News and analysis of global and local business trends, markets, and industry developments.
On Tuesday, Brent Crude futures dropped below $70 per barrel, marking the first time this has occurred since December 2021. Global prices experienced a decline, with Brent crude oil falling by $2.33 (-3.24 percent) to $69.51 per barrel, while WTI crude decreased by $2.60 (-3.78 percent) to $66.11 per barrel. The reduction in oil prices…
President Bola Tinubu has wrapped up his official visit to China, calling the trip a significant success. Addressing members of the Nigerians in Diaspora Organisation (NIDO) and the wider Nigerian community at the China World Hotel, President Tinubu highlighted the fruitful discussions held with Chinese leaders, including President Xi Jinping and Premier Li Qiang, as…
Former All Progressives Congress (APC) presidential aspirant, Moses Ayom, has lauded President Bola Ahmed Tinubu’s efforts in enhancing Nigeria’s economic partnership with the People’s Republic of China. Ayom, a prominent international businessman with a focus on bolstering Nigeria-China relations, praised the recent Memorandum of Understanding (MoU) signed in Beijing, which focuses on the peaceful use…
Nigeria is taking significant steps toward being removed from the Financial Action Task Force (FATF) grey list. A high-level inter-agency delegation from the country presented a progress report to the FATF’s International Cooperation Review Group during a meeting held in Brussels, Belgium, on Tuesday, September 3, 2024. The Nigerian delegation, led by the Chief Executive…
The National Association of Nigerian Students (NANS) has disassociated itself from a widely circulated notice claiming that the student body is organizing nationwide protests on September 15, 2024, in response to the recent fuel price hike. Speaking to Newsmen, NANS national president, Comrade Lucky Emonefe, clarified that no such protest has been planned, labeling the…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the Dangote Refinery in Lagos, valued at $20 billion, will begin supplying 25 million litres of fuel daily to the Nigerian market this September. According to the NMDPRA, the refinery, which has a capacity of 650,000 barrels per day, is expected to increase…
The NLC (National Labour Congress) has announced plans to convene a meeting to discuss the recent 45% hike in the price of Premium Motor Spirit (Petrol) by the NNPCL (Nigerian National Petroleum Company Limited). The NLC is urging the NNPCL to revert the N855 and N897 increase in petrol pump prices. The NLC president, Joe…
The President of Dangote Group, Aliko Dangote, on Tuesday said the capacity of Dangote Refinery will meet the fuel demands of Nigeria and SubSaharan Africa. Dangote assured that the refinery’s product would be of top quality that can compete with any petroleum product across the world. He disclosed this during a press conference to announce…
The Dangote oil refinery will supply a total of 25 million litres of petrol to the Nigerian market daily starting from September. The Nigerian Midstream and Downstream Petroleum Regulatory Authority disclosed on Tuesday that this will rise to 30 million litres from September. In a short statement, the NMDPRA said it met with the Nigerian…
The Ogun State Waste Management Authority has sealed off two Chinese-owned companies, Yibao Industrial Limited and Ronchang Industrial Park, for allegedly breaching the state’s environmental regulations. The enforcement action was taken after multiple warnings to the companies were ignored, with both firms failing to hire accredited waste management collectors to properly handle their waste disposal….
Governor Ademola Adeleke of Osun State has unveiled 31 newly acquired tractors and various farm inputs, in a move to boost agricultural productivity and food security across the state. The unveiling ceremony took place at the Agric Farm Settlement in Aisu, Ede, where Governor Adeleke emphasized the critical importance of food sufficiency and availability as…
The Oyo State government has launched an electronic payment system for retirees’ gratuities to ensure a secure, efficient, and uninterrupted disbursement process. Speaking at a three-day data capturing and e-payment exercise for retirees at the Nigeria Union of Pensioners’ Building in Agbarigo, Onireke, Ibadan, Commissioner for Establishments and Training, Olusegun Olayiwola, announced that the initiative…
Nigerian Breweries (NB) Plc has announced plans to raise N599.1 billion from its existing shareholders through a rights issue. This follows the approval from shareholders in April 2024, as well as regulatory clearances from the Securities and Exchange Commission (SEC) and NGX Regulation Limited. The company is offering 22.607 billion ordinary shares at 50 kobo…
The newly opened Tsamiya Dry Port in Kebbi State has established a clearing office in Kano to enhance trade for businesspeople in Northern Nigeria. During the inauguration of the Kano office on Wednesday, the Comptroller General of the Nigeria Customs Service (NCS), Bashir Adeniyi, represented by the Zone B Comptroller, ACG Sambo Dangaladima, highlighted the…
Oil and gas suppliers in Nigeria have endorsed the federal government’s decision to sell crude oil in Naira to local refineries, while urging the refineries to reciprocate by selling refined products to distributors in Naira to help stabilize the market. Benneth Korie, President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), stressed…
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, announced that the ongoing construction of the Idu Industrial Park in Abuja is set to provide employment for over 40,000 youths upon completion, boosting both the local and national economy. During an inspection of the site on Wednesday, Wike praised the efforts of Zeberced Construction…
The Nigeria Labour Congress (NLC) has instructed its members across the country to participate in a peaceful prayer procession on August 29. This directive comes in response to the police’s recent invitation to NLC President Joe Ajaero for questioning on charges including alleged “criminal conspiracy, terrorism financing, treasonable felony, subversion, and cybercrime.” In a letter…
The new managing director and chief executive officer of the Niger Delta Power Holding Company (NDPHC) Jennifer Adighije, yesterday, took over the reins, promising to fully deliver on the firm’s mandate of executing and managing the National Integrated Power Project assets optimally. Adighije, took over from the erstwhile managing director, Chiedu Ugbo, whose…
Former Vice President Atiku Abubakar has raised concerns over the swift approval granted to Oando Plc for its purchase of AGIP/ENI’s onshore assets. Atiku questioned why Oando, owned by a relative of President Bola Tinubu, received expedited approval while other deals, such as the Shell/Renaissance and Mobil/Seplat transactions, face continued delays. Atiku emphasized the need…
Civil servants in Adamawa State are celebrating after receiving their August salaries, reflecting the new national minimum wage of N70,000. The salary increase brought relief, with workers praising the state government for fulfilling its promise. Alhaji Danjuma Usman Mohammed, a driver at the Government House, Yola, expressed his gratitude, sharing plans to re-enroll his children…
When investigative Journalist David Hundeyin, broke the news on his X, about how he triumphed over the temptation to craft an article to smear the Dangote refinery and be rewarded ‘handsomely’, not many people believed him. Hundeyin had last weekend in a series of posts on X, written about how he…
ABUJA – In a bid to support Nigeria’s food production, Caribbean countries have expressed their readiness to share their expertise and skills in agriculture with the country. Dr. Levi Odoe, Consular General of Saint Vincent and the Grenadines, made this known yesterday while briefing newsmen on efforts to enhance food production in Nigeria….
The Kano State Public Complaints and Anti-Corruption Commission has arrested five individuals, including Alhaji Mohammed Kabawa, Permanent Secretary of the state Ministry for Local Government and Chieftaincy Affairs, in connection with a multi-billion Naira drug supply scandal. Public Relations Officer Kabiru I. Kabiru informed reporters in Kano that the arrests are part of an ongoing…
Chairperson of DAAR Communications Plc, Raymond Dokpesi Jnr, has addressed the recent management changes at the company, which saw the exit of several long-serving directors. He explained that the shake-up is part of a strategic alignment with regulatory standards and aimed at fostering the company’s future growth. During an interview with journalists, Dokpesi Jnr stressed…
The Naira has experienced a significant depreciation against the dollar in the foreign exchange market over a two-day period, according to data from FMDQ. The Naira depreciated by N27.58 against the dollar between Monday and Tuesday. This decline saw the Naira exchange rate reach N1,592.06 per dollar on Tuesday, compared to N1,564.48 the previous week…
Oxfam Nigeria, in partnership with the Federal Government, has introduced new initiatives to strengthen the Nigeria Workplace Gender Policy. This was announced by Oxfam Nigeria’s Country Director, John Makina, during the National Workplace Gender Policy Training of Trainers Workshop held in Abuja. Makina highlighted that the workshop, co-hosted by the Ministry of Labour and Employment…
The Nigeria Labour Congress (NLC) has formally requested the rescheduling of its President, Comrade Joe Ajaero’s interrogation by the Nigeria Police Force, initially set for this week. In a letter sent on Tuesday to the Inspector-General of Police and Deputy Commissioner of Police, Mohammed Ahmed Sanusi, NLC’s legal team, led by Samuel Ogala, cited the…
The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said the Nigerian National Petroleum Company Limited, NNPCL, should allow its members access to the depot to end the ongoing fuel scarcity in three to four days. The Chairman of IPMAN, Shino Amoo at Apapa Depot, disclosed this in an interview on Tuesday. His comments were…
Sweden’s central bank has on Tuesday lowered its policy rate for the second time this year and said more cuts could be forthcoming in the coming months if inflation remains under control. The Riksbank made its first rate cut in eight years in May but left it unchanged a month later. The central bank said…
Gold hit a record high on Friday as global stock markets diverged, with profit-taking on Wall Street while European and Asian markets gained on reassuring data about the health of the world’s biggest economy and likely US interest rate cuts. Expectations of US interest rate cuts weakened the dollar, while oil…
The Federal Government of Nigeria has announced its plans to issue a $500 million dollar-denominated domestic bond on Monday in an effort to attract both local and international investors. This initiative aims to stimulate economic growth in the country and generate interest from a wide range of potential investors. Gbadebo Adenrele, the Managing Director of…
