Business

The Minister of Aviation and Aerospace Development, Festus Keyamo, alongside the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Olubunmi Kuku, unveiled a new electronic gate (E-gate) at the departure wing of Murtala Muhammed International Airport (MMIA), Lagos. The initiative, driven by FAAN in partnership with the United Bank for Africa (UBA), is part of efforts to enhance…

The Central Bank of Nigeria (CBN) said it has granted eligible Bureau De Change (BDC) operators temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly from December 19 to January 30. In a statement on Thursday, signed by T.G. Allu, CBN acting director of trade and exchange department, the apex bank said BDCs will purchase…

The Transmission Company of Nigeria (TCN) said it regrets to announce that its 330kV Shiroro – Katampe transmission line was vandalized on Wednesday,18th December 2024. In November 2024, the TCN announced that two towers along its 330kV Shiroro–Kaduna transmission lines one and two had been vandalised, damaging parts of both transmission lines. The General Manager, Public Affairs, TCN, Ndidi Mbah…

Seplat Energy Plc, has been named Best In Social Impact/Human Capacity Development at the Sustainability, Enterprise and Responsibility Awards (SERAS) Africa for 2024. The Company was announced as winner of the award at the 18th edition of the SERAS Africa held Lagos. The organisers lauded Seplat Energy’s corporate social investment programmes in the health, education and entrepreneurship spheres as well…

The Central Bank of Nigeria (CBN), Governor, Olayemi Cardoso disclosed that diaspora remittances through international money transfer operators  (IMTOs) reached $4.22 billion between January and October 2024. The figure is 61 percent or $2.62 billion higher than the amount recorded during the same period in 2023. Cardoso  told the senate committee on banking, insurance, and other financial institutions during an…

Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to N899.50k per litre. This was announced in a statement, on Thursday morning. The company said the decision was taken to “provide much-needed relief for Nigerians ahead of the holiday season”. “Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on…

 The Lagos State Internal Revenue Service (LIRS) has announced that its Executive Chairman, Mr. Ayodele Subair, has been conferredwith a doctorate degree in Business Administration (honoris causa) by the Adekunle Ajasin University, Akungba-Akoko (AAUA).  Subair received the prestigious award at the institution’s13th convocation ceremony and 25th anniversary recently.  L-R: Vice Chancellor, Adekunle Ajasin University,Akungba-Akoko (AAUA), Prof Olugbenga lge, member representing…

The Dangote Petroleum Refinery has stated that the Nigerian National Petroleum Company Limited provided inaccurate and misleading information regarding the details of its $1bn investment in the refinery’s operations, stressing that the facts were misrepresented in a manner that misguides stakeholders and the public about the nature and extent of the investment. The company clarified that the $1billion crude-backed loan…

…1965 facility modernized into a state-of-the-art plant, hailed as a significant achievement. Former Group Managing Directors (GMDs) of the Nigerian National Petroleum Company Limited (NNPC) have praised the current management team, led by Mr. Mele Kyari, for the impressive rehabilitation of the Port Harcourt Refinery. After an on-site inspection of the facility, they described the transformation as “magic.” The former…

KPMG has identified Nigeria, South Africa and Kenya as the top destinations for future investments in the next two years in sub-Saharan Africa. In its report titled ‘Doing deals in sub-Saharan Africa 2024,’ KPMG conducted a survey among international and domestic investors. KPMG said more developed African nations are likely to benefit when it comes to the location of future…