News and analysis of global and local business trends, markets, and industry developments.
In a significant development, the preeminent accounting institution in Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN), has announced the appointment of Dr. Musibau Olasunkanmi as its new Registrar/Chief Executive. This revelation surfaced through an official statement released by ICAN on Friday. According to the statement, the decision to appoint Olasunkanmi was sanctioned by…
The Acting Executive Vice Chairman/CEO of the Federal Competition and Consumer Protection Commission (FCCPC), Dr. Adamu Abdullahi, firmly asserts the irreversible commitment to regulate digital money lenders in the nation. In an exclusive interview with Channels Television, Abdullahi unveiled the commission’s dedication to formulating new regulations aimed at purging the sector of illegal lenders and…
The Federal Government has intensified discussions with the Kingdom of Morocco to expedite the Final Investment Decision (FID) for the Nigeria-Morocco Gas Pipeline. According to a statement by the Nigerian National Petroleum Company Limited (NNPC). The talks focused on enhancing the partnership between the two nations to accelerate the Nigeria-Morocco Gas Pipeline Project, aligning with…
United States Secretary of State, Anthony Blinken, has just landed in Abuja, Nigeria. The high-profile visit includes a stop at Nnamdi Azikiwe International Airport, with plans to meet Nigerian President Bola Ahmed Tinubu at the Presidential Villa. Despite his ongoing African tour, Blinken will swiftly move to Lagos by 10pm for further commitments on Wednesday,…
The Dangote Petroleum Refinery and Petrochemicals has registered three oil marketers’ associations to distribute diesel and aviation fuel. The three groups, who collectively represent 75 percent of the total market in Nigeria, are a big step towards ensuring efficient distribution of these vital resources. This move is part of Dangote’s commitment to providing affordable, high-quality…
The Federal Government of Nigeria has filed additional charges against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, raising the number of charges from six to 20. The new charges are in connection with alleged forgery, conferring of corrupt advantages, and criminal breach of trust. Emefiele is currently on trial for misappropriating N1.2 billion,…
Dangote Petroleum Refinery, one of the new starting oil processing facilities, has announced the commencement of refined petroleum products production. The refinery, which has the capacity to process 650,000 barrels of crude oil per day, received its fifth shipment of one million barrels of Bonny Light supplied by the Nigerian National Petroleum Corporation Limited last…
Transparency plays a crucial role in building and maintaining strong business relationships. In today’s digital age, customers have access to a vast amount of information about businesses and their practices, understanding how to improve customer satisfaction is very key. They can easily compare products, prices, and customer service reviews from various sources. As a result,…
Nigeria has announced it will commence gas supply to South Africa in the first quarter of 2024. David Ige, the Executive of Riverside LNG, a Nigerian-based energy company, disclosed this in a recent interview in Abuja. According to him, both nations have kick-started discussions of serious energy collaboration. Earlier this year, Riverside LNG entered into…
THE Governor of the Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso has said that the proposed banking recapitalisation was necessary to protect banks from macroeconomic risks and to enable them fund big ticket transactions. Cardoso stated this while speaking at the 2023 Nigeria Sustainability Summit organised by Access Holdings Plc in partnership with European…
The Senate has challenged the various revenue generating agencies owned by the Federal Government to surpass the N18.324trillion aggregate revenue target set for the 2024 fiscal year. This is as the Senator representing Niger East, Sani Musa, opined that a N100trn budget size for the nation was achievable if revenue leakages were plugged. Recall that…
Sen. George Akume, the Secretary to the Government of the Federation, says the efforts of the Nigerian Navy have led to increased daily crude oil production to about 1.5 million barrels per day as of November. Akume said this at the Nigerian Navy’s Ceremonial Sunset and Awards Night 2023 on Friday in Abuja. He commended…
In a move that sent shockwaves through the African e-commerce scene, Jumia, the continent’s leading online retailer, announced it will shutter its food delivery service, Jumia Food, by the end of December 2023. This sudden departure leaves a gaping hole in the burgeoning African food delivery market, raising questions about its future and the challenges…
The Confederation of African Football (CAF) has announced Ecobank, the leading pan-African banking group, as the Official Sponsor of the TotalEnergies CAF Africa Cup of Nations (AFCON), Côte d’Ivoire 2023. This major football tournament, kicking off on January 13th and running until February 14th, 2024, will see Ecobank join forces with CAF to deliver a…
Managing director/CEO of Wema Bank, Moruf Oseni, has stressed the need to provide a platform to address fundamental issues impacting Micro, Small and Medium Enterprises (MSMEs) and Women in Nigeria, while also focusing on climate issues. Oseni spoke at the Bank’s Donor Roundtable, tagged: “Innovative Financing: Gender-lens and climate resilient solution”, held in Lagos. He…
The Exchange Traded Funds (ETFs) market on the Nigerian Exchange (NGX) Limited grew by N12.646 billion in 11 months of 2023. ETFs are amongst the fastest growing asset classes in Nigeria and are classified as Collectives Scheme. The Funds are a more recent asset class in Nigeria and are securities that track the performance of…
The Plateau Chapter of the Joint National Association of Persons with Disabilities (PWDs) has called on the state government to grant employment waivers to employable PWDs, roll out empowerment packages and provide free education and healthcare services to their families. Mr Shindol Aaron, the chairman of the chapter, made the call in a news conference…
Governor Ahmadu Fintiri has presented a N225.8 billion budget proposal for the 2024 fiscal year to the Adamawa State House of Assembly. Tabling the Appropriation Bill before the Assembly on Friday, Fintiri said that the ‘Budget of Reengineering’, has provision for N111.3 billion, representing 49.3 per cent, for recurrent services while N114.5 billion, representing 50.7…
Nigerian National Petroleum Company Limited is to alter how its crude cargoes are priced from next month; a step that traders said may make handling the nation’s barrels more risky. According to a company circular seen by Bloomberg News, NNPC will start pricing its supplies against the monthly average of Dated Brent, the physical-crude benchmark….
The Nigeria Inter-Bank Settlement System has asked banks to delist Payment Solution Service Providers, Switches and Super Agents from its outward payment or transfer list. The NIBSS disclosed this in a recent circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes…
To sell your product and achieve profitable sales, consider implementing a comprehensive strategy that encompasses various aspects of marketing, customer engagement, and business operations. Here’s a structured guide: 1. Understand Your Product: – Clearly define the unique selling points of your product. – Identify your target audience and tailor your approach accordingly. 2. Market Research:…
The Etsu Nupe and chairman of the Niger State Council of Traditional Rulers, Alhaji Yahaya Abubakar, has harped on the need for government at all levels to prioritise skills-based education for rapid development. The eminent monarch made the call at the commissioning of four blocks of classrooms, offices and modern toilets built by Sunti Sugar…
Countries Under OPEC has initiated important steps towards maintaining a stable and balanced oil market took center stage at the 36th OPEC and non-OPEC ministerial meeting held via video conference with participating countries. OPEC Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda disclosed this to newsmen in Abuja at the end of a virtual…
The Chancellor of the Federal University Dutsinma, Katsina State, King (Dr) Dandeson Douglas Jaja, has expressed concern over security challenges facing the institution. Speaking during the institution’s 7th and 8th joint convocation ceremony on Saturday, he revealed that the university’s main campus is located in a volatile area prone to kidnappings and bandit attacks. Jaja…
The House of Representatives continued its debate on the 2024 appropriation bill on Friday in Abuja, with some lawmakers demanding increased funding for transportation, health, and education. Rep. Fredrick Agbedi (PDP-Bayelsa) said that in the area of transportation, the people from the riverine areas were the most neglected, saying that no reference was made to…
The Global Industry Standard in Oil and Gas Safety, Skills, and Competence OPITO and The Engineering Construction Industry Training Board ECITB on Thursday the 30th of November extended the deadline for the ongoing Oil and Gas Technical Apprenticeship Program (OGTAP) recruitment application by one month. The online application portal, which opened on Sunday, October 1,…
Mrs Caroline Wura-Ola Adepoju has been appointed and attested as the substantive Comptroller-General of the Nigeria Immigration Service (NIS). Adepoju made this know while addressing men and officers of the NIS at a routine parade on Wednesday. She said the date for her decoration would soon be made public in due time. “You may also…
The United Nations Educational, Scientific and Cultural Organization (UNESCO) says the organization remains committed to addressing issues of harassment, violence, impunity and crimes against journalists. Between January 2019 and June 2022, the Organization had documented 759 individual attacks against journalists, including 5 killings, during 89 elections in 70 countries. Addressing African Journalists in Addis Ababa,…
The West Africa Broadcast and Media Academy (WABMA) has appointed Mike Msuega Yawe as its Executive Director of Business Development, a role that places him in charge of the growth and expansion of the academy. A statement by the Rector of WABMA, Ken Okere says Mr Yawe is joining WABMA at a time when the…
President, Nigerian Economic Society {NES}, Professor Adeola Adenikinju, has lamented the low investments in the nation’s energy sector due to vandalism and oil theft. The expert in Petroleum Economics noted that this portends great danger for the economy of the country in the future. The professor of petroleum economics at the University of Ibadan lamented…
The Federal Government has set up an implementation committee on the African Continental Free Trade Agreement which Nigeria is one of the signatories. The committee has also engaged the National Bureau of Statistics to develop data that can be used to data in the implementation of the agreement The Statistician-General of the Federation and Chief…
