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Concerns as NNPCL seeks fresh $2bn crude-for-cash loan amid fuel scarcity
The Nigerian National Petroleum Company Limited, NNPCL, is planning to secure a fresh $2 billion oil-backed prepayment loan amid fuel scarcity in the country. This is according to a report by Reuters on Tuesday,…
Federal Palace Hotel owners report N31.6 billion losses in 2023, as shareholders’ funds wiped out
Tourist Company of Nigeria Plc, the owners of Federal Palace Hotel have reported a loss before tax of about N31.6 billion for the financial year ended December 2023. The company’s losses increased by almost…
Fear over illicit flow to banks as shareholders struggle with rights
Shareholders have raised the alarm over possible hijacking of the bank recapitalisation process by ‘money bags’, who have no genuine intentions for the industry’s growth. This comes as existing shareholders…
We Paid N543.9 Billion Tax To Nigerian Government In 2023 – MTN
MTN Nigeria Communication Plc. said it paid the sum of N543.9 billion in taxes and levies to the Nigerian government in 2023. The company disclosed this in its 2023 sustainability report released over the weekend,…
Dangote Cement Okpella commits to development, social support for Host Communities
…signs epochal Development Agreement with Okpella Communities Management of Dangote Cement, Okpella has signed a development and social support…
Why Tomato Prices Are On Fire — Farmers, Stakeholders
…FG Should Open Borders, Subsidise Fertilisers — MBF, Northern Youths The reasons for the current high prices of tomatoes, according to farmers, can be traced to high cost of inputs, insecurity, tuta…
Dangote Refinery capable of solving Nigeria’s forex problems; catalysing economic devt, says…
… As Dangote reassures on the commencement of petrol production this July International financial analytics corporation, S&P Global, has described the 650,000…
Hackers steal $664m from crypto investors in six months – DefiLlama
Crypto investors lost $664m to hackers in the first half of the year, marking a more than 50 per cent increase compared to the same period last year, according to data from DefiLlama. The largest aggregator…
CAC extends PoS registration deadline to September 5
The Corporate Affairs Commission has announced the approval to extend the mandatory Point of Sales agents, super agents and sole agents registration to September 5th, 2024. The commission made the announcement in a…
Meet Julius Rone, the gas kingpin pioneering Nigeria’s first floating LNG
Julius Rone stands at the forefront of Nigeria’s energy sector as the CEO of UTM Offshore, a company spearheading the development of the country’s inaugural…
Tolaram appoints Adesuwa Ladoja as MD/CEO of Lagos Free Zone
The Board of Directors of Tolaram, one of Nigeria’s leading conglomerates, has appointed Adesuwa Ladoja as the Managing Director/Chief Executive Officer of the…
£2.6bn Fraud: Petro Union Directors Lose Bid To Stop Trial
A Federal High Court in Lagos on Wednesday dismissed a No-Case-Submission application filed by three Directors of an oil firm, Petro Union…
IATA hails Nigeria over $831m payment
The International Air Transport Association (IATA) has praised the Nigerian government for its swift action in clearing the backlog of foreign airlines’ trapped funds, amounting to over $831million . This…
Nigeria introduces 7.5% VAT on crypto transactions
KuCoin, a cryptocurrency exchange, says it will commence collection of a 7.5 percent value-added…
Subsidy Removal: Nigeria’s debt to petrol traders surpasses $6 billion — Report
Nigeria’s debt to petrol traders has surpassed $6 billion, doubling since early April, as the state oil firm, Nigerian National Petroleum Corporation (NNPC), struggles to cover the gap between fixed pump prices and…
BREAKING: Nigerian Exchange Group confirms Jude Chiemeka as CEO of NGX Limited
Nigerian Exchange Group Plc (NGX Group) has announced the appointment of Mr. Jude Chiemeka as the substantial Chief Executive Officer of Nigerian Exchange Limited, its operating exchange subsidiary. The appointment…
JUST IN: FG raises mining rates by 50 per cent
The Federal Government through the Ministry of Solid Minerals Development has raised the dues and rates paid by operators in the mining sector. The Minister of Solid Minerals Development, Dele Alake, announced the price…
BREAKING: NGX ends H1 2024 as the best performing stock market in Africa
The Nigerian Exchange was the best-performing stock market in Africa in the first half of 2024, with a 33.81% growth in its All-Share Index. The first half of 2024 was a bullish period for capital markets worldwide, as…
NUPRC announces the completion of Oando, Nigeria Agip Oil Company acquisition deal
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Oando PLC has completed the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd). NUPRC Chief Executive,…
N3.5 billion fraud: Olayiwola denies fraud allegations, vows to expose unethical practices of…
Former Globus Bank employee, Babatunde Idris Olayiwola, has refuted allegations of involvement in a large-scale financial fraud, asserting that internal unethical practices prompted his departure from the bank. On…
Vehicle importation down by 45% over forex crisis – CGC
The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, has disclosed that vehicle importation dropped by 45 per cent in the first quarter of 2024, due to foreign exchange challenges in the…
INSIDER: Not Forex, Not Gov’t Policy. Real Reason GSK Left Nigeria After 51 Years
In August 2023, GSK UK PLC, formerly known as GlaxoSmithKline PLC, a British multinational pharmaceutical and biotechnology company, announced plans to discontinue its operations in Nigeria. This was after the company,…
$1.3bn OML 245: Negotiations On Dispute Concluded – Lokpobiri
Minister of State for Petroleum Resources, Heineken Lokpobiri, has confirmed that the ongoing negotiations to end the disputes surrounding oil mining license (OML 245) have been concluded and the block will resume…