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…
Category: Local
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…
Zenith Bank Retains Position as Nigeria’s Number One Bank By Tier-1 Capital for Fifteen Consecutive Years
For the fifteenth consecutive year, Zenith Bank Plc has been recognized as the Number One Bank in Nigeria by Tier-1…
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…
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…
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…
Dangote backs NUPRC on domestic crude supply guidelines
Dangote Industries Limited (DIL) has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its interventions in crude supply requests…
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…
Lagos State Govt Through IBiLE Holdings Partners With CIG Motors on LagRide
Lagos State Government and IBILE Holdings Limited partners with CIG Motors to expand LAGRIDE’s Smart Mobility and E-Hailing Fleet with…
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…
Jaiz Bank Targets N70bn Capital Base By End 2024
Jaiz Bank, an Islamic and non-interest financial institution, is expected to achieve a N70 billion capital base by the end…
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…
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…
Deutsche Bank’s profit streak at risk as Postbank lawsuit looms
Deutsche Bank (DBKGn.DE) is anticipated to report a loss for the second quarter, marking an end to its streak of…
Dangote Refinery to Start Petrol Sales in August 2024
At a press briefing in Lagos, Dangote announced that his refinery will begin selling petrol directly to marketers starting in…