By BARBARA KALU, Owerri – The Nigerian Export Promotion Council (NEPC) has announced that Imo State recorded $8.6 million in export earnings from cashew production in the 2024 fiscal year. The Executive Director of NEPC, Mrs. Nonye Ayeni, disclosed this at a workshop on cashew production in Owerri. Ayeni...
BUSINESS
By MBAFAN ADE, Abuja- The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a revenue of N5.89 billion and a Profit After Tax (PAT) of N748 billion for April. According to the company’s Monthly Report Summary, crude oil and condensate production averaged 1.606 million barrels per day (bpd)...
By MBAFAN ADE, Abuja- Chairman of Dangote Sugar Refinery Plc, Aliko Dangote, will retire from the Board effective June 16, 2025, after two decades of leadership. The decision according to the company aligns with principles of good corporate governance and succession planning. The company’s secretary, Temitope Hassan, who announced...
By MBAFAN ADE, Abuja – The Federal Ministry of Finance has issued a statement in response to recent media reports regarding a potential forward sale of crude oil involving the Nigerian National Petroleum Company Limited (NNPC Ltd). According to the Ministry, no final decision has been made on the...
By MBAFAN ADE, Abuja- The Central Bank of Nigeria (CBN) has denied reports of an extension to the recapitalisation deadline for Bureau De Change (BDC) operators beyond June 3. In a statement, CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, described the information as false and misleading....
By MBAFAN ADE, Abuja- Nigeria’s total merchandise trade stood at N36,024.66 billion in the first quarter of 2025, according to the National Bureau of Statistics (NBS). This represents a 6.19% increase compared to the same period in 2024. The NBS report shows that total exports stood at N20,598.48 billion,...
By MBAFAN ADE, Abuja- The Securities and Exchange Commission (SEC) has reiterated that Crypto Bridge Exchange (CBEX), operating under ST Technologies International Ltd., remains banned in Nigeria. In a public notice, the commission warned Nigerians to refrain from patronizing or transacting with CBEX, citing unauthorized investment activities. “We unequivocally...
World Bank has cut its global growth forecast for 2025 to 2.3%, citing mounting trade tensions and policy uncertainty, with growth forecasts being cut in nearly 70% of economies across all regions and income groups. According to the bank’s latest Global Economic Prospects report, this slowdown would mark the...
Baillie Gifford’s dumping of Jumia shares, bad news for Africa investment ecosystem, By BOLA ODUNTAN
Baillie Gifford’s dumping of Jumia shares, bad news for Africa investment ecosystem, By BOLA ODUNTAN
The latest filing from May 5, 2025 by British long-term institutional investor, Baillie Gifford, in which it announced the final sales of its remaining shares at e-commerce giant, Jumia, at a huge loss, portends bad news for Africa. If anything, it sends a negative vibe to global investors and...
By CALLISTUS OFFOR, Abuja- Nigerian National Petroleum Company (NNPC) Limited has issued a public notice warning individuals and businesses to be cautious of impostors claiming to represent the company. These scammers allegedly solicit fees for meetings with NNPC board members, executives, and management staff. Chief Corporate Communications Officer, NNPC...
By CALLISTUS OFFOR, Abuja- The Nigerian National Petroleum Company Limited (NNPC Ltd.) is proud to announce that its Chief Corporate Communications Officer, Mr. Olufemi Soneye, has bagged the Champion Newspapers 2024 Media Manager of the Year Award. The award, presented by Ernest Ebi, MFR, former Deputy Governor of the...
By OLA MODUPE , Lagos- The Internet Corporation for Assigned Names and Numbers (ICANN) through the African Regional At-Large Organisation (AFRALO) is supporting the 2025 Nigeria DigitalSENSE Forum series is organised by ITREALMS Media and hosted under DigitalSENSE Africa (DSA), an At-Large Structure certified ICANN, in collaboration with other...
The Nigerian stock market has concluded the week on a strong note, with the market capitalization increasing by N1.157 trillion, representing a 1.63% gain. This significant growth has boosted the market’s value to N72.275 trillion, up from N71.118 trillion recorded on Wednesday. The All-Share Index (ASI) also experienced a...
By MBAFAN ADE, Abuja – Naira has continued its upward trend, appreciating by N12.34 against the dollar in the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the Naira traded at N1,553.11 per dollar on Thursday, representing a 0.79% gain from Wednesday’s rate...
By EZEKIEL OBI, Abuja – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly stated that no violations of oil licensing guidelines occurred during the 2024 Oil Block Licensing Round, refuting recent allegations made in an online newspaper that suggested otherwise. The Commission in a statement issued on Thursday...
By MBAFAN ADE – The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in conjunction with the Securities and Exchange Commission (SEC), has issued licenses to JEX Market to establish and operate a Gas Clearing House and Settlement Authorization Platform. Described by stakeholders as one of the most strategic...
Nigerian Exchange Group (NGX), on Tuesday, said policy inconsistency, currency woes must be tackled to achieve the Federal Government’s proposed $1 trillion economy. The NGX Chairman, Dr Umaru Kwairanga made the call while speaking with the News Agency of Nigeria (NAN) in Lagos. He said these were challenges that...
Vice-President Kashim Shettima has said Nigeria is pursuing a $25 billion undersea gas pipeline project aimed at supplying natural gas to Europe through the West African coastline. Shettima disclosed this on Monday during a meeting with Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa in...
Stock market began the week on a positive note on Monday as investors gained N173 billion and performance indices soared by 0.25per cent. Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation climbed by N173 billion, rising to N70.635 trillion from N70.462 trillion on Friday. The All-Share Index also increased...
The Presidential Compressed Natural Gas Initiative (P-CNGI) has said the CNG sector has attracted over 500 million dollars investments and created over 10,000 direct jobs. The P-CNGI said that 255 new conversion centers that did not exist in 2024 and 53 daughter stations existed currently. Programme Director/Chief Executive Officer,...