Business

President of the Dangote Industries Limited (DIL), Aliko Dangote, has revealed that Algeria and Libya are self-sufficient with petroleum products and not importing, maintaining that other Africa countries have become a dumping ground for substandard petroleum products due to overreliance on imports. According to a statement on Tuesday, Dangote spoke during a recent interview with journalists. “Apart from Algeria and…

The Securities and Exchange Commission (SEC) has revealed that it is investigating 79 suspected Ponzi schemes across the country. The commission in a stattement said the outcome of the investigations would be disclose once concluded. “The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation” the SEC said. The…

 The Nigerian equities market opened the new week on a positive note with a gain of N341 billion, underscoring sustained investor confidence. The All Share Index (ASI) gained by 539.59 points, representing a growth of 0.43 per cent to close at 126,689.54 points. Accordingly, market capitalisation rose by N341 billion to close at N80.144 trillion. The upturn was impacted by…

President/Chief Executive of Dangote Industries Limited, Aliko Dangote, has asserted that Africa as continent needs are bold and transformative projects capable of addressing its long-standing challenges. He, however, urged African entrepreneurs, business leaders and wealthy individuals to invest in the development of the continent. Speaking while hosting participants of the Global CEO Africa Programme from Lagos Business School and Strathmore…

The market value of MTN Nigeria Communication Plc reached its all-time high in the equities segment of the Nigerian Exchange (NGX) as investors increased bets on the telecom company ahead of the second quarter of financial year 2025 earnings release. The telecommunication firm’s stock price rose by roughly 10.5 per cent over the week, starting at N357.50 and ending at…

Central Bank of Nigeria (CBN) activities plunged the financial system’s liquidity into deficit, reflecting outflow for cash reserves, open market operations, and foreign exchange market intervention debits. The authority mopped up funds to a level that drained the money market funding flows and pushed rates higher, causing banks funding pressure to exacerbate. Hence, money market rates spiked above the 30per…

United Bank for Africa (UBA) Plc is celebrating a decade of impactful digital transformation through its strategic partnership with leading fintech firm, VERiCASH. The collaboration, which birthed the award-winning UBA Mobile App, has revolutionised digital banking across the continent – delivering seamless, secure, and user-friendly experiences to millions of customers. To commemorate this significant milestone, UBA is launching a special…

An Air Peace flight P47190 veered off the runway on Sunday morning as it attempts to land at the Obafemi Jeremiah Awolowo International Airport in Port Harcourt. The flight reportedly took off from the domestic wing of the Murtala Mohammed Airport in Lagos. The cause of the incident remains unknown as at the time of filing this report. Air Peace…

The MD, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Kuku on Wednesday played host to the Comptroller General of the Nigeria Customs Service, Bashir Adewale Adeniyi, at the FAAN Headquarters, Lagos.

President of the Dangote Group, Aliko Dangote has revealed that he is sceptical that the Port Harcourt, Warri, and Kaduna refineries — owned by the Nigerian National Petroleum Company (NNPC) Limited — will work again. The group chief executive officer (GCEO) of the NNPC, Bayo Ojulari had said the company is considering the sale of the refineries, noting that the…