Aiteo Eastern Exploration and Production Company (AEEPCO), operator of the Nembe Oilfields has resumed the production and export facility off Bayelsa coastline operation, shut due to oil spill from a loading mishap. Aiteo announced the resumption in a statement by its Spokesman, Mr Mathew Ndianabasi on Saturday The...
BUSINESS
Losses in Teir-one banking stocks on Friday pushed the market indices into a negative terrain, making investors to lose N56 billion. Specifically, sell-offs in the stocks of Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Fidelity Bank, Wema Bank, as well as Nestle and African Prudential, among...
The Debt Management Office (DMO) says Nigeria’s total public debt stock hit N121.67 trillion (91.46 billion dollars) in March. The Director-General of the DMO, Patience Oniha, made this known in a statement on Friday in Abuja. Oniha said that the debt stock comprised the total external and domestic...
The share market value of Fidelity Bank Plc on the Nigerian Exchange Ltd. (NGX) dropped by N14.4 billion on Thursday, amid the opening of N127.1 billion rights issue and public offer. At the close of trading, the bank’s stock, which opened at N10.85, lost 45k or 4.15...
African Export-Import Bank (Afreximbank) has committed a two billion dollar facility to the “Africa Health Security Investment Plan” to support the health product manufacturing ambition of the continent. The commitment was made under a renewed partnership between Afreximbank and the Africa Centers for Diseases Control and Prevention (Africa...
JOEL OLADELE,Abuja In a major milestone, Ethiopian Airlines, Africa’s largest airline group, has been crowned the winner of the prestigious ‘Best Entertainment in Africa’ and ‘Best Wi-Fi in Africa’ awards at the 2024 APEX Passenger Choice Awards. In a press release by the organization on Thursday, the airline’s commitment...
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...
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...