Business

 The Dangote Petroleum Refinery has said it has not received authorisation from the Nigerian National Petroleum Company Limited to supply Premium Motor Spirit, popularly called petrol, to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN). It announced this on Thursday as oil dealers under the aegis of the Petroleum Retail Outlet Owners Association of Nigeria demanded the refinery…

Nigeria’s money supply (M3) has grown by 62.8per cent year-on-year (YoY) in September 2024, despite the Monetary Policy Committee’s (MPC) tightening stance aimed at curbing excess liquidity to control inflation. According to the latest data from the Central Bank of Nigeria (CBN), M3 increased to N108.95 trillion in September 2024, compared to N66.94 trillion in the same month last year.…

Access Holdings Plc, the parent company of Access Bank Plc, has announced a series of initiatives aimed at empowering small businesses across Africa and enhancing intra-African trade. During a recent media roundtable, the leadership team, including Acting GCEO Ms. Bolaji Agbede, and Group Managing Director/CEO, Roosevelt Ogbonna, shared insights on the company’s strategic priorities for the coming years. “Our commitment…

By Kunle Sanni The Federal Competition and Consumer Protection Commission (FCCPC) has exposed how cartels in Nigeria’s poultry and packaging sectors are artificially inflating prices through market manipulation. FCCPC’s Executive Vice-Chairman and CEO, Tunji Bello, shared these findings on Wednesday during a stakeholders’ meeting in Uyo, Akwa Ibom State. In a statement on X (formerly Twitter), Bello noted that this…

The House of Representatives has urged Festus Keyamo, Minister of Aviation and Aerospace Development, to revoke airstrip licenses issued to individuals and organizations. The resolution was passed by the lower legislative chamber during Wednesday’s plenary session following the adoption of a motion of urgent public importance. The motion was sponsored by Sulaiman Abubakar, a lawmaker representing the Gummi/Bukkuyum federal constituency…

Guaranty Trust Holding Company Plc (GTCO) has announced its nine months ended September 2024 unaudited result and accounts with about N1.22 trillion profit before tax, about 182 per cent increase from N433.2 billion reported in nine months of 2023.  The lender’s profit after tax grew faster by 195.3per cent to N1.09 trillion in nine months of 2023, after accounting for…

The National Insurance Commission (NAICOM) on Wednesday wielded the big stick, sacking the board and management of the ailing African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies. The regulator, having taken over the insolvent firm over  failure to meet obligations to annuitants and policyholders, has also appointed an interim managers to take charge of the company. The…

The Presidential Compressed Natural Gas Initiative (PCNGI) has announced plans to significantly reduce taxi fares for services at the Nnamdi Azikiwe International Airport, Abuja, by 30%. This initiative comes after the signing of an agreement with Airport Taxi Operators to convert 800 vehicles to run on compressed natural gas (CNG). Mr. Michael Oluwagbemi, the Programme Director and Chief Executive of…

The Nigerian Civil Aviation Authority (NCAA) has reassured the public of its commitment to consumer protection at airports nationwide, emphasizing the integrity of its consumer protection directorate staff. The agency encourages passengers to engage with its representatives for assistance with grievances related to their travel experience. Michael Achimugu, Director of Public Affairs and Consumer Protection at the NCAA, highlighted the…

The Nigerian Civil Aviation Authority (NCAA) has addressed concerns regarding the airworthiness of the helicopter recently involved in a crash in Lagos. The statement, signed on Wednesday by Capt. Chris Najomo, Acting Director-General of Civil Aviation, was released following an article by Sahara Reporters which questioned the aircraft’s registration and history, mistakenly identifying it as a previously deregistered aircraft. Sahara…