Dangote to sell 12.5% refinery stake amid liquidity concern
The Dangote Group is considering selling a 12.5% stake in its newly commissioned refinery due to liquidity challenges, according to…
Year: 2024
FG unveils comprehensive strategy for economic growth, citizens’ welfare
Nigeria’s Finance Minister, Wale Edun, has outlined the federal government’s strategy to revitalize the economy while prioritizing citizens’ welfare. In…
Heirs Insurance Group appoints Puri, Iroche as non-executive directors
Heirs Insurance Group (HIG) has announced the appointment of Ibrahim Puri and Sonny Iroche as independent non-executive directors for its…
NGX slumps as global tensions trim N371bn from investors’ wealth
The Nigerian Exchange Limited (NGX) continued its slide on Tuesday, with the All-Share Index dropping by 0.67% to close at…
US transport safety board to hold hearings on Boeing 737 MAX 9 mid-air emergency
The U.S. National Transportation Safety Board (NTSB) is set to question witnesses from Boeing, Spirit AeroSystems, and the Federal Aviation…
Google has an illegal monopoly on search, US judge finds
A U.S. judge has ruled that Google violated antitrust laws by using billions of dollars to establish an illegal monopoly…
Exclusive: Chinese firms stockpile high-end Samsung chips as they await new US curbs, say sources
Chinese tech giants like Huawei and Baidu, along with various startups, are stockpiling high bandwidth memory (HBM) semiconductors from Samsung…
SoftBank seen posting modest profit in Q1, buyback potential in focus
Japan’s SoftBank Group is anticipated to report a modest profit for the first quarter on Wednesday, but investor focus will…
NNPC Announces Launch of New Crude Oil Grade, Targets 50,000bpd
NNPC Ltd has launched a new crude oil grade called Utapate into the international market. The oil is produced from…
Overland Begins Lagos-Abuja Direct Flights
Starting August 9, 2024, Overland Airways will begin daily direct flights between Lagos and Abuja. The airline will operate over…
NCC orders telcos to simplify tariff plans
The Nigerian Communications Commission (NCC) has directed telecom operators to make their tariff plans, bundles, and promotions clearer. This decision,…
Global stock markets plunge on US recession fears
Global stock markets experienced severe declines on Monday, with Wall Street and Tokyo’s Nikkei seeing significant drops. The Nigerian stock…
Naira depreciates to N1,600/$ in parallel market
On Monday, the Naira weakened in the parallel market, falling to N1,600 per dollar from N1,590 last weekend. In contrast,…
Oil/gas communities send memo to FG, IOCs, NDDC
Oil and gas communities in the Niger-Delta have presented a comprehensive agenda to the Federal Government, International Oil Companies (IOCs),…
BUA Cement’s pre-tax profit drops by 54% in Q1
BUA Cement’s second-quarter results for 2024 show a significant decline in pre-tax profit, falling by 54% year-over-year to N18.8 billion…
MTN, Airtel Cut Foreign Debt as Naira Falls
Telecommunication giants MTN Nigeria and Airtel Africa have significantly reduced their foreign exchange (FX) exposures due to the naira’s severe…
Nigerians experience blackout as national grid collapses again
Nigeria’s electricity grid collapsed once more on Monday, causing a nationwide blackout. The system failure, which happened at 1:33 pm,…
Businesses reopen as states contain simmering protests
On Monday, many businesses in Lagos, including popular markets like Mile 2 and government offices in Alausa and Ikeja, resumed…
Cryptocurrency Market Faces $900M Loss as Bitcoin Prices Drop
In the past 24 hours, the cryptocurrency market experienced $900 million loss, primarily due to the liquidation of long positions…
CBN introduces Dutch auction system to tackle forex shortages
The Central Bank of Nigeria (CBN) has introduced a Retail Dutch Auction System (DAS) to address the fluctuations in the…
African caucus calls for investments, energy access, to boost AfCFTA
The African Caucus, which includes over 50 African Ministers of Finance and Central Bank governors, has urged for better energy…
NCC Extends NIN-SIM Verification Deadline Beyond July 31, 2024
The Nigerian Communications Commission (NCC) has instructed telecom operators to extend the NIN-SIM verification deadline beyond July 31, 2024. This…
Bank directors disagree with Otedola, Elumelu on FX windfall tax
The Bank Directors Association of Nigeria (BDAN) has expressed disagreement with the views of FBN Holdings Chairman Femi Otedola and…
BUA Foods Reports N672.39 Billion Revenue in First Half of 2024
BUA Foods Plc reported N672.39 billion in revenue for the first half of the financial year ending June 30, 2024,…
Civil servants will receive first batch sale of 50kg rice for N40,000, says FG
The Federal Government announced that the initial sale of 50 kg bags of rice at N40,000 will first be directed…
Exchange rate for customs duties collection rises to N1,618/$
The exchange rate for the Nigeria Customs Service (NCS) duties collection has increased to N1618.73/$, up from the previous rate…
Dangote Refinery: Civil Societies to Monitor Crude Sales Compliance by NNPCL
A coalition of 28 Civil Society Organizations (CSOs) announced plans to set up a situation room to monitor the Nigeria…
Dangote diesel sulphur triggers concern, marketers fault rejection report
Reports allege that diesel produced by the $20bn Dangote Petroleum Refinery contains high levels of sulphur. Despite these claims, no…
Public debt stock may hit N130tn by Dec – Report
Nigeria’s public debt is projected to reach N130tn by the end of 2024, with a debt-to-GDP ratio of 55% and…
Effective Communication, a Necessity in Addressing National Protests – 8 fundamental economic accomplishments not yet told articulately
The ongoing protests in Nigeria have highlighted a significant issue: the lack of coordinated communication from government spokespersons. The discourse…