Business Local Vehicle importation down by 45% over forex crisis – CGC July 4, 2024 Ekemini Uba Adewale Adeniyi, Comptroller General of the Nigeria Customs Service, revealed a significant 45% decline in vehicle imports during the first quarter of 2024 due to foreign exchange challenges. In an…
Business Local Industrial and Medical Gases Nigeria Plc Appoints Aminu Ado Chairman July 4, 2024 Ekemini Uba Industrial and Medical Gases Nigeria Plc (IMG) has appointed Aminu Ado as its new substantive chairman. This decision was made at the board meeting held on June 27, as disclosed…
Business Local $1.5bn oil sector divestment deals completed – FG July 4, 2024 Ekemini Uba The Federal Government of Nigeria has announced the successful completion of significant oil divestment deals totaling approximately $1.5 billion. These transactions include the agreements between Nigeria Agip Oil Company and…
Breaking Business Equity market sustains rally with N131bn gain July 4, 2024 Ekemini Uba The Nigerian equity market saw another day of gains on Wednesday, with investors pocketing N131 billion boosted by strong performances from Cornerstone Insurance, RT Briscoe Nigeria, and Industrial and Medical…
Business Zedcrest acquires RMB Nigeria stockbrokers July 4, 2024 Ekemini Uba Financial solutions firm, Zedcrest, has announced its complete acquisition of RMB Nigeria Stockbrokers, a move aimed at expanding its service offerings and market presence. The acquisition, finalized on Wednesday, integrates…
Business Crypto KuCoin Implements 7.5% VAT on Crypto Transactions in Nigeria July 4, 2024 Ekemini Uba KuCoin, a prominent cryptocurrency exchange operating in Nigeria, has announced the implementation of a 7.5% Value-Added Tax (VAT) on transaction fees starting from July 8, 2024. This decision follows recent…
Business Local Protests rocks UNIBEN as students shut down Benin-Ore highway over power outage July 4, 2024 Ekemini Uba Students of the University of Benin (UNIBEN) staged a protest on Wednesday, blocking the Benin-Ore Highway to demand an end to weeks of power outage on their campus. The outage,…
Business investment Local Sanwo-Olu to establish Lagos state sovereign investment fund, lobbies NSIA to invest in Lekki airport project July 4, 2024 Ekemini Uba Governor Babajide Sanwo-Olu of Lagos State announced plans to establish a Sovereign Investment Fund during a meeting with the Nigeria Sovereign Investment Authority (NSIA). This fund aims to strategically invest…
Crypto Trade Bitcoin drops by 3% as 100,565 traders lose $262 million July 4, 2024 Ekemini Uba In the early morning trading session, Bitcoin faced a 3% decline in its price before recovering to trade around $58.8K during the Asian market hours. Other cryptocurrencies like Solana and…
Business World Asia stocks rise on rate cut wagers, yen wallows at 38-year lows July 3, 2024 Ekemini Uba Asian stocks rose on Wednesday following remarks by Federal Reserve Chair Jerome Powell, indicating potential upcoming U.S. rate cuts. The MSCI Asia-Pacific index, excluding Japan, increased by 0.64%, driven by…
Business World UK Investors Pour Record £11.4 Billion into Equity Funds in First Half of 2024 July 3, 2024 Ekemini Uba British investors injected a record £11.4 billion into equity funds during the first six months of 2024, driven by the expectation of further central bank interest rate cuts, according to…
Business World Nippon Steel’s Mori to visit US again next week for talks on US Steel takeover July 3, 2024 Ekemini Uba Nippon Steel’s Vice Chairman, Takahiro Mori, will travel to the United States next week to discuss the proposed $15 billion acquisition of U.S. Steel, the company announced on Wednesday. This…
Business Local No economic growth will happen unless interest rate at 30% goes down – Aliko Dangote July 3, 2024 Ekemini Uba Aliko Dangote, Chairman of the Dangote Group, criticized the Central Bank of Nigeria’s (CBN) decision to raise the interest rate to nearly 30% during a summit organized by the Manufacturers…
Local Access Holdings commences N351bn ordinary shares offer to shareholders July 3, 2024 Ekemini Uba Access Holdings has launched a rights issue of 17.7 billion ordinary shares at N19.75 per share, totaling N351 billion, aimed at enhancing its working capital. Chairman Aigboje Aig-Imoukhuede emphasized the…
Business Local FG Clears $850m Debt To EU Airlines July 3, 2024 Ekemini Uba The Nigerian government has cleared a backlog of debts amounting to $850 million owed to European airlines, as announced by EU Ambassador to Nigeria and ECOWAS, Samuela Isopi, at the…
Business Local FAKE NEWS ALERT: No Explosion At Zungeru Hydroelectric Dam, Say ED, Police July 3, 2024 Ekemini Uba Siraj Abdullahi, executive director of the Zungeru hydroelectric dam in Niger state, refuted reports of an explosion at the facility. These reports claimed that a Chinese engineer was injured during…
Business Local Adefeko Calls For Urgent Action To Address Food Insecurity July 3, 2024 Ekemini Uba Ade Adefeko, director of corporate and regulatory affairs at Olam Agri, has called for urgent measures to address Nigeria’s worsening food crisis. In an interview with Arise Television, Adefeko cited…
Business Local Senate Passes Bill To Allow Foreigners In Nigeria Obtain NIN July 3, 2024 Ekemini Uba The Nigerian Senate has passed a bill for a second reading that proposes granting all persons, including foreigners residing in Nigeria, the right to obtain and use a National Identification…
Business World Dangote Refinery Begins Gasoil Exports To West African Countries, As Imports From Europe Decline July 3, 2024 Ekemini Uba Aliko Dangote, Chairman of the Dangote Group, strongly criticized the Central Bank of Nigeria (CBN) for increasing the interest rate to nearly 30% during his speech at a summit organized…
Business World China’s BYD posts 21% jump in quarterly EV sales, closes gap with Tesla July 2, 2024 Ekemini Uba China’s BYD reported a 21% increase in electric vehicle (EV) sales for the second quarter, bringing its total to 426,039 EVs sold from April to June. This is just under…
World Air Canada to Receive 8 Boeing 737 MAX 8 Jets from BOC Aviation July 2, 2024 Ekemini Uba Air Canada announced on Tuesday an agreement to receive eight Boeing 737 MAX 8 jets from lessor BOC Aviation. These aircraft are scheduled for delivery in 2024 and will undergo…
Business World South African rand extends losses, focus on unity government’s reforms July 2, 2024 Ekemini Uba The South African rand continued its decline on Tuesday, trading at 18.6325 against the dollar, a 1.5% drop from the previous close. This follows a volatile start to the week…
Business Biden revoked 8 licenses for China’s Huawei in 2024, document shows July 2, 2024 Ekemini Uba In 2024, the Biden administration revoked eight more licenses that previously allowed U.S. companies to supply goods to Chinese telecom giant Huawei, aiming to increase pressure on the company. This…
World US job openings increase; trend still slowing July 2, 2024 Ekemini Uba In May, U.S. job openings increased by 221,000 to 8.140 million, indicating a modest rebound following significant declines in the previous two months. This rise, reported by the Labor Department’s…
Business Local Nigeria Air Project Remains Suspended Pending Presidential Decision July 2, 2024 Ekemini Uba The Nigerian government’s Nigeria Air project remains suspended as Minister of Aviation and Aerospace Development, Festus Keyamo, awaits President Bola Tinubu’s decision. This announcement was reaffirmed by Tunde Moshood, the…
Local Stanbic, Citibank, Rand lead $1bn capital importation July 2, 2024 Ekemini Uba In the fourth quarter of 2023, Nigeria saw a 2.62% increase in capital importation, reaching $1.09 billion, compared to the same period the previous year. This marked a 66.27% rise…
Business Local Nigeria’s N121.6trn Debt Exceeds 50% GDP July 2, 2024 Ekemini Uba PricewaterhouseCoopers International Limited (PWC) has reported that Nigeria’s public debt soared to N121.67 trillion in the first quarter of 2024. The professional services firm emphasized that increasing debt without corresponding…
Local Credit to government rises by 42% to N28.4trn July 2, 2024 Ekemini Uba Credit to the Nigerian government experienced a substantial month-on-month increase of N8.4 trillion, rising by 42 percent to N28.4 trillion in May, up from N19.98 trillion in April, according to…
World Australia raises international student visa fees by 225% to prevent migration July 2, 2024 Ekemini Uba Australia has significantly increased student visa application fees from $710 to $1,600, effective July 1, 2024, marking a 225% hike. This increase makes Australia the most expensive country for student…
Business Local Best performing stocks in the NGX in the first half of 2024 July 2, 2024 Ekemini Uba The Nigerian Exchange (NGX) achieved a significant growth of 33.81% in the first half of 2024, with the All-Share Index (ASI) climbing from 74,773.77 points to 100,057.49 points. This growth,…
