Business

GlaxoSmithKline (GSK), a British pharmaceutical multinational, has quit Kenya four months after its market-shaking exit from Africa’s largest economy, Nigeria. In what appears to be a global restructuring of its…

The Nigerian Electricity Regulatory Commission (NERC) has announced that the federal government paid the sum of N2.8 trillion to subsidies electricity consumed in the country from 2015 to 2022. Sanusi Garba, the…

Africa’s largest petrochemical refinery, the $20-billion Dangote Oil Refinery, owned by Aliko Dangote, Africa’s wealthiest individual, is gearing up to revolutionize the…

In eleven months to November 30, about N1.785trillion worth of Nigerian equities were traded by only ten stockbroking firms led by Cardinalstone Securities Limited, Stanbic IBTC Stockbrokers Limited, and APT Securities &…

Nigeria’s crude oil production fell to 1.4 million barrels per day in November 2023. This is according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).   The data reveals that in the highlighted…

PZ Nigeria Plc has debunked speculations that it is planning to exit Nigeria. A senior official of the company told The Nationyesterday that the shareholders of the company have resolved to stay-put in the country to…

The Corporate Affairs Commission has announced its decision to remove 91,843 companies from its registry as a consequence of their failure to submit their annual returns. This list, published on the commission’s…

The National Bureau of Statistics (NBS) said the aggregate value-added tax (VAT) stood at N948.07 billion in Q3 2023. This is according to the VAT Q3 2023 report released in Abuja on Monday. The report showed a growth…

The Central Bank of Nigeria has issued a new directive to all banks, other financial institutions, and non-bank financial institutions, suspending the processing charges previously imposed on large cash deposits. This…

The Central Bank of Nigeria has assured the public that the Nigerian banking industry is resilient and that banks are meeting up with the different regulatory requirements.   In a statement named “CBN Assures That…

We expect the naira to end 2024 at N861.5 to a US dollar,” were the words of the Economic Intelligence Unit (EIU), the research and analysis division of the Economist Group, as captured in their December country report for…

Billionaire businessman, Femi Otedola, has said that Dangote Refinery will champion energy security in Nigeria. Otedola said this on Sunday on his X handle, where he congratulated Africa’s richest man and his “bestie,”…

Amidst complaints by some Nigerians about the scarcity of Naira notes, the Central Bank of Nigeria (CBN) insists there is an…

The manufacturing sector suffered a 400 percent increase in net foreign exchange loss to N466 billion in nine months ending September, reflecting the severe impact of the foreign exchange (Forex) market regime. Sector…

The death has occurred of Mr. Anthony Obinna Chukwu, father of the CEO/Founder of Nairametrics, Ugochukwu “Ugodre” Obi-Chukwu. The patriarch of the Chukwu family, aged 81, was a respected community leader and…

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to further hike Monetary Policy Rate (MPR)  when next its Monetary Policy Committee (MPC) meets. The position of the Fund was given by…

OPEC has urged its member countries to reject calls for fossil fuel phase-out at the ongoing COP28. In a recent letter addressed to its members, Haitham Al-Ghais, the Secretary General of the Organization of Petroleum…

The Nigerian government has exempted the importation of liquefied petroleum gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT). The move is expected to result in a drop in the cost of…

As the price of condoms skyrockets in Nigeria, medical practitioners and other concerned stakeholders fear that it could lead to low demand and force many people into unsafe sex, which could increase sexually transmitted…

Despite no African billionaires ranking among the world’s 100 wealthiest individuals, the absence of any African families on the list of the world’s 25 richest families…

Broadcasting company Multichoice has jacked up the prices of its offerings in Nigeria days after announcing a $72m loss in its financial statement for the third quarter of the year. Checks on the company’s reviewed price…

Fintech companies such as Opay, FairMoney, and Palmpay are licensed to receive deposits and, as such, are not impacted by the Nigeria Inter-Bank Settlement System (NIBSS) circular issued on December 5, 2023. This…

The Nigerian Naira reached a new historical low on Friday, December 8th, 2023, closing at N1,099.05 per dollar in the official market.   This represents a significant depreciation of 23.29% compared to its previous…

The Corporate Affairs Commission (CAC) has reversed its directive of N100 million in minimum paid-up capital for companies with foreign participation. This was revealed by the commission via its social media handle on…