Business Local Dangote officials, refiners tackle marketers over imported PMS September 20, 2024 Ekemini Uba Officials of the Dangote Petroleum Refinery and the Crude Oil Refiners Association of Nigeria (CORAN) have opposed the importation of Premium Motor Spirit (PMS) by major oil marketers, alleging that…
Business Local FG eyes economy revamp with single-digit rates, tax incentives September 20, 2024 Ekemini Uba The Nigerian government has introduced key economic reforms aimed at stimulating growth by reducing corporate taxes, offering single-digit interest rates, and funding local manufacturing. Speaking at Access Bank’s 2024 Corporate…
Business investment Local Why Coca-cola suspended its 5-year $1 billion investment pledge to Nigeria in 2021 – Presidency September 20, 2024 Ekemini Uba The Nigerian presidency has clarified the reasons behind Coca-Cola’s initial withdrawal of its $1 billion investment pledge, made in 2021, citing the “challenging business environment” at the time. According to…
Business Local What Exactly Is Cardoso Doing At The CBN September 20, 2024 Ekemini Uba Yemi Cardoso is marking his first year as Governor of the Central Bank of Nigeria (CBN) amid tough economic conditions. While many Nigerians are concerned about the falling naira, Cardoso…
Business Energy Local 11 plc, Total Energies, AA. Rano, others pay N766 to lift Dangote petrol September 20, 2024 Ekemini Uba Petroleum marketers like 11plc, Total Energies, and AA Rano have started lifting petrol from Dangote Refinery through NNPC Trading Limited at N765.99 per litre. The arrangement, facilitated by NNPC’s role…
Agriculture Business Local Jega Submits Recommendations For Livestock Reforms To Tinubu September 20, 2024 Ekemini Uba Former INEC Chairman, Prof. Attahiru Jega, has presented a 152-page report to President Bola Tinubu, detailing recommendations for a 10-year livestock sector transformation. The report provides guidelines for the newly…
Business Local World Bank to approve $1.5bn loan to Nigeria by September 26 September 20, 2024 Ekemini Uba The federal government is poised to secure a $1.5 billion loan from the World Bank, with approval expected on September 26. This funding will support three key development projects aimed…
Banking Business Local Sterling Holdco boosts recapitalisation with N75b capital September 19, 2024 Ekemini Uba Sterling Financial Holdings Company (Sterling Holdco) has successfully raised N75 billion to support the recapitalisation of its banking subsidiaries, including Sterling Bank and The Alternative Bank. The funds were secured…
Business Local Nigerian Customs Apapa Command hits record N1.5 trillion revenue in 9 months September 19, 2024 Ekemini Uba The Nigeria Customs Service (NCS) recorded significant growth in revenue with ₦277.5 billion in import duties and ₦15.8 billion in excise duties as of August 2024. Comptroller Olumo attributed the…
Commodities World Canada tightens foreign worker eligibility, reduces study permit issuance by 10% for 2025 September 19, 2024 Ekemini Uba The Canadian government will reduce the issuance of study permits by 10% for 2025, lowering the cap from 485,000 in 2024 to 437,000. This reduction aims to manage the volume…
Business investment Local Over $500 million investment attracted through Public-Private Partnership projects – Infrastructure Commission September 19, 2024 Ekemini Uba The Nigerian government, through the Infrastructure Concession Regulatory Commission (ICRC), has attracted over $500 million in investments through Public-Private Partnerships (PPP) in the past year. Dr. Jobson Ewalefoh, Director-General of…
investment Local Dapo Abiodun announces $5 million UK battery plant investment in Ogun State September 19, 2024 Ekemini Uba The Ogun State Government has announced the establishment of a $5 million battery recycling plant by a British company, marking the first of its kind in Africa. Governor Dapo Abiodun…
Business Local We inherited N13 billion unpaid pension, gratuity arrears in Zamfara – Governor Lawal September 19, 2024 Ekemini Uba Governor Dauda Lawal of Zamfara State revealed that his administration inherited N13 billion in unpaid pensions and gratuities from previous governments, dating back to 2011. During an interview, he disclosed…
Business Currency Local Naira gains N116.84 on increased dollar supply September 19, 2024 Ekemini Uba The Nigerian naira appreciated by 7.59% against the U.S. dollar on Wednesday, closing at N1,539.65 in the Nigerian Autonomous Foreign Exchange Market (NAFEM). This significant gain, supported by a 38.94%…
Business Crypto Local Regulatory clampdown fails to drown crypto excitement September 19, 2024 Ekemini Uba Nigeria has retained its number two spot on the 2024 Global Crypto Adoption Index, trailing only India, according to Chainalysis. Despite regulatory crackdowns and restrictions by the Central Bank of…
Business World With Fed’s rate cut at hand, debate swirls over how big a move September 18, 2024 Ekemini Uba As the U.S. Federal Reserve prepares to begin its rate-easing cycle, investors and analysts predict that future interest-rate cuts may be less aggressive than market expectations due to ongoing economic…
Business World EU court confirms Qualcomm’s antitrust fine, with minor reduction September 18, 2024 Ekemini Uba Europe’s second-highest court upheld a European Commission antitrust fine against U.S. chipmaker Qualcomm for predatory pricing, though it reduced the fine to 238.7 million euros ($265.5 million) from 242 million…
Business World Teamsters to meet on Wednesday to consider potential US presidential endorsement September 18, 2024 Ekemini Uba The Teamsters executive board is meeting in Washington on Wednesday to decide its endorsement for the 2024 U.S. presidential election. With 1.3 million members, the union’s choice could impact key…
Business World Exclusive: Commerzbank poised to put CFO Orlopp in charge of talks with UniCredit September 18, 2024 Ekemini Uba Commerzbank is set to appoint CFO Bettina Orlopp to lead discussions with UniCredit, following the Italian bank’s acquisition of a 9% stake in the German lender. This move is expected…
Business Local CBN pegs BDC forex sales at $5,000 September 18, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has introduced a new policy limiting the foreign exchange cash sales by Bureau de Change operators to $5,000 per transaction. This measure, part of…
Local FG, states, LGs shared N1.2tn in August – FAAC September 18, 2024 Ekemini Uba The Federal Accounts Allocation Committee (FAAC) has disbursed N1.2 trillion in revenue earned in August 2024 to the Federal Government, states, and Local Government councils. This represents an 11% decrease…
Business Local Market Three marketers to import 141m-litres petrol September 18, 2024 Ekemini Uba Three major oil marketers are set to import about 141 million litres of Premium Motor Spirit (PMS) into Nigeria this week, following the full deregulation of the downstream oil sector…
Business Local N599bn rights issue to cut FX losses, says NB September 18, 2024 Ekemini Uba Nigerian Breweries Plc has announced plans to reduce its foreign exchange (forex) losses and local debt burden through a N599.1 billion rights issue. This was revealed by the company secretary,…
investment Local Executive Order: Tinubu eyes $2.5bn investments September 18, 2024 Ekemini Uba President Bola Tinubu has signed five executive orders to encourage investment in Nigeria’s oil and gas sector. These orders are designed to reduce the cost and time required for finalizing…
Business Local Emirates’ bookings slow on dollar charges, visa – Travel agents September 18, 2024 Ekemini Uba Travel agents in Nigeria report that bookings for Emirates flights have slowed down despite the airline’s scheduled resumption of services on October 1, 2024. The slowdown is attributed to Emirates’…
Banking Business Local CBN to fine banks delaying customers’ complaints resolution September 18, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has introduced stringent measures against commercial banks, payment service providers, and financial institutions that fail to resolve customer complaints within 72 hours. A fine…
Business Local Tinubu never asked CBN Gov, Cardoso to resign – Presidency September 18, 2024 Ekemini Uba The Presidency has clarified that President Bola Tinubu has not requested Yemi Cardoso to resign from his position as the Governor of the Central Bank of Nigeria (CBN). This statement…
Business Currency Local Naira falls to N1,656 at I&E Window amid volatility, but hope for recovery grows as U.S Fed decision looms September 18, 2024 Ekemini Uba The naira weakened to N1,656.49 per dollar at the official exchange window on September 17, 2024, marking a 7.12% drop from N1,639.20 on September 13. This happened despite Nigeria’s inflation…
Business Local Market Dangote’s 1,200km gas pipeline abandonment was a business decision, not govt policies- Petroleum Ministry September 18, 2024 Ekemini Uba The Ministry of Petroleum Resources (Gas) has clarified that Dangote Group’s decision to abandon a proposed 1,200km subsea gas pipeline was a business choice, not due to government policies, as…
Local Stock Stock Market Gains N607 Billion, Boosted by Access, MTN September 17, 2024 Ekemini Uba The Nigerian equity market recorded a significant gain of N607 billion in market capitalization last week, primarily driven by strong investor interest in major stocks like Access Corporation and MTN…
