Business Finance Local Money Lenders Endorses FCCPC Measures Over Digital Lending February 13, 2024 Ekemini Uba The Money Lenders Association (MLA) has voiced its support for the Federal Competition and Consumer Protection Commission’s (FCCPC) efforts to promote ethical conduct in digital lending within Nigeria. The FCCPC’s…
Breaking Business Finance Local Access Holdings CEO Herbert Wigwe Feared Dead in Helicopter Crash February 10, 2024 Ekemini Uba Tragedy struck as a helicopter carrying Herbert Wigwe, the Chief Executive Officer of Access Holdings, crashed in California, United States of America, claiming his life and the lives of approximately…
Commodities investment Local Dangote Refinery Among World’s Top 8 Largest Refineries February 8, 2024 Ekemini Uba Nigeria’s Dangote Refinery, boasting a production capacity of 650,000 barrels per day, has earned a prestigious rank among the globe’s eight largest refineries. Typically concentrated in the Asia Pacific region…
Business investment Local Bank of Industry to Administer N200bn Fund to Buisinesses February 8, 2024 Ekemini Uba The Federal Government has entrusted the Bank of Industry (BOI) with a N200 billion fund aimed at bolstering businesses nationwide. Spearheaded by the Federal Ministry of Industry, Trade, and Investment…
Business Commodities Finance Local Trade Export Sales Increases by 77% Amid Forex Reform February 8, 2024 Ekemini Uba Three major players in Nigeria’s consumer goods industry – Unilever Nigeria Plc, Cadbury Nigeria Plc, and Okomu Oil Palm Plc – have witnessed a remarkable uptick in their export sales,…
Breaking Commodities Local Court Orders FG to Fix Prices of Petrol, motorcycles, Others February 8, 2024 Ekemini Uba A Federal High Court in Lagos has directed the Nigerian government to set prices for essential commodities, including petrol, diesel, kerosene, milk, flour, salt, sugar, bicycles and spare parts, matches,…
Business Finance Local FG Vows Effective Implementation of Pension Reforms February 8, 2024 Ekemini Uba The Director-General of the Bureau of Public Service Reforms (BPSR), Mr. Dasuki Arabi, has provided assurance that retirees will reap the benefits of ongoing pension reforms. Speaking at a stakeholders’…
Business Commodities Finance Local Market TotalEnergies’ Akpo West Field to Increase Output February 8, 2024 Ekemini Uba Nigeria is poised to witness a rise in condensate production by 14,000 barrels per day, following the commencement of operations at the Akpo West field owned by TotalEnergies. Currently, Nigeria’s…
Business Finance Local Customs Forecasts Revenue Surpassing N5.079 Trillion February 8, 2024 Ekemini Uba The Comptroller-General of the Nigerian Customs Service (NCS), Adewale Adeniyi, has expressed confidence in the Service’s ability to exceed its revenue target of N5.079 trillion for the year 2024. Presenting…
Business Commodities Finance Local NNPCL SpendS N267 Billion To Curb Insecurity February 8, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPCL) reportedly allocated a substantial N267.98 billion for security expenses over 16 months, reflecting the severity of the security challenges faced by the industry.…
Africa Business Investing investment World Benin Republic’s Dollar Bond Oversubscribed, Raises $750m February 8, 2024 Ekemini Uba Benin Republic successfully issued its first-ever dollar-denominated bond, raising a substantial $750 million. The bond offering witnessed overwhelming investor interest, being oversubscribed by an impressive $5 billion. The Finance Minister…
Africa Business investment Local World Tullow Oil To Plan Temporary Halt in Ghana Drilling Operations February 8, 2024 Ekemini Uba Tullow Oil, in collaboration with its Joint Venture Partners, is gearing up for a temporary suspension of drilling operations in Ghana later this year. The cessation is slated for 2024,…
Business Commodities Currency Finance Local Market Trade Foreign Exchange: Market Records $584m Increase February 7, 2024 Ekemini Uba The official Nigeria Autonomous Foreign Exchange Market witnessed a substantial boost, reaching $584 million in foreign exchange transactions, as revealed by data from the FMDQ Exchange on Tuesday. This marks…
Business Local Trade Nigerians’ Foreign Expenditure Hits $98 Billion in a Decade February 7, 2024 Ekemini Uba According to recent data released by the Central Bank of Nigeria (CBN), Nigerians have spent over $98 billion on foreign education, healthcare, and personal travels over the past ten years.…
Commodities Local Customs Intercepts N854m Worth of Vehicles in January February 7, 2024 Ekemini Uba The Nigeria Customs Service, Federal Operations Unit, Zone A, Ikeja, revealed that it intercepted 11 imported used vehicles and other contraband valued at N854 million in January. Hussein Ejibunu, the…
Local CITN, Afolake Oso as Acting Registrar/Chief Executive February 7, 2024 Ekemini Uba The Chartered Institute of Taxation of Nigeria (CITN) has named Mrs. Afolake Oso as the acting registrar/chief executive of the institute, according to a statement by Mrs. Oyeronke Ojo, the…
Finance Local Market Stock Trade Nigerian Exchange Records N849 Billion Loss February 7, 2024 Ekemini Uba On Tuesday, the Nigerian Exchange witnessed losses spurred by declines in BUA Cement, Sterling Financial Holding Company, Consolidated Hallmark Holdings, UPDC, and The Initiates. The equity market saw a significant…
Business Finance Investing Local Trade Cadbury Nigeria Records N8.397 bn Operating Profit- Reports February 7, 2024 Ekemini Uba Cadbury Nigeria Plc has disclosed a remarkable operating profit of N8.397 billion for the full year ending December 31, 2023. This figure, as per the company’s audited financial statement filed…
Banking Business Local Nigeria’s Inflation to Decline by 21.4% by 2024- CBN February 7, 2024 Ekemini Uba Mr. Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), projected a drop in Nigeria’s inflationary pressure from 28.92% to 21.4% in 2024. Addressing the House of Representatives…
Asia Business Commodities Europe Fintech World Meta to Detect AI Tech Across Facebook and Instagram February 7, 2024 Ekemini Uba Meta, the parent company of Facebook, announces its intention to roll out technology capable of detecting and labeling images produced by other companies’ artificial intelligence (AI) tools. This new feature…
Local WeWork’s CEO Interested in Buying Back Bankrupt Company February 7, 2024 Ekemini Uba Adam Neumann, the former CEO of WeWork, has expressed his desire to repurchase the bankrupt shared office company, as revealed in a letter made public on Tuesday. Neumann initiated discussions…
Business Commodities Trade World Trump to Impose Higher Tariffs on Chinese Goods if Re-elected February 6, 2024 Ekemini Uba Former US president Donald Trump has declared his intention to levy additional tariffs on Chinese goods exceeding 60% if he wins the US election in November. Trump reiterated his stance…
World Yandex: “Russia’s Google” Withdraws from Home February 6, 2024 Ekemini Uba The owner of Yandex, dubbed “Russia’s Google”, has announced its withdrawal from its home country, selling its Russian operation for 475 billion roubles ($5.2 billion; £4.2 billion) to a consortium…
Banking Business Finance World Businesses Deem Bank of Ghana’s Monetary Policy Insufficient February 6, 2024 Ekemini Uba Businesses have expressed dissatisfaction with the Bank of Ghana’s (BoG) 100 basis point reduction in the monetary policy rate, lowering it from 30 percent to 29 percent. They argue that…
Africa Banking Breaking Business Local World UBA Appoints new CEOs in Kenya and Sierra Leone February 6, 2024 Ekemini Uba United Bank for Africa (UBA) Plc has announced the appointments of Mary Mulili and Mohamed Alhajie Samoura as the new chief executive officers of its subsidiaries in Kenya and Sierra…
Commodities Energy Local Trade NNPC Adresses Concerns on Fuel Scarcity February 6, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPCL) has addressed concerns regarding long queues at filling stations in parts of Lagos, assuring the public that there is no fuel scarcity. The…
Business Commodities Finance Investing Local Stock Airtel Africa Plans $100 million Share Buyback February 6, 2024 Ekemini Uba Airtel Africa Plc has unveiled its intention to repurchase up to $100 million worth of its shares, underscoring confidence in its financial performance despite ongoing foreign exchange challenges. In its…
Breaking Commodities Energy Local BAT (Nigeria) Unveils Solar Panel System February 6, 2024 Ekemini Uba Today, British American Tobacco (BAT) (Nigeria) Limited will inaugurate a 1.4MWP grid-tied solar panel system at its Ibadan factory, marking two decades of exceptional value delivery to the Nigerian economy,…
Banking Commodities Finance Local Bank Directors Supports CBN on Foreign Currency Hoarding February 6, 2024 Ekemini Uba The Bank Directors Association of Nigeria (BDAN) has expressed support for the Central Bank of Nigeria’s (CBN) directive instructing commercial banks to cease “hoarding” foreign currencies. The CBN had raised…
Business Finance Finance Investing investment Local Stock IFC’s Invests $2 Billion Across Sectors in Nigeria February 6, 2024 Ekemini Uba Sergio Pimenta, the Regional Vice President for Africa at the International Finance Corporation (IFC), revealed that the institution’s investments in Nigeria amount to $2 billion and are diversified across various…
