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Dangote Refinery Will Boost Growth of Downstream Sector in 2022, CPPE, Others Affirm
The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, has identified Dangote Petroleum Refinery as one of the key expected drivers of growth that would…
Introduction of Sin Tax will reduce burden of diseases, increase government revenue – ACUF
The Amaka Chiwuike-Uba Foundation (ACUF) has commended President Muhammadu Buhari on the introduction of a N10 per liter excise duty on soft drinks, describing it as a welcome…
Heirs Holdings Launches Tender On OML 17
Heirs Holdings has launched a tender for work on the Elelenwa multi-phase pump gathering station, on OML 17 in Nigeria. The tender is coming close to a year after the firm bought 45 per cent…
Capital importation rises 97% to $1.73bn in Q3’21
The National Bureau of Statistics, NBS, has said that capital importation rose sharply, quarter-on-quarter (QoQ) by 97 percent to $1.73 billion in the third quarter of last year (Q3’21)…
No Issues With Pastor Bakare’s Loan – Wema Bank
Wema Bank Plc has assured that there are no issues or illegalities in respect of the facility it granted Citadel Global Community Church (formerly known as Latter Rain Assembly). The bank made…
Dangote, Adenuga, Rabiu pocket N2.35tn in 2021
Nigeria’s three richest men, Aliko Dangote, Mike Adenuga, and Abdulsamad Rabiu saw their combined wealth jump by 33.9 percent to $22.5 billion (N9.3 trillion) in 2021. According to…
Cooking gas price drops, supply rises, govt projects further decrease
The Federal Government on Thursday said it was putting measures in place to ensure further reduction in the cost of Liquefied Petroleum Gas, popularly called cooking gas. It disclosed this…
First Bank Appoints New Executive Directors
First Bank of Nigeria Limited has announced the appointment of Olusegun Alebiosu, Oluwatosin Adewuyi and Ini Ebong to its board as executive directors. Their appointments are however…
Singaporean richest billionaire, Forrest Li, loses $10 billion of his fortune
Forrest Li, Chairman and Chief Executive officer of Sea Ltd recently lost a huge chunk of his fortune. Li lost about $10 billion of his fortune since the American depositary receipts of the…
Testing firms to lose revenues as U.K. abolishes pre-arrival covid tests
The United Kingdom has abolished the requirement for a negative PCR result to enter the country dealing a blow to Covid testing firms in Nigeria. The British Prime Minister announced the new…
Forex Inflows Into Nigeria Increase By 64% To $30bn In The Q3 Of 2021
The amount of foreign exchange that entered Nigeria in the third quarter of 2021 increased by 64% to $30.18 billion, up from $18.4 billion in the previous quarter. In the review period,…
Manufacturers kick against excise duty on soft drinks
The Manufacturers Association of Nigeria (MAN) has kicked against the Federal Government imposed excise duty on all non-alcoholic and carbonated beverages. Mr Segun Ajayi-Kadir, the…
Nigerian Breweries honours 2020 Maltina Teacher of the Year, donates 200-seater auditorium to school
As part of its promise to reward the school that produces the winner of the Maltina Teacher of the Year Competition, Nigerian Breweries Plc, the foremost brewing company in Nigeria recently…
Coke, Fanta prices to increase as FG imposes N10/litre excise duty on carbonated drinks
The federal government has introduced an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages. Excise duty is a form of tax imposed on the production,…
Once-Indispensable BlackBerry Smartphone Ceases To Exist
Canadian firm BlackBerry Ltd said it will take steps to decommission legacy services for its 10 and OS operating systems, adding that devices running on them will no longer “reliably…
AMCON lists 7,912 names owing N4.4tn as deadline expires today
The Asset Management Corporation of Nigeria is set to publish the names of 7,912 debtors owing it a total of N4.4tn, it has been learnt. The move follows the expiration of the 30-day…
We generated N188.64bn at Onne Port in 2021 — exceeding 2020 revenue by N69bn, Says Customs
The Area 11 command of the Nigeria Customs Service (NCS) in Onne Port, River state, says it generated N188.64 billion revenue in 2021. Ifeoma Ojekwu, public relations…
We paid out over N240bn to customers in 2021 – PiggyVest
PiggyVest, a savings and investment platform, says over N242 billion was paid to 3.5 million customers in 2021. Somto Ifezua, chief executive officer, PiggyVest, disclosed this in a newsletter…
Apple Makes History, Hits $3trn Market Capitalisation
Apple Inc. yesterday became the first company with a $3 trillion stock market value, lifted by investors’ confidence that the iPhone maker will keep launching best-selling products as it explores…
Crude Oil Price Hits $78.34 Ahead Of OPEC+ Meeting
Crude oil market started on a positive note in 2022, rising by 0.72 percent ($78.34 per barrel) ahead of Tuesday’s Organization of Petroleum Exporting Countries (OPEC+)…
FG owes five IOCs $1.15bn cash call arrears, clears $3.53bn debt
A total of $3.53bn has been paid by the Federal Government to five international oil companies as cash call arrears repayment to the IOCs, leaving an outstanding balance of $1.15bn.…
With 50% Increase, Oil Price Records Biggest Annual Gain Since 2009
Oil prices fell at the weekend but still posted the biggest annual gains since 2009, spurred by the global economic recovery from the COVID-19 pandemic and producers’ restraint.…
With 200 Deals, Nigeria Tops List of Beneficiaries of $5bn Investments
Nigeria tops the list of African countries that benefitted from the $5 billion raised by Africa’s technology start-ups in 2021 as investors from the United States and China piled into…
Norrenberger Enters Pension And Insurance Markets With Acquisition Of 100% Stake In IEI
Norrenberger Advisory Partners Limited has acquired a 100 per cent equity interest in International Energy Insurance Company Plc, IEI has announced in a note to the Nigeria Exchange…