Business Energy Local Dangote Refinery Begins Direct Petrol Supply Amid Rising Imports October 24, 2024 Ekemini The Dangote Petroleum Refinery has commenced direct sales of Premium Motor Spirit (PMS), or petrol, to various oil marketers, bypassing the Nigerian National Petroleum Company Limited (NNPC). This shift comes…
Business Finance Local First Bank fixes October 26 for system migration October 24, 2024 Ekemini First Bank has announced plans to migrate to a new cloud-based procurement and financial platform, aiming to enhance operational efficiency and service delivery. This transition is set to commence on…
Business Energy Local Mainpower DisCo takes over electricity distribution in Enugu State October 24, 2024 Ekemini Mainpower Electricity Distribution Limited, a subsidiary of the Enugu Electricity Distribution Company (EEDC), has received an interim license from the newly formed Enugu State Electricity Regulatory Commission (EERC) to handle…
Business Crypto Finance U.S. And Nigeria Launch Cryptocurrency Crime Task Force October 24, 2024 Ekemini The U.S. Department of Justice and the Nigerian government have established a Bilateral Liaison Group to address illicit finance and cybercrimes involving cryptocurrencies. The collaboration is a proactive step towards…
Business Finance Local Insurance Industry Key to Nigeria’s Economic Transformation, NIA Chairman October 24, 2024 Ekemini The Chairman of the Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, emphasized the critical role that the insurance industry plays in de-risking vital sectors and contributing to Nigeria’s economic transformation.…
Business Local Protesting staff’s request beyond NAFDAC – Consultant October 24, 2024 Ekemini The ongoing strike by the National Agency for Food and Drug Administration and Control (NAFDAC) employees, organized by the Senior Staff Association of Statutory Corporations and Government-Owned Companies, has led…
Business Finance Local Forex crisis stalls Nigeria’s participation in $3.4tn AFCFTA – Exporters October 24, 2024 Ekemini Four months into Nigeria’s participation in the African Continental Free Trade Area (AfCFTA) under the Guided Trade Initiative, local exporters are grappling with the country’s foreign exchange crisis, which is…
Business Local Discos responsible for phased-out meters replacement – FCCPC October 23, 2024 Ekemini The Federal Competition and Consumer Protection Commission (FCCPC) has established that power distribution companies are accountable for replacing phased-out meters within their respective franchise areas. This announcement follows growing consumer…
Business Local BPP seeks to amend procurement law to boost local manufacturing October 23, 2024 Ekemini The Bureau of Public Procurement (BPP) is taking steps to amend the Public Procurement Act (PPA) of 2007, aiming to bolster Nigeria’s manufacturing sector. During the opening of the Made…
Business Local Oando hails regulators for taking crucial decisions to improve energy sector October 23, 2024 Ekemini Oando Plc, Nigeria’s top integrated energy company listed on the Nigerian Exchange and Johannesburg Stock Exchange, joined industry leaders at the Nigerian Upstream Regulatory Commission’s (NUPRC) third anniversary. The company…
Business Local Nigeria Customs Service Wins Golden World Award for Crisis Communication October 23, 2024 Ekemini The Nigeria Customs Service (NCS) has been honored with the prestigious Golden World Award (GWA) for Crisis Communication, presented by the International Public Relations Association (IPRA) during a ceremony on…
Business Finance Local Nigeria still borrowing amid high debt costs October 23, 2024 Ekemini Nigeria’s engagement with the global debt market continues to thrive, according to the International Monetary Fund (IMF), despite the hurdles of rising borrowing costs. During the recent IMF/World Bank annual…
Business Finance insurance Local Business Journal summit to highlight insurance’s role in economic growth October 23, 2024 Ekemini The Business Journal Annual Lecture 2024 is set to highlight the critical role of the insurance industry in catalyzing sustainable economic growth in Nigeria. Themed “Repositioning the Insurance Industry to…
Business Finance Local UBA grows profit by 20% to N603bn October 23, 2024 Ekemini United Bank for Africa (UBA) Plc announced a 20.2% rise in profit before tax (PBT) for the third quarter of 2024, reaching N603.48 billion, up from N502.09 billion in the…
Business Finance Local MTN Nigeria Urges Telecom Sector Reforms Amid Mounting Financial Pressures October 23, 2024 Ekemini MTN Nigeria’s CEO, Karl Toriola, has highlighted the urgent need for the telecommunications industry to return to profitability, citing escalating operational losses. Speaking during a media tour, Toriola emphasized that…
Business Local Market Nigeria stops Cooking Gas Exports to Address Rising Domestic Prices October 23, 2024 Ekemini The Nigerian government has announced a suspension of the export of Liquefied Petroleum Gas (LPG) to prioritize domestic supply and curb skyrocketing prices. The Minister of State for Petroleum Resources…
Energy Local Market Nigerian Airlines Turn to Dangote Refinery for Local Jet Fuel as Import Costs Soar October 23, 2024 Ekemini Nigerian airline operators have confirmed that, they are sourcing Jet A1 fuel from Dangote’s refinery to curb the high cost of imported fuel. According to the Airline Operators of Nigeria…
Business investment Local Cardoso canvasses more skilled finance graduates October 21, 2024 Ekemini Central Bank of Nigeria Governor, Mr. Olayemi Cardoso, has emphasized the need to address the shortage of skilled professionals in finance-related disciplines across Nigerian universities. Speaking during a meeting with…
Business Finance Local Inflation Leads To Manufacturers Collapse And Out Of Jobs October 21, 2024 Ekemini Nigeria’s manufacturing sector is grappling with severe challenges, including rising energy costs, aggressive production expenses, and logistical constraints. Energy prices, especially petrol and electricity tariffs, have surged dramatically, with the…
Business Commodities Energy Local Cooking gas price rises by 114% in 16 months October 21, 2024 Ekemini Since June 2023, the price of Liquefied Petroleum Gas (LPG) in Nigeria has surged by over 114%, climbing from N700/kg to N1,500/kg by October 2024. The hike is closely tied…
Business Commodities Local Petrol marketers import 123m litres, continue talks with Dangote October 21, 2024 Ekemini Between October 18 and October 20, 2024, four vessels carrying a total of 123.4 million litres of Premium Motor Spirit (PMS), also known as petrol, docked at two Nigerian seaports,…
Business Local Fuel, FX subsidies gone – Finance Minister, Edun shares update on Nigerian Economy October 18, 2024 Ekemini The Nigerian government has officially ended its fuel and foreign exchange (FX) subsidies, according to Finance Minister Wale Edun. During the World Bank’s presentation of the Nigeria Development Update in…
Business investment Local FG plans N1.1bn private sector funding in power sector October 18, 2024 Ekemini The Nigerian government, through the Rural Electrification Agency (REA), plans to leverage N1.1 billion in private sector funding to enhance power sector infrastructure, building on an existing $750 million in…
Business Local Seven Oil Companies Set Up Facilities For Aviation Fuel At Lagos October 18, 2024 Ekemini A consortium of seven oil companies, including Eterna Plc and Techno Oil, has commissioned the Joint User Hydrant Installation 2 (JUHI-2) at Murtala Muhammed Airport (MMA), Lagos, to supply Jet…
Business Local Maritime Workers Union Threatens Strike Over Unpaid Salaries October 18, 2024 Ekemini The Maritime Workers Union of Nigeria (MWUN) has issued a stern warning to the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN), threatening to withdraw its services from…
Business Local $1trn Economy: Analyst advises FG to create structures to meet expected target October 17, 2024 Ekemini As Nigeria strives to achieve a $1 trillion economy by 2030, financial analyst Dr. Afolabi Olowookere emphasized the need for the Federal Government to align current economic policies with this…
Business Finance investment Local Low Pension Fund Investment in Infrastructure Reflects Unattractive Market and Regulatory Constraints October 17, 2024 Ekemini Uba Despite Nigeria’s significant infrastructure deficit, pension fund investments in the sector remain around one percent, far below the 15 percent benchmark set by the Pension Reform Act. The National Pension…
Business Finance Local CBN verifying disputed $2.4bn FX claims – Cardoso October 17, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) has launched a re-validation process to address complaints from manufacturers and importers regarding foreign exchange claims totaling $2.4 billion. Governor Olayemi Cardoso revealed that…
Banking Business Finance Local Federal High Court Extends Freeze on 818 Bank Accounts Linked to N10 Billion Cyberattack October 16, 2024 Ekemini The Federal High Court in Abuja has extended the freezing of 818 bank accounts connected to a N10 billion cyberattack on Hope Payment Service Bank (Hope PSB). The 30-day extension…
Business Finance Local Banks refund N7.05bn, $714,569 to customers – CBN October 16, 2024 Ekemini The Central Bank of Nigeria (CBN) has announced that, through its intervention, Nigerian banks refunded approximately N7.05 billion and $714,569 to customers. This disclosure was made in the CBN’s September…
