News and analysis of global and local business trends, markets, and industry developments.
The value of the Naira appreciated in both the black market and the Nigerian Autonomous Foreign Exchange Market (NAFEM) recently. In the parallel market, the Naira strengthened to N1,585 per dollar, up from N1,595 per dollar the previous day. Likewise, in the NAFEM, the Naira appreciated to N1,586.04 per dollar. Data from FMDQ revealed that…
In response to recent concerns over the suspended helicopter landing fee, the federal government, alongside International Oil Companies (IOCs) and Local Oil Companies (LOCs) under the Oil Producers Trade Section (OPTS), has initiated the development of a comprehensive framework to guide navigational services in Nigeria. This framework will be in place ahead of the resumption…
Nigeria’s oil marketers have suggested that the Dangote Refinery could potentially reduce the price of petrol to between N600 to N650 per liter, based on its production costs. Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, made this statement on Monday. This announcement comes as there are indications that…
The Nigerian Exchange Limited (NGX) experienced a bearish start to the week, with the All Share Index declining by 0.72 percent to settle at 97,881.75 points. This resulted in a market capitalization of N55.58 trillion at the end of trading on Monday. Despite this decline, the market’s year-to-date return stood at 31.87 percent. Investors traded…
The Nigeria Medical Association (NMA) Kogi State branch has officially removed its suspended Chairman, Dr. Baoku Olusola, along with three other executive members, from office. The decision was confirmed during the 2024 NMA Kogi Annual General Meeting held in Lokoja, the state capital, where members adopted a report citing gross misconduct and abuse of office….
The Management of Dangote Petroleum Refinery has insisted that it is not yet getting enough crude required for the effective optimization of its refinery from the Nigerian National Petroleum Corporation Limited (NNP). The Refinery Management, in a release signed by, Group Chief, Branding and Communications Officer, Anthony Chiejina revealed that, “we therefore still insist that…
A financial analyst and educator, Kalu Aja says he will never set foot in Nigeria again if Dangote Refinery fails. Aja said he had always wondered how the Nigerian government watched the Ajaokuta steel company fail. In a post on his X handle on Wednesday, the financial educator said it could have been salvaged in…
Coca-Cola Nigeria and its bottling partner, Nigerian Bottling Company Limited, have denied allegations from the Federal Competition and Consumer Protection Commission (FCCPC) that their product labels are misleading. In a statement released on August 1, 2024, the company clarified that its product labels provide clear and accessible nutrition information, fully complying with national regulations. It…
Analysts in the oil and gas sector have commended Oando’s acquisition of a 100 per cent stake in Nigerian Agip Oil Company Limited (NAOC Ltd), predicting it will significantly reshape Nigeria’s oil and gas industry. The deal, in development since September last year, has finally come to fruition. According to oil and gas analyst Johnson…
The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said the ongoing hunger protest is responsible for the resurgence of long fuel queues in filling stations in major cities across the country. Recall that since Thursday last week, Nigerians have continued to demonstrate on the streets, tagged #EndBadGovernance. Part of the demand is the return…
A group of downstream petroleum operators has appealed to President Bola Ahmed Tinubu to address the activities of the Nigerian National Petroleum Company Limited (NNPC), the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). This appeal came as petrol shortages at retail outlets in…
The surge in food prices has become a significant concern globally, exacerbated by factors such as climate change, geopolitical conflicts, and economic instability. As the cost of basic food items continues to rise, the importance of embracing agriculture has never been more evident. This article explores why fostering a robust agricultural sector is essential in…
The Central Bank of Nigeria (CBN) has directed banks unable to meet its new recapitalization policy to downgrade to local banking status to continue their operations. CBN Governor Mr. Yemi Cardoso issued this directive in Abuja during the launch of the 2024 Banking Sector Report, themed “Bank Recapitalization: Catalyst for a One Trillion-Dollar Economy.” The…
Nigeria’s Federal Competition and Consumer Protection Commission, FCCPC, has indicted Coca-Cola Nigeria Limited and Nigerian Bottling Company for alleged misleading trade descriptions and unfair marketing tactics in their products, using ‘Original Taste, less Sugar’. FCCPC disclosed this in a statement released on Thursday. The commission in the statement found Coca-Cola Nigeria and NBC in violation…
Flutterwave, a prominent payments technology company, has recently obtained an Enhanced Payment Service Provider license from the Bank of Ghana, signifying a significant advancement in its operations within Africa. This development comes as Ghana demonstrates an environment conducive to digital growth, characterized by a stable democracy, tech-savvy youth, and a high mobile internet penetration rate…
MTN Nigeria has given reasons why it decided to close its offices nationwide. According to MTN, its offices were closed in order to protect its workers and facilities from attacks, after the Monday attack on some offices in Lagos and Osun. The telco said it was still taking stock of its losses as a result…
Bank customers have thronged their banks to reactivate their dormant accounts in line with the Central Bank of Nigeria (CBN) guidelines on the management of dormant accounts and unclaimed balances. Some of the customers, who spoke to the News Agency of Nigeria (NAN) in Abuja on Tuesday, said they had activated their bank accounts to…
Nigeria’s telecommunications giant, MTN has announced that shops and service centers are closed nationwide in Nigeria on Tuesday amid outrage by customers over Simple Identification Module disconnection. The MTN disclosed this in a notice on its official X account on Tuesday. The company urged customers to explore its digital channels available 24 hours. The closure…
The Central Bank of Nigeria, CBN, has disclosed that it recently sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market, NFEM. The apex bank’s acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, stated in a statement that the transactions were conducted between Monday and Tuesday to provide…
Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, has called on Nigerians, especially the youth in the Niger Delta region, to remain calm and refrain from joining the proposed nationwide protest. In a statement issued by his Special Adviser on Media and Communications, Nneamaka Okafor, the Minister expressed his understanding of the frustrations and…
The Federal Government has clarified recent media reports regarding the reduction in allowances for students abroad under the Bilateral Scholarship Agreement. In a meeting with the leadership of the National Association of Nigerian Students (NANS) in Abuja, the Minister of Education, Professor Tahir Mamman, explained that the changes in allowances were due to fluctuations in…
The newly appointed Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has outlined his top priority as the speedy rehabilitation of dilapidated port infrastructure across the nation. During an impromptu visit to the Tin Can Island Port (TCIP) on Monday, Dantsoho emphasized the importance of collaborating with port stakeholders to ensure the…
In the first half of the year 2024, the number of vehicles imported into Nigeria saw a significant decline of 60.8% compared to the same period in 2023, with only 10,991 units imported. This drop is attributed to the impact of the depreciation of the naira and the general economic downturn. This information was highlighted…
THE Federal Government, FG, has set the target to convert 250,000 automobiles to use Compressed Natural Gas, CNG, by end of 2024, as part of measures targeted at enhancing CNG utilization in the country. Already, 30,000 CNG conversion kits have been procured for distribution to commercial drivers within 90 days. Chief Executive Officer/Programme Director, Presidential…
The Naira yesterday depreciated to N1,575 per dollar in the parallel market from N1,565 per dollar on Tuesday. However, the Naira depreciated to N1,586.71 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,586.71 per dollar from N1,548.76 per dollar on…
Italian oil and gas giant, Eni yesterday announced that it had received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of Nigerian Agip Oil Company Limited (NAOC) to Oando Plc. In a statement issued yesterday, Eni said it had received formal consent to finalise the deal. It will be the…
The Nigerian Exchange Limited (NGX) says N540.48 billion worth of foreign transactions were recorded between January and June 2024. NGX disclosed this in its report on Wednesday titled, ‘Domestic & Foreign Portfolio Investment’. According to the firm, Nigeria’s foreign transactions increased compared to N145.08 billion reported in the first half (H1) of 2023. The report…
Manufacturers Association of Nigeria, MAN, has warned the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, and other regulators in the country to stop demarketing Dangote Refinery and other local producers. Director-General, Mr. Segun Ajayi-Kadir of MAN disclosed this in a statement while reacting to the feud between Dangote Refinery and NMDPRA. “It is expected…
A new report of the International Telecommunications Union (ITU), has ranked Nigeria very high at 71 per cent, in comparative legal, policy and governance frameworks towards G5 – advanced state of readiness for digital transformation known as G5 with Germany, Finland and Singapore leading the global chart. In the report conducted by the ITU, and…
Fifty-eight out of the 164 member states of the World Trade Organization (WTO) have expressed their support for a proposal from the African Group to endorse Ngozi Okonjo-Iweala for a second term as the organization’s Director-General. In a statement released by the WTO, the support was announced during the July 22 meeting of the WTO…
Billionaire businessman Femi Otedola has highlighted the critical importance of supporting Aliko Dangote amidst his ongoing dispute with Nigeria’s regulatory authorities in the petroleum sector. Otedola, a close associate of Dangote, stressed the significance of backing visionaries like Dangote to foster and sustain the nation’s economic growth. In a post on X on Tuesday afternoon,…
