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Naira faces pressure in black Market, Trades at N1,635/$
The dollar index remained near its weekly high, while the Nigerian naira fell below a key support line. The local currency dropped below the N1,600/$ support level in the black market. Market fundamentals indicate…
Amidst Scarcity, NNPCL To Become Sole Buyer From Dangote Refineries
The Nigerian National Petroleum Company (NNPC) Limited is set to become the “initial exclusive buyer” of products from the Dangote Refinery as the 650,000 barrel per day plant begins processing of premium motor…
Petrol price seen hitting N1,300/litre on NNPC cash crunch
…Dangote to come on stream The premium motor spirit (PMS), also known as petrol, is expected to sell at N1,300 per…
FCMB Launches HERccelerate to Empower Female Tech Founders in Nigeria
First City Monument Bank (FCMB) has introduced HERccelerate, a tech accelerator program designed to empower and support women-led tech…
PH refinery sucks $1.5bn without producing oil
…Misses September 1 deadline If you think getting a $1.5bn cheque for producing nothing is virtually daydreaming, you haven’t met Nigeria’s Port Harcourt refinery. So much of Nigeria’s resources have been…
Former MTN CEO, Sifiso Dabengwa Dies Of Cancer
Former MTN Group CEO Raymond Sifiso Dabengwa has died this morning after a battle with cancer, his family has confirmed. Dabengwa served as CEO of MTN until his departure due to challenges in Nigeria, the company’s…
Dangote petrol ready for rollout
The Dangote Petroleum Refinery is set to roll out the sale of Premium Motor Spirit, otherwise known as petrol, The PUNCH can report authoritatively. This is coming a few days after the 650,000-capacity refinery…
Nigerian fintech chief fined $250mn after holdings described as a ‘fiction’
A US federal court has ordered a Nigerian businessman, who last year sought to buy the English football club Sheffield United, to pay more than $250mn in fines and barred him from serving as a director of a public…
Atiku demands NNPCL’s listing on stock market
The 2023 Peoples Democratic Party presidential candidate, Atiku Abubakar, has called on President Bola Tinubu’s administration to promptly list the Nigerian National Petroleum Corporation Limited on the Nigeria…
Cardoso sacks NIRSAL Executive Magt
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has sacked the Executive management of the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL). A source at the…
Enwereji Replaces Ireti Samuel-Ogbu As Citibank MD/CEO
Nneka Enwereji has succeeded Ireti Samuel-Ogbu as the Managing Director/Chief Executive Officer of Citibank Nigeria Limited. In a statement on Thursday, the bank said the appointment took effect on…
CBN Report Warns Of Rising Financial Strain For Citizens
A report from the Central Bank of Nigeria has warned of more financial strain for Nigerians, according to The Punch. The Punch said the report noted that more Nigerians may rely on borrowing to cover…
Reps back Dangote’s industrialisation stride
Dangote Group’s industrialisation stride in Nigeria has received yet another momentum as federal lawmakers back the company’s stride. Members of the House of Representatives who visited Dangote Cement Plc in…
FCCPC gives businesses one month ultimatum to reduce prices, says defaulters will be penalised
The Federal Competition and Consumer Protection Commission (FCCPC) has threatened to penalise businesses involved in price fixing and gouging, issuing a one-month moratorium for them to reduce prices. Price…
OVH Acquisition: CAC dissolves NNPC retail, Nueoil
The Corporate Affairs Commission (CAC) has dissolved the downstream arm of the Nigerian National Petroleum Company Limited (NNPC Retail)…
Ethiopian Airlines no longer interested in setting up Nigeria’s national carrier – CEO…
Mesfin Tasew Bekele, the CEO of Ethiopian Airlines has said it no longer has intention to set up national carrier for Nigeria. In a video interview with Bloomberg Africa, Bekele said plans for Ethiopian Airlines…
Etuh, Danjuma acquire Notore Chemical for $150m
Thomas Etuh, founder of Tak Agro, in partnership with Theophilus Danjuma’s TY Holdings, has acquired Notore Chemical Industries Plc in Onne, Rivers State, for $150 million, BusinessDay has learnt. Tak Agro is a key…
CBN lifts suspension on bank borrowing, sets 31.75% lending rate
The Central Bank of Nigeria (CBN) has lifted its suspension on bank borrowing from its Standing Lending Facility (SLF). Following the 296th Monetary Policy Committee (MPC) meeting, the apex bank has set the…
South Africa’s Johan Rupert overtakes Dangote as Africa’s richest man
South Africa’s luxury goods tycoon Johann Rupert has become Africa’s top billionaires, overtaking Nigeria’s Aliko Dangote, who has lost the prime spot. The 74-year-old controls the world’s largest luxury…
ENI-Oando ‘speedy’ approval questions lingering divestments
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has come under scrutiny following the approval of…
NUPRC rejects Shell’s $1.3bn onshore asset sale to Renaissance
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has rejected Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion. Sources close to the…
Concerns as Emirates opens ticket booking in dollars
Stakeholders in the travel industry have raised concerns over Emirates decision to open ticket booking on Nigerian routes in dollars, ahead of its resumption of flights in October 1. BusinessDay’s checks on…
NNPC absorbing actual costs of petroleum products, says Tonye Cole
Tonye Cole, co-founder of Sahara Group, says the Nigerian National Petroleum Company (NNPC) Limited is…
Dangote Cement Gboko Commits to Sustainable Infrastructural development of Host communities
The management of Dangote Cement, Gboko Plant has declared that its host communities are critical…