BUSINESS Archives — Page 113 of 206 — National Accord Newspaper

CBN raises interest rate from 18.5 % to 18.75% MPR

BUSINESS

CBN raises interest rate from 18.5 % to 18.75% MPR

Bode July 25, 2023

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Monday raised the country’s Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent. The Acting Governor of the CBN, Mr Folashodun Shonubi made this known on Tuesday, while presenting the communique from...

BUSINESS

Lamido of Adamawa commends NCC’s Consumer protection Initiatives

Bode July 25, 2023

By CALLISTUS OFFOR, Abuja – The Lamido of Adamawa, Dr. Muhammadu Mustapha, has commended the Nigerian Communications Commission (NCC) on a range of its telecom consumer protection initiatives, including the recent Village Square Dialogue (VSD), which held at the weekend in Yola, Adamawa State. The Lamido of...

BUSINESS

Avanti Communications cements market-leading position in Sub-Saharan Africa

Bode July 24, 2023

Avanti Communications (“Avanti”) has been named the market-leading high-throughput satellite capacity partner in sub-Saharan Africa for the second year running. The results, from the 20th edition of the NSR Satellite Capacity Supply & Demand Analysis reports that Avanti’s market share is now more than two times that of...

Innocent Chukwuma, The CEO of Innoson Vehicle Manufacturing

BUSINESS

Innoson to establish car fuel conversion centres

Bode July 24, 2023

Innoson Vehicle Manufacturing (IVM) says it would establish car fuel conversion in all its service centres before the end of 2023. Mr Cornel Osigwe, Head of Corporate Communications at Innoson Group, said this in an interview with the News Agency of Nigeria (NAN) on Monday in Onitsha. ...

BUSINESS

Dangote, Niger govt partner on investment opportunities

Bode July 24, 2023

The Dangote Industries Limited (DIL) and the Niger State Government are strengthening ties towards exploring fresh investment opportunities in the State. Mr Mansur Ahmed, Dangote Group’s Executive Director, Government and Strategic Relations, stated this during the Dangote Special Day at the 20th Niger State National Trade Fair in Minna. H...

BUSINESS

Experts preach caution as CBN holds first MPC meeting under Tinubu

Bode July 23, 2023

As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) prepares for its July meeting, some financial experts have called for moderation in its policy decisions. The News Agency of Nigeria (NAN) reports that the CBN has announced that the 292nd meeting of the MPC...

BUSINESS

Why we paid N123bn interim dividend to FAAC – NNPC Ltd

Bode July 22, 2023

The Nigerian National Petroleum Company Limited (NNPCL) has given reasons behind the payment of an interim dividend of N123 billion to the Federation Account Allocation Committee (FAAC) for the month of June. The News Agency of Nigeria (NAN) reports that FAAC had on Thursday shared N907 billion among the...

BUSINESS

AFD approves $16m for Youth Entrepreneurship Bank

Bode July 22, 2023

African Development Fund (ADF),aft the concessional lending arm for the African Development Bank (AfDB) Group, has approved $16 million for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia. A statement issued on the AfDB website said the fund was approved to unleash the business potential of...

BUSINESS

NGX reclassifies Fidelity Bank Plc as medium price stock

Bode July 22, 2023

By TENEBE ANTHONIA, Lagos – F Nigerian Exchange Limited (“NGX”) has announced the reclassification of Fidelity Bank Plc from Small price stock to Medium price stock. Rule 15.29 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules) noted that equities priced above N5 per share for...

BUSINESS

NNPCL, UTMOL partner to push down cost of cooking gas

Bode July 21, 2023

The Nigerian National Petroleum Company (NNPC) Ltd. and UTM Offshore Ltd. on Thursday signed the Heads of Terms Agreement to provide clean energy to Nigerians through the UTM FLNG Project. The signing ceremony, which took place in Abuja, allows 20 per cent equity contribution of the NNPCL in the...

BUSINESS

FAAC shares N907bn, improves June revenue to FG, others

Bode July 21, 2023

The Federation Account Allocation Committee (FAAC) has shared a N907.05 billion June Federation Account revenue to the Federal Government, states and Local Government Councils (LGCs) This was disclosed in a communiqué issued at the end of the FAAC meeting for July on Thursday in Abuja. The meeting was chaired...

Naira gains, exchanges N768.16 to dollar

BUSINESS

Naira gains, exchanges N768.16 to dollar

Bode July 21, 2023

The Naira on Thursday appreciated against the dollar, exchanging at N768.16 at the Investors and Exporters window. The Naira gained by 3.22 per cent when compared with N793.70 for which it exchanged for the dollar on Wednesday. The open indicative rate closed at N787.13 to the dollar...

BUSINESS

NNPC speaks on losing N16.25 trillion to oil thieves, alleged subsidy scam

Bode July 21, 2023

High-level sources in NNPC Ltd. have come out in full force, to explain the operations of the company against the backdrop of “blatant misinformation’’ on the activities of the firm. The News Agency of Nigeria (NAN) learnt on Thursday in Abuja that the gesture is aimed at facilitating better...

BUSINESS

FBN Holdings Plc half year profit before tax grows to N206bn

Bode July 21, 2023

FBN Holdings Plc says it has recorded a profit before tax of N206 billion for the first half of 2023 financial year. The holding company said this in its unaudited financial results on Thursday in Lagos. The holding company also recorded a growth of N656.6 billion in...

BUSINESS

Reps ask CBN to explain transactions on Excess Crude Account

Bode July 20, 2023

The House of Representatives has urged the Central Bank of Nigeria (CBN) to reveal without delay, all the interests and principal sums on the investments in the Excess Crude Account (ECA) Petroleum Profits (PTT) and Royalty Account to the Auditor-General for the Federation’s Office. The call was sequel to...

BUSINESS

FIRS rakes-in record N5.5 trillion in 6 months

Bode July 20, 2023

By JOY ADARA, Abuja – The Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first six months of...

CEO of Emadeb Energy Service Ltd, Mr. Debo Olujimi (In white T-shirt, middle) during the inaugural ceremony in Lagos.

BUSINESS

Petrol subsidy removal crisis eases as Emadeb Energy delivers 27m litres

Bode July 20, 2023

Emadeb Energy Service Ltd., a depot owner and licensed fuel marketer, has received a shipment of 27 million litres of petrol at its Ijegun Satellite Depot in Lagos. The Chief Executive Officer, Mr Debo Olujimi, made this announcement during the inaugural ceremony. The importation, costing over $17 million...

Dr. Timothy Aikor, is an Associate member of The Chartered Institute of Supply Chain Management (ACISM),

BUSINESS

FG should invest savings from fuel subsidy in Compressed Natural Gas – Aikor

Bode July 20, 2023

By BARBARA KALU, Owerri – The Federal Government has been called upon to immediately consider investing the savings from fuel subsidy in making Compressed Natural Gas (CNG) usage a common energy commodity in the country so that it becomes a matter of choice to use gas or petrol. A...

BUSINESS

FG targets $5bn from outsourcing industry in 2024

Bode July 19, 2023

The Nigerian Export Promotion Council (NEPC) on Wednesday in Abuja said that Nigeria targets to earn five billion dollars from the outsourcing industry in 2024. The Executive Director of NEPC, Dr Ezra Yakusak said this at the National Conference on International Trade-in-Service organised by the council, on Wednesday in...

BUSINESS

Petrol hike reduces sales volume by 50% in S/East – IPMAN

Bode July 19, 2023

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the hike in the price of products due to abrupt removal of subsidy was threatening the survival of their businesses. Mr Chinedu Anyaso, Chairman of IPMAN Enugu Depot Community said average sales had dropped by about 50 percent...