Insurers’ assets hit N3.3trn as premium income rises by 51%
Insurance companies in Nigeria have grown their total assets by 36.9% year-on-year, reaching N3.3 trillion in Q1’24 from N2.4 trillion…
Category: Business
Chappal Energies acquires Total E&P 10% stake in SPDC
Chappal Energies announced the acquisition of a 10% non-operated interest from Total Energies, EP, Nigeria Limited, involving onshore and shallow…
Nigeria, Africa Lose $50 Billion Annually to Illegal Financial Outflows
According to Pius Akutah, Executive Secretary/CEO of the Nigerian Shippers’ Council (NSC), Africa loses over $50 billion annually due to…
Petrol landing cost now N1,117/litre – Marketers
The Major Energies Marketers Association of Nigeria (MEMAN) revealed that as of July 16, 2024, the landing cost of Premium…
Sterling Bank, Lagos partner on ‘Ilera Eko’ health initiative
Sterling Bank Limited has teamed up with the Lagos State Government through the Lagos State Health Management Agency to introduce…
Customs To Check Illegal Importation Of Firearms With Advance Ruling System
The Comptroller General of Customs (CGC), Wale Adeniyi, announced that the new Advance Ruling System by the Nigeria Customs Service…
PH Refinery Takes Delivery Of 1m Barrel Of Crude, Gets License For Take-Off
The Old Port Harcourt Refinery has received one million barrels of crude oil from the Nigerian National Petroleum Company Ltd…
Inflation Soars to 34.19% in June, Food Prices Drive Increase
The National Bureau of Statistics reported that the headline inflation rate in Nigeria rose to 34.19% in June. Food inflation…
FG Inaugurates More CNG Conversion Centres In Abuja
The Presidential Compressed Natural Gas (CNG) Initiative has opened conversion centres in Abuja to accelerate the switch from petrol and…
Nigeria Loses N13.7trn To Illegal Mining Annually – Reps
The House of Representatives Committee on Solid Minerals announced that Nigeria loses $9 billion annually due to illegal mining activities.…
FIRS Seals AEDC Headquarters Over Tax Dispute
The Federal Inland Revenue Service (FIRS) sealed the headquarters of the Abuja Electricity Distribution Company (AEDC) yesterday, causing an emergency…
Jumia Connects Over 11,000 SMEs to Millions of Consumers Across Africa
Jumia, an e-commerce platform, has connected over 11,000 Small and Medium Enterprises (SMEs) to millions of consumers in Nigeria and…
FG, USAID partner on $75 million for energy transition
The U.S. Agency for International Development (USAID) and the Federal Ministry of Power have signed a memorandum of understanding (MoU)…
Cornerstone Embraces Technology, Restructures to Achieve Significant Growth
Cornerstone Insurance Plc has implemented a series of reforms aimed at enhancing service delivery, including process reorganization and technology adoption.…
Naira’s stability pinned on sustained dollar sales by CBN
Analysts predict that the stability of Nigeria’s currency, the naira, will hinge on the Central Bank of Nigeria (CBN) sustaining…
High yields force firms to reduce bond issuance by 98%
The value of corporate bonds issued by Nigerian companies plummeted by 98 percent between Q4 2022 and Q1 2024 due…
NNPC holds 7.2% stake in Dangote Refinery, not 20% – Aliko Dangote
Aliko Dangote has clarified that the Nigerian National Petroleum Company (NNPC) now holds a 7.2% stake in the Dangote Refinery,…
Banks’ Credits To Private Sector Grow By N30tr In One Year
Determined to bolster the private sector, Nigerian commercial banks have increased lending by about N30 trillion, according to a new…
Kaduna DisCo Gets New Owners
ASI Engineering Limited (ASI) has announced the acquisition of a 60% equity stake in the Kaduna Electricity Company Plc (Kaduna…
Taiwan president thanks Micron CEO for his trust in Taiwan
Taiwan President Lai Ching-te recently expressed gratitude to Micron’s Chief Executive Sanjay Mehrotra for the company’s ongoing investment and trust…
Japan households’ inflation expectations heighten, quarterly survey shows
Nearly 90% of Japanese households expect prices to rise in the next year, according to a quarterly Bank of Japan…
US lawmakers raise worries about China in Microsoft deal with Emirati AI firm
Republican lawmakers have requested an intelligence assessment from the Biden administration on Microsoft’s $1.5 billion investment in UAE-based AI firm…
Australia to bring anti-scam law targeting internet giants this year, regulator says
Australia plans to introduce a law by the end of the year requiring internet companies to proactively prevent scams or…
BIPC Seeks $500m UNHCR-IFC For IDPs Sustainability
The Benue Investment and Property Company Limited (BIPC) has proposed a business model to leverage a $500 million grant from…
FG To Invest In Made-In-Nigeria Vehicles, Transmit To CKD Assembly
The Director-General of the National Automotive Design and Development Council (NADDC), Oluwemimo Joseph Osanipin, has announced the federal government’s commitment…
Nigeria’s oil production adds 25,000 barrels per day
Nigeria’s daily oil production increased by 25,000 barrels per day, rising from 1.251 million barrels per day in May to…
NIDF posts N8.37bn post-tax profit
The Nigeria Infrastructure Debt Fund (NIDF) reported a 15.8% increase in post-tax profit for the first half of 2024, reaching…
Honeywell, Seplat drag equity market to N188bn loss
Investors on the Nigerian Exchange Limited faced losses totaling N188 billion on Thursday, primarily driven by declines in the share…
SEC harps on investor education to drive growth
Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), emphasized the importance of investor education during a…
NDDC to boost Niger Delta development with N1.9tn budget
The Niger Delta Development Commission (NDDC) has presented its ambitious 2024 budget of N1.9 trillion to the House of Representatives…