes for a single document, PCS for cargo clearance May 31, 2024 Ekemini Uba Nigerian Customs Aims to Simplify Trade with Single Clearance Document Nigerian Customs is working towards a system that uses a single document for cargo clearance, according to Comptroller General Adewale…
Currency Local Naira falls further as dollar sales drop by 30.05% May 31, 2024 Ekemini Uba The Nigerian Naira continued its decline against the US Dollar on Thursday, losing over 10% of its value at the official foreign exchange market. This comes despite recent policies and…
Business Local Nigerian drugmakers see 58% revenue rise as prices soar May 31, 2024 Ekemini Uba Nigerian pharmaceutical companies are experiencing a surge in revenue, with a combined increase of 58% in the first quarter of 2024 compared to the same period last year. This growth…
Business World Chinese companies rush to hike dividends, buy back shares in Japan-style reform May 30, 2024 Ekemini Uba Chinese companies are responding to government calls to improve investor returns by offering record dividends and share buybacks. This has led to a significant stock market rally, mirroring reforms in…
Stock World Saudi Arabia Considers Selling More Aramco Shares May 30, 2024 Ekemini Uba Saudi Arabia is preparing to announce a potential secondary share offering for Aramco, its state-owned oil giant. This offering, if approved by Crown Prince Mohammed bin Salman, could launch as…
Business Commodities World Oil prices steady as solid U.S. crude demand offsets rate concerns May 30, 2024 Ekemini Uba Oil prices remained relatively unchanged today as conflicting factors influenced the market. Upward pressure came from a recent decline in U.S. crude oil inventories, indicating strong domestic demand. However, this…
Business Energy World Germany to Scrap Gas Storage Fee for Neighboring Countries May 30, 2024 Ekemini Uba Germany is removing a fee it charged neighboring countries for accessing its natural gas reserves. This levy, implemented during the 2022 energy crisis, aimed to recoup costs of buying non-Russian…
Energy World EU agrees to quit energy investment treaty over climate concerns May 30, 2024 Ekemini Uba The European Union (EU) has unanimously decided to withdraw from the Energy Charter Treaty (ECT), a move driven by concerns over fossil fuel protection and climate goals. The ECT allows…
Business Trade World Asia’s Oil Imports Surge in May, Driven by India May 30, 2024 Ekemini Uba Asia’s crude oil imports reached a 12-month high in May, fueled by a massive increase in demand from India. The region is estimated to have imported 27.81 million barrels per…
Business U.S. Announces $176 Million in Additional Aid for West Africa May 30, 2024 Ekemini Uba The United States Agency for International Development (USAID) announced nearly $176 million in additional humanitarian aid for West African countries facing conflict, food insecurity, and displacement. This funding aims to…
Business World Elon Musk reclaims title of world’s richest person with $209bn net worth May 30, 2024 Ekemini Uba Elon Musk reclaimed the title of the world’s richest person thanks to his new AI startup, xAI. The company’s $6 billion fundraising round at a hefty valuation pushed Musk’s net…
Business Local Shell, others pay NDDC $142m in one year May 30, 2024 Ekemini Uba Shell Petroleum Development of Nigeria (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCo) jointly paid $142.5 million to the Niger Delta Development Commission (NDDC) in 2023. This represents a…
Business Local Airspace management agency seeks reversal of 50% revenue deduction May 30, 2024 Ekemini Uba The Nigerian Airspace Management Agency (NAMA) is facing financial difficulties due to a 50% reduction in their revenue. This cutback threatens the safety of Nigerian airspace as it limits NAMA’s…
Business Local Dash for debt sees 64% surge in naira loan apps May 30, 2024 Ekemini Uba The number of digital lenders in Nigeria has skyrocketed by 64% in the past year. This surge reflects Nigerians’ growing need for credit as they face rising prices and weaker…
Business Local Aigboje Aig-Imoukhuede Wins African Banker Lifetime Achievement Award May 30, 2024 Ekemini Uba Nigerian banking leader Aigboje Aig-Imoukhuede has been awarded the prestigious African Banker Lifetime Achievement Award. This recognition celebrates his exceptional career transforming Africa’s financial landscape. Aig-Imoukhuede’s journey includes leading Access…
Business Local Court gives GTB nod to seize Afex over N17.8b Anchor Borrowers’ Loan May 30, 2024 Ekemini Uba Guaranty Trust Bank (GTBank) has secured a court order to freeze the assets of Afex Commodities Exchange Limited following a N17.8 billion loan default. The loan was provided under the…
Currency Local Naira appreciates to N1,375/$ in parallel market May 30, 2024 Ekemini Uba Nigeria’s Naira showed mixed performance on Wednesday, appreciating slightly on the black market but depreciating against the dollar in the official market. On the black market, often used for currency…
Business investment Investment Tribunal Settles Over N1 Trillion in Capital Market Disputes May 30, 2024 Ekemini Uba The Investment and Securities Tribunal (IST) has played a key role in fostering investor confidence in the Nigerian capital market by resolving disputes valued at a staggering N1 trillion since…
Business Nigeria’s E-commerce Boom Expected to Hit $14.92 Billion by 2029 May 30, 2024 Ekemini Uba Nigeria’s e-commerce market is expected to experience significant growth in the coming years, with a projected CAGR (compound annual growth rate) of 11.82% reaching $14.92 billion by 2029. This forecast…
Business Local New Export Policy Requires “Nigeria Export Proceeds” Form for NPA Bookings May 30, 2024 Ekemini Uba The Nigerian Ports Authority (NPA) is implementing a new policy requiring exporters to fill out a “Nigeria Export Proceeds (NXP)” form before booking export trucks on the “Eto” platform. This…
Business Local NGX retail transactions dip by 54.89% – Report May 28, 2024 Ekemini Uba Retail transactions on the Nigerian Exchange Limited (NGX) saw a significant drop of 54.89%, falling to N100.77 billion in April from N223.37 billion in March, as per the latest Domestic…
Business Local World Bank Disburses $250,000 US Dollars To 10 Vulnerable Nasarawa Communities May 28, 2024 Ekemini Uba The World Bank, through its Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) program, has disbursed a $250,000 revolving loan to 10 vulnerable communities in Nasarawa State. This initiative aims to support…
Business Local FBN Holdings Shareholders To Share N14.3bn Dividend For FY 2023 May 28, 2024 Ekemini Uba FBN Holdings Plc. announced strong financial performance for the year ending December 2023. The company reported a record-breaking profit after tax of N310.4 billion, a significant increase from the previous…
