By OLA MODUPE, Lagos – Retail Supermarket Nigeria Limited (RSNL), operating as Shoprite Nigeria has announced the decision to close its Ado Bayero Store in Kano from January 14, 2024. In a statement issued in Lagos at the weekend, the company’s Chief Executive Officer, Hubertus Rick, also...
BUSINESS
Shell said it has reached an agreement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance. Renaissance is a consortium of five firms made up of four exploration and production companies based in Nigeria and also an international energy...
By OLA MUDOPE, Lagos – In accordance with applicable tax legislation, the Lagos State Internal Revenue Service (LIRS) has communicated a reminder to all Employers of Labour to submit their annual tax returns on or before the stipulated deadline of January 31, 2024. The Executive Chairman of LIRS,...
African Export-Import Bank (Afreximbank) has successfully arranged a syndicated US$3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL). An initial disbursement of US$2.25 million has been made. A second tranche of US$1.05 million is expected to be disbursed subsequently. United...
Hopes of new projects that would revitalize the Nigerian oil and gas industry and grow local content appear close to realization as the Managing Director and Country Chair TotalEnergies E&P Nigeria Limited, Mr. Matthieu Bouyer reconfirmed on Thursday that the company would take the final investment decision (FID) on the Ubeta...
The Dangote Refinery has started production. The largest single-train refinery in the world located in Nigeria’s commercial hub began operations in the early hours of Friday. This followed the delivery of six million barrels of crude supply to the refinery. Although it was supposed to begin operations...
The Minister of Aviation and Aerospace Development, Festus Keyamo, on Thursday, charged the newly appointed Chief Executive Officers (CEOs) and directors of the aviation agencies to optimally carry out their duties in the best possible way as outlined in the ministry’s key performance indicators. He also...
The Chief Executive Officer of Arvofinance, Mr Ayotunde Bally, has said the lifting of the ban on cryptocurrency trading in Nigeria has the potential to boost the economy and offer financial opportunities. Bally said this while speaking with the News Agency of Nigeria (NAN) on Thursday in Lagos....
The Nigerian Exchange Ltd. (NGX) closed trading on Wednesday on a negative note, due to price depreciation posted by Tier-one bank stocks and some others. Consequently, the All-Share Index declined by 1,167.46 or 1.4 per cent to close at 82,024.28, as against 83,191.84 recorded on Tuesday. Similarly,...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has dissolved the boards and management of Union Bank, Keystone Bank, and Polaris Bank. CBN Acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, disclosed this in a statement on Wednesday in Abuja. According to Sidi-Ali, this action became...
In the bustling capital city of Nigeria, the Bureau of Public Enterprises (BPE) found a visionary leader in Alex A. Okoh. His appointment as the Director General (DG) marked the beginning of a transformative era for the organization and, by extension, the nation’s economic landscape. Prior to his appointment as DG, BPE...
The domestic bourse on Tuesday further recorded a positive performance, making investors to gain N1.93 trillion. Specifically, the market capitalisation closed at N45.523 trillion, representing N1.93 gain or four per cent when compared with N43.597 trillion recorded on Monday. Consequently, benchmark of the All-Share index increased by four...
The dollar paused its rally on Tuesday, as traders reaffirmed their bets for a slew of Federal Reserve rate cuts this year on the belief that inflation in the U.S. is slowing sufficiently. In cryptocurrencies, bitcoin hovered near its strongest level since April 2022 on growing anticipation of...
By CALLISTUS OFFOR, Abuja – The Nigerian Communications Commission (NCC) has granted partial approval to MTN Nigeria Communications Plc to disconnect Globacom due to non-settlement of interconnect charges. The Commission’s Director of Public Affairs, Dr Reuben Muoka, disclosed this in a public notice in Abuja on Monday. Mouka...
By MBAFAN ADE, Abuja – The Central Bank of Nigeria (CBN) has disbursed 61.64 million dollars to foreign airlines through various Deposit Money Banks (DMBs). The Acting Director, Corporate Communications, Mrs Hakama Sidi-Ali, disclosed this in a statement issued in Abuja on Sunday. Mrs. Sidi-Ali said the disbursement is...
Investors net worth on the Nigerian Exchange Ltd. (NGX) further appreciated by N899 billion or 2.11 per cent to end trading for the week. Specifically, market capitalisation closed at N43.593 trillion as against N42.694 trillion recorded on Thursday. Also, the All-Share Index (ASI) also earned 2.11 per cent or...
The equity market on Thursday continued its positive trends with investors’ net worth appreciating by N265 billion on bargain hunting.The positive performance was due to investors’ buy interest in the stocks of Tier-one banks The market capitalisation rose by N265 billion or 0.62 per cent, to close at...
…. With over 4.6 trillion-naira loans to customers in Q3 2023, FirstBank is committed to economic growth and transformation. At the dawn of the new year, it is natural for the Nigerian banking sector operators to anticipate dynamic shifts in regulations, increased digital innovations, and a...
UBA Foundation, the Corporate Social Responsibility arm of United Bank for Africa (UBA) Plc, on Thursday December 21, hosted the 2023 edition of its annual Food Bank initiative as part of its line-up of activities to mark the festive season. The UBA Foundation Food Bank serves as a charitable event dedicated...
By MBAFAN ADE, Abuja – The Nigerian National Petroleum Company (NNPC) Ltd. has said there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. Chief Corporate Communications Officer, NNPC Ltd, Mr Olufemi Soneye, stated this in a statement issued...