News and analysis of global and local business trends, markets, and industry developments.
The Government of Kwara state is to partner federal government in its $59million agro-processing initiative to end perennial herders-farmers dispute in the state. Speaking at the 37th Media Parliament of the state chapter of the Nigeria Union of Journalists (NUJ) in Ilorin, the Chief Press Secretary (CPS) to Governor Abdulrahman Abdulrazaq, Mallam Rafiu Ajakaye, said…
The exchange rate between the naira and dollar fell over to N888/$1 on Binance a crypto platform. This depreciation comes despite a temporary convergence achieved through the Central Bank of Nigeria’s (CBN) recent actions. Currency restrictions have previously been identified as a major hurdle for foreign investors looking to invest in Nigeria, the largest oil…
Distributors of Petroleum products in Nigeria under the umbrella of the Association of Distributors and Transporters of Petroleum Products (ADITOP) kicked against the alleged rise of truck loading fees for petrol by the Petroleum Tanker Drivers Association (PTD). This was disclosed by its National President, Alhaji Lawal Dan-Zaki in a statement in Abuja on Thursday. They cite an “arbitrary…
The Governmentof Benue State has uncovered 2,500 ghost workers during the first phase of the state’s staff verification and payroll audit for teachers and local government staff. Several hidden and ghost schools were also discovered as the Benue State government continues to block all revenue leakages. According to his statement, the Chief Press Secretary to…
Nigeria Labour Congress (NLC), Niger state Chapter has requested for the payment of N50,000 palliative for all categories of workers and pensioners in the state. State Chairman of Niger State, NLC, Comrade Abdulkarim Lafene made the demand while declaring open a one-day workshop, organised by Amalgamated Union of Public Corporations Civil Service Technical and Recreational…
AS over 200 million Nigerians groan and debate to survive under the heavy burden of high pump price of Premium Motor Spirit, PMS, affecting their cost and standard of living, Civil Society Organization, CSO, One Love Foundation, OLF, Wednesday, challenged the leadership of the Nigerian Labour Congress, NLC, and Trade Union Congress, TUC, respectively on…
Nigeria’s money supply heightened to N64.3 trillion in the month of June 2023 the highest we have ever documented in Nigeria. This compares to N55.5 trillion recorded in the month of May or a whopping N8.8 trillion increase. This is according to the latest data from the central bank of Nigeria as contained in its…
The Nigerian National Petroleum Company Limited has indicated the rise in the price of Premium Motor Spirit (PMS) otherwise known as petrol to the market realities. This was made known by the Group Chief Executive Officer of NNPC, Malam Mele Kyari, during an interview with journalists shortly after a private meeting with the Vice President,…
Several Nigerians on Tuesday were astonished with an increase in the pump price of premium motor spirit also called petrol as the product now sells at N617 in NNPCL stations. it was noted that petrol which sold for N537 was adjusted to N617 in Abuja. Some residents in the FCT said it would bring more…
The President of the African Development Bank (AfDB) Dr. Akinwumi Adesina has stated it is time to revalue African thrifts based on natural resources. He stated this in an interview with the Voice of America (VOA) sequel to the global finance summit held in Paris which drew leaders from all over the globe. According to him, “I’ve…
The Federal Airports Authority of Nigeria (FAAN) has begged and apologized for the hitches suffered over the weekend by airline operators with the diversion of flights to Lagos from Kano due to unserviceable runway lighting. In a statement, Director Public Affairs and Consumer Protection, Abdullahi Yakubu-Funtua said on Saturday July 15, the airfield maintenance team…
A former president of the Chattered Institute of Bankers of Nigeria (CIBN), Mr. Okechukwu Unegbu, has said that the Central Bank of Nigeria (CBN) will need to do everything within its power to get rid of indecent digital lenders, otherwise known as loan sharks, because they are dangerous to the economy. Unegbu, who stated this…
The Federal Republic of Nigeria hasake do with its financial obligations to the African Union, AU by making full payment of its assessed contributions for the year 2023. The confirmation was made on Saturday by the Permanent Secretary, Ministry of Foreign Affairs, Ambassador Adamu Ibrahim Lamuwa, on the sidelines of the 43rd Ordinary Session of…
The banking index closed the week on a negative statement to emerge as the worst-performing sectorial index with a loss of 14.32%. On a general note, the NGX All-Share Index and Market Capitalization devalued by 0.75% to close the week at 62,569.73 and N34.070 trillion respectively. Similarly, all other indices finished lower except NGX Oil…
The Chairman, of United Nigeria Airlines (UNA), Prof. Obiora Okonkwo has pleaded to the Nigeria Civil Aviation Authority (NCAA) to be more vigilant with the activities of oil marketers delivering Jet A1 (aviation fuel) to airlines in the sector. Okonkwo stated this over the weekend in Lagos following the serious incident encountered by Max Air…
Nigeria’s crude oil income increased to over N1.68 trillion in June 2023 as the country shored up its output last month, according to an analysis of oil production figures released by the federal government. Data released by Nigeria Upstream Petroleum Regulatory Commission (NUPRC) on Thursday, July 13, 2023, showed that crude oil production rose to…
Standard Chartered Bank and Access Bank Plc (Access) have entered into treaties for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone, and its Consumer, Private & Business Banking business in Tanzania. Each transaction remains subject to the approval of the respective local regulators and the banking regulator…
Access Bank Plc has reached an agreement to acquire the sub-saharan assistants of Standard Chartered Bank. In the acquisition deal, Standard Chartered will sell its shareholding in its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone to Access Bank as well as its consumer, private & business banking business in Tanzania. Standard Chartered announced last…
Banks and financial institutions are affected as the Competition and Consumer Protection Tribunal sitting in Abuja, has imposed the sum of N120 million fine against the Stanbic IBTC Bank to be paid into the tribunal’s account over failure to make a transfer for a customer. Without consideration on the outcome of the tribunal, the panel…
The Central Bank of Nigeria has modified the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies. According to the approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four…
Momoh Oyarekhua, Chairman of CORAN, states that supporting modular refineries will grant Nigerians admission to cheaper fuel, eliminating various costs such as importing refined products and clearing fees. According to Oyarekhua, four modular refineries are functional in Nigeria, producing various petroleum products except fuel (PMS) due to the high cost of obtaining the required reformer….
Another High Court in Abuja has abolished the arrest, detention, and interrogation of the Suspended Central Bank Governor (CBN), Godwin Emefiele, by the Department of State Services (DSS). This is coming barely 24 hours after a Federal Capital Territory (FCT), Abuja, delivered a related judgment on the matter. Delivering Judgement, Justice Bello Kawu held that…
Edited by Damilola Adeleke The Nigeria Civil Aviation Authority (NCAA) has decided to suspend the operations of all Boeing B737 aircraft belonging to Max Air, a domestic carrier. The suspension which was with immediate effect was communicated to the airline through a letter from the regulator seen by Nairametrics. The letter, dated July 12, 2023,…
Edited by Damilola Adeleke In a world where the top 5 billionaires on Forbes range from 52 to 92 years old, a group of young individuals have managed to achieve billionaire status before reaching the age of 30 years old. While many of them inherited their wealth, they are poised to become the next generation…
Nigeria has been given a $500 million Eurobond says the Debt Management Office (DMO) In a press released made public in its twitter handle on Wednesday, the DMO re-affirmed that Nigeria was commitment to meeting her debt service obligations. According to the statement, the Eurobond was issued in July 2013 (as part of a dual-tranche…
Dangote Cement stock has become the most capitalized on NGX as market capitalization hits N6.15 trillion as investors react positively to the company’s statement of the Tranche I shares buyback program. The share price of the cement giant gained 9.27% to close trading today at N360.7 per share with a market capitalization of N6.15 trillion….
Apple supplier Foxconn has pulled out of a $19.5bn deal with Indian mining giant Vedanta to build a chip making plant in the country. The move comes less than a year after the companies announced plans to set up the facility in Prime Minister Narendra Modi’s home state of Gujarat. Some analysts saying that it…
Dangote Cement stock surges by 10% to hit 52wk high as the company declares a “share buy-back” program. Dangote Cement Plc shares have progressed 10% during today’s trading hours as the company announces the opening of the Tranche I shares buyback program. Nairametrics earlier reported that Dangote Cement had declared the commencement of the Tranche…
Edited by Damilola Adeleke Stanbic IBTC Holdings recently announced new additions to its board as Directors Amongst the members are female members which are: Mrs Funeka Montjane, appointed as a Non-Executive Director of Stanbic IBTC Bank PLC. Joyce Dimpka and Mrs. Temitope Popoola were appointed as Non-Executive Directors at Stanbic IBTC Insurance Brokers Stanbic IBTC…
Edited by Damilola Adeleke Nigeria fascinated a sum of $222.3 million in portfolio investments into the equity market in the first quarter of 2023. This denotes a 4,472% rise from the unexpected past quarter, the 4th quarter of 2022. This data is coming from the National Bureau of Statistics Capital Importation report for the first quarter of the year. FPI…
The Abuja district of the Federal High Court has announced the charges and deductions to the tune of over N16 million from the accounts of the Centenary City Freezones company and Prime Properties FZE by the Federal Inland Revenue Service(FIRS) as withholding and value-added tax as illegal and unconstitutional. Consequently, the court has deterred the…
