Business World EU aviation regulator to allow FAA to observe its plane audits June 4, 2024 Ekemini Uba European aviation regulators are proposing a new level of cooperation with their American counterparts. The European Union Aviation Safety Agency (EASA) will ask the Federal Aviation Administration (FAA) to participate…
Business Local US farmers opt for soy to limit losses as all crop prices slump June 4, 2024 Ekemini Uba Illinois farmers like Mark Tuttle are planting more soybeans and less corn this year in a desperate attempt to minimize losses. This shift comes amid a slump in crop prices…
Business U.S. job openings drop in April, as labor market cools June 4, 2024 Ekemini Uba The U.S. job market appears to be cooling down, with job openings dropping to a three-year low in April. This decrease could be a positive development in the fight against…
Business World Chinese security firm Nuctech challenges EU raids over alleged subsidies June 4, 2024 Ekemini Uba Nuctech, a Chinese company manufacturing security scanners, is suing the European Commission after its offices were raided on suspicion of receiving illegal state subsidies. The company denies the allegations and…
Business World Boeing’s Calhoun says board will decide his successor June 4, 2024 Ekemini Uba Boeing’s outgoing CEO David Calhoun is stepping down by the end of the year. The board is actively searching for his replacement, with speculation centering on Stephanie Pope, head of…
Business World Toyota Recalls Over 100,000 Vehicles Due to Potential Engine Stall June 4, 2024 Ekemini Uba Attention Toyota and Lexus owners! There’s a recall on certain 2022-2023 Tundra pickup trucks and LX 600 SUVs equipped with the V35A six-cylinder engine. The National Highway Traffic Safety Administration…
Business World Paramount Global’s top execs detail restructuring plan; shares fall June 4, 2024 Ekemini Uba Paramount Global is undergoing a major shakeup. Facing declining revenue from traditional television and a yet-to-be-profitable streaming service, the company announced a restructuring plan with $500 million in cost cuts,…
Business Local Flour Mills revenue hits N2.3tn June 4, 2024 Ekemini Uba Flour Mills of Nigeria (FMN), a leading food and agro-allied company in Nigeria, announced impressive financial results for the year ending March 31, 2024. Their revenue surged by 49% to…
Business World UK dedicated to maximising trading scheme uptake – Envoy June 4, 2024 Ekemini Uba The British government is eager to leverage a trade scheme designed to benefit developing countries like Nigeria. The Developing Countries Trading Scheme (DCTS) offers lower or zero tariffs on a…
Local Tax reforms committee proposes daily sharing of FAAC funds June 4, 2024 Ekemini Uba The federal government has approved a new policy exempting small businesses from withholding tax. This means businesses earning N25 million or less annually will no longer need to withhold tax…
Business Local Shutting Down Of National Grid Is Treasonable Felony – Group June 4, 2024 Ekemini Uba The Centre for Social and Economic Rights (CSER), a Nigerian civil society organization, has strongly condemned the recent strike by organized labor unions. They accuse the unions of engaging in…
Banking Business Local CBN Lifts Ban on New Customer Signups for OPay, Kuda and Others June 4, 2024 Ekemini Uba In a move welcomed by Nigerian fintech users, the Central Bank of Nigeria (CBN) has lifted its ban on onboarding new customers for five prominent companies: OPay, Moniepoint, Kuda, Palmpay,…
Banking Business Local FMBN Inaugurates Task Force To Recover Delinquent Loans June 4, 2024 Ekemini Uba In a move to improve its financial health, the Federal Mortgage Bank of Nigeria (FMBN) has launched a major loan recovery initiative. On Monday, they inaugurated seven specialized task teams…
Business Opinion Strengthening National Capacities For Debt Management Crucial – Cardoso June 4, 2024 Ekemini Uba Building strong debt management skills is crucial for West African nations, according to Nigeria’s Central Bank Governor, Olayemi Cardoso. Speaking at a training on Annual Borrowing Plans (ABPs) in Abuja,…
Business Local Heritage Bank Loses License, Depositors to be Paid by Insurance Corporation June 4, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank due to ongoing financial struggles. The Nigeria Deposit Insurance Corporation (NDIC) has begun the process of…
Business Local Tax Reform Committee Proposes Lower Fees for Tax Collectors, Daily Revenue Sharing for States June 4, 2024 Ekemini Uba Nigeria’s Presidential Fiscal Policy and Tax Reforms Committee is proposing significant changes to tax collection. The Committee Chair, Taiwo Oyedele, called for a reduction in tax collection fees for firms…
Local Trade Trading continues on NGX amid strike, investors lose N103bn June 4, 2024 Ekemini Uba The Nigerian Stock Exchange (NGX) opened the week on a down note, with investors losing N103 billion. Sell-offs in major banking stocks and cautious trading contributed to the decline. The…
Local Strike: FG offers ‘above’ N60,000 minimum wage as NLC/TUC revert to organs June 4, 2024 Ekemini Uba Nigerian labor unions have called off their nationwide strike after a productive meeting with the federal government. The government pledged to increase the minimum wage to a figure exceeding N60,000,…
Business Commodities Petrol: Landing cost rises 46.8 per cent to N1,026.71 — Investigation June 4, 2024 Ekemini Uba Despite claims of subsidy removal, the landing cost of petrol in Nigeria has risen sharply over the past year. In May 2024, the cost to import petrol reached N1,026.71 per…
Business Currency Naira closes at N1,476.12 as dollar supply drops June 4, 2024 Ekemini Uba The Nigerian Naira appreciated against the US dollar at the official foreign exchange market on Monday, even though there was a significant decrease in dollar sales. The naira closed at…
Business World After trial, investors weigh Trump 2.0 factor as election looms June 3, 2024 Ekemini Uba Last week, Donald Trump became the first former president to be convicted of a felony, but Wall Street remains optimistic about his chances in the upcoming November election. Investors are…
Local Stock Stock investors gain N619bn in May despite rates hike June 3, 2024 Ekemini Uba The Nigerian equities market showed resilience in May, posting a marginal gain of N619 billion despite the Central Bank of Nigeria’s (CBN) ongoing interest rate hikes. This represents a significant…
Business Local Apprehension as FG borrows N20.1trn under Tinubu June 3, 2024 Ekemini Uba In the first year of President Bola Tinubu’s administration, the Federal Government of Nigeria borrowed N20.1 trillion from domestic investors, marking a 117% year-on-year increase from the previous year. This…
Local CBN Predicts Growth in Shariah-Compliant Banks June 3, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) announced that more shariah-compliant banks are expected to emerge due to the economic benefits they have brought to the country. CBN Governor Olayemi Michael…
Local Cryptocurrency Suffers $42.6 Million Loss to Hacks in May June 3, 2024 Ekemini Uba In May, the cryptocurrency industry faced significant losses totaling $42.6 million due to various hacking schemes, including flash loan attacks, exit scams, and exploits. Despite these successful hacks, blockchain security…
Business Local Nigeria to monitor mining sites via satellite, curb illegal activities June 3, 2024 Ekemini Uba Dr. Dele Alake, Minister of Solid Minerals Development, announced that the Nigerian government will implement satellite technology to monitor mining sites across the nation. This initiative aims to complement the…
Business World Iran-Africa Trade Reaches $1.2 Billion, with Iran Targeting Nigerian Market June 3, 2024 Ekemini Uba The Government of the Islamic Republic of Iran announced that its trade with African countries has reached $1.2 billion over the past two years, with non-oil exports making up a…
investment Local FG eyes $7bn FDI from oil sector – Wale Edun June 3, 2024 Ekemini Uba Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced the securing of $7 billion in Foreign Direct Investment (FDI) for the oil sector, aimed at bolstering…
Business Local Aviation Workers’ Strike Causes Flight Delays and Cancellations June 3, 2024 Ekemini Uba On Monday, flights from Lagos airport terminals and other airports nationwide experienced significant delays and cancellations due to a strike by aviation workers. Entrances to Murtala Muhammed Airport 2 (MMA2)…
Banking Business Local CBN Revokes Licence Of Heritage Bank June 3, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect, citing a breach of Section 12 (1) of the Banking and Other Financial…
