Browsing Category
Business
US Senate passes bill to stop Trump’s tariffs on Canada
The US Senate on Wednesday passed a bill aimed at terminating new tariffs on Canada, a few hours after President Donald Trump unveiled a raft of duties on foreign goods against countries spanning the globe. The Senate…
EU mulls countermeasures to new US tariffs
European Commission President, Ursula von der Leyen has described US President Donald Trump’s universal tariffs as a major blow to the world economy. This was as she said the European Union was prepared to respond with…
Experts Laud AMCON As Arik Airlifts 2.2m Passengers In 2024
Arik Air in 2024 airlifted 2,239,176 passengers between January 1, 2024 and December 31, 2024, a report sourced from the Nigeria Civil Aviation Authority (NCAA) has confirmed. This is as experts have commended…
NNPC increases petrol price to N950 per litre in Abuja, N925/litre in Lagos
The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit, also known…
Trump slams 14% tariff on imports from Nigeria in a global blitz
On Wednesday evening, United States President Donald Trump announced sweeping global tariffs on all imports into the country,…
Amazon submits last-minute bid for TikTok – Report
Amazon has made a last-minute bid to buy TikTok, which faces a US ban if not sold by its Chinese owner, the New York Times reported on Wednesday. The offer arrived in a letter to officials involved in talks…
Sterling Bank scraps transfer charges, challenges industry norms
Sterling Bank has taken a bold step in Nigerian banking by abolishing transfer fees on all local digital transactions, making it the first major bank to do so. The announcement, made on 1 April, was initially met…
Nigeria cuts oil production by 50,000 bpd in March as OPEC tightens quotas – Report
Nigeria made the biggest oil production cut among members of the Organization of Petroleum Exporting Countries (OPEC) in March, reducing output by 50,000 barrels per day. According to a Bloomberg report, Nigeria…
JP Morgan Aims to Expand into Merchant Banking in Africa
JP Morgan, an American Bank, is planning to transform its representative office in Lagos into a…
Net FX reserves surged to $23.11bn in 2024 – CBN
Nigeria’s net foreign exchange reserves rose significantly to $23.11bn at the end of 2024, marking the highest level in over three years, according to the Central Bank of Nigeria. In a press statement on Tuesday,…
Ponzi scheme operators risk jail term, N20m fine, SEC warns
The Securities and Exchange Commission, SEC, has warned that promoters and operators of any Ponzi Scheme in the country risk a penalty of not less than N20 million or imprisonment to a term of 10 years or both, upon…
FG threatens to revoke licences for dormant oil blocks
With the Federal Government setting a production target of 2.06 million barrels per day in 2025, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri Tuesday, threatened to withdraw oil…
Nigeria recognises cryptocurrencies as securities in landmark legal shift
Nigeria’s new capital market laws now officially classify cryptocurrencies and other virtual assets as securities for the first time, in what would lead to greater transparency and increased investments. President Bola…
Nigerians borrow N470 billion in personal loans as economic hardship bites harder
The Central Bank of Nigeria (CBN) has revealed that Nigerians borrowed a staggering N470 billion in personal loans from banks in the last quarter of 2024. This disclosure was contained in the apex bank’s Fourth Quarter…
Nigerian Airports As Drainpipe On FG’s Finances
Eighty percent of Nigerian airports are performing at a loss. Some airports generate between…
Nigeria’s foreign reserves dropped by $2.55bn in Q1 2025
Nigeria’s foreign reserves depreciated by $2.55 billion in the first quarter (Q1) of 2025. According to data obtained from the Central Bank of Nigeria (CBN), TheCable Index analysis showed that the foreign…
MultiChoice loses 3.7 million subscribers in 24 months
MultiChoice, operator of DStv and GOtv, has warned its shareholders to prepare for more difficult times ahead, as the company grapples with a tough economic landscape. The pay-TV…
Wema Bank’s Profit Jumps 135% To N102.5bn
Wema Bank grew its profit before tax to N102.51bn, representing an increase of 135 per cent over the N43.59bn recorded in the corresponding period in 2023. According to the statement made available to Daily Independent,…
China blocks $23 billion sale of Panama Canal, other ports worldwide to BlackRock-owned group
Chinese antitrust regulators are investigating a US consortium’s deal for two ports in the Panama Canal zone, reportedly…
Subscribers hit as telco towers turn targets for vandals
Persistent attacks on telecommunication infrastructure, including fibre cuts, vandalism, and theft, are disrupting network…
BOMBSHELL: Oando in accounting insolvency, financial woes raise eyebrows over refinery deal
Nigerian energy company, Oando PLC, the Government’s preferred bidder for the lease of the…
Petrol: Dangote refinery resumes loading trucks after payment
Dangote Petroleum Refinery has resumed loading of the Premium Motor Spirit, PMS, also known as petrol on trucks for oil marketers. With the suspension of Naira for crude programme, rising price of crude oil and…
Reps Panel Recovers N50bn In Unpaid Royalties, Taxes From Oil Firms
The House of Representatives Public Accounts Committee has recovered an additional N21 billion from four oil firms in unpaid revenue, royalties, and taxes, bringing the total money recovered to over N50 billion from…
Rising data costs may ambush Nigeria’s content creation boom
…Viewers reduce appetite for video content …Creators lament traffic slump …Nigerians now economical with data The content creation industry in Nigeria has seen an unprecedented boom in recent years, fueled…