The need to secure the future of the petroleum industry in Africa has triggered a concerted move to stem forum shopping in the continent by smart operators, through effective collaboration, knowledge sharing and promotion of global best practices across countries of the continent. On the sidelines of the...
BUSINESS
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso has urged Non-Bank Financial Institutions (NBFI) in the West African Monetary Zone (WAMZ) to strengthen anti-money laundering practices. Cardoso said this on Monday in Abuja, in his keynote address at the 10th Meeting of the College of...
The Nigeria Deposit Insurance Corporation (NDIC) has said the account names discrepancies in Bank Verification Number (BVN) linked alternate account of some defunct Heritage Bank customers is delaying the payment of their insured deposits. Mr Bello Hassan, the Managing Director of NDIC told the News Agency of Nigeria...
By MBAFAN ADE, Abuja – The NNPC Retail Limited has debunked a viral video on social media (specifically on X) depicting a fuel pump attendant at one of our filling stations requiring customers to purchase lubricants or engine oil in order to buy Premium Motor Spirit (PMS), also known...
MTN Nigeria on Saturday announced the construction of its West African largest data centre, a facility with a 1,500-rack and Tier 4 data centre within the country. The News Agency of Nigeria (NAN) reports that a Tier 4 data centre is built to be completely fault-tolerant, has redundancy...
By MBAFAN ADE, Abuja – A total of 2,659 members of the National Youth Service Corps (NYSC) across Nigeria have been pre-qualified for the final phase of the NNPC Foundation Business Pitching Exercise. Billed to hold from July 2nd to 10th, 2024, the exercise is an integral part of...
The Central Bank of Nigeria (CBN) has said it would continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system. The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, said this during a two-day Financial Institutions...
Turkish Airlines has won the Best Airline in Europe Award for the ninth time at the prestigious 2024 World Airline Awards, held in London’s Fairmont Windsor Park. The airline, which said this in a statement on Thursday said it also won two other top awards at the...
The Nigerian equity market closed positive on Thursday with a gain of N6 billion, driven by investor interest in Seplat and sustained interest in Tier-one banking stocks. Specifically, gains in United Bank for Africa (UBA), Access Corporation, FBN Holdings, Guaranty Trust Holding Company (GTCO), Nigerian Breweries, International...
The Lagos Free Trade Zone of the Nigeria Customs Service says it generated N115 billion in revenue over the past six months. Its Customs Area Controller, Comptroller Olanrewaju Olumoh, disclosed this at a stakeholder engagement in the Free Trade Zone in Lagos on Thursday. Olumoh expressed optimism...
Breaking three consecutive sessions of losses, the Nigerian stock market rebounds by 0.17 per cent on Wednesday as investors improve interest in Tier-one banking stocks. Gains in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holding, amongst other advanced equities, were the primary drivers of the positive performance...
The House of Representatives Committee on Corporate Social Responsibility (SCR) has resolved to sanction MTN, Airtel, and other companies for failing to perform their Corporate Social Responsibilities. The committee said that it would enact laws to sanction any offenders in that regard. Rep. Oby Orogbu, the Chairman of...
The domestic bourse continued its downward trend on Tuesday as investors sold off banking, consumer and industrial stocks. Consequently, Nigeria Exchange Ltd. (NGX) market capitalisation shed N49 billion or 0.09 per cent to close at N56.126 trillion, having opened at N56.175 trillion. The All-Share Index also...
The Debt Management Office, has said the rise in Nigeria’s public debt stock from N97.34 trillion in December, 2023 to N121.67 trillion in March is partly due to exchange rate fluctuations. The Director-General of DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN)...
The Kogi State Internal Revenue Service says the state’s Internally Generated Revenue (IGR) profile has risen from N6 billion in 2016 to N23.5 billion per annum. Alhaji Sule Enehe, the chairman of the service, announced this in a stakeholders interactive session held in Lokoja on Tuesday. Enehe explained...
Nigeria’s public debt stock increased from N97.34 trillion (108.23 billion dollars) in the fourth quarter of 2023 to N121.67 trillion (91.46 billion dollars ) in the first quarter of 2024. The National Bureau of Statistics (NBS) said this on Tuesday in its Nigerian Domestic and Foreign Debt Report...
The Nigeria Export Processing Zones Authority (NEPZA) has said the country’s Free Trade Zones generated N11.1 billion between 2020 and 2023. Managing Director of NEPZA, Dr Olufemi Ogunyemi, said this in a statement by his Head of Corporate Communication, Martins Odeh, on Monday in Abuja. Ogunyemi said the...
The Vice President of Dangote Oil and Gas Industries, Mr Devakumar Edwin, has accused International Oil Companies (IOCs) in Nigeria of trying to frustrate the survival of Dangote Oil Refinery and Petrochemicals. Edwin told the newsmen in Lagos on Sunday. Edwin alleged that the IOCs were deliberately and...
By MBAFAN ADE, Abuja – In yet another major step towards boosting nationwide gas supply to drive industrialization and economic growth, the Nigerian National Petroleum Company Limited (NNPC Ltd) is set to deliver the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project. Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari,...
The Abuja Chamber of Commerce and Industry (ACCI), has expressed deep concern over the persistent rise in commodity prices. The ACCI President, Emeka Obegolu, in a statement, said the daily price increments were adversely affecting small-scale business owners and escalating poverty levels. “The surge in prices of essential...