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Business
“Nigeria’s oil and gas sector generated $764.52 billion from 1999 to 2021” – NEITI
Nigeria’s oil and gas sector generated $764.52 billion from 1999 to 2021. This is according to Dr Ogbonnaya Orji, the Executive Secretary at the Nigerian Extractives Industries Transparency Initiative (NEITI). He…
Over 26.5m Nigerians risk food crisis in 2024
A report by Cadre Harmonise (CH) has alerted that about 26.5 million people in 26 states of Nigeria will face a food crisis between June and August 2024. The research result is contained in the November Analysis…
FATGBEMS RESTATES COMMITMENT TO PETROLEUM INDUSTRY, EXPANDS BUSINESS FRONTIER WITH AGRO-ALLIED…
Fatgbems a prominent player in the nation’s downstream oil sector has announced a restructuring which will transform…
Africa’s richest man Aliko Dangote makes $800 million in 10 days
After seeing his net worth dip below the $15.5-billion mark just ten days ago, Aliko Dangote, Africa’s wealthiest individual, has experienced a notable resurgence, surpassing…
Nigerian billionaire Femi Otedola sells 1 million shares in Geregu Power
In a routine move mirroring his earlier transactions towards the end of October, Nigerian billionaire businessman Femi Otedola has divested another one million units of his…
Full Text of Yemi Cardoso’s speech at the CIBN dinner
Olayemi Cardoso, Nigeria’s latest Central Bank governor, made his first policy speech since becoming governor in September, at the Chartered Institute of Bankers of Nigeria’s annual dinner in Lagos on Friday.…
Cardoso defends MPC meeting postponement
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) on Friday defended the postponement of the Monetary Policy Committee (MPC) meeting, saying it has satisfied the statutory requirement of meeting four…
CBN directs banks to increase capital
The Central Bank of Nigeria (CBN) has disclosed plans to increase the capital base of banks in the country. In his speech at the 2023 Bankers’ Dinner on…
CBN sets up FX framework, clears backlog with 31 banks
The Central Bank of Nigeria (CBN) said it has set up foreign exchange frameworks to address the FX issues and has cleared the backlog with 31 banks. Yemi Cardoso, governor of the CBN disclosed this on Friday at…
MTN Nigeria’s N72bn series 10 Commercial Paper offer opens
MTN Nigeria Plc series 10 Commercial Paper (CP) offer of N72.104billion under its Commercial Paper issuance programme has opened. The 266 days CP which opened on Friday November 24 is offered at discounted rate of 14.…
Nigerians lament as fresh naira scarcity hits Lagos, Abuja, Kano, other major cities
Reports of scarcity have emerged across the country despite recent assurances by the Central Bank of Nigeria (CBN) that there is enough naira in circulation. A survey on Wednesday confirmed scarcity in some parts of…
Central Bank Governor Olayemi Cardozo Set to Address the Nation
Governor of the Central Bank of Nigeria Olayemi Cardozo will reportedly address the nation by 5…
Market turns south on concerns around inconsistency of MPC meeting
Nigeria’s equities market failed to stay on the positive path on Wednesday as investors routed to take profit across tickers that have risen significantly this year. This negative was further fuelled by investors’…
Naira weakens across FX markets as dollar shortage lingers
Nigeria’s Naira weakened across official and unofficial markets as dollar shortages linger on Tuesday and Wednesday on the foreign exchange (FX)…
JUST IN: FG Storms Supreme Court, Seeks Extension of Old Naira Notes Validity
The Federal Government has approached the Supreme Court seeking an extension of the validity of old naira notes beyond the current deadline of December 31, 2023. In a fresh application filed before the apex court,…
Sam Altman returns to OpenAI as CEO
The brain behind ChatGPT and former CEO of OpenAI, Sam Altman is set to return to the company as after a few days of drama that saw his exit from the company he co-founded. Altman announced his planned…
OpenAI staff threaten mass exodus to join ex-CEO Altman
Hundreds of staff at OpenAI threatened to quit the leading artificial intelligence company on Monday and join Microsoft, deepening a crisis triggered by the shock sacking of CEO Sam Altman. In a fast-moving sequence…
CBN: Is Cardoso Confused?
The Governor of the Central Bank of Nigeria, CBN, Oluyemi Cardoso has continued to keep Nigerians guessing about his policy…
Lamentations galore as escalating drug prices plague Nigeria following GSK’s departure
Nigeria’s pharmaceutical landscape is reeling from a catastrophic surge in drug prices triggered by the exit of GlaxoSmithKline (GSK), leading to an alarming crisis in access to essential medications. The spike in…
Eni suspends World Bank’s arbitration on OPL 245 dispute
Italian oil company, Eni, have temporarily halted arbitration regarding an oilfield dispute with the Nigerian government, buying time to discuss the conversion of a license from prospecting to one for production,…
Elumelu’s wife, firm acquire 23m units of UBA shares
Dr. Vivian Awele, the wife of billionaire businessman, Tony Elumelu, and a company he founded, HH Capital Limited, have acquired 23,196,236 units of the shares of the United Bank for Africa. This was revealed…
FX pressure continues as naira falls to N1,140 per dollar
The pressure on the foreign exchange (FX) market continued on Monday as the Nigerian naira fell to N1,140 per dollar on the black market, popularly called black…
52 taxes, unresolved N200bn USSD debt squeeze telcos
The number of taxes and levies telecom operators in Nigeria are forced to pay to federal, state and local government agencies has increased to 52 from 41, according to Gbenga Adebayo, president of the Association of…
“Rice price to increase by 32%, production to grow by 3.6% in 2024”- Report
The price of paddy rice has been projected to increase by 32% in the 2023/2024 crop production year as production output is expected to grow by 3.6%. This is according to the AFEX Wet Season Crop Production…