By MBAFAN ADE, Abuja – In a major step towards boosting Nigeria’s oil and gas production, the NNPC-TotalEnergies JV has officially announced a 550 million USD Final Investment Decision (FID) on the Ubeta Field Development Project. The milestone is in line with President Bola Ahmed Tinubu’s Presidential Executive...
BUSINESS
Kogi State Governor, Ahmed Ododo on Wednesday disbursed N370 million Community Revolving Fund (CRF), to farmers to boost food production in the North-Central State The News Agency of Nigeria (NAN), reports that the CRF loan disbursement is in partnership with the World Bank under the ACReSAL project....
FBN Holdings Plc has confirmed the appointment of Mr Olusegun Alebiosu as substantive Managing Director/Chief Executive Officer of First Bank of Nigeria Ltd, (FirstBank), one of its flagship subsidiary. Mr Adewale Arogundade, Acting Company Secretary of the Holdings, announced this in a disclosure sent to the Nigerian Exchange...
The stock market, resuming from the Sallah break on Wednesday, closed on a negative note with indices dropping by 0.08 per cent, amid sell pressure. Sell pressure in the stocks of MTN Nigeria, alongside Tier-one banks, namely: FBN Holdings, United Bank For Africa (UBA), as well as Nigerian...
The average price of 5kg cooking gas increased from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024, according to the National Bureau of Statistics (NBS). This is contained in the Bureau’s “Cooking Gas Price Watch’’ for May 2024 released on Wednesday in Abuja. The report said...
The National Bureau of Statistics (NBS) has said the average retail price of a litre of petrol increased from N238.11 in May 2023 to N769.62 in May 2024. It made the declaration in its Petrol Price Watch for May 2024 released in Abuja on Wednesday. It stated that...
By PAUL ADAJI, Abuja – The Democratic Front (TDF) is convinced that President Bola Tinubu’s pro- business mindset will open up Nigeria’s oil industry for new investments after decades of little or no investment. It said this against the backdrop of the resolution of the long standing–dispute between...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the extension of the deadline for the registration and submission of pre-qualification documents for the 2024 oil block licensing round. The Commission’s Chief Executive (CCE), Mr Gbenga Komolafe, announced the extension in a statement issued on Wednesday. Komolafe said...
FirstBank of Nigeria (FBN) has affirmed that Nigeria can boost its economy by promoting and exporting its creative arts to the world. FBN Group Head, Public Sector West, Dr Timothy Arowoogun, said this in Ibadan on Tuesday at the recreation of a stage play, “Oke...
The National Palm Produce Association of Nigeria (NPPAN), has said Nigeria spends 600 million dollars on palm oil importation annually. Mr Alphonsus Inyang, National President of the association, stated this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja. He described the expenses...
The National Bureau of Statistics (NBS) has said Nigeria’s headline inflation rate increased to 33.95 per cent in May 2024. The NBS said this in its Consumer Price Index (CPI) and Inflation Report for May, which was released on Saturday in Abuja According to the report, the figure...
The Securities and Exchange Commission, Nigeria, SEC, on Friday warned Nigerians against investing in Meme Coins, known as “$Davido”, allegedly linked to popular Nigerian singer David Adeleke, known as Davido. In a statement on its website, SEC said that it does not recognise $Davido as an investment product...
By MBAFAN ADE, Abuja – In order for the oil and gas industry to achieve its full potential as an enabler of national economic and industrial growth, the Group Chief Executive Officer of the NNPC Limited, Mr. Mele Kyari, has called for the support of the judiciary in...
The Naira on Thursday slightly depreciated at the official market trading at N1476.24 to the dollar. Data from the official trading platform of the FMDQ Exchange, revealed that the Naira lost N2.58. This represents a 0.17 per cent loss when compared to the previous trading date on Tuesday...
By MBAFAN ADE, Business Correspondent – The African Development Bank (AfDB) Group has appointed Lamin Barrow, an economist, as the Director-General for the West Africa Region, effective June 1, 2024. Barrow’s appointment came just as the Board of Directors of the AfDB approved a grant funding of $8.6 million...
Nigeria’s crude oil production made a record decline to 1.25 million barrels per day in May 2024, according to the Organisation of Petroleum Exporting Countries. The OPEC monthly oil market report for June seen by Channels Television, puts the country’s average daily output 1.25 million barrels per day...
Vice President Kashim Shettima has commended Zeberced Group Ltd for its plan to create 40,000 jobs and develop the Abuja Industrial Park, among other projects in the FCT. The Vice President gave the commendation on Tuesday while undertaking a tour of the company’s site at Idu, Abuja. He...
Tolaram Africa, a consumer packaged goods company with about five-decade presence in Africa, has acquired a major stake in Guinness Nigeria. Updating the Nigerian Exchange Group of recent development within the bank, Diageo’s Company’s Secretary, Abidemi Ademola, said the terms of an agreement for the acquisition of the...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has executed a Project Development Agreement (PDA) with Golar LNG for the deployment of a Floating Liquefied Natural Gas (LNG) offshore Niger Delta, Nigeria. Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. in a statement on Tuesday said the agreement was...