Business

President Bola Ahmed Tinubu. Has commended the management of National Agency for Science and Engineering Infrastructure (NASENI), led by Executive Vice Chairman/CEO Mr. Khalil Suleiman Halilu for the Agency’s numerous achievements of high impact projects and programmes that are steering Nigeria along the critical path of socio-economic development.  The President in his nationwide address to mark the May 29-second-year anniversary…

Mauritania’s former Economy Minister, Sidi Ould Tah, has been elected the new President of the African Development Bank (AfDB), succeeding Nigeria’s Akinwunmi Adesina, whose two tenures have just ended. The new president is expected to tackle the challenges posed to the multilateral institution by the withdrawal of US financing from the institution. In 2015, Adesina took six rounds of voting…

TotalEnergies oon Thursday said its subsidiary, TotalEnergies EP Nigeria (TEPNG), has signed an agreement to sell its 12.5 per cent interest in the oil mining lease (OML) 118 production sharing contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (SNEPCo) for $ 510 million. TotalEnergies in a statement said the completion of the transaction is subject to customary conditions,…

Heirs Holdings Limited, the investment company chaired by billionaire Mr. Tony Elumelu, has increased its stake in United Bank for Africa Plc (UBA) with the purchase of 45,034,044 shares valued at approximately N1.54 billion. The transaction was disclosed in a filing on the Nigerian Exchange, signed by UBA’s Company Secretary and Legal Counsel, Bili A. Odum. Details of the disclosure…

The Court of Appeal in Abuja has dismissed Malabu Oil and Gas Ltd’s suit over the disputed $1.3 billion oilfield in Nigeria, Oil Prospecting Licence (OPL) 245, in favor of Nigerian Agip Oil Company.  The Appeal Court set aside a 2020 Federal High Court ruling which had dismissed Agip’s preliminary objection against Malabu’s claim that its rights and interests in…

The Apapa Area Command of the Nigeria Customs Service (NCS) has seized six containers laden with contraband valued at N3.25 billion.  The intercepted goods include unregistered pharmaceuticals, cosmetics, used clothing, and two stolen vehicles smuggled from Canada.  At a press briefing recently, the Customs Area Controller (CAC) Comptroller Babatunde Olomu said the seizure stemmed from the command’s unyielding anti-smuggling drive. …

The group managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi popoola has called on African policymakers, capital market leaders, and development stakeholders to collaboratively rethink the continent’s growth model, anchoring it on homegrown capital, tech-enabled integration, and bold partnerships as pillars of a renewed African development agenda. Speaking at the 2025 Annual Meetings of the…

MD/CEO, National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji said it distributed life jacket amid enhancing safety for inland waterway users.  Oyebamiji in a tweet on X said it was an honour to participate in the continuation of the ”Marine Safety Sensitization and Life Jacket Distribution” initiative in Lagos State, an important effort aimed at enhancing safety for inland waterway…

The Securities and Exchange Commission (SEC) has warned the public against investing in unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Limited. In a circular issued in Abuja, Wednesday,  the commission said its attention had been drawn to the activities of these entities, which falsely present themselves as investment advisers and fund managers in the Nigerian capital market. “The attention…

Extending the gains from the prior sessions, the Nigerian equities market on Wednesday gained N177 billion, spurred by investors buying interest in Okomu Oil Plc and 38 others. Spefically, the market capitalisation rose by N177 billion to close at N70.564 trillion. Also, the Nigeerian Exchange Limited All-Share Index (NGX ASI) gained by 296.39 basis points or 0.27 per cent to…