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...
BUSINESS
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...
The Central Bank of Nigeria (CBN) says it has reintroduced the publication of several key economic reports to foster transparency in the economy. This is contained in a statement by the CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali on Tuesday in Abuja. Sidi-Ali said that it...
In the aftermath of the recent nationwide hunger protests, the prices of cooking gas and food items have skyrocketed in Kaduna. Prices of goods such as provisions, grains and other staple food items are rising steadily in markets and shops across the board. Checks by a News...
The domestic bourse reversed its previous session’s gain on Monday, recording a loss of N404 billion or 0.72 per cent for equity market investors. The market’s decline was primarily driven by losses in major stocks, including BUA Cement and Tier-one banks such as Zenith Bank and Guaranty...
The Nigeria Deposit Insurance Corporation (NDIC) has paid 82.36 per cent of depositors with above N5 million as insured sum in the defunct Heritage Bank. The NDIC Director of Communication and Public Affairs, Mr Bashir Nuhu, in a statement on Sunday, said that the step underscored the...
Shell Companies in Nigeria (SCiN) won the coveted Best Exhibitor award at the 2024 Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers (SPE) held in Lagos August 5 – 7, in addition to seven trophies won by employees. The Shell exhibition combined educative posters with...
Vice-President Kashim Shettima has commended the telecommunications giant, MTN Nigeria, for donating N1 billion to the Federal Government’s Food Support Programme. Shettima also thanked the telecommunications company for donating 4,600 units of digital devices for distribution to schools. The Vice-President made the commendation on Friday when he received...
By OLA MODUPE, Lagos – aaaa The Chief Executive Officer, Arik Air Ltd., Capt. Roy Ilegbodu, on Thursday announced resumption of flight operations of the airline, effective, Aug. 8. Ilegbodu, in a statement issued in Lagos, assured numerous customers that the airline would ensure a smooth and seamless return...
Wema Bank has said it would train and empower 100,000 youths and Micro, Small and Medium Enterprises (MSMEs) in Ekiti. The bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, in a statement on Thursday, in Ado-Ekiti, said the training would be in partnership with Ekiti...
Investors’ renewed interest in MTN Nigeria, Zenith Bank, Guaranty Trust Holding Company (GTCO), and other stocks on Thursday made the equity market to gain N578 billion. Notably, the market capitalisation of listed equities on the Nigerian Exchange Ltd. (NGX) rose from N55.130 trillion to N55.708 trillion, reflecting...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN), has offered 876 million dollars to the foreign exchange (fx) markets to fulfil bids submitted by customers at an auction concluded on Wednesday. The CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement...
The Central Bank of Nigeria (CBN) has said it undertook the sale of foreign exchange (Fx) to end users through a Retail Dutch Auction System (rDAS). According to a statement by Omolara Duke, Director, Financial Markets Department of the apex bank, the step was taken on Tuesday to...
Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance provider, has announced the appointment of Ibrahim Puri and Sonny Iroche as Independent Non-Executive Directors of its non-life insurance business, Heirs General. The appointments further strengthen HIG’s governance and leadership team. HIG has enjoyed rapid growth since its launch in 2021, as...
By MBAFAN ADE – The Board of Directors of the African Development Fund, the concessional window of the African Development Bank Group, has approved a loan of $60 million to the Republic of Benin to finance the second phase of the country’s Economic Governance and Private Sector Development Support...
The Nigerian equity market started the week on a negative note, losing N93 billion due to sell-offs in MTN Nigeria, Transnational Corporation (Transcorp), and other declining stocks. Specifically, the market capitalisation, which opened at N55.497 trillion, shed N93 billion or 0.17 per cent to close at N55.404...
Np The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the introduction of Utapate crude oil blend, a new oil grade into the international crude oil market. The NNPC Ltd. said from Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd’s upstream subsidiary, the Utapate crude...