Economy
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Dangote debunks FX wrongdoing, says EFCC raid cause unwarranted embarrassment
Dangote group says to its knowledge, no accusation of wrong-going has so far been made against of the companies in the group despite the show-stopping raid on the conglomerate’s Lagos headquarters on Friday. In a one-page statement in Lagos at the weekend the group said, the company’s representatives were still at the Economic and Financial Crimes Commission (EFCC) office to…
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BREAKING: Equities market gains N2.7trn in first four trading days of 2024
The equities market of the Nigerian Exchange Limited (NGX) gained N2.7trillion in first four-day trading activities of 2024 to sustained its positive momentum from 2023 rally. Specifically, the overall equities market capitalisation closed on Friday at N43.593 trillion, gaining N2.7trillion or 6.54per cent from N40.917 trillion it opened for trading in 2024. Consequently, the NGX All-Share Index increased to historic…
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BREAKING: Lagos Assembly passes N2.26trn 2024 Appropriation Bill
Members of the Lagos State House of Assembly on Friday passed a total budget size of N2,267,976,120,869 for the 2024 fiscal year. The Capital Expenditure in the budget increased to 58 percent while 42 percent Recurrent Expenditure was approved by the lawmakers. The lawmakers approved the issuance and appropriation of N952,430,566,998 from the Consolidated Revenue Fund for Recurrent Expenditure and…
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Oil & gas veteran, Babajide Agunbiade, joins Mobihealth Board of Directors
Houston-based Dr. Babajide Agunbiade (FNSE), an oil and gas veteran and one of the world’s leading offshoreproduction experts has joined the Mobihealth Board of Directors. Dr. Agunbiade is a highly respected engineer, investor, businessman, and Chief Executive of Alpha Energy Resources, a diversified conglomerate with interests in offshore production and mining. He was a one-time executive director for Houston-based National…
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EFCC raid Dangote office, probe 51 other companies over forex transactions
The Economic and Financial Crimes Commission (EFCC) has stormed the head office of Dangote Group in Lagos and asked for documents on their foreign exchange transactions in the last decade. The EFCC operatives raided the head office of Dangote Group in Lagos on Monday and demanded documents on their forex transactions in the past 10 years. Operatives of the EFCC…
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Customs CG decorates 2 ACGs, comptrollers, others, charges them to redouble efforts
Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi on Thursday, decorated recently appointed Assistant Comptrollers-General (ACGs), Comptrollers, and other senior officers. The ceremony comes shortly after the Nigeria Customs Service (NCS) announced the appointment of ACG Florence Nano Ogar-Modey and ACG Queen Ogbudu and the promotion of 2,209 senior officers. The occasion, attended by the NCS Management Team and family members…
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2024 Appropriation Bill will end hunger- Adeola
By Kolawole Olayinka, Abeokuta The Chairman, Senate Committee on Appropriation, Sen. Solomon Adeola, has assured Nigerians that the 2024 appropriation bill of N28.7trillion would put an end to hunger in the country. Adeola stated this in Ilaro, Yewa South local government area of Ogun state while speaking with newsmen at the sideline of a New Year party celebration he organised…
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Tinubu appoints new NPA, NIMASA directors
President Bola Tinubu has appointed new executive directors in two agencies under the Federal Ministry of Marine and Blue Economy, the spokesperson to the president Ajuri Ngelale has said in a statement on Thursday. The agencies are the Nigeria Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA). The statement gave the appointments as follows: (A) Ms.…
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Number of electricity customers hit 12.82m in Q3 2023, says NERC
Over 12.82 million electricity customers have been registered in the Nigerian Electricity Supply Industry (NESI) as of September 30, 2023. This was disclosed by the Nigerian Electricity Regulatory Commission (NERC) in its latest third quarter (Q3) 2023 report. Of the total registered customers, NERC said only 5,707,838 (44.51 per cent) are metered. The report said Ibadan Electricity Distribution Company (IEDC)…
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MAN forecasts weak production in H1 2024
The Manufacturers Association of Nigeria (MAN) has said the outlook for the production sector in 2024 may not be a positive one, especially in the first half (H1) of the year. In its ‘Manufacturing Sector Outlook for 2024’ on Wednesday, MAN said the period will be challenging, with a subtle possibility of recovery from the third quarter. To revive the…
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