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Business
Lagos streets turn outlets for fast food
In a bid to reach more customers and boost sales, fast food restaurants have turned Lagos streets into retail channels to sell their products in cheaper and smaller packs. According…
Libya overtakes Nigeria as Africa’s biggest oil producer
Nigeria has lost its Africa’s top oil producer status to Libya as its crude oil production fell further last month amid lingering supply disruptions, according to a new report by the…
Naira appreciates further, trades N530 a dollar at parallel market
The naira has appreciated further against the dollar at the parallel market on Thursday to trade at N530 per dollar. The figure is N10 or 1.8 percent higher than the N540 it traded on…
Danger as Yahoo Boys hijack POS business in Nigeria
Internet fraudsters known as Yahoo Boys have hijacked POS business in Nigeria ENigeria Newspaper investigation has revealed. Point of sales – POS business operations for decongesting…
Dangote committed to Bridging Unemployment Gap
…as LCCI commends its impact Dangote Industries Limited has restated its commitment to contributing to significant reduction in the number of…
Dangote’s $500M Cement Refinery At Ethiopia Endangered As Rebel Forces Close In
A cement refinery in Ethiopia belonging to Dangote Group risks being damaged in the ongoing conflict by Tigray rebels and its allies against the Ethiopian government and its allies.…
Elon Musk sells $5bn of Tesla stock — days after Twitter poll
Elon Musk, the billionaire founder of Tesla Inc., has sold about $5 billion worth of Tesla’s shares — just days after he polled Twitter users about selling 10 percent of his stake.…
Construction Giant Ronchess PLC gets listed in the Nigerian Stock Exchange
The Nigerian Exchange (formerly known as the Nigerian Stock Exchange), has approved the listing of Ronchess Global Resources Plc on the Nigerian Exchange. In a letter to the Stockbroker on the listing…
Cititrust Holdings Sells 100% Stake In Nigerian Subsidiaries
Cititrust Holdings Plc has sold 100 per cent stake in Cititrust Financial Services Plc Nigeria and its six subsidiaries to Clandun Business Advisory. The group said in a statement on…
NNPC Plans To Rebuild Badagry Expressway Under Tax Credit Scheme
Nigerian National Petroleum Corporation (NNPC) has resolved to rebuild the Badagry Expressway under the Federal Government’s Tax Credit Scheme. The Controller of Works in Lagos,…
Nigeria Holds 29% Africa’s Total Oil Reserve – OPEC
The Organization of Petroleum Exporting Countries (OPEC) has said Africa’s proven oil reserves reached 126 billion barrels in 2019, with Nigeria having 36.9bn, which is about 29 per cent…
Naira gains 3.6% to trade N540/$1 at parallel market
The Nigerian naira has appreciated by 3.6% to N540/$1 at the parallel market — almost four months after the Central Bank of Nigeria (CBN) stopped FX sales to Bureaux De Change (BDCs)…
Billionaire Aliko Dangote’s net worth rises to $19.2bn from $17.8bn in August
Africa’s richest man, Aliko Dangote, has significantly moved up in the Bloomberg Billionaires Index as his fortune increased to $19.2 billion from $17.8 billion in August 2021.…
General Electric broken into three companies
General Electric Co (GE) has announced the splitting of its conglomerate into three public companies, in an effort to simplify its business and pare down debt. The split marks the end…
Johnson & Johnson wins reprieve over $465M opiod judgment
The Oklahoma Supreme Court on Tuesday overturned a $465 million judgment against Johnson & Johnson in a lawsuit by the state alleging the drugmaker fuelled the opioid epidemic…
Aviation Fuel Price Rises By 70%, International Airlines May Raise Fares
The International Air Transport Association has said the price of jet fuel has continued to increase in recent weeks, with its price increasing by 70 per cent since the start…
How congestion in US ports affects Nigerians
Today in the United State of America there have been reported cases of protracted port congestion, especially in key hubs such as Los Angeles, Long Beach, and New York. The…
Five Dealer Managers To Handle UBA’s Dollar-Denominated Bond
United Bank for Africa Plc has contracted five dealer managers to administer its five-year fixed rate benchmark Dollar- denominated regulation S/144A senior unsecured bond under its…
40m unbanked Nigerians to benefit from MTN, Airtel mobile money licenses
Estimated at over 40 million, Nigeria’s unbanked adult population who are mostly in the hard-to-reach rural communities are expected to have access to financial services, thanks to the…
$78.4m Dispute: Court Restrains Orjiako, Two Other Energy Firms From Accessing Funds, Assets…
A Federal High Court in Lagos has restrained Shebah Exploration and Production Company Ltd, Sheban Petroleum Development Company Ltd and Dr Ambrosie Orjiako and persons acting on their…
Foreign Currency Inflows Dropped to $1.83bn in 2020, Year of COVID – CBN
The Central Bank of Nigeria (CBN) has disclosed that it recorded a significant reduction in the volume and cost of foreign exchange procurement in 2020, the year of COVID, when…
CBN says fake N1000, N500 note declined in 2020
The Central Bank of Nigeria says the faking of higher denomination banknotes in Nigeria dropped 20.80 per cent in volume and 12.18 per cent in value in 2020, lower than 84,934…
Prosecute diversion of funds, bar defaulters… CBN revises rules for Anchor Borrowers’ Programme
The Central Bank of Nigeria (CBN) has revised the Anchor Borrowers’ Programme (ABP) guidelines to include prosecution of loan defaulters and blacklisting of farmers. The apex bank’s…
Rainoil gets majority stake in Eterna Plc
Rainoil Limited, a leading player in the downstream oil and gas industry, has completed the acquisition of majority shares in Eterna Plc, a publicly listed oil and gas company. The…