It was not cheery news on the trading floor of the Nigerian Exchange Limited (NGX), as activities on the stock market took a negative turn last Tuesday following the increase of the Monetary Policy Rate (MPR) for the third consecutive [...]
Almost a year after The Guardian report on foreign airlines departing Nigerian shores empty, the situation has changed, but for the worse. Today, more airlines are departing without exportable goods, much to the pains of stakeholders and loss of foreign [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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) [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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