Thursday 21st June 2018,
Hope for Nigeria

Browsing the "Business" Category

Dangote deep-sea pipeline to boost Nigeria’s power generation by 12,000mw

The Dangote Group’s sub-sea pipeline infrastructure is expected to augment the natural domestic gas supply and add an estimated 12,000 Mega Watts (MW) to Nigeria’s power generation capacity.  Dangote also has plans to construct a 570 MW power plant within [...]

June 14, 2018 Business

Innoson speaks first time after flooring GTB, explains Supreme Court ruling

The Chief Executive Officer, CEO, and Chairman of Innoson group of companies, Innocent Chukwuma, has spoken up for the first time after winning a court case with Guarantee Trust Bank, GTB. DAILY POST had reported on Thursday that the automobile [...]

June 11, 2018 Business

Makinde challenges Ajimobi to name 10 new industries in Oyo

Oyo State Peoples Democratic Party (PDP)’s governorship aspirant, Seyi Makinde, has challenged Governor Abiola Ajimobi to name the 10 companies he has established in the state. He asked him to state what his 57 foreign trips have attracted to the [...]

May 31, 2018 Business

Nigerian businesses on spot as EU data protection law begins today

The European Union (EU) General Data Protection Regulation (GDPR) implementation and enforcement begins today, May 25, with advice from experts to Nigerian businesses to ensure compliance. The EU GDPR law is one of the most wide-ranging and comprehensive pieces of [...]

May 25, 2018 Business

Enugu safe for investment – Manufacturers

Enugu safe for investment : Manufacturers in Anambra, Enugu and Ebonyi states under the aegis of the Manufacturers Association of Nigeria (MAN) have described Governor Ifeanyi Ugwuanyi of Enugu state as “a visionary and pragmatic leader”, who has brought his [...]

May 17, 2018 Business

SON arraigns Anambra couple for manufacturing substandard roofing sheet

The Standards Organisation of Nigeria,SON, Wednesday arraigned a businessman, Mr Emeka Nwankwo and his wife Mrs Adaobi Nwankwo before a Federal High Court sitting in Awka for allegedly manufacturing substandard aluminium roofing sheet. SON accused Nwankwo, who is the Managing [...]

May 3, 2018 Business

Mixed reactions greet Araromi/Oke-Odo market demolition

Oke-Odo market demolition – Markets demolitions in Lagos state have become Siamese in recent years. Major markets in Lagos have witnessed demolition at the expense of both buyers and sellers in such markets to the profit of the state government. [...]

April 25, 2018 Business

Space Hotel To Launch In 2022 Costs Almost N285,000,000 A Night

Space Hotel To Launch In 2022: Are you willing to take an adventure to space? Orion Span, a US based company has announced that its luxury space hotel Aurora Station will be open in 2022. This hotel will accommodate four guests and [...]

April 11, 2018 Business

Firm seeks U.S partnership to develop national economy

An indigenous oil firm in the Niger Delta Region, Belemaoil Producing Limited, has requested the partnership of the United States to develop the national economy. Founder and President of Belemaoil, Jack-Rich Tein, made the appeal yesterday when the United States [...]

April 11, 2018 Business

Investors lose N239 billion in four trading days

Investors lose N239 billion in four trading days: At the end of last week’s transactions on the equity sector of the Nigerian Stock Exchange (NSE), the bearish performance in the local bourse was sustained as the NSE’s market capitalisation dipped [...]

April 9, 2018 Business

Nigeria, others to spend over $811 billion on oil, gas fields

Nigeria and other countries across the world will spend about $811 billion on 615 upcoming oil and gas fields in the next eight years, a research conducted by data and analytics firm- Globaldata, has revealed. The money, specifically, would be [...]

April 3, 2018 Business

Bill Gates, Dangote sign MoU with 6 governors on immunisation fund

Bill Gates and Aliko Dangote on Wednesday signed Memorandum of Understanding (MoU) with six northern state governors on improved access to immunisation in Nigeria. The governors are Aminu Waziri Tambuwal of Sokoto, Kashim Shettima, Borno; Abdullahi Ganduje, Kano; Muhammed Abubakar, [...]

March 22, 2018 Business

NIMASA plans to acquire 100 new cabotage vessels

The Nigeria Maritime Administration and Safety Agency (NIMASA), has unveiled plans to acquire 100 new cabotage vessels in collaboration with the Nigerian Content Development and Monitoring Board (NCDMB). The Director General, NIMASA, Dr. Dakuku Peterside, who disclosed this at the [...]

February 27, 2018 Business

Ex-Director General confesses he stole N331m to build a hotel

Former Acting Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Calistus Obi, has admitted to diverting N331 million belonging to the agency. The accused said he transferred part of the diverted money to a firm known as Seastroke International, [...]

February 27, 2018 Business

Dangote graduate trainees promise to end fuel scarcity in Nigeria

Newly trained Dangote Refinery graduate engineers have promised an end to the ongoing fuel scarcity in the country when the Refinery takes off. The engineers just returned from a training programme at Bharat Petroleum Corporation Ltd. in India, the company [...]

February 12, 2018 Business

I am not afraid of arraignment – Innoson boss says

This is coming after an Ikeja Special Offences Court issued a bench warrant for Chulwuma's arrest.   The Chairman of Innoson Group, Chief Dr innocent Chukwuma (OFR) has said that he is not afraid of arraignment before any court. This [...]

February 10, 2018 Business

Beware of foreign portfolio investments-driven growth, Nigerian experts warn

Economic experts have warned Nigeria not to be carried away by the influx of foreign portfolio investment dominating the Nigerian Stock Exchange (NSE), noting that a combination of highly mobile portfolio investments and unreliable crude earnings could unravel without warning, [...]

January 18, 2018 Business

Nigeria’s crude oil production hit 2.057mbpd in December

Nigeria’s crude oil production, including condensate hit 2.057 million barrels per day (bpd) in the month of December 2017. This is higher than the 1.93 million bpd including condensate recorded at the end of the third quarter in September. The [...]

January 16, 2018 Business

Court awards $10 million damages against Shoprite for contract breach

After seven years of legal battle, a Lagos High Court, Igbosere has awarded the sum of $10 million against South African retail giant, Shoprite Checkers (PTY) Limited and its business partner, Retail Supermarkets Nigeria Limited for a breach of contract [...]

January 15, 2018 Business

N62,000 rent: Tension grips Ibadan traders over revocation notice

N62,000 rent: Tension is currently gripping shop owners at the popular Scout Camp Market in Ibadan, the Oyo State capital as the expiration of ultimatum given to them by the state government expires tomorrow (Tuesday). HOPE FOR NIGERIA gathered Monday [...]

December 5, 2017 Business
Truck Transit Park to gulp N4.8 billion

Federal Government’s Truck Transit Park to gulp N4.8 billion

Truck Transit Park to gulp N4.8 billion: The planned Truck Transit Park initiative of the Nigerian Shippers’ Council (NSC), would gulp over N4.8 billion, even as investors are jostling to secure a stake in the project. The Minister for Transportation, [...]

November 15, 2017 Business
Mystery buyer pays $36m for Aluko’s New York penthouse

Mystery buyer pays $36m for Aluko’s New York penthouse

Mystery buyer pays $36m for Aluko’s New York penthouse: A yet-to-be identified  buyer has paid $36million for the luxury penthouse at the One57 tower in New York formerly owned by wanted  Nigerian oilman Kola Aluko. Quoting Bloomberg,  Curbed reported that the 79th floor [...]

November 14, 2017 Business

Chinese shoppers spend record $25.3b in one day

Chinese shoppers spent a record $25 billion online on this year’s “Singles Day” promotion run by e-commerce giant Alibaba, up nearly 40 percent from last year, figures showed on Sunday. At the peak, 256,000 payments were being processed per second [...]

November 13, 2017 Business
Buhari, Obaseki, Dangote discuss new investment prospects in Edo

Alaghodaro summit: Buhari, Obaseki, Dangote discuss new investment prospects in Edo

Alaghodaro summit:  President Muhammadu Buhari yesterday said that the Federal Government would pursue more business reforms to accelerate progress recorded in its recent Ease of Doing Business ranking, to properly position Nigeria in her march to become a post-oil economy. [...]

November 11, 2017 Business

‘Transition from firewood to gas to generate N10bn revenue by 2019’

Over $10billion will be generated for the economy from the switch of 50 per cent kerosene and firewood users by 2019, according to the Nigerian Liquefied Petroleum Gas Association (NLPGA). The group added that an estimated 500,000 to 1,000,000 jobs [...]

November 10, 2017 Business

How fake sellers of iPhones swindle victims using popular website – Lagos CP, Edgal

fake sellers of iPhones: The Police in Lagos has smashed an organised crime ring through which Nigerians buying phones on the internet were being robbed on a daily basis. Thirty-five-year-old Alade Olalekan and Olumide Oluwole, 31, contrived a means of [...]

November 3, 2017 Business
Coca-Cola to invest $90m in Kenya

Coca-Cola to invest $90m in Kenya

Soft drinks maker, Coca-Cola, says it plans to invest up to 90 million dollars in Kenya over three years through 2018 to increase its product range in the region. In a statement on Tuesday in Nairobi, the company said the [...]

October 25, 2017 Business
Aliko Dangote

Dangote reveals secret of business success

Africa’s richest man and most successful industrialist, Aliko Dangote, today revealed the secret of his business success: self-sufficiency and backward integration, a manufacturing strategy that extracts value from entire processes. “We are not going to import anything any longer,” Dangote [...]

October 10, 2017 Business
Nigerian govt announces 27 industries to enjoy tax break under pioneer status

Nigerian govt announces 27 industries to enjoy tax break under pioneer status (FULL LIST)

The federal government on Monday released the full list of the 27 key industries and products included in the revised list of ‘pioneer status’ incentives for prospective investors. At the end of the meeting of the Executive Council of the Federation, FEC, [...]

August 8, 2017 Business
Lagos begins demolition of illegal structures in Obalende

Lagos begins demolition of illegal structures in Obalende

Lagos begins demolition of illegal structures in Obalende: Lagos state government Saturday morning commenced demolition of illegal structures and shanties at Obalende. Officials of the state stormed the area around 7:30am. Armed security agents are on ground to maintain law [...]

July 29, 2017 Business
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