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EndSARS: Insurance Companies Unveil Report

EndSARS: Insurance Companies Unveil Report, Pay ₦9 Billion Claims

Insurance companies under the aegis of the Nigerian Insurers Association have paid N9bn in claims to customers who suffered losses during the public protests against police brutality, also known as #EndSARS protests, in October last year. Lootings, destructions and deaths had marred [...]

October 20, 2021 Business
Sambo Dasuki Family's Secret Deal & Leno Adesanya

Sambo Dasuki Family’s Secret Deal & Leno Adesanya

Sometime in 2013, Nigerian multi-billionaire businessman, Leno Adesanya, approached a secrecy seller in the British Virgin Islands, Trident Trust Company Limited, to help family members of Sambo Dasuki, the National Security Adviser at the time, to register a shell company, [...]

October 13, 2021 Business
Buhari appoints new CEO for Nigeria export council

Buhari appoints new CEO for Nigeria export council

President Muhammadu Buhari has approved the appointment of Ezra Yakusak as Executive Director/Chief Executive Officer of Nigeria Export Promotion Council (NEPC) The appointment is for an initial term of four years in accordance with the provision of Section 7 (1) of [...]

October 13, 2021 Business
South African car industry fears impact as union starts strike

South African car industry fears impact as union starts strike

South Africa’s biggest metalworkers union has launched an indefinite strike, seeking pay rises and threatening to block supplies of parts to make new cars and accessories, according to industry and union officials. With approximately 155,000 members organised in the sector, [...]

October 6, 2021 Africa, Business
Nigeria’s gypsum powder production to rise by 2,000 tonnes

Nigeria’s gypsum powder production to rise by 2,000 tonnes

BUA Group is set to commence the construction of a 2,000tonnes/day Plaster of Paris (Gypsum Powder) production plant. This was made known during the signing of an agreement between BUA and MMM Erba Makina of Turkey – one of the [...]

September 8, 2021 Business, Economy
NNPC posts first profit of N287 billion after 44 years

NNPC posts first profit of N287 billion after 44 years

Known for loss making in the past 44 years of its existence, the Nigerian National Petroleum Corporation (NNPC) has declared a N287 billion profit after tax (PAT). Although the audited report, which produced the figure is yet to be released, [...]

August 27, 2021 Business
Russia’s Top Oil Company Seeks To Expand Operations In Nigeria

Russia’s Top Oil Company Seeks To Expand Operations In Nigeria

Russia’s second-largest oil company, privately controlled Lukoil, has said it is planning to expand its operations in Nigeria. Ivan Ramanovsky, the company’s Vice President in charge of West Africa, Europe and America disclosed this during a visit of the Nigerian [...]

August 21, 2021 Business, Economy, Oil & Gas
Transaction Advisers For $6.2 Bilion Eurobond Issuance

Transaction Advisers For $6.2 Bilion Eurobond Issuance

The federal government has appointed Transaction Advisers for a $6.2 billion Eurobond Issuance set for part-funding of its estimated N5.2 trillion deficit in the 2021 Budget. According to the Debt management Office (DMO), the Federal Executive Council (FEC), at its [...]

August 6, 2021 Business
US wins backing for global minimum corporate tax rate

US wins backing for global minimum corporate tax rate

Officials from 130 countries and jurisdictions have thrown their support behind the United States’ proposal to require a minimum global tax for corporations starting at 15 percent, a key step in curbing corporate tax avoidance and a major victory for [...]

July 2, 2021 Business, Economy
Nigeria’s national air carrier to begin operation in 2022

Nigeria’s national air carrier to begin operation in 2022

Nigeria will begin the operation of a new national air carrier in the first quarter of 2022, the Minister of Aviation, Hadi Sirika, announced Wednesday. Mr Sirika said this while speaking to journalists after the Federal Executive Council presided by Vice President [...]

May 20, 2021 Business
More International Firms Prefer Ghana To Nigeria

More International Firms Prefer Ghana To Nigeria

The recent decision of social media giant, Twitter, to set up its Africa office in Accra, Ghana, has reopened talks on how Nigeria increasingly lose similar opportunity even as more companies relocate to the Ghanian capital. Daily Trust on Sunday [...]

April 20, 2021 Business
LG Electronics To Shut Down Its Mobile Phone Business

LG Electronics To Shut Down Its Mobile Phone Business

The South Korean electronics manufacturer, LG, is closing its loss-making mobile phone business. The board of directors approved the move on Monday, LG Electronics said in a statement released in Seoul. The shutdown of LG’s mobile phone sector is expected [...]

April 6, 2021 Business
Tips To Get Jobs Faster In UAE (Dubai) As A Nigerian

Tips To Get Jobs Faster In UAE As A Nigerian

Hello guys, it’s Dubai boy again. Based on several requests and popular demand, I decided to make a video about tips to get jobs faster as a Nigerian in any foreign country.. particularly UAE (Dubai). Firstly let me debunk the [...]

March 24, 2021 Business
47 IMTOs get approval to operate in Nigeria

47 IMTOs get approval to operate in Nigeria

The Central Bank of Nigeria (CBN) has approved 47 companies to operate as international money transfer operators (IMTOs), an effort interpreted as a move towards breaking the historical dominance of the industry cartel and liberalising the market. A document released [...]

March 23, 2021 Business
Global middle class shrinks

Global middle class shrinks for first time since 1990s

The global middle class shrank for the first time in decades last year because of the Covid-19 pandemic, with almost two-thirds of households in developing economies reporting they suffered a loss in income, according to two new estimates based on [...]

March 19, 2021 Business
Market capitalisation

Market capitalisation plunges by N8 billion

Transactions on the Nigeria Stock Exchange (NSE) reversed the previous session’s gains to close on a downturn yesterday, with market capitalisation depreciating by N8 billion. The All-Share Index (ASI) fell by 14.68 absolute points, representing a decline of 0.04 per [...]

March 19, 2021 Business
Dependent On Expensive Borrowing

Nigeria Depends On Expensive Borrowing

The International Monetary Fund has said that Nigeria’s “over-Optimistic” revenue assumptions has made the government dependent on expensive borrowing from the Central Bank of Nigeria. The IMF stated that plans to increase Value Added Tax and minimum wage would also [...]

March 16, 2021 Business, Economy
Nigerian Traders In Ghana Raise Alarm Over Fresh Closure Of Shops

Nigerian Traders In Ghana Raise Alarm Over Fresh Closure Of Shops

Nigerian traders residing in Ghana under the auspices of National Association of Nigerian Traders have called on the Nigerian government to take urgent action, following reports that Ghanaian authorities were embarking on a fresh round of closure of shops belonging [...]

December 1, 2020 Business
Nigeria Spends $500m Annually Importing Palm Oil

Nigeria Spends $500m Annually Importing Palm Oil, Agric Ministry Says

Officials from the Federal Ministry of Agriculture and Rural Development, states, agencies and non-governmental organisations on Thursday said Nigeria was spending about $500m annually on oil palm imports. At the national workshop on oil palm organised in Abuja by Solidaridad, [...]

November 20, 2020 Business
Was Nigeria Created For Dangote Or Was Dangote Created For Nigeria?

FFK: ‘Was Nigeria Created For Dangote Or Was Dangote Created For Nigeria?’

The Nigerian government has allowed Dangote Cement to resume exports across its land borders which have been closed for over a year; and this has raised brows, IgbereTV reports BUA Group and a gas company have also received presidential approval [...]

November 11, 2020 Business
Lift Ban On Betting Shops

Betting Companies In Kaduna Urge State Government To Lift Ban On Betting Shops

The Association of Nigerian Bookmakers is the national trade association of sports betting operators and our attention has been drawn to the recent forceful closure of several sports betting shops across Kaduna State by officials of Kaduna State Internal Revenue [...]

September 21, 2020 Business
GBFoods

GBFoods Completes ₦20billion Tomato Processing Factory In Kebbi State

Multinational culinary product manufacturer GBfoods has commissioned the recently completed tomato processing factory in northwestern Nigeria, the company said Monday. The ₦20 billion plant, located in Kebbi State, was built in partnership with the Central Bank of Nigeria, Kebbi State [...]

June 20, 2020 Business
Novare lekki

Novare Tenants Get 4-Month Free Rent In Abuja And Lagos

A South African real estate investment firm, Novare, said on Wednesday that tenants at its three shopping malls in the Federal Capital Territory (FCT), Abuja and one in Lagos would not pay rent for four months. The firm also donated [...]

June 4, 2020 Business
pandemic

FG Appeals To Traders, Transporters Not To Hike Prices during Pandemic

The Federal Government has appealed to traders not to hike prices of food items and transportation as the country battles to contain the Coronavirus (COVID-19) global pandemic. Alhaji Lai Mohammed, the Minister of Information, Culture, and Tourism, made the appeal [...]

May 22, 2020 Business
coronavirus pandemic

Billionaires Supporting Fight Against COVID-19

There is no doubt that the coronavirus pandemic has exposed the frailties of the human race. It has also wrecked the world economy. However, it has also brought out the best in some people as many Nigerians have come to [...]

May 10, 2020 Business
Nigerian Entrepreneurs

Adegoke Olubusi, Bolatito Ovia, Dimeji Sofowora Who Launched Helium Health

Meet Nigerian Entrepreneurs Who Raised $10M To Transform Africa’s Healthcare – Forbes For decades African hospitals had been operating entirely manually, from taking notes on paper on how many patients entered the hospital on any given day, to what type [...]

May 9, 2020 Business
Lagos

Lagos Orders Markets To Open On Selective Dates Over COVID-19

The Lagos State Government has issued new guidelines for the reopening of markets and shopping malls in the state as part of efforts to curb the spread of the Coronavirus pandemic following Governor Babajide Sanwo-Olu’s announcement of the gradual easing [...]

May 4, 2020 Business
Five Containers Laden With Rotten Fish, Other Edibles, Found In Apapa

Five Containers Laden With Rotten Fish, Other Edibles, Found In Apapa

Two safety agencies of Lagos State Government on Monday discovered five containers laden with rotten fish and other edibles in Apapa area of the state. The Hope For Nigeria Online learnt that the shocking discovery was made during a site [...]

October 29, 2019 Business
Coscharis and Stallion Group Industries Limited

Dangote, Coscharis, Stallion Group To Partner With Ekiti To Set Up Rice Mill

Hope For Nigeria Online reports that the governor of Ekiti State, Dr. Kayode Fayemi, said that his administration was in partnership talk with Dangote, Coscharis and Stallion Group Industries Limited to set up a rice mill in the state. The [...]

October 20, 2019 Business
Ajaokuta Steel Company

FG Says It Is Partnering The Russian Government To Revive Ajaokuta Steel Company

The Federal Government says it is partnering the Russian government to revive Ajaokuta Steel Company. Minister of Mines and Solid Minerals Development, Mr Olamilekan Adegbite, disclosed this at an interactive session with Senate Committee on Solid Minerals, Mines, Steel Development [...]

October 19, 2019 Business