News and analysis of global and local business trends, markets, and industry developments.
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…
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…
