President Bola Tinubu has approved the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies. In addition, the president has approved a halt on the payment of 2024 interim dividends to the federation to help boost NNPC’s cash flow. Also, NNPC […]
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Billions of naira in unsecured loans were allegedly diverted to companies linked to Oba Otudeko, then chairman of First Bank of Nigeria (FBN), according to a lawsuit filed by a former relationship manager. Adesuwa Ezenwa, a former relationship manager at FBN, is accusing the bank of unfair dismissal after she was implicated in fraudulent loan […]
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Here are the seven top business stories you need to track this week — August 19 to August 24. FG LAUNCHES $500m DOMESTIC BOND The federal government is set to issue a dollar-denominated domestic bond today, according to United Capital Group’s Managing Director of Investment Banking, Gbadebo Adenrele. The five-year bond will offer periodic dollar […]
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Lagos business owners are counting losses after a severe traffic congestion crippled the metropolis on Monday, disrupting commercial activities and leading to a sharp increase in transportation fares. The gridlock affected major roads including Secretariat, 7-Up, MKO Abiola Garden, Estate, Ogudu, Ifako, and inward Lagos Island, causing a significant slowdown in traffic flow. Commuters were […]
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President Bola Tinubu has commended Rena Wakama, the head coach of the D’Tigress, for being named the best manager of the Olympic women’s basketball event by FIFA and the Olympic organisers. Under Wakama’s leadership, the D’Tigress made history by reaching the quarter-finals of the tournament for the first time ever, becoming the first African nation […]
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The management of AIPCC Energy Limited, operators of the Edo Refinery and Petrochemicals Company Limited (ERPCL), has decried the persistent shortage of crude oil supply hindering its operations. Despite being a fully functional 1,000 barrels per day crude oil refinery, the company remains idle due to insufficient raw material. This development is contrary to President […]
… Tinubu approves use of NNPC dividends for petrol subsidy, halts 2024 interim payments
President Bola Tinubu has approved the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies. In addition, the president has approved a halt on the payment of 2024 interim dividends to the federation to help boost NNPC’s cash flow. Also, NNPC […]
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Lagos’ e-tax portal, July inflation… business stories to track this week
Here are the seven top business stories you need to track this week — August 12 to August 16. Inflation Update Expected The Nigerian Bureau of Statistics (NBS) is set to release the consumer price index (CPI) and inflation report for July 2024. Following a June increase to 34.19% from 33.95% in May, Nigerians await […]
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Tony Elumelu – Government, security agencies should tell Nigerians those behind oil theft
Tony Elumelu, the founder and chairman of Heirs Oil and Gas, has called on the Nigerian government and security agencies to publicly identify those responsible for the rampant oil theft in the country. In an interview with the Financial Times, Elumelu linked the divestment of international oil companies to the pervasive issue of oil theft. […]
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Ex-First Bank manager reveals how loans were diverted to firms linked to Otudeko
Billions of naira in unsecured loans were allegedly diverted to companies linked to Oba Otudeko, then chairman of First Bank of Nigeria (FBN), according to a lawsuit filed by a former relationship manager. Adesuwa Ezenwa, a former relationship manager at FBN, is accusing the bank of unfair dismissal after she was implicated in fraudulent loan […]
… $500m bond auction, duty-free food imports… business stories to track this week
Here are the seven top business stories you need to track this week — August 19 to August 24. FG LAUNCHES $500m DOMESTIC BOND The federal government is set to issue a dollar-denominated domestic bond today, according to United Capital Group’s Managing Director of Investment Banking, Gbadebo Adenrele. The five-year bond will offer periodic dollar […]
… Lagos Business Owners Lament Monday’s Traffic Gridlock
Lagos business owners are counting losses after a severe traffic congestion crippled the metropolis on Monday, disrupting commercial activities and leading to a sharp increase in transportation fares. The gridlock affected major roads including Secretariat, 7-Up, MKO Abiola Garden, Estate, Ogudu, Ifako, and inward Lagos Island, causing a significant slowdown in traffic flow. Commuters were […]
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Opinion: A Deep Dive into Nigeria’s Economic Challenges
Nigeria, a nation brimming with potential, has been grappling with a persistent economic malaise that has cast a long shadow over its citizens. The challenges are multifaceted, stemming from a complex interplay of structural, governance, and external factors. The Roots of the Problem At the heart of Nigeria’s economic hardship lies its over reliance on […]
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NNPC and Dangote: A Duel for Nigeria’s Oil Supremacy
The Nigerian National Petroleum Company (NNPC) and Aliko Dangote’s conglomerate have emerged as key players in a complex and often contentious landscape of Nigeria’s oil industry. Their relationship, marked by both cooperation and competition, has significant implications for the nation’s economy and energy security. The Contenders NNPC: As the national oil company, NNPC has historically […]
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Shell finalizes deal to build gas pipelines in Oyó
According to the statement, the project will start with the construction of gas distribution infrastructure along a 15km pipeline route, adding that it will grow to deliver up to 60 million standard cubic feet of gas per day across the state. Shell Nigeria Gas, SNG, and the Oyo State Government have signed an agreement to […]
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Africa CDC to Declare Public Health Emergency Over Mpox
The Africa Centre for Disease Control (Africa CDC) is set to declare a Public Health Emergency of Continental Security (PHECS) over the escalating mpox outbreak. A new, more contagious variant of the disease is driving the surge in cases. Mpox, transmitted through close contact, causes flu-like symptoms and skin lesions. While most cases are mild, […]
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UK riots: Envoy claims situation is under control and assures Nigerians of safety
Richard Montgomery, British high commissioner to Nigeria, has assured Nigerians in the UK of their safety following anti-immigration riots. The riots were triggered by the death of three school girls, aged between six and nine, from a knife attack. After the incident, misinformation had spread that the suspected attacker was an immigrant and a radical […]
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Kamala Harris Picks Minnesota Governor Tim Walz as Running Mate
Tim Walz, the governor of Minnesota, has been selected by US Vice President Kamala Harris to be her running mate in the upcoming presidential election. Harris made her selection of Walz public on Tuesday. Democrats took notice of Waltz when he referred to JD Vance and Donald Trump as “weird.” At a fundraiser gathering, Walz […]
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Tobi Amusan Crashes Out of 100m Hurdles Semifinals
Tobi Amusan Stumbles in Semifinals, Faces Uncertain Final Bid World record holder Tobi Amusan suffered a setback on Friday as she finished third in heat one of the women’s 100m hurdles semifinals at the Paris 2024 Olympics. The result dashed her hopes for an automatic qualification spot in the final. Nigeria’s flagbearer for the Games, […]
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Chidimma Adetshina, Miss South Africa contestant embroiled in a nationality controversy, has withdrawn from the pageant.
Chidimma Adetshina, Miss South Africa contestant embroiled in a nationality controversy, has withdrawn from the pageant.
Model Chidimma Adetshina has withdrawn from the Miss South Africa pageant amid an ongoing investigation into her nationality. The 23-year-old, born in Soweto to a Nigerian father and Mozambican mother, faced intense scrutiny over her eligibility to compete. South Africa’s Department of Home Affairs recently alleged that preliminary evidence suggests Adetshina’s mother may have committed […]
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Crossdresser Area Mama found dead on Abuja road
A popular crossdresser known as Abuja Area Mama was found dead along the Katampe-Mabushi expressway in Abuja on Thursday morning. The discovery was made following a distress call to the police. Shocking images circulating online show the victim lying in a pool of blood with visible injuries, including scratches and bruises. Personal belongings were scattered […]
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Los mejores casinos con manga larga giros sin cargo desprovisto depósito México Octubre 2024
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9 Life-Changing Books for Cultivating Self-Growth
Personal growth is an ongoing journey, and reading can be a powerful catalyst for transformation. Whether you’re looking to overcome obstacles, develop new habits, or gain a deeper understanding of yourself and others, the right book can provide the insights and inspiration you need. Here are 10 life-changing books that will help you cultivate self-growth […]
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7 Signs You’re Not Drinking Enough Water
Is Water Your Best Friend? We all know water is essential for good health, but how do you know if you’re not drinking enough? You may think you’re drinking enough water, but if you spent most of the day with a cup of coffee by your side, you’re probably more dehydrated than you think. After […]
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A Brighter Future at the Grassroots? Examining the Supreme Court’s Ruling on Local Government Autonomy
A Brighter Future at the Grassroots? Examining the Supreme Court’s Ruling on Local Government Autonomy
Recent Supreme Court ruling granting financial autonomy to local governments (LGs) in Nigeria has sent shockwaves through the country’s political landscape. This landmark decision has the potential to be a game-changer for governance at the most crucial level – the level closest to the people. Let’s delve into the potential implications of this ruling on […]
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Nigerians Face Mounting Pressure as Food Prices Skyrocket
Nigerians Face Mounting Pressure as Food Prices Skyrocket This increase was driven by a surge in the price of Semovita, oat flake, prepackaged yam flour, garri, beans, Irish Potatoes, yam, water yam, palm oil, vegetable oil, stockfish, mudfish, crayfish, beef head, live chicken, pork head, and bush meat. Nigerians are feeling the pinch of relentless […]
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Interview With Paul Onwuanibe MD/CEO~ Landmark Africa
It is our duty, as Nigeria’s business magazine of repute, to identify business rockstars of Nigerian make and shout their fames to the world. In this section, we went the entire stretch of the real estate ecosystem, unearthing some of the rarest industry gems you will ever come across, with Paul Onwanibe, an African business […]
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President Tinubu Lauds D’Tigress Coach Wakama
President Bola Tinubu has commended Rena Wakama, the head coach of the D’Tigress, for being named the best manager of the Olympic women’s basketball event by FIFA and the Olympic organisers. Under Wakama’s leadership, the D’Tigress made history by reaching the quarter-finals of the tournament for the first time ever, becoming the first African nation […]
… Tobi Amusan Crashes Out of 100m Hurdles Semifinals
Tobi Amusan Stumbles in Semifinals, Faces Uncertain Final Bid World record holder Tobi Amusan suffered a setback on Friday as she finished third in heat one of the women’s 100m hurdles semifinals at the Paris 2024 Olympics. The result dashed her hopes for an automatic qualification spot in the final. Nigeria’s flagbearer for the Games, […]
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Paris Olympics Games: Low Preparation, Other Issues Mar Team Nigeria’s Early Showing
Team Nigeria are yet to win a medal (Gold, Silver and Bronze) at the ongoing Paris Olympics Games in France. The Paris Olympics Games, which started on 26 July, enter its Day 11 on Tuesday. A total of thirty-two (32) sports are featured in this year’s Olympics. Reports say that 87 athletes are representing Nigeria […]
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Olympic Triathlons Back On As Seine Water Clears
The Olympic triathlons are set to proceed as planned on Wednesday after water quality tests confirmed the River Seine is safe for competition. This comes after Tuesday’s men’s event was postponed due to concerns over pollution levels. Organizers had initially expressed doubts about holding the races, citing a 60% chance of going ahead. However, early […]
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BREAKING: Activities at NASS totally grounded over strike action
Workers of the National Assembly who were denied entrance could be seen in clusters discussing the development. Following the commencement of indefinite strike declared by the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC, activities in the National Assembly have been grounded as at morning hours. The second gate to the complex has […]
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Emirship Dispute: Kano Deputy Gov Apologizes to Ribadu, Withdraws Allegations.
“We have to acknowledge that we have been misled into believing that the NSA was behind the happenings along this line,” Aminu Gwarzo said. Kano State Deputy Governor, Aminu Gwarzo, has retracted his statement accusing the National Security Adviser (NSA), Nuhu Ribadu, of interfering in the Kano emirate tussle. At a press conference late Sunday, […]
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Kano Assembly Passes Bill Dissolving Five Emirate Councils
The significant move came as the Kano State Emirate Council Amendment Bill was considered and passed after successfully scaling its second and third readings. The Kano State House of Assembly has officially passed a bill dissolving all five emirate councils in the state. This decision followed deliberations on the floor of the house during a […]
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INEC Set To Train 794 CSO Officials Ahead Of Edo, Ondo Governorship Elections
Prof Yakubu urged the CSOs, to upload their applications and data on the INEC portal for accreditation. In continuation with its engagement with relevant stakeholders ahead of the forthcoming Edo and Ondo States governorship election, the Independent National Electoral Commission, has announced its preparedness to train 794 Civil Society Organisations officials. The Commission’s Chairman, Prof. […]
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Shoprite Announces Closure of Wuse Abuja Store, Blames Business Climate
Shoprite Blames Business Climate for Abuja Store Closure Shoppers in Abuja will soon have one less shopping option as Shoprite has announced the closure of its store located in the Wuse area, effective June 30th, 2024. The decision comes after a “thorough evaluation of the store’s financial situation and the current business climate,” according to […]
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Owner of Chinese supermarket in Abuja breaks silence: I feel scared
But in her defence, Bei stated that she sells to residents, workers, and visitors who come to her store after visiting the office building, regardless of nationality. The owner of a Chinese supermarket located in Abuja, which faced criticism for limiting entry to Nigerians while favoring Chinese nationals, has denied allegations suggesting that her […]
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NNPCL and Partner Commence Oil Production at OML 85, Aiming for 20,000 BPD
Mr Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone that will contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy. The Nigerian National Petroleum Company Limited and its Joint Venture partner in OML 85, First Exploration and […]
… Tinubu approves use of NNPC dividends for petrol subsidy, halts 2024 interim payments
President Bola Tinubu has approved the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies. In addition, the president has approved a halt on the payment of 2024 interim dividends to the federation to help boost NNPC’s cash flow. Also, NNPC […]
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President Bola Tinubu appoints 21 federal commissioners for RMAFC
President Bola Tinubu has appointed 21 federal commissioners for the Revenue Mobilization Allocation and Fiscal Commission (RMAFC). The president’s special adviser on media and publicity, Ajuri Ngelale, stated in a statement on Tuesday that the senate must confirm their positions. Linda Nkechi Oti (Abia), Steve Ugba (Benue), Chief Eyonsa (Cross-River), Aruviere Egharhevwe (Delta), Nduka Henry […]
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Minimum Wage: I Will Approve What Nigeria Can Afford, Says Tinubu
He stated this on Wednesday at a dinner to mark Nigeria’s 25 years of unbroken Democracy in Abuja. President Bola Tinubu says he will approve the government can afford as the new minimum wage for workers in the country. He stated this on Wednesday at a dinner to mark Nigeria’s 25 years of unbroken […]
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June 12: President Tinubu full speech
Tinubu My fellow Nigerians, let me begin by congratulating all of us for witnessing the celebration of another Democracy Day today, the 12th day of June 2024. This year also marks our nation’s 25 years of uninterrupted democratic governance. On this day, 31 years ago, we entered our rites of passage to becoming a […]
… Edo Refinery Laments Lack of Crude Supply Despite Full Capacity
The management of AIPCC Energy Limited, operators of the Edo Refinery and Petrochemicals Company Limited (ERPCL), has decried the persistent shortage of crude oil supply hindering its operations. Despite being a fully functional 1,000 barrels per day crude oil refinery, the company remains idle due to insufficient raw material. This development is contrary to President […]
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Kano Government Levels Fresh Corruption Charges Against Ganduje
The Kano State government has filed new charges against former Governor Abdullahi Ganduje and three of his associates: Murtala Garo, a former commissioner for local government, Lamin Sani, and Muhammad Takai. The quartet is accused of diverting a staggering N57 billion meant for the state’s 44 local government areas and converting the funds into foreign […]
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Nigerian Army arrest officer who gunned down 16-year-old protester in Kaduna
The Nigerian Army has confirmed the arrest of its personnel who gunned down a 16-year-old boy, Ismail Mohammed during the ongoing EndBadGovernance protest in Kaduna State. Reports say that the young boy was killed on Tuesday when the troops of the Nigerian army stormed the Samaru community in Zaria to despers the protesters. The security […]
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DSS Arrests Tailors Mass-Producing Russian Flags Amid #EndBadGovernance Protests In Kano
The Department of State Services (DSS) has apprehended several individuals involved in the production and distribution of Russian flags used during recent #EndBadGovernance protests in northern Nigeria. Tailors in Kano State were the primary targets of the operation, with authorities also arresting their sponsors. While the reason behind the widespread display of Russian flags remains […]
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Dangote Refinery Accuses IOCs of Frustrating Crude Supply, Seeks NUPRC Intervention
The Dangote Petroleum Refinery is lamenting the persistent shortage of crude oil from domestic producers, despite commencing full operations and processing 50 million barrels since its launch. According to the refinery, while the Nigerian National Petroleum Company (NNPC) Limited has supplied 60% of the processed crude, the remaining 40% has been a challenge to secure. […]
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60% of our crude feedstock supplied by NNPC, says Dangote refinery
The Dangote refinery has processed a total of 50 million barrels of crude oil since commencing full operations, with 60% of its feedstock sourced from the Nigerian National Petroleum Company (NNPC) Limited. This was revealed by the refinery’s group chief strategy officer, Aliyu Suleiman, during an appearance before a Senate ad hoc committee investigating the […]
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CBN sells $876.26m at N1,495 in retail auction
The Central Bank of Nigeria (CBN) on Wednesday intervened in the foreign exchange market, selling $876.26 million to end users through a Retail Dutch Auction. The move is aimed at alleviating pressure on the naira, which has been under strain due to increased demand. A total of $1.18 billion in bids were submitted by 32 […]
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CBN Denies Probing Ecobank Over Extortion Allegations
The Central Bank of Nigeria (CBN) has dismissed claims that it is investigating Ecobank Nigeria and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) for extortion. A statement circulated earlier alleging that the CBN was probing the financial institutions over claims of abusive proceedings against Wilben Trade Limited and its CEO, Marcus Wade, has been […]
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Elon Musk Discloses Plans to Charge for posts by New X users
Musk further revealed that new users would be granted free posting privileges after a three-month period. The owner of microblogging platform, X, Elon Musk has disclosed plans to charge new users for posting on the platform. While responding to questions on the new X’s policy for newly created accounts, Musk said charging new users is […]
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National Grid Collapses Again For The Fifth Time In 2024
Nigeria has witnessed its fifth power grid collapse of 2024, Nigeria has witnessed its fifth power grid collapse of 2024, as electricity generation on the system collapsed from 2,583.77MW at 2am on Monday to 64.7MW around 3 am. This is the Fifth collapse in the year 2024. Nigeria generates an average of 4,000MW of electricity […]
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Nigerian Government Takes Legal Action Against Binance Executive Over Alleged Tax Evasion
Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, Appears in Federal High Court Abuja Facing Charges of Tax Evasion The Federal Government is set to arraign Binance Holdings Limited and it Executives, Tigran Gambaryan and Nadeem Anjarwalla, for Alleged Tax Evasion Charges Tigran Gambaryan, one of the defendants, appeared at the court at 9:15 am on […]
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Guinness World Record: Atiku and Sanwo-Olu messsage to Nigerian Chess Master, Tunde Onakoya
Guinness World Record: Atiku and Sanwo-Olu messsage to Nigerian Chess Master, Tunde Onakoya
“Dear @Tunde_OD, I join millions of Nigerians at home and abroad in wishing you the best in your quest to break the Guinness World Record for the Longest Chess Marathon. Your can-do spirit thus far has been truly inspirational. I am rooting for you to break new ground. -AA.” Atiku Abubakar, the former vice-president, […]
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