Breaking Business Local Runway Incursions as Threat to Nigeria’s Aviation Industry January 31, 2024 Ekemini Uba The aviation sector in Nigeria faces a significant challenge with the increasing occurrence of runway incursions, raising concerns among stakeholders about safety and regulatory oversight. Experts warn that unless stringent…
Business Finance Investing investment Local Trade GlaxoSmithKline Reports 33.76% Profit Decline January 31, 2024 Ekemini Uba GlaxoSmithKline Consumer Nigeria Plc witnessed a significant 33.76% decline in profit, dropping to N510.80 million in 2023 from N771.15 million in the previous financial year. The company’s separate financial statements,…
Breaking Business Commodities investment Local Stock Geregu Power Plc Proposes N8 Dividend per Share January 31, 2024 Ekemini Uba Geregu Power Plc’s board of directors has announced a proposed dividend of N8 per share for the 2023 financial year. The power company, in its annual report submitted to the…
Business Finance Local Seven-Up, UNIDO, Zenith Bank Partner in SME’s Empowerment January 31, 2024 Ekemini Uba Seven-Up Bottling Company, in collaboration with the United Nations Industrial Development Organisation (UNIDO) and Zenith Bank, has organized a bootcamp aimed at empowering approximately 80 Small and Medium Enterprises (SMEs)…
Business Energy Finance Investing investment Local Trade NNPC Engages South Korea for Gas Projects January 31, 2024 Ekemini Uba The Nigerian National Petroleum Company Limited (NNPCL) has initiated discussions with a South Korean consortium led by Daewoo E & C regarding the development of gas projects in Nigeria. The…
Banking Business Currency Finance Local Market Exchange Rate: Nigerian Naira Declines to N1, 531/$ January 31, 2024 Ekemini Uba The Nigerian naira experienced another decline on Tuesday in the official market, narrowing the disparity between the bank rate and the street rate to less than 1 percent. This marks…
Breaking Business Energy Local Trade Nigeria Flares $1 Billion Worth of Natural Gas January 31, 2024 Ekemini Uba BusinessDay’s investigation revealed that Nigeria flared approximately $1 billion worth of natural gas last year, as per data from the Nigeria Gas Flare Tracker. The country, facing a significant power…
Breaking Business Local Kogi State Government Releases N115 Million for JAMB Registration Fees January 31, 2024 Ekemini Uba The Kogi State Government, under Governor Yahaya Bello’s leadership, has allocated N115,000,000 to cover the Joint Admissions and Matriculation Board (JAMB) registration fees for 15,033 students in public schools across…
Banking Business Finance Local Market Stock Trade Foreign Exchange: Naira plungs to N1348.63/$ January 30, 2024 Ekemini Uba The Nigerian Autonomous Foreign Exchange Market witnessed a historic low on Monday as the naira plunged to N1348.63 against the dollar, marking a staggering 51.21% drop from its previous close…
Breaking Commodities Pension Scheme Assets Hit N18.36tn, Increases by 22% January 30, 2024 Ekemini Uba Data released by the National Pension Commission reveals that the total assets under the Contributory Pension Scheme soared to N18.36tn by the conclusion of 2023, reflecting a remarkable 22.43% surge.…
Banking Business Finance Local OPay Bolsters Security Measures to Combat Financial Fraud January 30, 2024 Ekemini Uba Nigerian financial technology firm OPay has launched an array of security measures aimed at fortifying its platform against financial fraud, the company announced. The initiative is OPay’s commitment to enhancing…
Africa Business Local Trade Exit of Burkina Faso, Mali, and Niger Threatens ECOWAS Trade Relations January 30, 2024 Ekemini Uba The potential withdrawal of Burkina Faso, Mali, and Niger Republic from the Economic Community of West African States (ECOWAS) poses a significant risk to the region’s $277.22bn trade with the…
Africa Business Commodities Local Market Trade Nigeria-Morocco Gas Pipeline: Minister Assures Uninterrupted Supply January 30, 2024 Ekemini Uba Mr. Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), has provided reassurance of uninterrupted supply to the Nigeria-Morocco gas pipeline project. The minister conveyed this commitment during a…
Africa Business Local Maritime FG to Enforce Sanctions on Vessels Violating Maritime Regulations January 30, 2024 Ekemini Uba During the arrival ceremony of the ‘CMA CGM Scandola’, the largest container vessel fueled by Liquefied Natural Gas, at Lekki Port, Lagos, Adegboyega Oyetola, the Minister of Maritime and Blue…
Breaking Business Finance investment Local Market Trade Dangote Refinery Plans to Import Crude from the US January 30, 2024 Ekemini Uba In anticipation of potential supply disruptions that could jeopardize its operations, Dangote Refinery is preparing to import crude oil from the United States in the coming months. While the refinery…
Local Report Blames Nigeria’s Crude Oil Theft to Military Complicity January 30, 2024 Ekemini Uba Transparency International (TI), in collaboration with the Civil Society Legislative Advocacy Centre (CISLAC), has released a damning report implicating Nigeria’s military in the thriving crude oil theft business. The report,…
Local N1.35tn Allocated to Government Tiers, Revenue Agencies Distribute N53.5bn to Others January 18, 2024 Ekemini Uba The data released by the National Bureau of Statistics revealed that Nigeria’s key revenue agencies – Customs Service, Inland Revenue Service, and Petroleum Regulatory Commission – collectively distributed N53.5bn to…
Local Access Holdings Granted Approval for Consumer Lending Subsidiary January 18, 2024 Ekemini Uba Access Holdings Company Plc has secured regulatory approval to establish a consumer lending subsidiary named Oxygen X Finance Company Limited. Access Holdings obtained approval in principle from the Central Bank…
Local Eterna PLC Becomes Official Distributor for Dangote Petroleum Refinery Products January 18, 2024 Ekemini Uba Eterna PLC, a prominent integrated energy provider in Nigeria, has been appointed as an official domestic sales distributor for the newly launched products of Dangote Petroleum Refinery in Nigeria. The…
Local Coronation Insurance Shareholders Reviews Buyback Offer January 18, 2024 Ekemini Uba In a recent court-ordered meeting held in Lagos, shareholders of Coronation Insurance Plc successfully negotiated a review of the buyback offer for their holdings, aiming for 78 Kobo per share.…
Local SEC Approves NASD’s Digital Securities Platform January 18, 2024 Ekemini Uba The Securities and Exchange Commission (SEC) has granted approval for NASD Plc to launch its Digital Securities Platform (N-DSP), powered by Blockstation, under the Regulatory Incubation (RI) Programme. This development,…
Local Shell Agrees to Sell Onshore Oilfields at $2.4bn January 18, 2024 Ekemini Uba International oil giant Shell has entered into an agreement to sell its onshore oilfields to a Nigerian-led consortium named Renaissance. The consortium, comprising five companies, including an international energy group,…
Local NGX Surpasses 90,000 All-Share Index Mark January 18, 2024 Ekemini Uba On Wednesday, the Nigerian Exchange Limited (NGX) achieved an unprecedented milestone as the benchmark All-Share Index surged past the 90,000 mark. Trading involved 124 equities, resulting in 47 gainers and…
Local CBN Clears Forex Liabilities with $2 Billion January 18, 2024 Ekemini Uba The Central Bank of Nigeria (CBN) announced on Wednesday that it has successfully disbursed approximately $2 billion across vital sectors, including manufacturing, aviation, and petroleum to eliminate the backlog of…
Local Access Bank Acquire 80% Stake in Finance Trust Bank Uganda January 18, 2024 Ekemini Uba Finance Trust Bank (FTB) Uganda and Access Bank have officially signed a definitive agreement for Access Bank’s equity investment into FTB. Upon the successful closing of the transaction, Access Bank…
Local Nigeria’s Stock Market Emerges as World’s Best Surpassing Argentina January 18, 2024 Ekemini Uba Following Wednesday’s positive close, Nigeria’s stock market has claimed the title of the world’s best, surpassing Argentina, a country it was trailing just last week. The Nigerian Exchange Limited (NGX)…
Local Nigeria Takes Center Stage at Saudi Arabia’s Future Minerals Forum January 18, 2024 Ekemini Uba Nigeria showcased its prominence at the third edition of Saudi Arabia’s Future Minerals Forum (FMF). The conference, attended by over 80 nations, focuses on creating resilient and responsible mineral value…
Local Dangote Refinery: Investors Gain Over 1.2tn in One Week January 17, 2024 Ekemini Uba Equity investors in Dangote Group stocks are celebrating a significant gain of over 1.2tn in just the first two trading sessions of this week. This surge in stock value is…
Local Royal Court Orders a Return of £6.9m Stolen Assets to Nigeria January 17, 2024 Ekemini Uba A Jersey Royal Court in the United States has ruled that assets worth £6.9m ($8.9m) be returned to Nigeria. The funds, allegedly diverted by Nigerian government officials in 2014 under…
Local OPay Reflects on Achievements January 17, 2024 Ekemini Uba Leading fintech company, OPay, has unveiled its achievements from the year 2023 and announced plans for improvements in security, customer service, and corporate social responsibility in the upcoming year. The…
