NNPC, TotalEnergies Commit $550m To Boost Domestic Gas Market
In a significant move to enhance Nigeria’s oil and gas production, NNPC and TotalEnergies have announced a $550 million Final…
Category: Local
First Bank of Nigeria Appoints Olusegun Alebiosu as CEO, Ini Ebong as Deputy MD
First Bank of Nigeria Limited has officially named Olusegun Alebiosu as its new Managing Director and Chief Executive Officer. Alebiosu…
Cooking gas price increases by 70% in yearly refill costs for 5kg LPG cylinders
The average retail price for refilling a 5kg Liquefied Petroleum Gas (LPG) cylinder, commonly known as cooking gas, has surged…
FG’s deficit spending rises 8% to N1.07trn
The Federal Government of Nigeria’s deficit spending rose by 8.0% year-on-year (YoY) to N1.07 trillion in January 2024, up from…
FG seeks N450 billion from June 2024 bond auction
The Federal Government of Nigeria aims to raise at least N450 billion through its June 2024 bond offer, as announced…
Olufemi Otedola Becomes Largest Shareholder in FBN Holdings with New Share Purchase
Olufemi Otedola, chairman of FBN Holdings, has acquired an additional 546,674,034 shares through Calvados Global Services Limited at N21.97 per…
Africa Global Logistics Launches in Nigeria, Unveils Growth Plans
Africa Global Logistics (AGL), formerly Bolloré Africa Logistics, has officially launched in Nigeria, aiming to revolutionize the country’s logistics landscape…
Fidelity Bank: we have all it takes to surpass N500b capital
Fidelity Bank Plc has announced a capital-raising initiative of N127.10 billion to enhance its market position and expand its international…
WIOCC raises $41 million to expand infrastructure in Nigeria, others
The West Indian Ocean Cable Company (WIOCC) has secured $41 million in debt funding led by IFC and Proparco to…
Nigeria’s Petrol Prices Surge by 223% in May
Month-on-month, the price increased by 9.75%, up from N701.24 in April 2024. The report highlights that the national average retail…
Okomu Oil, Presco post 94% growth in profits in Q1’2024 amid rising inflation
The combined profit of Presco Plc and Okomu Oil Palm Company Plc soared by 94.32% in the first quarter of…
World Bank disburses $300m palliative loans, benefitting 3 million Nigerians
The World Bank has disbursed an $800 million palliative loan to assist poor and vulnerable households affected by recent government…
Nigeria’s credit penetration rises to 14%
During the CRC Finance and Credit Conference 2024 in Lagos, CRC Credit Bureau Limited revealed that Nigeria’s credit penetration has…
Customs one-year revenue rises by 74%, hits N4.5tn
The Nigeria Customs Service (NCS) has reported a significant 74% growth in revenue collection, reaching N4.49 trillion between June 2023…
Aradel crude production hits 13,000bpd
Aradel Holdings Plc, an indigenous energy company, has announced a remarkable increase in its crude oil and gas production during…
Equity market resumes from Sallah holiday with N47bn loss
Investors on the Nigerian Exchange faced losses totaling approximately N47 billion as trading resumed after the two-day Eid al-Fitr holiday.…
Federal Government’s Borrowings from World Bank Total $4.95bn in 12 Months
Over the past year, the Federal Government of Nigeria has borrowed a total of $4.95 billion in loans from the…
SEforALL Reappoints Damilola Ogunbiyi as CEO for Second Term
The Sustainable Energy for All (SEforALL) Governance Board has approved the reappointment of Ms. Damilola Ogunbiyi for a second term…
FG, World Bank Trains 496 Youth in Web, App Development
In collaboration with Information Technology (IT) firms, the World Bank and the federal government have trained 496 young Nigerians in…
Nigeria’s trade with UK crashes by 25% in Q1 2024 on lower exports
Nigeria’s total trade with the United Kingdom declined by 25% in the first quarter of 2024, despite higher values from…
Lagos State to Establish Aviation Unit, Develop Lekki Airport
The Lagos State Government will create an Aviation Unit within the Ministry of Transportation to enhance oversight of the aviation…
Lagos State aims for 52% clean energy BRT buses by 2050
The Lagos State Government has set an ambitious target to significantly reduce carbon emissions in public transportation, aiming for 52%…
WFP partners Nigeria, others to kickstart food assistance program, targets 7.5 million people
The United Nations World Food Program (WFP) has partnered with Nigeria and other West and Central African countries to launch…
EnjoyCorp Acquires 86.5% Stake in Champion Breweries Plc
The Board of Champion Breweries Plc has announced the completion of an 86.5% stake acquisition by EnjoyCorp Limited. This acquisition…
Dangote refinery enters Asian market, ships first low-sulfur oil to Singapore
Nigeria’s Dangote Refinery is set to dispatch its first shipment of low-sulfur straight-run fuel oil (LSSR) to Singapore, marking its…
Asian, local companies take over as western multinationals exit Nigeria
As major multinationals from the US and Europe exit Nigeria, Asian and local companies are stepping in to fill the…
Big oil buyers’ shift to electric vehicles threatens Nigeria petrodollars
The increase in electric vehicle (EV) sales in major importers of Nigerian crude oil, such as France, Spain, India, and…
Nigeria ranks 88th out of 141 countries in Logistics Performance Index
Nigeria has improved its standing in the World Bank Logistics Performance Index (LPI), rising from 91st position in 2022 to…
NERC okays 450MW deal to avert Zungeru plant shutdown
The Nigerian Electricity Regulatory Commission (NERC) has sanctioned a deal to procure 450 megawatts of electricity from the newly completed…
Court orders Arik Air to pay over $24,000 to ex-worker
An Industrial Court in Lagos has mandated Arik Air to compensate a former employee, Mrs. Andreia Perdigao, with eight months’…