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Business
Dangote Overcomes Hurdles, Set to Begin Petrol Production in August
President of the Dangote Refinery, Alhaji Aliko Dangote, says the refinery is now set to roll out its petrol from August 2024, having resolved its crude oil supply issues through the help of the Nigeria National Petroleum Company…
NNPCL Seeks Additional $2bn Loan Despite Rising Debt
The Nigerian National Petroleum Company Limited (NNPCL) is in talks for a fresh $2bn oil-backed loan to boost its finances and allow investment in its business, the company’s Chief Executive Officer, Mele Kyari, told Reuters during an…
Dangote: Nigeria’s Economy Can Fix Itself in Months
The Chairman of Dangote Group, Aliko Dangote, has promised that the private sector will “invest heavily” in job-creating initiatives.
He added that Nigeria’s economy can be turned around “within a few months” as the “issues are not…
NNPC Vows to Fight Declining Oil Production, Declares State of Emergency
The Nigerian National Petroleum Company Limited (NNPCL) says it has declared a state of emergency on oil production.
It said this was a move towards increasing Nigeria’s crude oil production and growing its reserves.
Group Chief…
CBN Warns: Soaring Non-Bank Transactions Could Crash West African Economies
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says rising transaction volumes by non-banks threatens financial stability in West Africa.
He stated this on Monday at the 10th meeting of the College of Supervisors…
CBN Ramps Up Cybersecurity Defenses with New Policies
The Central Bank of Nigeria (CBN) says it will continue to implement more policies to tackle cybersecurity challenges, foster innovation to ensure stability and integrity of the financial system.
The Deputy Governor, Financial…
Dangote Claims “Oil Mafia” Sabotaged Billion-Dollar Refinery
The Chairman of the Dangote Group Aliko Dangote has accused those he described as oil mafia of trying to sabotage the refinery project.
Dangote who was speaking at the Afreximbank annual meetings (AAN) and AfriCaribbean Trade and…
Beyond the Headlines: Diageo’s Calculated Move in Selling Guinness Nigeria Shares
A press release issued on Tuesday, by Bayo Onanuga, President Tinubu's Special Adviser on Information and Strategy, sheds light on the recent acquisition of Diageo's majority stake in Guinness Nigeria by Tolaram, a Singaporean…
Few Customers Hold Large Sums as NDIC Reveals 99% of Heritage Bank Accounts Below N5m
The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that 99 per cent of Heritage Bank depositors have total balances of less than N5m.
The Managing Director of the NDIC, Bello Hassan, made the disclosure on Wednesday in…
Davido’s Crypto Token Crashes: A Cautionary Tale for Fan-Based Investments
Nigerian music superstar Davido's foray into the cryptocurrency world has taken a dramatic turn, with his newly launched token, $Davido, experiencing a staggering 93% value decline within a day of its debut.
This sharp drop raises…
Nigeria’s Growth Sprouts as Finance Minister Edun Announces Positive GDP Figures
The Nigerian economy is showing signs of growth with a Gross Domestic Product growth rate of 2.98 per cent in the first quarter of 2024, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The…
Elumelu Calls for Special Courts to Tackle Power Theft
Tony Elumelu, the chairman of Transcorp Group, says power theft is a setback for distribution companies (DisCos) in the country.
Speaking at the firm’s annual general meeting (AGM) in Abuja on Monday, Elumelu said DisCos also suffer…
CBN Governor Assures Nigerians: Short-Term Pain from Reforms Worth Long-Term Gain
Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the pains caused by ongoing monetary and fiscal reforms will soon be over if Nigerians remain focused on supporting the policies.
Cardoso, represented by Blaise…
DStv, GOtv: 3-Day Service Disruption for Lagos-Calabar Highway Construction
DStv and GOtv customers in Nigeria have been notified to expect disruption in service from Sunday, May 5, to Tuesday, May 7, due to the ongoing construction project on the Lagos-Calabar Coastal Highway.
In a notice shared on social…
Moghalu Urges FG to Peg Naira at Real Market Value
Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has advised the federal government to stabilise the naira at its true market value.
Moghalu spoke in a statement on Tuesday.
On April 15, naira…