Transcorp Hotels posts 188% profit growth in 2024 half year
Transcorp Hotels posted a profit before tax of N10.5 billion in the first half of 2024, a remarkable 188% increase…
Category: Business
FG allocates over N438 billion to 34 States, FCT under economic stimulus programme
The Federal Government has distributed more than N438 billion to 34 states and the Federal Capital Territory (FCT) as part…
Support for Dangote Refinery Swells, Kyari Denies Owning Blending Plant in Malta
Amid ongoing disagreements between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), prominent Nigerians are voicing…
Gabon President Invites Aliko Dangote to Invest in Cement and Fertilizer
President Brice Oligui Nguema of Gabon has extended an invitation to Aliko Dangote, Africa’s wealthiest individual, to explore investment opportunities…
Sherwin-Williams raises 2024 profit forecast on upcoming residential demand
Sherwin-Williams increased its full-year earnings forecast and reported a second-quarter profit that exceeded Wall Street expectations, driven by higher prices…
Italy seizes 121 mln euros from Amazon unit over alleged tax, labour offences
Italian tax police have seized €121 million from Amazon Italia Transport, a logistics unit of e-commerce giant Amazon, amid allegations…
Samsung Elec talks with union end without result, union says
Samsung Electronics and representatives of its largest workers’ union in South Korea, currently on strike over pay and benefits, held…
South African rand weakens, eyes on inflation data
The South African rand weakened by about 0.75% in early trading on Tuesday, trading at 18.38 against the dollar as…
Spotify reports record quarterly earnings, shares jump 14% in premarket trade
Spotify reported a record quarterly profit of 1.11 billion euros, slightly surpassing analyst expectations of 1.07 billion euros. Earnings per…
ATM transactions decline 13% to N28.2 trn
In 2023, the value of Automated Teller Machine (ATM) transactions in Nigeria decreased by 13.6 percent to N28.2 trillion, down…
We are working on postal reform bill — Postmaster General
The Postmaster General of Nigeria, Ms. Tola Odeyemi, emphasized the importance of passing the long-pending postal reform bill during the…
Electricity: FG targets 9,000MW from renewable energy
The Nigerian government plans for the renewable energy sector to contribute 9,000 megawatts of power by 2030 as part of…
Incoming CIIN president unveils agenda for insurance industry growth
Mrs. Yetunde Ilori, the incoming president of the Chartered Insurance Institute of Nigeria (CIIN), plans to leverage technology to advance…
AEDC Appoints 4th CEO In 11 Months
The Abuja Electricity Distribution Company (AEDC) has appointed Engr Chijioke Okwuokenye as the acting Managing Director, effective immediately. Adefisayo Akinsanya,…
Forex inflow via IMTOs hits $1.07bn in three months – CBN
Foreign exchange inflows from International Money Transfer Operators (IMTOs) increased by 38.86 percent to $1.07 billion in the first quarter…
Domestic workers must benefit from N70,000 minimum wage – Senate
The Senate and the National Council for Women Society (NCWS) have called for domestic servants to be included in the…
Forex inflow via IMTOs hits $1.07bn in three months – CBN
Foreign exchange inflows from International Money Transfer Operators (IMTOs) in Nigeria saw a significant increase of 38.86% to $1.07 billion…
Japan’s chief cabinet secretary calls for broad-based wage hikes
Japan’s Chief Cabinet Secretary, Yoshimasa Hayashi, has emphasized the importance of extending pay increases to smaller firms as part of…
Global aircraft leasing market to hit $315b by 2033
The global commercial aircraft leasing market is set to reach $315.9 billion by 2033, growing at a cumulative annual growth…
NGX delists three companies over poor standards
The Nigerian Exchange (NGX) has delisted three companies—Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum—citing failure…
Minimum wage: MAN seeks compliance exception for MSMEs
The Manufacturers Association of Nigeria (MAN) has requested that micro, small, and medium enterprises (MSMEs) be exempt from the new…
FG mulls suspension of N10 sugar tax on beverages
The federal government is considering a temporary suspension of the N10 tax on Sweetened Sugar Beverages (SSBs) to help stabilize…
Economy faces threats with 1.4m bpd crude output
Nigeria’s oil output, including condensate, is projected to remain low at 1.4 million barrels per day (mbpd) in the second…
Dangote Fights Back… NMDPRA Letter Shows Regulator Approved Refinery’s In-house Laboratory for Products’ Testing
Dangote Refinery is defending the quality of its refined products following allegations by the Nigerian Upstream and Downstream Petroleum Regulatory…
Banks Defy Stiff Competition from Fintechs, Grow Deposits by 63% to N115tn
Nigerian banks saw a significant increase in total deposits, reaching N115 trillion in the 2023 financial year, a 63% growth…
Planes Grounded As Global IT Outage Hits Airlines, Media, Banks
A major IT outage spreading across the globe has caused significant disruptions in various sectors. Airlines in Singapore, the United…
Mining Sector Gets International Boost With Jupiter Lithium, Bevex’s Processing Agreement
Jupiter Lithium Limited has signed an MOU with South Africa’s Bevex Mining Services to develop modular lithium concentrator plants at…
IMF Lowers Nigeria’s 2024 Growth Forecast to 3.1%
The IMF has reduced its forecast for Nigeria’s economic growth in 2024 to 3.1%, down from the earlier estimate of…
Optiva Boss Inducted As WADA Ambassador
Franklin Nechi, Chairman of Optiva Capital, has been inducted as an ambassador for the War Against Drug Abuse (WADA) by…
All New Mining Licences Must Have Local Value — Tinubu
President Bola Ahmed Tinubu has directed the Federal Ministry of Solid Minerals Development to issue mining licenses only if they…