Business Nigeria’s Oil Production Slumps To 1.25m Bpd In May June 12, 2024 Ekemini Uba Nigeria’s oil production saw a downturn in May, decreasing to 1.25 million barrels per day (mbpd) from 1.28 mbpd in April, according to OPEC. This drop marks a concerning trend…
Business Energy Court Stops DisCos, NERC From Hiking Electricity Tariff June 12, 2024 Ekemini Uba A high court in Lagos has issued an interim order preventing ten electricity distribution companies (DisCos) and the Nigerian Electricity Regulatory Commission (NERC) from increasing tariffs. Presiding Judge Lewis Allagoa…
Business Local Company Income Tax Dips N135.4bn, VAT Grows N230bn In Q1 June 12, 2024 Ekemini Uba Nigeria’s Company Income Tax (CIT) has seen a significant decline, dropping to N984.61 billion in the first quarter of 2024, a 12.87% decrease from the N1.13 trillion collected in the…
Business investment Local Uncertainty Clouds Nigeria’s Eurobond Plans June 12, 2024 Ekemini Uba Nigeria’s plans to issue Eurobonds this year, a key strategy to strengthen government finances, are facing significant uncertainties. Initially announced by Finance Minister Wale Edun in January, the issuance aimed…
Local Full text of President Bola Tinubu’s Democracy Day speech, June 12, 2024 June 12, 2024 Ekemini Uba TEXT OF PRESIDENT BOLA TINUBU’S NATIONAL BROADCAST ON THE 25TH ANNIVERSARY OF UNBROKEN DEMOCRACY IN NIGERIA, DEMOCRACY DAY 12TH JUNE 2024. 1. My fellow Nigerians, let me begin by congratulating…
Business Local Tolaram Splashes Over N100bn For Diageo’s 58.02% Stake In Guinness June 12, 2024 Ekemini Uba Tolaram, a Singapore-based holding company, is set to acquire Diageo’s 58.02 percent stake in Guinness Nigeria for approximately N103 billion ($70 million). The acquisition agreement was signed on Tuesday. Guinness…
Business Local Price war on London route takes off as foreign airlines slash fares June 12, 2024 Ekemini Uba Competition on the popular Lagos-London route has intensified, with foreign airlines significantly reducing fares. British Airways now offers economy class return tickets at N1.6 million, a million naira less than…
Business Local I Was Warned Against Building Refinery — Dangote June 10, 2024 Ekemini Uba Aliko Dangote, the Nigerian billionaire behind the Dangote Group, recently spoke about the challenges of constructing Africa’s largest oil refinery in Lekki, Nigeria. Despite warnings and unforeseen difficulties, Dangote persevered…
Business Crypto Tinubu Approves New Leadership For National Council On Climate Change June 10, 2024 Ekemini Uba President Bola Tinubu has appointed Dr. Nkiruka Maduekwe as the interim Director-General/Chief Executive Officer of the National Council on Climate Change (NCCC). This appointment is pending confirmation by the NCCC…
Business Dangote Inaugurates CKD Truck Assembly Plant In Lagos June 10, 2024 Ekemini Uba Dangote Sinotruk West Africa inaugurated a completely knocked down (CKD) truck assembly plant in Ikeja, Lagos state. The event, held on Sunday, saw the presence of Senate President Godswill Akpabio…
Business Local Sacked CBN Employees Seek Reinstatement June 10, 2024 Ekemini Uba A group of recently dismissed employees from the Central Bank of Nigeria (CBN) is challenging the manner of their termination, calling for their immediate reinstatement. They accuse the CBN management…
Local Zenith Bank Appoints Adaora Umeoji as First Female GMD/CEO June 10, 2024 Ekemini Uba Zenith Bank Plc, a leader in Nigeria’s banking sector, has appointed Adaora Umeoji as its new Group Managing Director and Chief Executive Officer. Umeoji’s appointment signals a commitment to gender…
Business investment World Saudi Aramco Share Sale Attracts Strong Demand, Raises Over $11 Billion June 7, 2024 Ekemini Uba Saudi Arabia successfully sold shares in oil giant Aramco, raising over $11.2 billion. The sale, priced towards the lower end of expectations, is intended to fund government spending plans and…
Business World Samsung Electronics union in South Korea stages first walkout June 7, 2024 Ekemini Uba Samsung Electronics’ workers’ union staged the company’s first-ever strike on Friday, demanding higher wages. While the walkout is unlikely to affect current chip production, it adds pressure to Samsung as…
Business World Banks say growing reliance on Big Tech for AI carries new risks June 7, 2024 Ekemini Uba The rise of artificial intelligence (AI) in banking is a double-edged sword, according to European banking executives. While AI offers exciting possibilities for fraud detection, customer service, and more, it…
Business World Americans are getting pickier, but they are still spending on hot items June 7, 2024 Ekemini Uba Investors are analyzing US credit card spending data to understand which retailers are likely to perform well this summer. While some shoppers are being selective and prioritizing non-essential items, trends…
Business Trade World China’s exports rise solidly, but slower imports temper outlook June 7, 2024 Ekemini Uba China’s exports grew for a second consecutive month in May, offering a glimmer of hope for the country’s economic recovery. However, concerns remain about the sustainability of this growth due…
Business World Morning Bid: US check on sub-4% jobless, China imports slow June 7, 2024 Ekemini Uba Global markets are currently in a holding pattern, awaiting the release of the US employment report. This report, due out today, is expected to provide key information on the health…
Stock World Stock market rally pauses as US jobs data looms June 7, 2024 Ekemini Uba Global stock markets are currently in a wait-and-see mode, with investors closely monitoring the upcoming US jobs report. This report is expected to influence the Federal Reserve’s decision on interest…
Business investment World Major Japanese Banks to Divest $8.5 Billion in Toyota Stock June 7, 2024 Ekemini Uba Two of Japan’s largest banks, Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Financial Group (SMFG), are reportedly planning to sell a combined $8.5 billion worth of shares in Toyota…
Business INFLATION: Cost of sales in companies rise 29% to N5.4trn June 7, 2024 Ekemini Uba A recent analysis of financial statements from 20 leading Nigerian companies reveals a significant increase in their cost of sales. The year-on-year increase stands at 28.8%, attributed to sustained inflationary…
Business Local Insurance sector charged on digital adoption to accelerate penetration June 7, 2024 Ekemini Uba Enterprise Life Nigeria, a leading insurance provider, is calling for the industry to embrace digital adoption. Their CEO, Mrs. Funmi Omo, believes digital technologies are crucial to improving financial inclusion…
Local Food security: FG providing N200 billion to support the cultivation of hectares of land June 7, 2024 Ekemini Uba The Secretary to the Government of the Federation (SGF), Sen. George Akume, announced that the federal government will allocat N200 billion to enhance food security by supporting the cultivation of…
Business Local Police declare ‘fugitive’ First Bank employee, Tijani Muiz, ‘wanted’ over alleged N40 billion fraud June 7, 2024 Ekemini Uba The Nigerian Police Force has declared Tijani, an employee of First Bank of Nigeria Limited, wanted for multiple offenses, including criminal conspiracy, breach of trust, cheating, and banking fraud involving…
Local Australian authorities project loss of 250,000 jobs dependent on foreign students June 7, 2024 Ekemini Uba Authorities in Australia have warned that new measures to limit international students could severely impact the $48 billion international education sector, potentially jeopardizing 250,000 jobs reliant on income from foreign…
Business Local Freight services resume on Lagos-Kano narrow gauge railway June 7, 2024 Ekemini Uba Freight services have resumed on the rehabilitated Lagos-Kano narrow gauge railway line, announced by the Minister of Transportation, Saidu Alkali, on June 6, 2024. A successful trial run saw numerous…
Crypto Opinion: Free Crypto Up for Grabs: Top 5 Airdrops to Look Out For in June June 7, 2024 Ekemini Uba This article explores five of the most promising airdrop campaigns happening in June. Airdrops are a way for crypto projects to distribute free tokens to users, and can be a…
Business Local Chinese Construction Company Creates 10,000 Jobs in Abuja Rail Project June 7, 2024 Ekemini Uba The China Civil Engineering Construction Company (CCECC) has revealed that it generated 10,000 jobs during the construction of the Abuja Rail Mass Transit project (Phase 1), valued at $823 million.…
Business Local Nigerian Refineries Look to US Oil to Fill Domestic Supply Gap June 7, 2024 Ekemini Uba Nigerian modular refineries, facing an unreliable domestic crude oil supply, are exploring imports from the United States. This comes as investors hesitate to fund refinery projects without a guaranteed source…
Business Nigeria’s current trade balance rises to $1.43bn amid economic challenges June 7, 2024 Ekemini Uba Data from the International Monetary Fund’s World Economic Outlook reveals an increase in the country’s current account balance, reaching $1.432 billion in 2024. This positive trend indicates a growing economy…
