Category: Business
The World Bank has warned that Nigeria could lose around N5trillion in the year from subsidising petrol. The World Bank, in its Nigeria Development Update (NDU) released yesterday in Abuja, said N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest […]
Shareholders of Dangote Cement Plc yesterday approved 25 per cent increase in dividend payouts amid commendations for the board and management of the cement giant. Shareholders unanimously approved 25 per cent increase in dividend per share to N20 per share for the year ended December 31, 2021 as against the N16 paid for the 2020 business year. […]
The Lagos State Government on Tuesday inaugurated Anti-Okada Squad to further enforce the clampdown on commercial motorcyclists in the state which is in line with the Transport Sector Reform Law (TSRL), 2018. This was revealed by Dr Frederic Oladeinde, the Commissioner for Transportation in a statement in Lagos. The anti-Okada squad is to work with […]
META-owned platform, WhatsApp has expressed readiness to help business owners in Nigeria and other parts of Africa expand their businesses. Doing this, WhatsApp announced the launch of the WhatsAppreneurs campaign, which will profile small entrepreneurs from Africa, who are using the WhatsApp Business app to grow their business and reach more customers. Checks by The […]
The Central Bank of Nigeria (CBN) has revealed that after months of drop, Nigeria’s external reserve has recorded three consecutive days of increase. CBN stated this in its latest foreign reserves data on its website. The latest figure which is on Thursday June 9 shows the reserves currently stand at $38.51 billion, an increase from […]
Fourteen-year-old Oluebube Ogbonna has been declared the winner of the first Igbo Spelling Bee competition held in Anambra state. Ogbonna, a student of Divine Rays British School Obosi, in Idemili north council area of Anambra State, emerged winner in the competition, involving 356 secondary school students in Awka, Nnewi and Onitsha. The event was organised […]
Despite reportedly having the 5th largest cattle herd in Africa, Nigeria in the first three months of the year spent over N27.664 billion importing milk. The National Bureau of Statistics (NBS) made the revelations in its ‘Foreign Trade Statistics’ published on its website and obtained by Ripples on Tuesday. In the report, the commodity, which is labelled […]
The price of Bitcoin, the world’s most popular cryptocurrency, fell towards $20,000 on Monday amidst concerns that systemic risk in the crypto ecosystem will accelerate the digital-asset market meltdown. The world’s largest digital token tumbled as much as 17.38 per cent to $23,252 at around 04:43 pm Nigerian time on Monday, data from Coinmarketcap showed. It […]
The Federal Government, yesterday, raised concerns about the inability to meet up the 3.6million metric tonnes (mt) demand for fish as the country only produces 1.2million metric tonnes leaving a wide gap of 2.4million mt. While the Federal Government has been encouraging backward integration in the fisheries sector to improve local production and reduce importation, […]
Crypto assets, which were hitherto touted as deflationary, have witnessed an unusual sell-off in the past few days, as investors globally dumped risky assets in response to persistent inflation. As of yesterday, Bitcoin had printed red candles for the seventh consecutive day and slid to $22,600, the lowest price since December 2020, in the later […]
The Nigerian National Petroleum Company (NNPC) Limited has disclosed that it spent over N947.51 billion subsiding petrol imported into the country from January to April. The amount was disclosed in the latest NNPC Federation Account Allocation Committee May report published on its website on Wednesday. A breakdown from the report showed that N210.38 billion was paid in […]
The Federal government has revealed that it spent over N896.7 billion in the first three months of 2022 repaying matured foreign and local debts. This is according to data published by the Debt Management Office (DMO) on Tuesday. According to the DMO, N668.7 billion was spent on domestic debt servicing, while it spent $548.78 million […]
President Muhammadu Buhari has congratulated Asiwaju Bola Tinubu, on winning the All Progressives Congress’ presidential primaries ahead of the 2023 general elections. Buhari also urged that the party must be united behind its candidate to achieve victory. This was disclosed in a statement issued by the Presidency through the Senior Special Assistant on Media and […]
The Nigerian National Petroleum Company (NNPC) Limited has raised alarm over the hacking of its official Twitter account which was subsequently used to send an inappropriate message on June 8, 2022, apparently to hit up the polity. This public notice by the state-owned oil firm might not be unconnected to a tweet post on the […]
Key stakeholders in Nigeria’s financial sector would engage in a round table discussion on the government’s key policy centring on an inclusive financial system that will cover all strata of the society. The experts, drawn from key private sector organisations and regulatory agencies, would gather at the inaugural conference on ‘Financial Inclusion’ being hosted by […]
