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Browsing the "Business" Category

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
South African carrier grounds flights after running out of funds

South African carrier grounds flights after running out of funds

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 [...]

June 2, 2022 Africa, Business
Okada Ban Begins Today, Lagos Deploys More Boats

Okada Ban Begins Today, Lagos Deploys More Boats

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 [...]

June 2, 2022 Business
Nigeria records 147% increase in password-stealing malware

Nigeria records 147% increase in password-stealing malware

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 [...]

May 31, 2022 Business
South Africa needs $250bn for clean energy transition

South Africa needs $250bn for clean energy transition

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 [...]

May 27, 2022 Africa, Business
DisCo raises concerns over vandalism, sends two to jail

DisCo raises concerns over vandalism, sends two to jail

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, [...]

May 27, 2022 Business
Toyota to cut global production in June

Toyota to cut global production in June

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 [...]

May 26, 2022 Business
Investors stake N31.8 billion on equities in one week

Investors stake N31.8 billion on equities in one week

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 [...]

May 24, 2022 Business
CBN to leverage eNaira for 85% financial inclusion

CBN to leverage eNaira for 85% financial inclusion

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 [...]

May 12, 2022 Business
Marketers attribute high cost of fuels to exploitation

Marketers attribute high cost of fuels to exploitation

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 [...]

May 11, 2022 Business
Aviation sector shutdown: Operators, unions adamant

Aviation sector shutdown: Operators, unions adamant

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 [...]

May 9, 2022 Business
Move to ban Russian oil threatens Nigeria’s fiscal stability

Move to ban Russian oil threatens Nigeria’s fiscal stability

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 [...]

May 6, 2022 Business, Oil & Gas
TotalEnergies to sell stake in Nigerian joint venture

TotalEnergies to sell stake in Nigerian joint venture

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 [...]

April 29, 2022 Business
Nigeria to grant bitumen concessions, sets date for invitation of bids

Nigeria to grant bitumen concessions, sets date for invitation of bids

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 [...]

April 27, 2022 Business
Twitter accepts to sell company to Elon Musk for $44 billion

Twitter accepts to sell company to Elon Musk for $44 billion

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 [...]

April 26, 2022 Business
NGX defies Easter lull as investors gain 1.9% in four days

NGX defies Easter lull as investors gain 1.9% in four days

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 [...]

April 19, 2022 Business, Economy
Central Bank releases N3.5b for non-oil export rebates

Central Bank releases N3.5b for non-oil export rebates

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, [...]

April 15, 2022 Business
Shell, AFC, seven Nigerian banks battle Aiteo over $2 billion loan

Shell, AFC, seven Nigerian banks battle Aiteo over $2 billion loan

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 [...]

April 6, 2022 Business, Finance
Elon Musk acquires 9.2% stake in Twitter

Elon Musk acquires 9.2% stake in Twitter

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 [...]

April 5, 2022 Business
Dealing with unbearable cost of housing

Dealing with unbearable cost of housing

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 [...]

April 2, 2022 Business