Business World UK’s Aviva conspired to dodge India compensation and tax rules, agency says August 30, 2024 Ekemini Uba The Indian tax agency has accused British insurer Aviva of breaching local regulations on sales commissions through a scheme involving fake invoices and clandestine cash payments, according to a notice…
Market World Futures extend gains after inflation data August 30, 2024 Ekemini Uba U.S. stock index futures continued their upward trend on Friday, bolstered by a key inflation report that showed price pressures were nearly in line with expectations for July. The Personal…
Business World Oil prices face pressure from slow China demand and inventory rise August 30, 2024 Ekemini Uba Oil price forecasts for 2024 have been downgraded due to weak fuel demand from China, the world’s top importer, and increasing inventory levels. A Reuters poll of 37 analysts and…
Stock World US regulator finds banks have work to do on climate risk, sources say August 30, 2024 Ekemini Uba Global stock markets surged on Friday, heading for a fourth straight month of gains, driven by positive U.S. growth data that ended a weeks-long decline in the dollar and kept…
Local Market Equity market reverses loss with N117bn gain August 30, 2024 Ekemini Uba The Nigerian Stock Exchange (NSE) rebounded on Thursday, recovering from the previous day’s losses as investors gained N117 billion. The market capitalisation rose by 0.21 percent, closing at N55.4 trillion,…
Business Local Manufacturing grows by 1.28% August 30, 2024 Ekemini Uba In the second quarter of 2024, Nigeria’s manufacturing sector recorded a year-on-year growth of 1.28%, according to the latest Gross Domestic Product (GDP) report from the National Bureau of Statistics…
Banking Local CBN lifts suspension on bank borrowing, sets 31.75% lending rate August 30, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has reinstated access to its Standing Lending Facility (SLF) following the recent 296th Monetary Policy Committee (MPC) meeting. The apex bank has set the…
Local Reps Uncover Over N500b In Unused TETFund For Nigerian Universities August 30, 2024 Ekemini Uba The House of Representatives has pledged to address the challenges preventing Nigerian tertiary institutions from accessing over N500 billion in Tertiary Education Trust Fund (TETFund) allocations. The commitment was made…
Business Local OVH Acquisition: CAC dissolves NNPC retail, Nueoil August 30, 2024 Ekemini Uba The Corporate Affairs Commission (CAC) has dissolved NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited (NNPC), following its acquisition by OVH Energy Marketing Limited. This dissolution,…
Business Local NCC uncovers 100,000 SIM cards linked to one individual August 30, 2024 Ekemini Uba The Nigerian Communications Commission (NCC) has uncovered a shocking case where over 100,000 Subscriber Identification Modules (SIM) cards were linked to a single individual. This discovery was made through a…
Business Local NNPC absorbing actual costs of petroleum products, says Tonye Cole August 30, 2024 Ekemini Uba Tonye Cole, co-founder of Sahara Group, has highlighted the significant pressure on the Nigerian National Petroleum Company (NNPC) Limited due to the burden of petrol subsidy payments and the importation…
Business Local Concerns as Emirates opens ticket booking in dollars August 30, 2024 Ekemini Uba Stakeholders in Nigeria’s travel industry have expressed concern over Emirates’ decision to price tickets on Nigerian routes in U.S. dollars ahead of its flight resumption on October 1, 2024. The…
Business Local Africa’s poverty is man-made, not an act of God – Obasanjo August 30, 2024 Ekemini Uba Former Nigerian President Olusegun Obasanjo recently highlighted the man-made nature of poverty in Africa, emphasizing that the continent has the resources needed to create wealth and overcome its economic challenges.…
Business Energy Local NUPRC rejects Shell’s $1.3bn onshore asset sale to Renaissance August 30, 2024 Ekemini Uba The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reportedly rejected Shell International Plc’s proposed sale of its onshore assets to the Renaissance consortium in a deal valued at $1.3 billion.…
Business World Birkenstock misses profit estimates as expansion plan hits margins August 29, 2024 Ekemini Uba Birkenstock missed quarterly profit expectations, with its shares dropping 12% in premarket trading. The German sandal maker’s global expansion and increased production capacity led to a decrease in its gross…
Business World China will not impose anti-dumping measures on EU brandy, for now August 29, 2024 Ekemini Uba Beijing has decided not to impose provisional tariffs on European Union brandy despite finding that it was sold below market prices in China. The Chinese commerce ministry found that European…
Business World Exclusive: US government funding yielded hundreds of patents for China-based researchers August 29, 2024 Ekemini Uba Research funded by the U.S. Defense Department, NASA, and other government agencies has resulted in over 1,000 U.S. patents granted to China-based inventors since 2010. These patents cover sensitive fields…
Business Local Aviation minister signs MoU with Boeing to facilitate aircraft acquisition August 29, 2024 Ekemini Uba Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, signed a strategic Memorandum of Understanding (MoU) with Boeing to advance the country’s aviation sector. The MoU, signed in Seattle, USA,…
Local Market Nigeria, Germany target over $500mn in energy deals in 2024 August 29, 2024 Ekemini Uba Nigeria and Germany plan to surpass last year’s $500 million in energy deals by targeting even larger agreements in 2024. The deals, including renewable energy and gas export agreements, are…
Africa Business Nigerian oil grades maintain premium status, Cast light on economy August 29, 2024 Ekemini Uba Nigeria’s Brass River, Bonny Light, and Qua Iboe crude oils have surged above the Brent Crude benchmark due to supply concerns over Libya and a smaller-than-expected drop in U.S. crude…
Currency Local BREAKING: Currency outside bank drops to N3.66 trillion in July, biggest fall in 2024 August 29, 2024 Ekemini Uba In July 2024, the amount of currency outside Nigeria’s banking system decreased to N3.66 trillion, marking a 3.32% drop from the previous month. This decline, larger than the previous decrease…
Energy Local EKEDC disconnects power supply from UNILAG August 29, 2024 Ekemini Uba Eko Electricity Distribution Company (EKEDC) has disconnected the University of Lagos (UNILAG) from the power supply because of unpaid electricity bills. The university’s management revealed this in a statement, noting…
Local Trade Nigeria, Belgium deepen bilateral ties August 29, 2024 Ekemini Uba The Nigerian Ports Authority (NPA) and the Kingdom of Belgium have agreed to strengthen their bilateral relationship to boost efficiency at Nigeria’s seaports and enhance international trade between the two…
Business Local Nigeria, Benin Republic open dry port trade office in Kano August 29, 2024 Ekemini Uba Nigeria and Benin Republic have jointly opened the Tsamiya Dry Port Trade Office in Kano State to enhance regional trade and economic integration. The opening ceremony, held at the new…
Business Local Elumelu: Tenure limit for bank CEOs inspired Heirs Holdings formation August 29, 2024 Ekemini Uba Tony Elumelu, Chairman of Heirs Holdings Group, revealed that the Central Bank of Nigeria’s (CBN) 2010 policy limiting bank CEOs’ tenure to 10 years inspired him to establish Heirs Holdings.…
Local Govt sets Sept 14 deadline for SIM-NIN linkage August 29, 2024 Ekemini Uba The Nigerian Communications Commission (NCC) has announced a new deadline for all mobile subscribers to link their SIM cards with their National Identity Numbers (NIN) by September 14, 2024. From…
Business Energy Local Gas suppliers seek end to multiple taxation August 29, 2024 Ekemini Uba The National Oil and Gas Suppliers Association of Nigeria (NOGASA) has called on the Federal Government to tackle the issue of multiple taxation, which it claims is negatively impacting business…
Business Local NEPC reports $2.7bn in non-oil exports half year 2024 August 29, 2024 Ekemini Uba Nigeria’s non-oil exports generated $2.7 billion in the first half of 2024, reflecting a 6.26% increase from the $2.5 billion recorded during the same period in 2023. This was disclosed…
Business Local TGI Foods SPV launches N25bn commercial papers August 29, 2024 Ekemini Uba TGI SPV Plc, a special purpose vehicle created by Tropical General Investments Group, has launched N25 billion in Series 1 and Series 2 Commercial Papers under its three-year N100 billion…
Business Local Without structural gaps, Nigeria’s GDP will grow by 5% – IMF August 28, 2024 Ekemini Uba *The International Monetary Fund (IMF) stated that Nigeria’s economy, currently growing at 3.19%, could reach a 5% growth rate by reducing governance and business regulation bottlenecks by 25%. This was…
