Business

…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…

Nigerian Exchange Group (NGX Group), in collaboration with the Securities and Exchange Commission (SEC) Nigeria, has taken a significant step toward enhancing global partnerships within the Nigerian capital market. This was achieved through high-level engagements with the National Stock Exchange (NSE) of India and key players in India’s financial ecosystem. The two-day visit, held recently at the NSE headquarters in…

The electricity subsidies paid by the federal government have increased to N199.64 billion in December 2024. This is according to data sourced from the Nigerian Electricity Regulatory Commission. According to the newly released report, ‘December 2024 Multi-Year Tariff Order,’ electricity subsidies rose by 2.76 per cent to N199.64 billion this month from N194.26 billion in November. NERC explained that the rise…

The management of Nigeria Deposit Insurance Corporation (NDIC) led by MD/CE NDIC, Mr. Bello Hassan on Tuesday visited the Minister of State Finance, Dr. Doris Uzoka-Anite in Abuja.

The Federal Competition and Consumer Protection Commission (FCCPC) has urged the Competition and Consumer Protection Tribunal to dismiss Coca-Cola Nigeria Limited’s (CCNL) amended appeal against the N186.7 million penalty imposed for its labelling and marketing practices, among other issues. According to Nairametrics, the Commission had written reply to the amended appeal. It was previously reported that the FCCPC had imposed…

United Bank for Africa Plc (UBA) through UBA Foundation, its corporate social responsibility arm, has donated the sum of N500 million to the Lagos State Security Trust Fund (LSSTF), as part of its continued commitment to secure environment for individuals and businesses The N500million cheque was presented to the Lagos State Governor, Babajide Sanwo-Olu, by the UBA Group Chairman, Tony…

The Dangote Refinery and Petrochemicals complex has been hailed as an astonishing masterpiece, showcasing Nigeria’s technological advancements on the global stage. This accolade was shared by a delegation from the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo. The Dangote Group also reiterated that its petroleum products are in demand worldwide, as it expands its…

The Nigerian Maritime Administration And Safety Agency (NIMASA) has confirmed that oil spill occurred on Saturday at the Shell Petroleum Development Company (SPDC) loading terminal, SMI, in Bonny, Rivers State.In a statement issued by its Head, Public Relations, Osagie Edward, said that the incident resulted from a ruptured pipeline. According to NIMASA, SPDC has “promptly shut down the affected pipeline…

Shareholders under the aegis of the Independent Shareholders Association of Nigeria (ISAN) have expressed fear over possibility of share reconstruction by some banks after successful capital raising exercise on the Nigerian Exchange Limited (NGX). The National Coordinator of ISAN, Mr Moses Igbrude  said this at the 2024 Capital Market Correspondent Association of Nigeria (CAMCAN) annual workshop in Lagos. The workshop…