News and analysis of global and local business trends, markets, and industry developments.
The House of Representatives has urged Nigeria’s Electricity Distribution Companies (DISCOs) to undergo a recapitalisation process requiring at least N500 billion to strengthen their financial capacity and improve service delivery to consumers. This recommendation followed a motion titled “Need to Address the Activities of Distribution Companies in Nigeria” brought forward by Hon. Ayokunle Isiaka, representing…
The Federal Government on Tuesday revealed a plan to establish a National Youth Development Bank and a Youth Data Bank. President Bola Tinubu, represented by his Vice, Kashim Shettima, disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja. The President described the banks as…
The Governor of Benue State, Hyacinth Alia, has approved a new minimum wage of ₦75,000 for workers across the state, surpassing the federal minimum wage of ₦70,000 recently announced by President Bola Ahmed Tinubu. The decision was made public during a meeting with representatives of organized labor at the State Secretariat on Monday. The announcement…
Africa’s richest person, Aliko Dangote, has started discussions with some foreign banks to secure billions of dollars for crude oil importation. The Africa Finance Corporation (AFC), a pan-African development lender is one of the institutions involved in the talks to raise money, according to Financial Times, FT. The report noted Dangote Refinery…
The Nigerian Exchange Limited, NGX has proposed amendment to the trading license holders’ rules. In a statement during the weekend, the Exchange said that a block divestment and large volume trades would be amended. https://punchng.com/ngx-proposes-tougher-rules-for-large-volume-trades/ It stated: “On 12 February 2018, the Amendments to Trading License Holders’ Rules (Part XIIIA), which include the…
After years of heavy importation of petroleum products, the Nigerian National Petroleum Company Limited, NNPC, announced on Monday that it has call a quit to the long-standing practice. This comes after the Independent Petroleum Marketers Association of Nigeria, IPMAN, had earlier announced its plans to purchase products directly from the $20 billion Dangote facility. Mele…
Award-winning financial broker, business coach, and public speaker, Adeola Abiodun, remains steadfast in his mission to ensure a secure financial future for generations to come. As a national executive director at Experior Financial Group, Abiodun’s influence stretches across Canada, where he is recognized not only for his professional accomplishments but also for his…
Mining Marshals deployed to stamp out illegal activities in mining sites nationwide, have claimed that they were stopped by security forces from arresting some Chinese nationals engaging in the illegal exploitation of lithium in Libata, Ngaski Local Government Area of Kebbi State. The incident which occurred last Friday pitched the mining marshals against…
Viva Detergent, the leading home cleaning brand under Aspira Nigeria Limited, has announced an exciting new partnership with celebrated African fashion designer Ruth Erikan James, known as Veekee James. This collaboration marks a significant milestone for both brands, aligning Viva’s commitment to quality cleaning with Veekee’s renowned craftsmanship in fashion. Veekee James is…
The Federal Inland Revenue Service (FIRS) has opened its recruitment portal for Tax Officer positions, accepting applications from 12:00 am on November 2, 2024. In a statement posted on X (formerly Twitter) on Friday, FIRS announced it is seeking to fill Officer I and Officer II roles in multiple locations across Nigeria. The agency encourages…
The International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement with the Central Bank of Nigeria (CBN) to increase local financing to enable private businesses in Nigeria grow. In a statement yesterday, IFC said the goal of the partnership is to provide more than $1 billion…
The Central Bank of Nigeria (CBN) said it has signed an agreement with the International Finance Corporation (IFC) to boost local currency financing for Nigerian businesses. CBN said the development was a key outcome alongside the IMF & World Bank Annual Meetings – will enable the IFC to scale its naira-denominated investments across priority sectors…
Nigeria’s seat of power, the Presidential Villa was quite engaged on Thursday, as the stakeholders in the livestock value chain converged in their numbers to brianstorm on ways of harnessing its potentials. The President, Bola Tinubu who recently created the Livestock Ministry out of the Federal Ministry of Agriculture and Food Security is championing reforms…
The Federal Government has withdrawn all money laundering charges against Tigran Gambaryan, an executive at Binance Holdings, citing health concerns. Gambaryan, who had been in detention since April, was facing trial at the Federal High Court in Abuja. Also Read: [Arrest of Binance Chief Executive] During a hearing on Wednesday, a counsel for the Economic…
Written and compiled by Michel Josephine P. The Polytechnic Ile-Ife, Osun State Osun State, Nigeria has recently unveiled an ambitious agricultural initiative aimed at revitalizing its local economy and enhancing food security. This program, launched by the state government, seeks to empower farmers, attract investments, and promote sustainable agricultural practices. Agriculture has always been a…
Vice President Kashim Shettima yesterday, inaugurated the Steering Committee of the Nigeria Jubilee Programme (NJFP), as part of measures by the federal government to scale up its employment initiative and enhance the employability of fresh graduates with market-ready skills and competence. Also, yesterday, Shettima declared that Nigeria has remained proactive in taking steps…
Compiled and Edited by Saula quadri T The Polytechnic Ile-Ife, Osun State The Federal Government has selected Osun State to coordinate the implementation of the Food System Transformation Pathways in the South West region. This initiative, aimed at improving food security and nutrition in Nigeria, will focus on boosting food production, increasing employment, and enhancing…
Nigerian Communications Commission (NCC) says Starlink, a communication company, is facing regulatory heat over an unapproved data tariff hike. The NCC said the satellite internet service provider had unilaterally increased its data tariffs without obtaining the necessary approval from the commission. Its Director of Public Affairs, Dr Reuben Muoka, in a statement in Abuja on…
Nigeria’s electricity generation peaked at 4,998.20 megawatts on October 6, 2024, a slight decrease from the previous peak of 5,234.70 MW recorded the week before. This drop in electricity generation comes amid high energy costs, as highlighted by recent system performance data from the National Control Centre, representing a decline of 236.5 MW in total…
The Bauchi State government, in collaboration with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), has inaugurated an 11-member tripartite technical committee to finalize the implementation of the national minimum wage for civil servants in the state. Speaking to reporters after the State Executive Council meeting, NLC Chairman Comrade Dauda Shu’aibu announced…
A high-level delegation from Burundi has arrived in Nigeria, seeking to strengthen business ties and attract Nigerian investments to Burundi. Led by Ambassador Liberat Mfumukeko, Senior Advisor on Missions of the Presidency of Burundi, the delegation engaged with the Nigerian business community in Abuja, extending an invitation for investments in various sectors. Ambassador Mfumukeko highlighted…
President Bola Tinubu has named Mr. Joseph Olasunkanmi Tegbe as the Director-General and Global Liaison for the Nigeria-China strategic partnership. This follows the agreements made during Tinubu’s recent visit to China in early September. Tegbe, a 1988 first-class graduate in civil engineering from Obafemi Awolowo University, will report directly to the President. A fellow of…
President Bola Tinubu has made key appointments to the leadership team of the Nigerian Television Authority (NTA), selecting seven new executive directors. In a statement released by the presidential spokesperson, Bayo Onanuga, the new appointees include Ayo Adewuyi, who has been reappointed as Executive Director of News. Other appointments are Barrister Ibrahim Aliyu as Executive…
The house of Representatives Thursday, urged the Federal Government to direct the Nigerian National Petroleum Corporation Limited (NNPCL) and the Dangote Refinery to allow independent marketers to lift fuel from the newly established refinery. The resolution was reached after a motion sponsored by Oboku Oforji, representing Yenagoa/Opokuma Federal Constituency, Bayelsa State, during plenary in…
As one of Nigeria’s oldest and most significant players in the food and agro-allied sectors, Flour Mills of Nigeria PLC (FMN) is making bold moves to secure its future as a regional and industrial powerhouse. FMN recently announced a share acquisition plan aimed at transitioning the firm’s structure to better align with its…
The Presidency has clarified that the federal government will not step in to resolve the ongoing fuel price conflict between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Speaking to State House correspondents on Wednesday, Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, explained that both NNPCL and Dangote…
Aliko Dangote, the President of Dangote Group has said that the oil industry mafia is far stronger than the drug cartel. The African richest man disclosed this in a 25-minute interview with Bloomberg Television on Monday. He also revealed that his refinery is on the verge of reaching an agreement with the…
The Central Bank of Nigeria (CBN) has clarified that it has not reinstated the cybersecurity levy that was previously suspended. The levy, which mandated all banks in Nigeria to collect and remit a 0.5 percent cybersecurity levy to the office of the National Security Adviser, was suspended following a decision by the Federal Executive Council…
Guinea Insurance Plc has reported a 49.4 per cent increase in insurance revenue for the full year 2023 to N2.07 billion from N1.36 billion in 2022. The impressive growth, according to the company, highlights the successful execution of strategic initiatives aimed at expanding market presence and enhancing customer satisfaction. “The revenue surge…
LAGOS — Hopes for a potential reduction in petrol prices, following the commencement of supply from Dangote Refinery, were dashed, yesterday, as NNPC Limited released a new pricing template that raised pump prices by about 11 per cent to N950 per litre. The pump price of petrol was increased by over 45 per…
The World Trade Organisation Director-General, Ngozi Okonjo-Iweala, has expressed her intention to seek another four-year term as the head of the organisation. The former Nigeria’s Finance Minister disclosed this in an interview with Reuters on Monday, stating that she hopes to complete “unfinished business” from her first mandate. She said, “I would like to be…
