Business

The Oil and Gas Free Zones Authority (OGFZA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have reinforced their commitment to regulatory excellence through a strategic collaboration aimed at strengthening Nigeria’s oil and gas sector. Leading a delegation of his management team, OGFZA’s Managing Director and Chief Executive Officer, Bamanga Usman Jada, paid a courtesy visit to NUPRC headquarters in…

The Board of Unity Bank Plc has announced the appointment of Mr. Ebenezer Kolawole as the Acting Managing Director/Chief Executive Officer following the retirement of Mrs. Oluwatomi Somefun who has completed her tenure as MD/CEO. The appointment was announced at the Bank’s 18th Annual General Meeting (AGM), held in Lagos on Wednesday, after securing necessary approval from its primary regulator,…

Dangote Refinery has suspended the loading of petroleum products for the Nigerian market due to stalled negotiations over the naira-for-crude deal, sources confirmed. However, the refinery will continue to supply fuel for export, as it currently procures all its crude stock from the international market in dollars. The refinery had been selling fuel to Nigerian marketers in naira under an…

The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso and the National Security Adviser (NSA) to the President, Mr. Nuhu Ribadu during a security engagement organised by the Central Bank of Nigeria in collaboration with the Office of the National Security Adviser, held recently at the National Counter – Terrorism Centre, Three Arms Zone, Abuja.

BudgIT and Order Paper have expressed deep concern over the weakening of Nigeria’s separation of powers, as executive overreach, legislative dilution, and judicial sangfroid undermine institutional independence and democratic governance. Over the years, Nigeria’s parliament has struggled to assert its independence from the executive, hindering its ability to exercise robust oversight and hold it accountable. This weak governance structure has…

Naira at the Nigerian Foreign Exchange Market (NFEM) on Monday depreciated by 0.3 per cent or N4.00 against the dollar to close at N1,552.00 against the dollar from N1,548.00 it closed last week.  Meanwhile, the  overnight lending rate expanded by three basis points to 32.8per cent in the absence of any significant funding pressure on the system. Proceedings in the…

The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its commitment to ensuring that funds allocated under the Petroleum Industry Act (PIA) are effectively utilized to deliver sustainable development in Niger Delta communities.  The Chief Corporate Communications Officer, NNPCL, Olufemi Soneye in a statement stated that this  pledge was made during a stakeholder engagement session held with the KEFFESO Host…

The Nigerian Exchange Limited All-Share Index (NGX ASI) commenced the new week on a negative note, dropping by 155.96 basis points or 0.15 per cent to close at 105,799.17 basis points.  Also, market capitalisation shed N8 billion or 0.01 per cent to close at N66.344 trillion. The difference in the market indices was influenced by the listing of 16.667 billion…

President of Dangote Group Aliko Dangote has narrated how his Cement factory at Itori, Ogun State was demolished twice by the administration of the then Governor Ibikunle Amosun. Dangote narrated his experience during a facility tour of the over $500 million complex that will start production very soon with Governor Dapo Abiodun. Dangote revealed that he returned to Ogun State…

The Chairman of Honeywell Group, Chief Oba Otudeko, a former Managing Director of First Bank, Olabisi Onasanya and others are discussing “settlement”  in an alleged N12.3 billion fraud case under the supervision of the Office of the Attorney General of the Federation. Otudeko’s counsel, Chief Wole Olanipekun, (SAN), informed Justice Chukwujekwu Aneke of the Federal High Court Lagos on Monday…