Business Finance NGX Halts Six-Day Losing Streak with N131 Billion Gain November 6, 2024 Ekemini The Nigerian Exchange Limited (NGX) saw a positive turnaround yesterday, with its market capitalization rising by N131 billion, ending a six-day decline. The NGX All-Share Index increased by 0.22%, closing…
Business Nigeria’s Oil Minister Pushes for Industry Commitment to Boost Production and Security Measures November 6, 2024 Ekemini Nigeria’s Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has called on industry players to support the country’s ambitious goal of increasing crude oil production by over one million…
Business MTN Nigeria Seeks to Raise N50 Billion Through Commercial Paper Issuance November 6, 2024 Ekemini MTN Nigeria Communications Plc is set to raise N50 billion through a commercial paper issuance as part of its broader N250 billion issuance program. The Series 11 and 12 commercial…
Business Energy Dangote Refinery Criticizes Pinnacle Oil’s Deregulation Claims and Defends National Interests November 6, 2024 Ekemini Dangote Petroleum Refinery has responded to Pinnacle Oil and Gas Limited’s CEO Robert Dickerman’s remarks on deregulation and the importation of petroleum products, stressing that deregulation should not justify the…
Business Local Transportation APMT Apapa Says Port Delays Caused by Poor Policy Enforcement November 6, 2024 Ekemini Kayode Daniels, the Head of Commercial at APM Terminals Apapa, clarified that cargo delays at Nigerian ports are primarily caused by poor policy enforcement, not terminal operators. During a stakeholders’…
Business Economic Finance FG urged to stop tax reforms move November 6, 2024 Ekemini Tax consultant Adebisi Oderinde, CEO of AOC-Adebisi Oderinde & Co, has urged Nigerian President Bola Tinubu to reconsider implementing a new tax reform, warning it could hinder small and medium-sized…
Business AFEX Predicts Record Food Price Surge in Nigeria by 2025 November 6, 2024 Ekemini The African Exchange (AFEX) projects an unprecedented rise in Nigerian food prices for the 2024/2025 season, driven by low domestic production, increased exports, and higher logistics costs. Key crops like…
Banking Business Finance Nigerian Banks Defy Predictions as Non-Performing Loans Remain Stable in 2024 November 6, 2024 Ekemini Against Fitch’s prediction that Nigerian banks’ Non-Performing Loan (NPL) ratios would rise in 2024, ten major banks have kept their NPLs steady, achieving an average ratio of 7.49% in the…
Business Market Verve Hits 70 Million Payment Cards in Nigeria and Consolidates Market Leadership November 5, 2024 Ekemini Verve International, Africa’s largest domestic payment scheme, has reached a significant milestone with over 70 million payment cards issued in Nigeria. This achievement marks a rapid 40% growth in card…
Business Polaris Bank Named Best Bank for MSMEs November 5, 2024 Ekemini Polaris Bank has been recognized as the “Best Bank for MSMEs” for the third consecutive year at the Banks and Other Financial Institutions Awards (BAFI). This accolade underscores the bank’s…
Business FG Secures Indian Firm’s Commitment for Offtake of Natural Gas for $4bn Steel Plant November 5, 2024 Ekemini The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has successfully negotiated a major deal with Jindal Group for the offtake of 450 million metric standard cubic feet per…
Business Finance Fiducia Harps on SMEs Supply Chain Finance to Drive Economic Growth November 5, 2024 Ekemini Fiducia Data Services Limited has unveiled its initiative to close the financing gap for Small and Medium Enterprises (SMEs) in Nigeria by offering Supply Chain Finance solutions. This commitment was…
Business Transportation Nigeria Achieves Milestone Shipment to Kenya Under AfCFTA November 5, 2024 Ekemini The Nigeria Customs Service (NCS) has successfully facilitated the first shipment from Nigeria to Kenya under the African Continental Free Trade Area Agreement (AfCFTA). This milestone was marked by a…
Business Finance Nigerian Court Issues Arrest Warrant for Dana Air Managing Director Over Fraud Charges November 5, 2024 Ekemini A Federal High Court in Abuja has ordered the arrest of Hathiramani Ranesh, the Managing Director of Dana Air, due to his failure to appear for trial concerning allegations of…
Business Finance Cash Scarcity in Kano State Impacts on Residents and Businesses November 5, 2024 Ekemini Residents and Point of Sale (POS) operators in Kano State are expressing deep concern over a persistent cash shortage that is severely affecting local businesses and daily life. According to…
Business Economy Finance Naira appreciates to N1,725/$ in parallel market November 5, 2024 Ekemini The Naira saw a slight appreciation in the parallel market on Monday, rising to N1,725 per dollar from N1,735 last week. However, the Naira experienced a depreciation in the Nigerian…
Business Energy Finance Petrol Price: Marketers set to import cheaper products November 5, 2024 Ekemini The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has emphasized its intention to import premium motor spirit (PMS), commonly known as petrol, at a price lower than the…
Business Finance Nigeria’s economy on new investments threshold November 5, 2024 Ekemini The Nigerian Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed confidence that the country’s economy is entering a new phase that will attract more investments.…
Energy Technology Schneider Electric Achieves New Cybersecurity Milestone for Data Center Management November 5, 2024 Ekemini Schneider Electric, a leader in energy management, has achieved a significant cybersecurity milestone with its EcoStruxure IT Network Management Card 3 (NMC3), the first Data Center Infrastructure Management (DCIM) network…
Economy foreign How the US Election Outcome Could Impact Nigeria November 5, 2024 Ekemini With the U.S. presidential election approaching, Nigerian analysts weigh the potential impacts of either Donald Trump or Kamala Harris administration on Nigeria. Kamala Harris, who secured the Democratic nomination after…
Business Market FBN Holdings Launches N150 Billion Rights Issue to Strengthen Lending and Digital Expansion November 4, 2024 Ekemini FBN Holdings is set to raise N150 billion from its shareholders through a rights issue, offering nearly six billion shares at N25 each. This capital injection will primarily support the…
Business Economy foreign Foreign Inflows Surge in Nigeria’s Forex Market Amid Currency Challenges November 4, 2024 Ekemini In a significant turnaround, the Nigerian Autonomous Foreign Exchange Market (NAFEM) has reported total inflows reaching a five-month high of $3.04 billion, reflecting a 40.2% increase month-on-month. This surge is…
Business Finance Nigerian Shippers’ Council Saves N40 Billion and Aims for $10 Billion Investment November 4, 2024 Ekemini The Nigerian Shippers’ Council (NSC) announced significant economic savings of over N40 billion in the past year, primarily through the implementation of a new app that automates the evaluation of…
Business United Nigeria Airline Partners with Cronos Aviation to Establish MRO Facility and Expand Fleet November 4, 2024 Ekemini United Nigeria Airlines (UNA) has signed a Memorandum of Understanding (MoU) with Cronos Aviation, an international charter airline, to establish a Maintenance Repair and Overhaul (MRO) facility in Nigeria. This…
Business Finance Market Nigeria’s Foreign Exchange Market Faces Ongoing Challenges Despite Recent Measures November 4, 2024 Ekemini Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange (FX) market, Fitch Ratings reports that the naira remains volatile. While the International Monetary Fund (IMF)…
Business Local Beiersdorf Clarifies Discontinuation of NIVEA Deodorant Amid NAFDAC Safety Alert November 4, 2024 Ekemini Beiersdorf, the German multinational known for its NIVEA Black & White Invisible Roll-on deodorant, has responded to a safety alert issued by Nigeria’s National Agency for Food and Drug Administration…
Business Finance Local Access Holdings grows revenue by 114.5% to N3.4tr in Q3 November 4, 2024 Ekemini Access Holdings Plc, the parent company of Access Bank Nigeria, reported a remarkable 114.5% year-on-year increase in gross revenue to N3.4 trillion for Q3 2024, compared to N1.6 trillion in…
Business Energy Local FCT Residents Demand Reduction in High Electricity Tariffs Amid Economic Hardship November 4, 2024 Ekemini Many residents in Nigeria’s Federal Capital Territory (FCT) have urged the Federal Government to lower the electricity tariffs for Band A customers. These customers, who benefit from at least 20…
Business Economic Finance Nigerian Manufacturers Urge Government Intervention Amid Economic Challenges November 4, 2024 Ekemini The Chemical and Non-Metallic Products Employers Federation (CANMPEF) has urged the Nigerian government to declare a state of emergency in the manufacturing sector. At its recent Annual General Meeting in…
Business Local Africa Oil secures 20-year renewal for Nigeria’s Agbami oil field November 4, 2024 Ekemini Africa Oil Corp., a Canadian oil and gas firm, has obtained a 20-year renewal for its Petroleum Mining Lease 52 (PML 52), covering the Agbami oil field off the Niger…
