Business Local Market Petrol landing cost now N1,117/litre – Marketers July 18, 2024 Ekemini Uba The Major Energies Marketers Association of Nigeria (MEMAN) revealed that as of July 16, 2024, the landing cost of Premium Motor Spirit (PMS) in Nigeria reached N1,117 per litre, significantly…
Business Local Sterling Bank, Lagos partner on ‘Ilera Eko’ health initiative July 18, 2024 Ekemini Uba Sterling Bank Limited has teamed up with the Lagos State Government through the Lagos State Health Management Agency to introduce the Ilera Eko healthcare booths. Launched by Governor Babajide Sanwo-Olu,…
Local Lagos State Govt Through IBiLE Holdings Partners With CIG Motors on LagRide July 17, 2024 Ekemini Uba Lagos State Government and IBILE Holdings Limited partners with CIG Motors to expand LAGRIDE’s Smart Mobility and E-Hailing Fleet with 5000 new vehicles in Lagos, Nigeria. The Lagos State Government…
Business Local Customs To Check Illegal Importation Of Firearms With Advance Ruling System July 16, 2024 Ekemini Uba The Comptroller General of Customs (CGC), Wale Adeniyi, announced that the new Advance Ruling System by the Nigeria Customs Service (NCS) will stop illegal firearm imports and substandard goods from…
Business Energy Local PH Refinery Takes Delivery Of 1m Barrel Of Crude, Gets License For Take-Off July 16, 2024 Ekemini Uba The Old Port Harcourt Refinery has received one million barrels of crude oil from the Nigerian National Petroleum Company Ltd (NNPCL) following its mechanical completion last December. This supply sets…
Local Jaiz Bank Targets N70bn Capital Base By End 2024 July 16, 2024 Ekemini Uba Jaiz Bank, an Islamic and non-interest financial institution, is expected to achieve a N70 billion capital base by the end of this year, announced its Chairman, Mustapha Bintube, on Sunday.…
Business Local Inflation Soars to 34.19% in June, Food Prices Drive Increase July 16, 2024 Ekemini Uba The National Bureau of Statistics reported that the headline inflation rate in Nigeria rose to 34.19% in June. Food inflation also surged to 40.87% year-on-year, up 15.62 percentage points from…
Business Local FG Inaugurates More CNG Conversion Centres In Abuja July 16, 2024 Ekemini Uba The Presidential Compressed Natural Gas (CNG) Initiative has opened conversion centres in Abuja to accelerate the switch from petrol and diesel vehicles to CNG. The launch was monitored by officials…
Business Nigeria Loses N13.7trn To Illegal Mining Annually – Reps July 16, 2024 Ekemini Uba The House of Representatives Committee on Solid Minerals announced that Nigeria loses $9 billion annually due to illegal mining activities. This revelation came during a public hearing on Monday, where…
Business Local FIRS Seals AEDC Headquarters Over Tax Dispute July 16, 2024 Ekemini Uba The Federal Inland Revenue Service (FIRS) sealed the headquarters of the Abuja Electricity Distribution Company (AEDC) yesterday, causing an emergency evacuation of staff despite the drizzle in the city. FIRS…
Business Local Jumia Connects Over 11,000 SMEs to Millions of Consumers Across Africa July 16, 2024 Ekemini Uba Jumia, an e-commerce platform, has connected over 11,000 Small and Medium Enterprises (SMEs) to millions of consumers in Nigeria and other African countries. This initiative has significantly boosted economic growth…
Business Energy Local FG, USAID partner on $75 million for energy transition July 16, 2024 Ekemini Uba The U.S. Agency for International Development (USAID) and the Federal Ministry of Power have signed a memorandum of understanding (MoU) to support electricity sector reforms in Nigeria. This agreement facilitates…
Business Local Technology Cornerstone Embraces Technology, Restructures to Achieve Significant Growth July 16, 2024 Ekemini Uba Cornerstone Insurance Plc has implemented a series of reforms aimed at enhancing service delivery, including process reorganization and technology adoption. These efforts were highlighted by Managing Director/CEO Mr. Stephen Alangbo…
Business Currency Local Naira’s stability pinned on sustained dollar sales by CBN July 16, 2024 Ekemini Uba Analysts predict that the stability of Nigeria’s currency, the naira, will hinge on the Central Bank of Nigeria (CBN) sustaining its supply of dollars to authorized dealers in the official…
Energy World China plans low-carbon upgrades for coal power sector July 16, 2024 Ekemini Uba China has unveiled a government plan aimed at significantly reducing carbon emissions from its coal-fired power industry by implementing low-carbon upgrades and new power generation technologies. As the world’s largest…
Energy World Oil falls on lingering demand concerns in China July 16, 2024 Ekemini Uba Oil prices retreated on Tuesday amid concerns over a slowing Chinese economy impacting demand, despite expectations of an upcoming interest rate cut by the U.S. Federal Reserve that could support…
Finance World Thailand’s Energy Absolute share prices plunge after resumption of trading July 16, 2024 Ekemini Uba Energy Absolute (EA.BK), a leading Thai renewable energy firm, saw its share prices plummet by nearly 30% during Tuesday morning trading following the lifting of a trade suspension imposed after…
Local Deutsche Bank’s profit streak at risk as Postbank lawsuit looms July 16, 2024 Ekemini Uba Deutsche Bank (DBKGn.DE) is anticipated to report a loss for the second quarter, marking an end to its streak of 15 consecutive profitable quarters. The expected loss is primarily due…
Energy Local Dangote Refinery to Start Petrol Sales in August 2024 July 15, 2024 Ekemini Uba At a press briefing in Lagos, Dangote announced that his refinery will begin selling petrol directly to marketers starting in August 2024. The refinery, which started its steady-state production phase…
Business Local High yields force firms to reduce bond issuance by 98% July 15, 2024 Ekemini Uba The value of corporate bonds issued by Nigerian companies plummeted by 98 percent between Q4 2022 and Q1 2024 due to high yield demands, according to a BusinessDay analysis of…
Business Local NNPC holds 7.2% stake in Dangote Refinery, not 20% – Aliko Dangote July 15, 2024 Ekemini Uba Aliko Dangote has clarified that the Nigerian National Petroleum Company (NNPC) now holds a 7.2% stake in the Dangote Refinery, a reduction from the previously reported 20%. This change is…
Business Local Banks’ Credits To Private Sector Grow By N30tr In One Year July 15, 2024 Ekemini Uba Determined to bolster the private sector, Nigerian commercial banks have increased lending by about N30 trillion, according to a new report. Data from the Central Bank of Nigeria (CBN) shows…
Breaking Business Local Kaduna DisCo Gets New Owners July 15, 2024 Ekemini Uba ASI Engineering Limited (ASI) has announced the acquisition of a 60% equity stake in the Kaduna Electricity Company Plc (Kaduna Electric). This acquisition marks a significant milestone for ASI Engineering…
Finance Local Consumer spending down as Nigerians remain gloomy on economy July 15, 2024 Ekemini Uba Nigerians reduction in purchasing power have led to a decline in electronic payment transactions and this has been reflected in a broader cut in consumer spending. The Financial Vanguard reports…
Finance Local Equity market down as investors eye inflation, H1 earnings reports July 15, 2024 Ekemini Uba The Nigerian Exchange (NGX) experienced continued declines last week due to profit-taking and sell pressure on highly priced stocks and blue-chip companies. Investors are cautious, waiting for inflation data and…
Finance Local Zenith Bank set to unveil capital-raising drive July 15, 2024 Ekemini Uba Zenith Bank Plc is preparing to finalize its capital raising efforts to meet the Central Bank of Nigeria’s new banking sector capital requirements. Additionally, the bank is transitioning to a…
Energy Local P’Harcourt refinery undergoes licensing, minister defends rehabilitation exercise July 15, 2024 Ekemini Uba The Port Harcourt Refining Company has completed mechanical work and received crude oil, but its operational start is delayed pending regulatory licenses and compliance checks. Senior officials from the Federal…
Banking Local CBN drops BDC operators in $123m sale July 15, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) excluded Bureau De Change (BDC) operators from its latest forex sales, amounting to $122.67 million, which was exclusively allocated to authorized banks. This decision,…
Business World Taiwan president thanks Micron CEO for his trust in Taiwan July 12, 2024 Ekemini Uba Taiwan President Lai Ching-te recently expressed gratitude to Micron’s Chief Executive Sanjay Mehrotra for the company’s ongoing investment and trust in Taiwan. In a rare public meeting captured on video,…
Business World Japan households’ inflation expectations heighten, quarterly survey shows July 12, 2024 Ekemini Uba Nearly 90% of Japanese households expect prices to rise in the next year, according to a quarterly Bank of Japan (BOJ) survey, indicating growing inflation expectations. This increase, from 83.3%…
