Economy
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Ukraine’s invasion: Oil hits $130/ barrel, highest since 2008
The price of crude oil on Monday hit $130 a barrel, the highest since July 2008, after the United States and European allies considered banning the importation of Russian oil in protest against Russia’s invasion of Ukraine. Brent crude futures jumped $12.61, or 10.6 per cent, to $130.72 a barrel by 0449 GMT, while U.S. West Texas Intermediate (WTI) crude…
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No plans to exit Nigeria, says Guinness
Guinness Nigeria Plc has debunked rumours it is planning to exit Nigeria. In a statement signed by its management, which was made available to Western Post, Guinness said it was committed to continued investment in Nigeria. “The attention of the Management of Guinness Nigeria Plc has been drawn to some false, malicious, and misleading publication trending on some social media…
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Kano-Kaduna rail: I’ll report you to Nigerians, Amaechi warns contractors
Minister of Transportation, Rotimi Amaechi, has warned China Civil Engineering and Construction Company (CCECC), the major contractor handling the ongoing Kano-Kaduna rail project that he would report them to Nigerians for deliberately slowing down the project. Amaechi who was speaking on Saturday after inspecting the project, accused CCECC of playing politics with the project. “The speed is extremely slow. They…
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WTO concerned about trade implications of Ukraine-Russia war – Okonjo-Iweala
Director General, World Trade Organization, Ngozi Okonjo-Iweala, says the ongoing invasion of Ukraine by Russia will have an implication on trade in agriculture and food products. Okonjo-Iweala said the WTO was worried about the ongoing crisis in Ukraine and had hoped it would have a peaceful resolution. “At the WTO, we have watched this tragedy in Ukraine unfold with disbelief…
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FIRS: Tax payers get 30 days to settle FOREX liabilities in naira
The Federal Inland Revenue Service, FIRS, has given tax payers with foreign currency liabilities a period of one month to pay them in naira. This was contained in a statement signed by FIRS Executive Chairman, Muhammad Nami. According to the statement, the one-month window was given due to “challenges encountered by the taxpaying public in sourcing for foreign currencies to…
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BREAKING: UBA announces 9% increase in profit
United Bank for Africa (UBA) on Friday announced about nine per cent increase in profit, according to its audited result and accounts for the period ended December 31, 2021. The Pan-African bank reported N118.7billion profit in 2021 from N109.16billion reported in 2020. Profit before tax also grew by 20.1 per cent to N153.07billion in 2021 fro N127.3billion in 2020. …more…
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Abiru advocates upskilling of youths for enormous opportunities in tech space
…. Engages Ikorodu Division Business Stakeholders Chairman, Senate Committee on Industries and Senator representing the Lagos East Senatorial District, Tokunbo Abiru, on Friday advocated that young people who are seeking job opportunities must be upskilled in technology and digital knowhow for them to be relevant in the fourth industrial generation. Abiru said this when he met with business stakeholders in…
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No kidnapping on Nigeria’s territorial waters in 2021
Nigeria did not experience any kidnapping on its territorial waters in 2021, the latest report by the International Maritime Bureau, IMB has revealed. According to the report, this might be an indication that Nigeria may have eliminated the menace of piracy in its waters. Sao Tome and Principe top the new piracy list, with the country experiencing 30 kidnappings on…
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Ogun agro cargo airport to be ready November, says Abiodun
…Says project will provide 25,000 jobs opportunity By Kolawole Olayinka, Abeokuta The Ogun State governor, Dapo Abiodun, has disclosed that the agro cargo airport being constructed by his administration will be ready for use by November. The governor equally disclosed that the project when completed would provide no fewer than 25,000 jobs for the people of the state. Abiodun who…
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Equities market drops by N35bn as investors’ profit-taking persist
The stock market of the Nigerian Exchange Limited (NGX) on Thursday dropped by N35 billion on sustained profit-taking by investors. The NGX All-Share Index declined by 64.72 basis points or 0.14 per cent, to close at 47,296.07 basis points. Similarly, the overall market capitalisation value lost N35 billion to close at N25.490 trillion. The market negative performance was driven by…
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