The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Heritage Bank Plc. The insurer of depositors’ funds said this in a statement on Monday shortly after the Central Bank of Nigeria (CBN) revoked the commercial bank license with national authorisation. The apex bank also...
BUSINESS
By MBAFAN ADE, Abuja – c The Central Bank of Nigeria (CBN), has announced revocation of the licence of Heritage Bank Plc with immediate effect. The Acting Director, Corporate Communications Department, Hakama Sidi-Alion, disclosed this in a statement issued on Monday in Abuja. Sidi-Ali said the action was in...
Nigeria business community has confirmed its commitment to comply with the provisions of the disability laws, especially in providing five per cent employment opportunities for People Living with Disabilities (PwDs) They made the commitment at a conference recently held in Lagos between members of the business community and...
Trading on the Nigerian Exchange Ltd. (NGX) this week closed higher by 1.73 per cent, following investors’ increased demand for banking, insurance, consumer as well as oil and gas stocks. Specifically, the All-Share Index and Market Capitalisation appreciated by 1.73 per cent to close the week at 99,300.38...
Oando Plc, an energy solution provider, has posted a turnover of N3.4 trillion in its 2023 full year-end unaudited financials. The figure represents an increase of 71 per cent when compared to N1.9 trillion posted in 2022. Mr Wale Tinubu, Group Chief Executive Officer, Oando Plc, said this...
The World Bank Group (WBG) and the International Monetary Fund (IMF) deepen cooperation to help countries scale up action to confront the threat of climate change. This is according to a statement by the IMF, a copy obtained by the News Agency of Nigeria (NAN) in Abuja on...
By CALLISTUS OFFOR, Abuja – The Nigerian Communications Commission (NCC) is committed to driving the country’s digital economy and President Bola Ahmed Tinubu’s Renewed Hope Agenda forward by integrating its Key Strategic Focus Areas into its regulatory framework, ultimately aiming to propel the growth and development of Nigeria’s...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Thursday announced the signing of a settlement agreement facilitating the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc. This is coming two years after the divestment plan was announced. The NNPC Ltd., in...
The President, African Development Bank (AfDB), Dr Akinwumi Adesina, has said an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent. Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the...
The African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has reaffirmed the bank’s commitment to continue to deliver at scale to countries in the continent. Adesina said this at the sideline of an event to celebrate the bank’s 60th anniversary. The event was held on the sidelines of...
The Naira on Monday experienced huge appreciation at the official market, trading at N1,339.33 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira gained N143.48 This represents a 9.67...
Access Bank Plc. has again been ranked Nigeria’s most valuable brand by Brand Finance, a leading brand valuation consultancy. Managing Director/Chief Executive Officer of Access Bank Plc., Mr Roosevelt Ogbonna,said in a statement on Sunday that the bank was proud of the feat and would continue to deliver...
Turkish Airlines has announced that it would on Saturday, May 25, resume its flight operations in Lagos, which were suspended following the disruption of its operations in the state, four days ago. “Due to actions at our counter at the Lagos Murtala Muhammed International Airport that jeopardised...
The National Bureau of Statistics (NBS), says prices of rice, garri, tomato, beans, yam and other food items increased in April 2024. The NBS said this in its Selected Food Prices Watch report for April 2024 released in Abuja on Friday. The report said that the average price...
The Nigerian National Petroleum Company (NNPC), Energy Services Limited (EnServ) and Schlumberger (SLB), a renowned global technology company, have signed a technical partnership agreement toward bolstering upstream operations. The agreement was signed at the NNPC Ltd’s Corporate Headquarters in Abuja on Thursday, with senior management teams from both...
Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said the Federal Government is set to seal a deal worth 20 billion dollars to boost oil and gas production in Nigeria. Lokpobiri said this on Thursday in Abuja when a delegation of Schlumberger (SLB) Ltd. led...
The stock market on the Nigerian Exchange Ltd. (NGX) declined further, losing N84 billion due to continuous sell-offs, primarily in Tier-one banking stocks and other blue-chips. Major declines in stocks such as Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank For Africa (UBA), Cadbury Nigeria, Guinness, and...
By MBAFAN ADE, Abuja – Nigeria’s premier deep-water development, Bonga, operated by Shell Nigeria Exploration and Production Company Limited (SNEPCo) has won the coveted Asset of the Year award in the Shell Group for 2023, the latest recognition of its best-in-class performance in Safety, Environment and Asset Management....
The Nigerian Civil Aviation Authority (NCAA), has said that it would not hesitate to invoke relevant sections of the organisation’s regulations to sanction Turkish Airlines over mistreatment of Nigerian passengers. NCAA’s Director, Public Affairs and Consumer Protection, Mr Michael Achimugu, disclosed this to newsmen on Wednesday in Lagos....
An Abuja Federal High Court has granted former Commander of the Force Intelligence Response Team, DCP Abba Kyari, a two-week bail. Kyari was granted bail to enable him return home and complete the burial rites of his late mother. The court subsequently set Friday, May 31 for determination of...