Air Peace Ltd. has said the operating cost for a one-hour flight exceeds N14 million. The airline’s Chief Operating Officer (COO), Mrs Oluwatoyin Olajide, disclosed at a news conference on Friday in Lagos. Olajide said that N7 million is required to purchase 4,000 litres of jet A1 (aviation fuel),...
BUSINESS
The Vice-President, Sen. Kashim Shettima has urged Nigerian Deposit Money Banks (DMBs) to ensure seamless availability of Naira notes to the banking public. Shettima made the call on Friday in Abuja, at the 2024 Bankers ‘ Committee Retreat. He was represented by Tope Fasua, Special Adviser on Economic Affairs,...
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says it has finalised an agreement with Dangote Refinery for the supply of Premium Motor Spirit (PMS) for the upcoming Christmas and New Year celebrations. National PRO, PETROAN, Dr Joseph Obele, made this known in a statement on Friday....
The Bank of Industry (BoI) has secured a 50 million dollars loan portfolio from the African Guarantee Fund (AGF). This is in a bid to empower women entrepreneurs and drive economic growth in Nigeria. This innovative guarantee framework agreement is backed by the African Development Bank’s (AfDB) Affirmative Finance...
The equity market closed on a negative note on Thursday, as the market capitalisation dropped by N36 billion or 0.06 per cent. Specifically, the market capitalisation closed at N59.476 trillion compared to the opening value of N59.512 trillion. Similarly, the All-Share Index (ASI) declined by 61 points or 0.06...
The price of the cryptocurrency, Bitcoin, on Thursday surpassed the 100,000 dollars threshold for the first time on the Bitstamp platform. The oldest and best-known cryptocurrency climbed by about 4.8 per cent more than 24 hours, reaching 103,252 dollars at about 0300 GMT. In the past seven days, the...
By OLA MODUPE, Lagos- The Nigerian National Petroleum Company Limited (NNPC Ltd.) has insisted that the Old Port Harcourt Refinery is up and running, with loading operations in full swing. The Group Chief Executive Officer, Mr. Mele Kyari, gave the confirmation at the commissioning of the NUPENG Towers in...
As the cocoa business continues to thrive, stakeholders say the cocoa market in Nigeria comprises 250,000 tonnes in volume, valued at over $6 billion, with international market prices influencing the figure. According to them, currently, cocoa prices have risen to $10,000 per tonne, potentially increasing the market value to...
The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to ensure efficient cash disbursement to the general public over-the-counter and through Automated Teller Machines (ATMs). The directive is contained in a statement jointly signed by CBN’s Acting Director, Currency Operations, Muhammed Olayemi, and Acting Director, Branch...
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed that the Port Harcourt Refinery has resumed production. President of PENGASSAN, Mr Festus Osifo, disclosed this while addressing newsmen at the end of the National Executive Council (NEC) meeting in Abuja on Tuesday. According to Osifo,...
Nigeria has successfully priced 2.2 billion dollars in Eurobonds maturing in 2031 and 2034 in the international capital markets. This is according to a statement by the Debt Management Office (DMO) in Abuja on Monday. The DMO said that the two Eurobonds, with 6.5 years and ten years tenors,...
By TOLU ADEREMI-COLE This year’s France–Nigeria Investment Forum, a major highlight of President Bola Tinubu’s visit to France, ended on a sound note and was mutually rewarding for both countries. For some of us who have attended a few such forums in the past, this year’s edition stands out...
The Nigerian stock market opened the first trading session of the month on a positive note on Monday, gaining N138 billion in market capitalisation. Demand for Tier-One banking stocks, including Zenith Bank, United Bank for Africa (UBA) and Access Corporation, alongside equities such as Transnational Corporation and PZ, drove...
The maiden Chinua Achebe Airport Christmas Trade Fair kicked off on Sunday at the expansive car park of the facility in Umueri. Speaking at the inauguration of the Airport Christmas Trade Fair, Mr Martin Nwafor, Managing Director of Chinua Achebe Airport Umueri said no fewer than 50 exhibitors had...
By EZEKIEL OBI, Abuja – The Central Bank of Nigeria (CBN) has launched its newly redesigned website, www.cbn.gov.ng, scheduled to go live on Dec. 2. Acting Director, Corporate Communications, CBN, Mrs Hakama Sidi Ali, made this known in a statement issued on Sunday. “We are pleased to announce the...
Some small business operators and residents in the Federal Capital Territory (FCT), have decried the scarcity of Naira notes for various transactions. They spoke to the News Agency of Nigeria (NAN) on Sunday in Abuja. Over the past few days, bank customers had experienced difficulty trying to get cash...
A student of Glorious Covenant School, Rivers State, Master Ikenna Ikechukwu, on Saturday emerged champion of the 2024 MTN Nigeria mPulse Spelling Bee Competition. The News Agency of Nigeria (NAN) reports that Ikechukwu emerged the winner at the grand finale, held at the MTN Plaza Rooftop in Lagos. NAN...
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said the bank’s reforms align with efforts to establish a stronger and more resilient African financial architecture. Cardoso said this on Saturday in Abuja during his remarks at the 5th African Union Extraordinary Session of the Specialised...
The Central Bank of Nigeria (CBN) has assured that the Naira’s true value will be restored with the introduction of an electronic FX matching system, which has proven effective in other markets. The Governor of CBN, Olayemi Cardoso, gave the assurance on Friday night during the 59th annual bankers...