Diamond Stripes Limited through its Special Purpose Vehicle (SPV) – Pragmatic Palm Limited, is set to revive the moribund Enugu-based United Palm Produce Limited (UPPL), as the firm has signed a deal with the Enugu State Government to acquire a controlling stake in UPPL. Diamond Stripes, established...
BUSINESS
The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd.) and Natural Oilfield Services Ltd. (NOSL) have announced the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State. The NNPC E&P Ltd. is an NNPC Ltd’s flagship upstream subsidiary,...
The trajectory of the Nigerian Maritime Administration and Safety Agency (NIMASA) has always been in the news for negative reasons. For instance, among its past Directors-General, we have those who have faced corruption charges in the law courts. But the new helmsman, Anthony Ekundayo Mobereola, has a high...
By OLA MUDOPE, Lagos – Dana Air has announced the disengagement of some of its workers amid ongoing operational audit of the airline. The Head of Corporate Communications of the airline, Mr Kingsley Ezenwa, disclosed this in a statement issued on Saturday in Lagos State. Mr. Ezenwa said Dana...
The Nigerian Exchange Ltd. (NGX) has listed N4.075 billion of AVA Infrastructure Series One Fund on its trading platform. Head, Issuers Regulation Department of NGX, Mr Godstime Iwenekhai, disclosed this in a statement on Saturday in Lagos. Iwenekhai said AVA Global Asset Managers Ltd’s., AVA Infrastructure Series 1...
By MBAFAN ADE, Abuja – The Nigerian National Petroleum Company Limited (NNPC Ltd) and First Exploration & Production Limited (First E&P) joint venture (JV) has donated the sum of N53million to non-governmental organizations (NGOs) in Nigeria. A statement from the NNPC at the weekend, explained that the donation of...
The Development Bank of Nigeria (DBN) says it has disbursed over N787 billion to no fewer than 495,000 Micro, Small, and Medium Enterprises (MSMEs) since its inception to 2023. It also said that the disbursement was with a focus on women and youth-led businesses. According to the bank’s...
By CALLISTUS OFFOR, Abuja – Nigeria and Nokia Solutions and Networks Nigeria, have signed a Memorandum of Understanding (MoU), for the training of young Nigerians on latest 4G/ 5G radio and transmission technologies. The MoU was signed earlier this week with the Minister of Communications, Innovation and Digital...
By CALLISTUS OFFOR – Shell Nigeria Exploration and Company Limited (SNEPCo),Bonga, has identified effective leadership, cutting-edge technology, continuous improvement, integrated delivery and collaboration with partners and stakeholders, as reasons for the outstanding success of Bonga, Nigeria’s first deep-water development. Managing Director of the company, Elohor Aiboni, who stated...
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has sealed Residency Hotels, a school and three business premises in the capital city for tax evasion. The FCT-IRS acting Director, Legal Services, Mr Festus Tsavsar, who led the enforcement team, explained that the closure of the premises was in line...
By EMMANUEL KUJE, Abuja – The Executive Vice Chairman/Chief Executive Officer (EVC/CEO) of the National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu has unveiled new products as part of his promise to take NASENI to the market. A statement by the Director Information, NASENI,...
The stock market recorded an upturn due to increased investor demand for banking stocks and other medium-capitalised entities on Thursday, which led to N17.96 billion profit. Specifically, the market capitalisation, which opened at N54.552 trillion, gained N18 billion or 0.03 per cent to close at N55.570 trillion. The...
By JOY ADARA, Abuja – The Nigerian National Petroleum Company Ltd (NNPC Ltd) has said it would continue to invest in the development of huge oil and gas infrastructure to make it easy for operators and prospective investors to carry out their business in Nigeria. The Executive Vice...
By TYAV SAM TYAV, Makurdi – The Managing Director Benue Investment and Property Company Limited (BIPC), Dr. Raymond Asemakaha has assured that the company would launch two subsidiaries, BIPC Bakery and a water factory, on Monday, May 27, 2024. The Managing Director and Chief Executive Officer of the...
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on deposits within some thresholds. This is according to a statement by Adetona Adedeji, acting Director, Banking Supervision Department on Wednesday in Abuja. Adedeji said that the suspension of two per cent and three per...
Binance accuses Nigerian officials of demanding $150m bribe Global cryptocurrency platform, Binance has accused top Nigerian government officials of demanding a $150 million bribe in crypto to settle criminal charges filed against the company. The allegation was made public by Binance Chief Executive Officer, Richard Teng, in a blog...
The Tinubu Media Support Group (TMSG) has said that President Bola Tinubu administration is moving closer to completing the first phase of the Presidential Power initiative (PPI) which will add 2,000 megawatts to the power grid and set the country on the path to efficient power supply. This, according...
Shell exclusively paid a total of $1.09 billion in corporate taxes and royalties to the Government of Nigeria last year through the operations of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo.) The figures, announced in the...
By MBAFAN ADE, Abuja – As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product. This is contained in a statement...
United Bank for Africa Plc (UBA), Africa’s Global Bank , released its financial results for the first quarter ended March 31st, 2024, showing very strong growth across key performance measures. The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw...