Africa Business Cement retailers commend govt for passage of price regulation LI September 13, 2024 Ekemini Uba Cement retailers in Ghana have expressed support for the new Legislative Instrument (LI) aimed at stabilizing cement prices. Retailers believe the law will bring much-needed relief and allow for more…
Business World Boeing strike threat looms as workers vote on contract September 12, 2024 Ekemini Uba Boeing’s U.S. West Coast factory workers are set to vote on a controversial new contract on Thursday, with the potential for a strike starting Friday if the deal is rejected.…
Business World US holiday sales to grow at slowest pace since 2018, report says September 12, 2024 Ekemini Uba U.S. holiday sales are expected to grow at their slowest pace in six years, data from Deloitte showed on Thursday as persistent inflation and dried up savings turn shoppers more…
Commodities Local Shell’s $1.3bn asset sale to Renaissance not completed yet – FG September 12, 2024 Ekemini Uba The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has clarified that Shell’s $1.3 billion deal to sell its onshore assets to Renaissance has not been finalized. In a statement by NUPRC…
Business Local American Businessman Sentenced to 68 Years in Nigerian Court for $1.6 Million Visa Fraud September 12, 2024 Ekemini Uba American businessman Marco Antonio Ramirez has been sentenced to 68 years in prison by a Lagos court for defrauding Nigerians of $1.6 million through a fraudulent visa investment scheme. Justice…
Business Local FG unveils plans to generate $100 billion annually from creative economy September 12, 2024 Ekemini Uba The Federal Government of Nigeria has unveiled a comprehensive plan aimed at generating $100 billion annually and creating over two million jobs in the country’s creative economy. Minister of Art,…
Banking Local Guaranty Trust recorded N1tr profit in six months September 12, 2024 Ekemini Uba Guaranty Trust Holding Company (GTCO) Plc has achieved a historic milestone by becoming the first Nigerian financial institution to report a pre-tax profit exceeding N1 trillion in the first half…
Business Local National committee to tackle multiple taxation, others September 12, 2024 Ekemini Uba The Federal Government of Nigeria has established a five-member committee to address the issues of multiple taxation and the harassment of truck owners, a matter that has been causing significant…
Business Local Airtel okays $.5m fellowship September 12, 2024 Ekemini Uba Airtel Africa has approved an initial $500,000 to fund the Airtel Africa Fellowship Program, aimed at supporting 10 undergraduate students throughout their four-year course duration. This initiative is being launched…
Business Local Osubi Airport earns N831m in six months September 12, 2024 Ekemini Uba Osubi Airport in Warri has seen significant growth in passenger traffic and revenue in the first half of 2024, generating N831 million between January and June. The airport processed 124,000…
Business Local Nigeria’s trade surplus rises 34% to N6.95 trn September 12, 2024 Ekemini Uba Nigeria’s trade surplus experienced a significant rise in the second quarter of 2024, climbing 33.9% quarter-on-quarter (QoQ) to N6.95 trillion from N5.19 trillion in the first quarter. According to the…
Business Local HARSH ECONOMY: Sacked workers withdraw N9.2bn from pension savings September 12, 2024 Ekemini Uba In the first half of 2024 (H1’24), a total of 14,179 Retirement Savings Account (RSA) holders who lost their jobs withdrew 25% of their pension savings to sustain themselves and…
Business Local Nigeria added 45,000bpd oil in August – Report September 12, 2024 Ekemini Uba Nigeria’s crude oil production increased to 1.352 million barrels per day (mbpd) in August 2024, up from 1.307 mbpd in July, according to the September Monthly Oil Market Report released…
Local 4 million containers handled in five years, say barge operators September 12, 2024 Ekemini Uba The Barge Operators Association of Nigeria (BOAN) has announced that its members successfully mobilized four million twenty-foot equivalent units (TEUs) of imports and exports between 2019 and 2024. BOAN President,…
Business Local Marketers, refiners demand total subsidy removal September 12, 2024 Ekemini Uba Petroleum marketers, refiners, and depot owners in Nigeria have called for the full deregulation of the downstream oil sector, urging an end to 00 price controls linked to subsidies. This…
Business World UniCredit buys 9% stake in Germany’s Commerzbank, sparking takeover talk September 11, 2024 Ekemini Uba Italy’s UniCredit has acquired a 9% stake in Germany’s Commerzbank for €700 million, raising speculation that UniCredit’s CEO Andrea Orcel is preparing for a potential takeover of the German bank.…
Business Local Indonesian crypto exchange Indodax loses $22 million to hackers September 11, 2024 Ekemini Uba Indonesian crypto exchange Indodax has suffered a major hack, losing $22 million in assets from its hot wallets. Blockchain analytics firms Slowmist and Cyvers detected the breach, revealing that the…
Banking Local First Bank of Nigeria halts misconceptions, Clarifies sale of FBNQuest merchant bank September 11, 2024 Ekemini Uba First Bank of Nigeria (FBN) has confirmed that the recent sale of its 100% equity stake applies solely to FBNQuest Merchant Bank, clarifying that other subsidiaries in the group remain…
Business Local Mastercard rolls out Non-custodial Bitcoin debit card in historic move September 11, 2024 Ekemini Uba Mastercard has introduced a new Bitcoin debit card in partnership with crypto payment company Mercuryo. This card allows users to make purchases directly with Bitcoin, just like using a regular…
investment Local Taiwan to assist Nigeria achieve technological growth September 11, 2024 Ekemini Uba Taiwan is ready to support Nigeria in boosting its technology sector, as revealed by Mr. James Huang, Chairman of the Taiwan External Trade Development Council (TAITRA). During a business session…
Business Local VAT remains 7.5%, no hike planned –Edun September 11, 2024 Ekemini Uba Nigeria’s Minister of Finance, Mr. Wale Edun, has debunked rumors that the Federal Government raised the Value-Added Tax (VAT) rate from 7.5% to 10%. In a statement released on Monday,…
Business Local FG’s dollar bond attracted $900m subscription – Edun September 11, 2024 Ekemini Uba Nigeria’s first-ever foreign-currency domestic bond has successfully attracted $900 million in subscriptions, surpassing expectations. The Minister of Finance, Wale Edun, announced the news on Tuesday, highlighting that the oversubscription reflects…
Business Energy Local Why NNPC may not lift Dangote petrol on Sunday September 11, 2024 Ekemini Uba Four days before the Nigerian National Petroleum Company Limited (NNPC) was set to begin lifting Premium Motor Spirit (PMS) from the Dangote Refinery, reports show no commercial agreement has been…
Business Currency Local Naira weakens to N1637/$ September 11, 2024 Ekemini Uba The Nigerian naira continued to decline against the US dollar, closing at N1637.59 at the end of trading on Tuesday. This marked a depreciation of N14.63 from the previous day’s…
Business Finance Local Financial sector grew by 30% – FG September 11, 2024 Ekemini Uba Nigeria’s financial sector grew by more than 30% in the first half of 2024, signaling strong economic recovery from contractions in 2021. Wale Edun, Minister of Finance, highlighted this achievement…
Energy Local Oil production rose to 1.35mbpd in August – OPEC September 11, 2024 Ekemini Uba Nigeria’s crude oil production increased from 1.307 million barrels per day (mbpd) in July to 1.352 mbpd in August, according to the Organisation of the Petroleum Exporting Countries (OPEC) in…
Business Local Kuda launches virtual PoS for SMEs September 11, 2024 Ekemini Uba Kuda, through its Kuda Business platform, has launched virtual and physical point-of-sale (PoS) products aimed at streamlining payment processing for freelancers and small and medium-sized enterprises (SMEs). The new solutions…
Banking Local FG eyes slice of OPay, Palmpay N46tn transactions September 11, 2024 Ekemini Uba The Nigerian government is set to implement a new Electronic Money Transfer Levy (EMTL) from September 9, 2024. This levy will charge N50 on electronic transactions of N10,000 or more…
Local Boon for Nigeria as Shell’s $1.3bn assets sale gets regulatory nod September 11, 2024 Ekemini Uba Shell International Plc has secured approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its onshore assets to Renaissance for $1.3 billion. The transaction, involving Shell’s 75-year-old onshore…
Business World BMW trims 2024 profit margin on technical issues, weak China demand September 10, 2024 Ekemini Uba BMW has revised its profitability forecast for 2024, now expecting an EBIT margin of 6% to 7% instead of the previously anticipated 8% to 10%. This adjustment is due to…
