It’s a given that great organisations need strong, visionary, and disciplined leadership to grow and progress in a highly competitive world that is increasingly buffeted and disrupted by ever more aggressive changes. Cut to the bone, this is the story of the 47-year-old construction giant, Setraco Nigeria Ltd., SNL,...
BUSINESS
By JOY ADARA , Abuja – The Nigerian National Petroleum Company (NNPC) Limited has denied the allegations made by former Vice President, Atiku Abubakar’s claimed that the company was hijacked by corporate cabals around President Bola Tinubu and that the retention of Mr. Mele Kyari as Group Chief Executive Officer...
Investors in the Nigerian equity market lost N64 billion on Thursday due to selloffs in Zenith Bank, FBN Holdings, Transcorp Hotels and other stocks. The market capitalisation dropped by N64 billion, or 0.12 per cent, closing at N54.983 trillion, down from the opening value of N55.047 trillion. Similarly, the...
Nigerian multinational energy company, Oando Plc, has acquired a 100 per cent shareholder interest in the Nigerian Agip Oil Company (NAOC) from Eni, an Italian energy company, at 783 million dollars. Group Chief Executive Officer, Oando, Mr Wale Tinubu, disclosed this in a notification sent to the Nigerian Exchange...
The National Data Protection Commission (NDPC) has imposed a hefty fine of N555.8 million on Fidelity Bank for violating its customers’ data privacy. The NDPC’s National Commissioner, Vincent Olatunji, disclosed this during a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive held on Wednesday...
A leading academic has identified the targeted investments in education by the Shell Petroleum Development Company (SPDC) Joint Venture as a catalyst for addressing Nigeria’s energy challenges. Professor Anene Moneke, Director of the NNPC/SPDC/TotalEnergies/NAOC Joint Venture Centre of Excellence in Environmental Management and Green Energy (CEMAGE) and holder of...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), on Tuesday said it has recorded a significant increase in remittance inflows of 553 million dollars in July. The CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, who disclosed this in a statement, said the all-time high remittances...
The Nigerian National Petroleum Company Limited (NNPC Ltd.), says it has not paid fuel subsidy to anybody in the last nine months. Chief Financial Officer of the company, Alhaji Umar Ajiya made the clarifications on Monday in Abuja. Ajiya said the NNPC Ltd. was only taking care of Premium...
Opening the week on Monday, investors on the Nigerian stock market lost N750 billion from their portfolios as bearish sentiment persisted. Specifically, selloffs in the stocks of Dangote Cement, alongside Tier-one banks, namely; Guaranty Trust Holding Company (GTCO), FBN Holdings, among other declined equities pulled the market’s performance down....
The Federal Government has offered one FGN bond valued at 500 million dollars for subscription to interested investors. According to the Debt Management Office (DMO) in a statement on Monday, it is a five-year domestic FGN dollar bond due in 2029, at an interest rate of 9.75 per cent...
The Federation Accounts Allocation Committee (FAAC), has shared the sum of N1.358 trillion among the Federal Government, States and Local Government Councils (LGCs) for the month of July. This is contained in a communique issued after FAAC meeting for August on Friday in Abuja. According to the communique,...
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s foreign reserves grew by four billion dollars since January. Edun said this on Thursday in Lagos, at an investor meeting for the issuance of 500 million dollars FGN bond. He said that the aggregate Federal...
Guaranty Trust Bank (GTBankgt) Plc has confirmed an attempt to compromise its website domain. The bank’s management disclosed this in a statement made available to newsmen on Thursday in Lagos. The bank said that the hacking attempt occurred on Wednesday, a day after the bank renewed its domain...
The domestic bourse, for the fourth consecutive session, extended its losses by N57 billion, driven by selloffs in FBN Holdings, Access Corporation and Transnational Corporation, among others. Specifically, the market capitalisation, which opened at N55.188 trillion, shed N57 billion or 0.10 per cent to close at N55.131...
The National Bureau of Statistics (NBS) on Thursday said the Nigeria’s headline inflation rate declined to 33.40 per cent in July. This is contained in the NBS Consumer Price Index (CPI) and Inflation Report for July, which was released in Abuja. The figure is 0.8 per cent points...
The Federal Government, through the Debt Management Office, on Wednesday announced plans to issue N500 million dollars local bond to boost dollar liquidity. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this on Thursday in Lagos at an investor meeting for the...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advocated the establishment of more Alternative Dispute Resolution Centre (ADRC) within the upstream oil and gas sector in oil-producing regions. The Commission’s Chief Executive, Mr Gbenga Komolafe, made the call on Thursday during a Stakeholders’ Engagement and Consultation session on...
By OLA MODUPE, Lagos – The management of the Dangoteaan Refinery has debunked reports of a fixed petrol price of ₦600/litre, describing them as “speculative announcements” with no factual basis. The Group Chief Branding and Communications Officer, Dangote Industries Limited, Anthony Chiejina, disclosed this in a statement issued on...
The Nigerian Exchange Ltd.(NGX) market capitalisation on Tuesday extended losses by N278 billion or 0.50 per cent, following selloffs in BUA Cement, Zenith Bank, FBN Holdings, among other declined equities. Notably, the market capitalisation which opened at N55.574 trillion closed at N55.296 trillion. The All-Share Index also decreased...
The Nigeria Customs Service (NCS) has announced that it will forgo N188.37 billion in import duties following the Federal Government’s directive to remove tariffs and other import duties on key food staples. The Comptroller-General of NCS, Adewale Adeniyi, made this disclosure in his keynote address at the second...