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 [...]
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 [...]
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 [...]
Comair, the South African operator of British Airways flights, has grounded all of its planes after running out of funds, the company said. The carrier, which is under administration, also operates budget airline Kulula. Those planes are also grounded, with [...]
The fresh ban imposed on operations of commercial motorcycles, popularly called Okada, in six Local Governments and nine local council development areas of Lagos State by the state Governor, Babajide Sanwo-Olu, takes effect from Wednesday (today). Sanwo-Olu, had on May [...]
A new research by Kaspersky, a global cyber-security and digital privacy company, has found that the number of Trojan-PSW (Password Stealing Ware) detections in Nigeria surged by as much as 147 per cent in the first quarter of 2022 when compared [...]
Moving South Africa’s coal-dominated economy to a greener footing will require at least $250bn over the next three decades, according to a new report released on the sidelines of the World Economic Forum in Davos. The document published on Thursday [...]
Two persons are to serve jail terms in North Central Nigeria for vandalising electricity infrastructure as an utility company decried impacts of vandals on power supply. While vandalism has been partly blamed for the dismal electricity generation in the country, [...]
Toyota Motor Corporation announced Tuesday it would cut its global production plan by about 100,000 vehicles in June. The company in a statement said the adjustments to its production plans become necessary considering the impact of semiconductor shortages. “Due to the impact of semiconductor [...]
A turnover of 3.021 billion shares worth N31.8 billion was recorded in 29,153 deals by investors on the floor of the Nigerian Exchange Limited last week. The volume of shares traded was, however, higher than 1.8 billion units worth N27.2 [...]
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the 85 per cent financial inclusion target appears feasible with the mainstreaming of eNaira, which has continued to attract positive interest. Emefiele disclosed this in Abuja while playing [...]
As Nigerians across different sectors feel the impact of the high cost of petroleum products, major marketers under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) have sought understanding of operators and citizens, attributing the escalating fuel price [...]
The planned protest against the high cost of aviation fuel, attendant high cost of operations, and condition of service by airline operators, and workers’ unions have thrown the aviation sector into deep confusion and uncertainty. While cracks have emerged in [...]
Nigeria may face fresh hurdles as the geo-political tension in Europe, yesterday, escalated with moves to officially ban Russian crude oil. The European Commission proposed a full ban on Russian crude oil following the continued attack on Ukraine. The proposed [...]
French oil major TotalEnergies has announced it will put up for sale its minority stake in a Nigerian oil joint venture. The firm wants to focus on deep-water fields away from the difficulties of operating in close proximity with local communities, Bloomberg [...]
The Nigerian government says it will issue a Request for Qualifications in June for bidders interested in receiving concessions to begin the production of bitumen in the country. Nigeria holds about 42.47 billion tonnes of proven reserves of bitumen, estimated [...]
Twitter has agreed a definitive deal to sell itself to Elon Musk, the world’s richest man, at approximately $44 billion. It is the biggest social media acquisition, surpassing the $26.2 billion buyout of Linkedin by Microsoft. Mr Musk made an [...]
The Nigerian equity market, last week, defied the usual Easter lull to sustain gains for the four trading sessions as the all-share index (ASI) and market capitalisation appreciated by two per cent to close the week at 47,558.45 and N25.64 [...]
The Central Bank of Nigeria (CBN) has released N3.5 billion as rebates for exporters of semi- and fully-processed non-oil commodities under the newly-created RT200 Non-oil Export Proceeds Repatriation Rebate Scheme. At least 150 exporters will benefit from the rebate fund, [...]
A high court in England has ruled that Shell Plc, Africa Finance Corporation, and seven Nigerian banks have established their right to block Aiteo Eastern E&P Company Limited from taking legal action when a suit initiated by them against the oil firm [...]
Tesla CEO Elon Musk has acquired a 9.2 per cent stake in Twitter, making him its largest shareholder. Mr Musk owns 73,486,938 shares of Twitter, which represents a 9.2 per cent stake in the company, according to the US Securities and Exchange Commission [...]
The unending inflationary spike and absence of implementable policies to support the built industry, which is cautiously recovering from economic recession and the COVID-19 pandemic, have made the sector very costly for most Nigerians. Prices of building materials have leapt [...]
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