Business Local Inflation drops to 32% despite petrol price hike — NBS September 17, 2024 Ekemini Uba Nigeria’s inflation rate fell to 32.15% in August 2024, marking a 1.25% drop from July’s 33.40%. However, the rate remains significantly higher than the 25.80% recorded in August 2023, showing…
Banking Local Banks sack 49 employees over fraud in Q2 September 17, 2024 Ekemini Uba Nigerian banks terminated 49 staff members for involvement in fraudulent activities between April and June 2024, marking a 40% increase from 35 dismissals in the previous quarter. According to the…
Business Local IPPIS not compromised –FG assures September 17, 2024 Ekemini Uba The Office of the Accountant General of the Federation (OAGF) has assured Nigerians that the personal data of employees on the Integrated Personnel and Payroll Information System (IPPIS) is secure.…
Business Local Esports firm partners bank on education September 17, 2024 Ekemini Uba E-sports company EStars has partnered with Ecobank Nigeria to promote esports education and equip students with essential life skills. This collaboration aligns with Ecobank’s commitment to youth empowerment through education…
Business Local NEITI: FG, States, LGs Shared N3.473tn from FAAC in Q2 2024 September 17, 2024 Ekemini Uba The Federation Accounts Allocation Committee (FAAC) disbursed N3.473 trillion to Nigeria’s three tiers of government in the second quarter of 2024, marking a 1.42% increase compared to Q1. This data…
Banking Local CBN Appoints Full Board of Directors for Polaris Bank September 17, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has announced a full board of directors for Polaris Bank, signaling significant progress under the bank’s new leadership. The 10-man board is chaired by…
Business Local Trade Firm, UKAid, others plan yam exports September 17, 2024 Ekemini Uba Evolvecrest Global Company Limited, in collaboration with UK Aid and South West Nigerian state governments, has launched a multi-million naira project aimed at boosting yam production and exports. With Nigeria…
Business Local Nigeria’s 70% windfall bank tax: Rewarding effort, taxing Luck September 17, 2024 Ekemini Uba In 2023, Nigeria’s President Bola Tinubu introduced major economic reforms, including removing fuel subsidies and liberalizing the forex market. These reforms, while intended to strengthen the economy, had varying effects…
Business Local Market FG set to exploit $7trillion global Halal market September 17, 2024 Ekemini Uba On Wednesday, the Federal Government will unveil a strategy aimed at positioning Nigeria as a global leader in the Halal economy, a sector projected to contribute $1.5 billion to the…
Business Local Market Dangote refinery: Queues now a thing of the past, says Otedola September 17, 2024 Ekemini Uba Billionaire businessman Femi Otedola has praised Nigerian President Bola Tinubu following the start of fuel loading at the Dangote Refinery on September 15, 2024. In a social media statement, Otedola…
Business Local [ICYMI] Nigeria, UK battle over Air Peace landing right in Heathrow September 17, 2024 Ekemini Uba Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has formally protested to the UK aviation authorities over the refusal to grant Air Peace landing slots at Heathrow Airport. In…
Business World Trump launches another business full of potential risks and conflicts if he wins September 17, 2024 Ekemini Uba Former US President Donald Trump, alongside his sons and business partners, launched a cryptocurrency platform called World Liberty Financial in an online event on Monday night. The two-hour presentation offered…
Business Energy Local N950/litre Dangote petrol may justify more importation — Marketers September 17, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPC) has announced that petrol from the Dangote Refinery will sell for up to N1,019 per litre in northern states and N950 per litre…
Business Market Stock Global Stock markets surge amid US, China inflation trends September 16, 2024 Ekemini Uba Global stock markets saw declines this week due to inflation data from the U.S. and China, sparking hopes for a possible interest rate cut by the Federal Reserve, according to…
Business Finance Local Regency Alliance grows profit to N1.93bn September 16, 2024 Ekemini Uba Regency Alliance Insurance Plc reported a 225% increase in profit after tax for the year ending December 31, 2023, reaching N1.93bn, up from N594.6m in 2022. This growth was attributed…
Banking Local Banks borrowed N3tn from CBN in one week – Report September 16, 2024 Ekemini Uba Nigerian banks and discount houses borrowed N3tn from the Central Bank of Nigeria (CBN) through the Standing Lending Facility in one week, as reported by Afrinvest Research. Meanwhile, deposits of…
Business Local Emirates Airlines unveils plans for return September 16, 2024 Ekemini Uba After a two-year hiatus due to trapped funds and other challenges, Emirates Airlines is preparing to relaunch flights to Nigeria, beginning on October 1, 2024. The airline has launched several…
Business Local Stakeholders seek synergy amongst oil industry operators September 16, 2024 Ekemini Uba Chairman of the Major Energy Marketers Association of Nigeria (MEMAN), Huub Stokman, has emphasized the need for collaboration among oil and gas stakeholders to deliver quality services and affordable prices.…
Business Local Inflows from domestic dollar bond push forex reserves to $36.9b September 16, 2024 Ekemini Uba Nigeria’s foreign exchange (FX) reserves have increased by $337.89 million week-on-week to reach $36.9 billion as of September 12, 2024. This marks a 1.5% rise in reserves, driven by inflows,…
Business Local Cyber Criminals Target Nigerian Businesses with Over 580,000 Threats in 2024 September 16, 2024 Ekemini Uba Cyber criminals are increasingly targeting Nigerian businesses, with over 586,000 threats detected in the first half of 2024. According to Cybervergent, a cybersecurity firm, these threats involve advanced techniques, such…
Business Local Stock Stockbrokers launch Lagos District Zone September 16, 2024 Ekemini Uba The Chartered Institute of Stockbrokers (CIS) has officially inaugurated its Lagos Island District Society to enhance its membership drive and foster collaboration. The new district will serve as a hub…
Business World UK reveals key trends in work, study, and family visas For 2024 September 16, 2024 Ekemini Uba The UK’s immigration statistics for the year ending June 2024 reveal a total of 1.16 million visas issued across work, study, and family categories. This includes both short-term and long-term…
Business Local AfDB raises $2bn in new social bond issue September 13, 2024 Ekemini Uba The African Development Bank (AfDB) has launched a new $2 billion social benchmark bond, set to mature on September 18, 2029. This bond is part of AfDB’s Sustainable Bond Framework,…
Energy Local NNPC suspends fresh petrol orders over huge backlogs September 13, 2024 Ekemini Uba The Nigerian National Petroleum Company (NNPC) has closed its petrol application portal, preventing independent marketers from placing fresh orders for fuel. This comes amid the persistent fuel crisis in Nigeria,…
Finance Local Nigeria’s trade surplus hits N6.9tn in Q2 – NBS September 13, 2024 Ekemini Uba Nigeria’s foreign exchange earnings saw significant growth in the second quarter of 2024, with the trade surplus rising to N6.95tn due to robust export activities. The National Bureau of Statistics…
Business Local Maritime workers lament delay in port concession licences renewal September 13, 2024 Ekemini Uba The Maritime Workers Union of Nigeria (MWUN) has called on the Federal Government to urgently renew the port concession licenses of terminal operators, which have been delayed, creating uncertainty for…
Local NNPC Demands Deployment of Its Crude Monitoring Team to Dangote Refinery September 13, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPC) and Dangote Refinery are making strides in their ongoing negotiations over in-country fuel supply. According to Devakumar Edwin, Vice President of Oil and…
Business Local Q2 2024: Federal Government VAT Collection Up 9.11% to N1.56tn September 13, 2024 Ekemini Uba In Q2 2024, Nigeria’s Value Added Tax (VAT) receipts rose to N1.56 trillion, representing a significant 99.82% year-on-year growth from the same period in 2023, according to the Nigeria Bureau…
Africa Trade Ivory Coast becomes Nigeria’s biggest trade partner in Africa after N2.05 trillion crude oil imports September 13, 2024 Ekemini Uba Ivory Coast has become Nigeria’s largest trade partner in Africa by importing N2.05 trillion worth of crude oil in the first half of 2024. This marks a significant increase in…
Africa Business Upper West, Upper East, record highest food and non-inflation rates September 13, 2024 Ekemini Uba In August 2024, Ghana’s Upper West and Upper East regions recorded the highest inflation rates, with food inflation at 41.5% and non-food inflation at 31.9%. Savannah and Bono East followed…
