Business Local We are working on postal reform bill — Postmaster General July 23, 2024 Ekemini Uba The Postmaster General of Nigeria, Ms. Tola Odeyemi, emphasized the importance of passing the long-pending postal reform bill during the ‘Nigerian-British Chamber of Commerce meets PMG’ event. The bill, which…
Business Local Electricity: FG targets 9,000MW from renewable energy July 23, 2024 Ekemini Uba The Nigerian government plans for the renewable energy sector to contribute 9,000 megawatts of power by 2030 as part of its vision to end energy poverty, announced the Minister of…
Business Local Incoming CIIN president unveils agenda for insurance industry growth July 23, 2024 Ekemini Uba Mrs. Yetunde Ilori, the incoming president of the Chartered Insurance Institute of Nigeria (CIIN), plans to leverage technology to advance insurance education, professionalism, and expertise in niche areas. At a…
Energy Local Energy stakeholders brainstorm on midstream, downstream devpt at SPE-NAICE 2024 July 23, 2024 Ekemini Uba Professionals and key players in the energy sector will gather at the SPE-NAICE 2024 event to explore advancements in the petroleum industry, specifically targeting the optimization of the midstream and…
Business Local AEDC Appoints 4th CEO In 11 Months July 23, 2024 Ekemini Uba The Abuja Electricity Distribution Company (AEDC) has appointed Engr Chijioke Okwuokenye as the acting Managing Director, effective immediately. Adefisayo Akinsanya, Head of Marketing and Corporate Communications, stated that this appointment…
Business Local Forex inflow via IMTOs hits $1.07bn in three months – CBN July 23, 2024 Ekemini Uba Foreign exchange inflows from International Money Transfer Operators (IMTOs) increased by 38.86 percent to $1.07 billion in the first quarter of 2024, up from $770.23 million in the same period…
Business Local Domestic workers must benefit from N70,000 minimum wage – Senate July 23, 2024 Ekemini Uba The Senate and the National Council for Women Society (NCWS) have called for domestic servants to be included in the proposed N70,000 National Minimum Wage Scheme. This initiative was discussed…
Local Agbakoba warns NNPC against taking over Dangote refinery July 23, 2024 Ekemini Uba Senior Advocate of Nigeria Olisa Agbakoba has cautioned against the Nigerian National Petroleum Company Limited (NNPCL) taking over the Dangote Refinery. Agbakoba’s statement comes in response to Aliko Dangote’s offer…
investment Local Chapel Hill Denham named Nigeria’s best investment bank July 23, 2024 Ekemini Uba Chapel Hill Denham has been awarded the title of Best Investment Bank in Nigeria at the 2024 Euromoney Awards for Excellence, held in London on Saturday. This recognition marks the…
Business Local Forex inflow via IMTOs hits $1.07bn in three months – CBN July 23, 2024 Ekemini Uba Foreign exchange inflows from International Money Transfer Operators (IMTOs) in Nigeria saw a significant increase of 38.86% to $1.07 billion in the first quarter of 2024, compared to $770.23 million…
Business World Japan’s chief cabinet secretary calls for broad-based wage hikes July 23, 2024 Ekemini Uba Japan’s Chief Cabinet Secretary, Yoshimasa Hayashi, has emphasized the importance of extending pay increases to smaller firms as part of the government’s strategy to ensure sustainable wage growth. This focus…
Local India boosts spending on job creation, rural areas in first budget after election July 23, 2024 Ekemini Uba India’s Finance Minister Nirmala Sitharaman unveiled a budget of $24 billion for the 2024/25 fiscal year, focusing on job creation and rural development. This decision comes after the government faced…
Local Digital tax talks in G20 spotlight as US tariff threat looms July 23, 2024 Ekemini Uba Negotiations for a global tax deal are ongoing past the June 30 deadline, with the G20 finance leaders meeting this week expected to address the stalled “Pillar 1” plan. This…
Business investment Global aircraft leasing market to hit $315b by 2033 July 22, 2024 Ekemini Uba The global commercial aircraft leasing market is set to reach $315.9 billion by 2033, growing at a cumulative annual growth rate (CAGR) of 7.3% from 2023. Nigeria is poised to…
Business Local Stock NGX delists three companies over poor standards July 22, 2024 Ekemini Uba The Nigerian Exchange (NGX) has delisted three companies—Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum—citing failure to meet the necessary standards for publicly quoted companies. This…
Business Local Minimum wage: MAN seeks compliance exception for MSMEs July 22, 2024 Ekemini Uba The Manufacturers Association of Nigeria (MAN) has requested that micro, small, and medium enterprises (MSMEs) be exempt from the new N70,000 minimum wage. They are waiting for the federal government’s…
Business Local FG mulls suspension of N10 sugar tax on beverages July 22, 2024 Ekemini Uba The federal government is considering a temporary suspension of the N10 tax on Sweetened Sugar Beverages (SSBs) to help stabilize the economy. Finance Minister Wale Edun announced this during a…
Business Local Economy faces threats with 1.4m bpd crude output July 22, 2024 Ekemini Uba Nigeria’s oil output, including condensate, is projected to remain low at 1.4 million barrels per day (mbpd) in the second half of 2024, falling short of the 1.8 mbpd quota…
Business investment Local Dangote Fights Back… NMDPRA Letter Shows Regulator Approved Refinery’s In-house Laboratory for Products’ Testing July 22, 2024 Ekemini Uba Dangote Refinery is defending the quality of its refined products following allegations by the Nigerian Upstream and Downstream Petroleum Regulatory Authority (NMDPRA) that they are inferior to imported ones. A…
Business Local Banks Defy Stiff Competition from Fintechs, Grow Deposits by 63% to N115tn July 22, 2024 Ekemini Uba Nigerian banks saw a significant increase in total deposits, reaching N115 trillion in the 2023 financial year, a 63% growth from N70.5 trillion in 2022. T Ehis rise occurred despite…
Banking Local Zenith Bank Retains Position as Nigeria’s Number One Bank By Tier-1 Capital for Fifteen Consecutive Years July 22, 2024 Ekemini Uba For the fifteenth consecutive year, Zenith Bank Plc has been recognized as the Number One Bank in Nigeria by Tier-1 Capital in The Banker Magazine’s 2024 Top 1000 World Banks’…
Business Local Planes Grounded As Global IT Outage Hits Airlines, Media, Banks July 19, 2024 Ekemini Uba A major IT outage spreading across the globe has caused significant disruptions in various sectors. Airlines in Singapore, the United States, and Australia have grounded flights due to issues with…
Business Local Mining Sector Gets International Boost With Jupiter Lithium, Bevex’s Processing Agreement July 18, 2024 Ekemini Uba Jupiter Lithium Limited has signed an MOU with South Africa’s Bevex Mining Services to develop modular lithium concentrator plants at their mine near Kafanchan, Kaduna State. This project, known as…
Business Local IMF Lowers Nigeria’s 2024 Growth Forecast to 3.1% July 18, 2024 Ekemini Uba The IMF has reduced its forecast for Nigeria’s economic growth in 2024 to 3.1%, down from the earlier estimate of 3.3%. This adjustment was due to weaker-than-expected growth in the…
Business Optiva Boss Inducted As WADA Ambassador July 18, 2024 Ekemini Uba Franklin Nechi, Chairman of Optiva Capital, has been inducted as an ambassador for the War Against Drug Abuse (WADA) by the National Drug Law Enforcement Agency (NDLEA) in Lagos. Nechi…
Business Local All New Mining Licences Must Have Local Value — Tinubu July 18, 2024 Ekemini Uba President Bola Ahmed Tinubu has directed the Federal Ministry of Solid Minerals Development to issue mining licenses only if they include local value addition. This initiative aims to engage young…
Business Local Insurers’ assets hit N3.3trn as premium income rises by 51% July 18, 2024 Ekemini Uba Insurance companies in Nigeria have grown their total assets by 36.9% year-on-year, reaching N3.3 trillion in Q1’24 from N2.4 trillion in Q1’23, according to the National Insurance Commission (NAICOM). Non-life…
Local Dangote backs NUPRC on domestic crude supply guidelines July 18, 2024 Ekemini Uba Dangote Industries Limited (DIL) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its interventions in crude supply requests and the implementation of the Domestic Crude Supply Obligation (DCSO)…
Business Energy Local Chappal Energies acquires Total E&P 10% stake in SPDC July 18, 2024 Ekemini Uba Chappal Energies announced the acquisition of a 10% non-operated interest from Total Energies, EP, Nigeria Limited, involving onshore and shallow water assets in the Shell Petroleum Development Company (SPDC) Joint…
Business Local Nigeria, Africa Lose $50 Billion Annually to Illegal Financial Outflows July 18, 2024 Ekemini Uba According to Pius Akutah, Executive Secretary/CEO of the Nigerian Shippers’ Council (NSC), Africa loses over $50 billion annually due to illicit financial outflows. Speaking at a debate competition in Lagos…
