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Browsing the "Business" Category

Ethiopian Airlines emerges core investor in Nigeria Air with 49% shareholding

Ethiopian Airlines emerges core investor in Nigeria Air with 49% shareholding

Ethiopian Airlines is the preferred bidder for Nigeria Air, the Nigerian government said Friday, as it prepares for the commencement of operations of Nigeria’s new national carrier. Aviation Minister Hadi Sirika said at a press briefing in Abuja that Nigeria Air [...]

September 24, 2022 Business
Last mile infrastructure stalls $3b submarine cable investments

Last mile infrastructure stalls $3b submarine cable investments

Dearth of last mile infrastructure in Nigeria appears to be stalling full utilisation of the various submarine cable systems, which have berthed at the nation’s shores. Last-mile infrastructure means broadband facilities that serve as the final leg connecting the service [...]

September 20, 2022 Business
FG threatens sanctions against airlines selling tickets in dollars

FG threatens sanctions against airlines selling tickets in dollars

Federal Government, yesterday, vowed it would sanction foreign airlines selling tickets to Nigerians in dollars, stressing that the practice violates the country’s laws. Minister of Aviation, Hadi Sirika, disclosed this while fielding questions from reporters after the Federal Executive Council [...]

September 9, 2022 Business
After N14.6b, Nigeria Air misses fifth take-off amid investors’ apathy

After N14.6b, Nigeria Air misses fifth take-off amid investors’ apathy

Nigeria’s bid to float a new national carrier appears to have entered the wrong time zone, with credible investors and technical partners allegedly reluctant to warm up to the high-end venture. The development, following the completion of the bid process, [...]

August 31, 2022 Business
Idle refineries workers earn N136b amid $3b upgrade cost

Idle refineries workers earn N136b amid $3b upgrade cost

Despite being shut down, there are indications that the Nigerian National Petroleum Company Limited (NNPC) may have left over N136 billion as operational deficits across its three refineries in Kaduna, Port Harcourt and Warri. This is as concerns over delivery [...]

August 26, 2022 Business
Airlines unable to repatriate $464 million from Nigeria, IATA says

Airlines unable to repatriate $464 million from Nigeria

The International Air Transport Association (IATA), the top global trade association of airlines, has criticsed Nigeria’s failure to allow international airlines repatriate their profits, warning it may cause the country more damage. The group said the amount airlines have been unable [...]

August 20, 2022 Business
Falana: Nigeria Plunging Into Another Recession With N6.5Trillion Fuel Subsidy

Nigeria Plunging Into Another Recession With N6.5Trillion Fuel Subsidy

Femi Falana, a Senior Advocate of Nigeria and human rights lawyer, has said the country under President Muhammadu Buhari’s watch will soon plunge into another recession.  According to Falana, Nigeria is bound to enter into recession with the unprecedented spending [...]

August 5, 2022 Business
Why I oppose new 5% tax on phone calls, data — Pantami

Why I oppose new 5% tax on phone calls, data — Pantami

Nigeria’s Minister of the Communications and Digital Economy, Isa Pantami, has opposed the government’s plan to impose an additional five per cent excise duty on telecommunications services in Nigeria. He argued that the ministry, which oversees the industry, was not [...]

August 4, 2022 Business, Finance
Emirates to reduce Nigeria service due to trapped revenue

Emirates to reduce Nigeria service due to trapped revenue

Dubai’s Emirates plans to reduce flights to Nigeria this month due to troubles repatriating revenue from Africa’s most populous nation, according to a letter sent to the government and seen by Reuters. The airline plans to cut the number of [...]

August 2, 2022 Business
NLNG, NPA partner on deployment of vessel traffic service

NLNG, NPA partner on deployment of vessel traffic service

The Nigerian Liquefied Natural Gas Limited (NLNG) and the Nigerian Ports Authority (NPA) have agreed on a partnership geared towards the deployment of a Vessel Tracking Service (VTS). This commitment was made yesterday when the Managing Director of the NLNG [...]

July 29, 2022 Business
Anxiety over sacking in NNPC as company denies move

Anxiety over sacking in NNPC as company denies move

The Nigeria National Petroleum Company (NNPC) Limited, yesterday, insisted that the company will not take law into its hand by sacking staff. There were indications that thousands of staff at the newly transited company were being sacked, especially those who [...]

July 27, 2022 Business, Employment
High, low expectations as Buhari unveils new NNPC

High, low expectations as Buhari unveils new NNPC

After 45 years of its creation and perpetual loss-making, President Muhammadu Buhari, yesterday, unveiled a new Nigerian National Petroleum Company (NNPC) Limited, a development that is generating dissent among stakeholders. Though expectations are high that Nigerians would now enjoy dividends [...]

July 21, 2022 Business
Day after accident, NCAA suspends Dana Airlines operations

Day after accident, NCAA suspends Dana Airlines operations

The Nigerian Civil Aviation Authority (NCAA) on Wednesday suspended the Air Transport Licence (ATL) and Air Operator Certificate (AOC) of Dana Airlines indefinitely. The NCAA Director-General, Musa Nuhu, announced this in a statement Wednesday night. Mr Nuhu stated that the suspension of [...]

July 21, 2022 Business
CBN raises interest rate again, second time in 2022

CBN raises interest rate again, second time in 2022

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised the benchmark interest rate to 14 per cent from 13 per cent. The CBN governor, Godwin Emefiele, made this known Tuesday while addressing journalists after the committee’s meeting [...]

July 20, 2022 Business
Elon Musk To Face Trial Over Failed $44bn Twitter Takeover

Elon Musk To Face Trial Over Failed $44bn Twitter Takeover

In an early victory for Twitter, a judge in the United States, Chancellor Kathaleen McCormick has set a five-day October trial date for the looming legal battle between the social giant and Tesla CEO, Elon Musk. According to Aljazeera, the [...]

July 20, 2022 Business
Lagos Commuters React To New BRT Fares

Lagos Commuters React To New BRT Fares

Some users of Bus Rapid Transit (BRT) transport in Lagos on Sunday expressed their views over the N100 increase in transportation fare which took effect on July 13. [/b]They spoke in separate interviews with the News Agency of Nigeria (NAN) [...]

July 19, 2022 Business
South African mobile operator MTN in talks to buy domestic rival

South African mobile operator MTN in talks to buy domestic rival

South African mobile operator MTN Group Ltd is in talks to buy smaller domestic rival Telkom for a stock or a cash-and-stock deal, the two companies have announced, sending their shares higher. “Discussions are at an early stage and there [...]

July 16, 2022 Africa, Business
Macron re-appoints Rabiu as FNBC President

Macron re-appoints Rabiu as FNBC President

Founder and Chairman of BUA Group, Abdul Samad Rabiu, has been re-appointed as President of the France Nigeria Business Council by President Emmanuel Macron of France. This was announced at the July 2022 Meeting of the France Nigeria Business Council [...]

July 13, 2022 Business
Samsung Electronics forecasts 11.4% rise in 2Q profits

Samsung Electronics forecasts 11.4% rise in 2Q profits

Samsung Electronics expects operating profits in the second quarter to rise 11.4 percent, the South Korean tech giant said in a statement Thursday, despite ongoing global supply chain woes. The world’s biggest smartphone maker forecast 2022 second-quarter operating profits of [...]

July 8, 2022 Business
Stakeholders fear Lekki seaport will replicate Apapa pains

Stakeholders fear Lekki seaport will replicate Apapa pains

Hours after the first vessel berthed at Lekki deep seaport, stakeholders and residents along the corridor have expressed worry with the slow response of the Federal and state governments to providing the infrastructure needed to efficiently kick-start the seaport, amid [...]

July 5, 2022 Business
Sanwo-Olu Approves Increase In BRT Fares By ₦100

Sanwo-Olu Approves Increase In BRT Fares By ₦100

Lagos State Governor, Babajide Sanwo-Olu has approved a flat rate increase by N100 in bus fares for all Bus Rapid Transit, BRT, and Standard routes as part of measures to sustain operations. The increase, which is scheduled to commence on Wednesday, [...]

July 1, 2022 Business
Nigeria sells marginal oilfield licenses for $482m, ignores court

Nigeria sells marginal oilfield licenses for $482m, ignores court

Nigeria has raised more than 200 billion naira ($482m) from the issuance of oil prospecting licences after it offered 57 fields for bidding, the petroleum regulator has said. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Tuesday that more [...]

June 30, 2022 Business
Nigeria risks financial ‘blockade’, frosty relations with funders

Nigeria risks financial ‘blockade’, frosty relations with funders

Nigeria is gradually inching towards a financial ‘blockade’ at the international financial market, as its working relationship with international development and funding partners, including the World Bank and the International Monetary Fund (IMF), deteriorates to its worst level in recent [...]

June 30, 2022 Business
FG targets 1.6bn litres of milk per annum – Minister

FG targets 1.6bn litres of milk per annum – Minister

The Federal Government on Tuesday said it was targeting 1.6 billion liters of milk per annum for self-sufficiency in livestock products and animal protein needs. The Minister of Agriculture and Rural Development, Dr Mohammad Abubakar, disclosed this while inaugurating the [...]

June 29, 2022 Business
Local airlines risk collapse as Jet-A1 hits N714/litre

Local airlines risk collapse as Jet-A1 hits N714/litre

Local airline operators, yesterday, said that a number of them now risk collapse barring availability of affordable aviation fuel to sustain commercial operations. They said besides the fuel scarcity that is disrupting scheduled operations, the prevailing market rate of N690-N714/litre [...]

June 17, 2022 Business
Nigeria loses N1.52 trillion yearly to overseas maintenance of aircraft

Nigeria loses N1.52 trillion yearly to overseas maintenance of aircraft

Overseas maintenance of commercial airplanes operating in the country currently costs Nigeria at least $2.5 billion or N1.52 trillion ($1:N608) in capital flight yearly. The mandatory maintenance programme, ranging from minor to complex checks per session on an aircraft, costs [...]

June 16, 2022 Business
Banks advised on small business lending, diversified operations

Banks advised on small business lending, diversified operations

As banks’ provision for loan losses continue to increase going by the results released by financial institutions on the Nigerian Exchange Limited (NGX), analysts and operators have highlighted the need for banks to increase lending to small and medium enterprises [...]

June 14, 2022 Business
Politicians crowd out private businesses from FX market

Politicians crowd out private businesses from FX market

The currency market may have defied experts’ prediction that the informal segment would witness a momentary glut of dollars as political party delegates, who reportedly made a killing with hard currencies, would start offloading their foreign exchange holding after the [...]

June 11, 2022 Business
Global food prices fall for second consecutive month in May

Global food prices fall for second consecutive month in May

Global food commodity prices fell in May for the second consecutive month, the Food and Agriculture Organisation of the United Nations (FAO) has said. The fall was led by declines in the vegetable oil and dairy price indices, while the sugar price [...]

June 4, 2022 Business
Titan Trust Bank completes takeover of Union Bank

Titan Trust Bank completes takeover of Union Bank

TitanTrust Bank Limited has brought to closure the deal enabling it to purchase a controlling stake in Nigeria’s second-oldest lender, Union Bank of Nigeria, the latter said Thursday in a regulatory filing, almost half a year after an agreement was reached by both [...]

June 3, 2022 Business