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Capital Market
The Nigerian equities market sustained the bullish trend recorded last week as investors gained N1.826 trillion on the trading floor of the Nigerian Xchange (NGX) in a near-perfect trading week. Recall that investors recorded a gain of N883.7 billion the previous week. In the current week, the equities market gained in four of the five ...
Business
Solewant Group, a leader in steel pipe manufacturing, pipe coating solutions, metal fabrication, and energy training, has reinforced its commitment to innovation, sustainability, and long-term solutions for Africa’s energy transition at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC 2025). The prestigious event, held at the Eko Hotel Conference Hall in Lagos brought together ...
Business
The Centre for the Promotion of Private Enterprise (CPPE) has said that Nigeria’s 2025 budget faces uncertainty as global oil price fluctuations threaten revenue projections. The budget, anchored on a $75 per barrel oil price benchmark, may be difficult to sustain due to the impact of U.S. President Donald Trump’s energy policies, which prioritise increased ...
Business
The Federal Government, through the Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that President Bola Tinubu has decided to suspend the proposed merger between the Nigeria Civil Aviation Authority (NCAA) and the Nigerian Airspace Management Agency (NAMA), as recommended in the Steve Oronsaye report. Keyamo also disclosed that the aviation sector was ...
News
…No bribes were demanded, Binance lied– Reps member; sues for $3bn …Bribery allegation against Nigerian lawmakers true, Binance’s Gambaryan insists Tensions are rising between the Nigerian House of Representatives and global cryptocurrency giant Binance over allegations of a $150 million bribery scandal. Nigerian lawmakers have accused Binance of attempting to bribe government officials to evade ...
Energy
The Organisation of Petroleum Exporting Countries (OPEC), has said that Nigeria’s average daily crude oil production has increased significantly to 1.539 million Barrels Per Day (bpd) in January. The country for the first time, met the OPEC production quota of 1.5 million bpd since it was set for the 2024 period at OPEC’s ministerial meeting ...
Money market
The Central Bank of Nigeria (CBN) has threatened to penalise banks that compel customers to withdraw amounts lower than N20,000 per transaction from Automated Teller Machines (ATMs). The apex bank gave the warning in a “Question and Answer” explainer released on Thursday in reaction to its recent review of ATM withdrawal fees. Recall that the ...
Maritime
The Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, has outlined ambitious reforms aimed at transforming Nigeria’s maritime sector into a key driver of economic growth. Speaking at an interactive session with editors of print media in Lagos, Oyetola highlighted the government's commitment to harnessing marine resources for national prosperity. With an ...
Business
Fitch Ratings, a leading provider of credit ratings, commentary and research, has said that Nigerian third-tier banks are more likely to pursue mergers and acquisitions (M&A) or downgrade their licences as they strive to meet the Central Bank of Nigeria’s (CBN) new paid-in capital requirements. In a report released on Wednesday, Fitch highlighted that while ...
Business
President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its $50 million equity investment in the Lagos Free Zone, describing it as a strong endorsement of Nigeria’s economic direction under his administration. The investment, aimed at expanding the country’s first deep-sea port-based private special economic zone, is expected to enhance industrial growth ...
Money market
..Set to empower 1,000 African entrepreneurs The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy dedicated to empowering entrepreneurs, has signed a strategic $6 million partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation. The agreement, sealed at the World Governments Summit, will provide business training, mentorship, networking opportunities, ...
Energy
Managing Director, Shell Nigeria Exploration and Production Company Ltd. (SNEPCo), Ronald Adams says Nigeria’s target of over 2.4 million barrels per day can be met, if ongoing reforms are sustained. He made this known in a statement signed by the Media Relations Manager of the energy firm, Mrs Gladys Afam-Anadu on Wednesday. According to the ...
Maritime
APM Terminals Nigeria has reaffirmed its commitment to maintaining a consistent schedule for the Apapa-Moniya Standard Gauge rail service, ensuring smooth cargo transportation between the Apapa Port and the Nigerian Railway Corporation (NRC) Freight Yard in Moniya, Ibadan, Oyo State. Chief Commercial Officer of APM Terminals Nigeria, Caroline Aubert-Adewuyi, announced this in Lagos during the ...
Energy
The Shell Nigeria Exploration and Production Company Ltd. (SNEPCo) says Nigeria’s target of over 2.4 million barrels per day can be met, if ongoing reforms are sustained. The Managing Director, SNEPCo, Ronald Adams made this known in a statement signed by the Media Relations Manager of the energy firm, Mrs Gladys Afam-Anadu on Wednesday. According ...
Business
Nigerian subscribers are reportedly switching to alternative network providers following a sharp increase in MTN Nigeria’s data and SMS tariffs. The telecommunications giant recently implemented a price adjustment of up to 50 per cent on its data bundles and SMS rates, sparking widespread backlash. Reports from affected users indicate that the 15GB data plan has ...
Business
The Nigeria Customs Service (NCS) has suspended the implementation of 4% Free-on-Board (FoB) value on imports earlier announced by the service. This is sequel to ongoing consultations with the Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun and other stakeholders. Comptroller-General of Customs, Bashir Adewale Adeniyi, who declared the suspension on ...
Energy
…Announces ‘African Energy Bank’ as financing game-changer ...As NNPC, NCDMB call for investment in Africa’s energy future The Federal Government, through the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has declared that the country is at the forefront of a transformative energy revolution in Africa. Speaking during the Sub-Saharan Africa International Petroleum ...
Energy
The 9th edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) commenced today at the Eko Hotel, Lagos, bringing together industry leaders, policymakers, and investors to discuss the future of Africa’s oil and gas sector. In his welcome address, Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya emphasized the ...
Energy
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe has called for a unified local content strategy across Sub-Saharan Africa to boost industrialization and economic growth in the region. Speaking at the 9th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), he emphasized that fragmented implementation of local ...
Energy
The Group Chief Executive Officer of NNPC Limited, Mallam Mele K. Kyari, has said that there is need for increased collaboration and investment to build a resilient and sustainable energy future for Africa. Speaking at the 9th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), Kyari stated Africa’s crucial role in ensuring energy availability, affordability, ...
