Category: Business
The World Bank has approved a $723 million grant package for Ukraine, which would help the country’s government budget while it fights a Russian invasion. The World Bank Board of Executive Directors authorized a supplemental budget support package for Ukraine, termed Financing of Recovery from Economic Emergency in Ukraine for $489 million, according to a statement posted […]
A US company, with the aid of the United States Embassy and Consulate in Nigeria, has launched a $100 million state-of-the-art diaper manufacturing facility in Ikorodu, Lagos. The new facility is Kimberly Clark’s, an American brand headquartered in Texas, the United States with operations across many countries. According to the company in its press release […]
Nigerian National Petroleum Company Limited (NNPCL), has said it is determined to help boost power generation and supply in the country through greater investment in the power sector. Managing Director of NNPC, Mallam Mele Kolo Kyari, who disclosed this when he led the top management team of the company on a courtesy visit to the […]
The Secretary-General, African Petroleum Producers’ Organisation, (APPO), Dr. Omar Farouk Ibrahim, has said the continent needs to find ways of getting governments to commit a certain percentage of windfalls to a special fund for the sustenance of the oil and gas industry. Ibrahim said a guaranteed source of revenue is the only way for the […]
The Nigerian National Petroleum Company (NNPC) Limited has explained why the over 40 licensed refineries in the country are not producing Premium Motor Spirit, popularly called petrol. Nigeria has a number of modular refineries in Edo, Delta, Imo and other states, while plans are on to increase the number through private sector investments. However, according […]
The recent SEC settlement against cryptocurrency firm BlockFi may set precedent for broader regulatory crackdown against the undisclosed risks of crypto lending, which should result in increased conformance to regulation by centralised digital asset firms. This, along with other regulatory developments and more clearly defined restrictions for centralised and decentralised finance (DeFi) firms, would be […]
The House of Representatives on Wednesday urged the Federal Government to establish and adequately equip more emergency clinics for road accident victims on federal highways across the nation. It asked the Federal Road Safety Commission to liaise with the Federal Ministry of Works and Housing, and States Emergency Management Authorities to ensure that accident victims […]
The Organisation of Petroleum Exporting Countries (OPEC)has increased Nigeria’s oil production capacity to 1.735 million barrels in April 2022, if possible. This is according to data released on Wednesday on its website following the conclusion of the 26th OPEC and non-OPEC Ministerial Meeting, held via video conference on March 2, 2022. The new production capacity […]
At the first auto finance summit held in Lagos, stakeholders agreed that access to finance would catalyze the growth of Nigeria’s automotive sector. Mr. Etop Ikpe, the CEO of Autochek, an automotive technology company, made this point as the lead speaker at the summit. He highlighted that various stakeholders had been working in silos noting […]
President Muhammadu Buhari has approved $8.5 million dollars to the ministries of Foreign Affairs and Humanitarian, Disaster Management, and Social Development, for the immediate evacuation of over 5,000 (registered and unregistered) Nigerians stranded in Ukraine. These Nigerians slated for evacuation are stranded as a result of the ongoing war between Russia and Ukraine. According to […]
Elated Shareholders of Cadbury Nigeria PLC woke up on Friday, April 11, 2008, to discover that they had bought its shares based on cooked-up audited financial statements. The leading African confectionery maker allegedly overstated its accounts by N13.25bn through stock buyback, cost deferrals, trade loading, and false stock certificates of suppliers to manipulate its reports filed with SEC and The […]
Dangote Cement Plc. is pleased to announce the appointment of Ms. Halima Aliko-Dangote as a Non-Executive Director with effect from February 26, 2022. Halima Aliko-Dangote is the Group Executive Director (GED), Commercial Operations of Dangote Industries Limited (DIL), one of the largest and most diversified business conglomerates in Africa encompassing manufacturing, Cement, Sugar, Salt, Poly-products […]
Nigeria’s biggest oil and gas company by market value Seplat Energy saw its net profit accelerate by 252.8 per cent in 2021 following a swing from a loss position the year before, the company’s audited earnings report issued on Monday showed. Last year marked a turnaround after 2020 when the oil driller fell into loss for the […]
Dangote Cement Plc will pay shareholders a dividend of N20 per share translating to N340.8 billion after recording a revenue of N1.4 trillion for 2021, the company said in a note to the Nigerian Exchange Limited on Monday. The company rewarded its shareholders with N272.6 billion as dividend the previous year, meaning the newly declared […]
Since the later part of 2019, shockwaves from Covid-19 pandemic have been experienced in global economies and the world is yet to recover from the economic downturn. In the past 3 months, there has been an accumulation of troops, tanks, and rockets by Russia on the borders of Ukraine. Why was Russian military build-up going […]
