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Business
Nigerian billionaire Mike Adenuga loses $300 million as net worth further declines to $3.3 billion
Mike Adenuga, the Chairman of Conoil and the founder of Globacom has experienced a notable setback, with a $300 million decrease in his net worth estimated at $3.3 billion, Nairametrics report. Just three months ago, in July,…
Nigerians rely on sport betting, loans as cost of living rises
A growing numbers of Nigerians are turning to sport betting and loans to plug the gap between their incomes and spending as prices of items continues to make rapid…
Temitope Lawani-linked Vivo Energy to expand LPG business in Mayotte with Somagaz deal
Vivo Energy Group Plc, a British downstream petroleum company partially owned by Nigerian businessman Temitope Lawani, is set to acquire Somagaz, an integrated operator…
Naira is in a mindless race to N2000/$ but who can stop it?
Nigeria’s currency is in a mindless race to two thousand to the dollar after its worse week on record. But who can stop this race to the abyss for…
Northern residents feel pain at the pump as fuel hits N685
In a recent development, fuel prices in Nigeria, particularly at filling stations operated by independent marketers, have surged…
At N1,200/$, N985/litre fuel spike squeezes air travel, pricing
• Domestic carriers’ N100,000 per one-way trip may increase to N130,000 • Confusion in downstream as IATA Rate of Exchange surges by N139 in 24 hours • Foreign…
Dangote refinery to displace fuel imports by 2024 – EIU
Output from the Dangote refinery is expected to displace the country’s fuel and chemical imports in 2024, the Economic Intelligence Unit (EIU) has…
FX crisis: Time is running out fast for Tinubu, faster for Nigeria
Investors, leading business people and analysts are urging the Nigerian government to negotiate a standby support programme with the International Monetary Fund (IMF) as a way…
FG to introduce “green surcharge” on imported vehicles
The Nigerian federal government is set to introduce a “green surcharge on imported vehicles” as part of its ambitious plan to boost tax revenues. This announcement was made in the recently released Medium Term…
Cash transfer: FG disqualifies Nigerians without NIN, BVN, CBN begins payment
The Federal Government is reviewing and expanding the National Social Register to accommodate pensioners and ex-servicemen under its Conditional Cash Transfer scheme. It is also removing beneficiaries who have excited the…
Unbanned 43 items: CBN wants to kill our businesses – Local producers cry out
• Say More Factories May Close Down • Naira Slide Continues Despite Policy • Ban Was Ineffective, Current Move Good For Economy — Experts Local…
Naira races to N1,170/$ on dollar shortage
Like in athletics, Nigeria’s currency on Friday raced to an all-time low of N1,170 per dollar on the parallel market, popularly called black. This…
Lekki port struggles to gain traction amidst economic headwinds
Naira devaluation, FX scarcity and high exchange rates are causing a lull in business activities at the nation’s seaport generally, and the brand new $1.5 billion Lekki Deep Seaport is not an exception. The port,…
Julius Rone, Africa’s Entrepreneur Making Waves In Gas Sector
Julius Rone, the renowned entrepreneur and CEO of UTM Offshore Limited, has been making significant contributions to Africa’s economic growth. Known as the ‘King of Gas’, Rone has been instrumental in driving innovation…
Nigeria’s dollar woes leave record N452 billion forex loss across big consumer goods companies
Not showing clear signs of vanishing soon, Nigeria’s dollar drought has become more complicated after Africa’s largest economy allowed its currency to weaken by about…
Airlines increase flight seats to beat high operating costs
As part of strategies to beat high operating costs in the aviation industry, domestic airlines have increased the number of flight seats, allowing more travellers to…
BREAKING: Exchange rate hits all time low as Naira slides to N1,160/$1 at Parallel Market
The naira sustained its slide against the United States dollar Thursday as it weakened further at the parallel market where it sold at N1160/$1, against the N1,100/$1 it traded the previous day. Similarly, on the official…
Bode Agusto founder of Nigeria’s first credit rating agency dies
Bode Agusto, Nigerian economist and founder of Agusto & Co, Nigeria’s first credit rating agency, has passed away at the age of 68, BusinessDay…
Naira tumbles to N1,100 per dollar at exchange market
In a concerning development in the financial market, the Nigerian naira has experienced a significant depreciation, reaching an alarming rate of N1,100 per US…
Seven million customers unmetered as power generation drops to 4,387MW
One of the major crises rocking the electricity sub-sector may remain for long due to inadequate metering of customers. Indeed, despite the two per cent change in the…
Middle East tensions push oil near $100 a barrel
Oil prices surged on Wednesday as tension escalated in the Middle East after hundreds were killed in a blast at a Gaza hospital, sparking concerns about potential oil supply disruptions from the region. Brent crude…
Exchange rate devalues to N848 on I&E Window
The exchange rate between the naira and dollar devalued to N848/$1 on the official investor and exporter window on October 17th, 2023. It also traded at a record at an intra-day high of N981/$1. This is according to…
CBN to sanction banks over cheque rejection from November 1
The Central Bank of Nigeria (CBN) on Tuesday said it would, from November 1, 2023 begin to sanction banks over rejection of ‘Magnetic Ink Character Recognition line’ (MICR Line), which it called MICR reject, in cheque…
Data centres weigh price hike as energy costs soar
The high cost of energy is forcing data centres in Nigeria to consider increasing the price of their services – a development that would impact…