Business and Economy

The Nigerian National Petroleum Company Limited (NNPC), has raised the alarm concerning a fake competition trending online which claims to celebrate a so called “Anniversary Event.” A statement by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, NNPC said that “in the purported contest, unsuspecting participants are encouraged …

Serial digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh has donated the sum of N50m to an Innovation and Development Fund set up by the Nigeria Computer Society (NCS). Ekeh announced the donation on behalf of Zinox during the 2021 National Information Technology Merit Awards (NITMA) at the Muson …

By Chinyere Joel-Nwokeoma Lagos, Dec. 19, 2021 FBN Holdings Plc has officially notified the Nigerian Exchange Ltd and the investing public of the resignation of Mr. Remi Babalola, its Chairman and Non-Executive Director. This is contained in the statement on investors’ relations signed by the Company Secretary, Mr. Seye Kosoko, …

By Nathan Nwakamma Yenagoa, Dec 18, 2021 Joint Investigative Visit (JIV) into the cause and volume of spill from the leak at Oil Mining Lease (OML) 29 has suffered a setback following the exclusion of Bayelsa Technical Committee on the incised set up by Gov Douye Diri. JIV is a …

By Folasade Akpan Abuja, Dec. 18, 2021 Federal, states and local councils shared N675.946 billion from the federation account for November on Friday. Mr. Olajide Oshundun, Acting Director, Information, Ministry of Finance, Budget and National Planning stated this on Saturday in Abuja. The Federal Government received N261.441 billion of the …

By Kadiri Abdulrahman Abuja, Dec.  16, 2021 The Debt Management Office (DMO) has offered for subscription N250 billion road Sukuk instrument for N1,000 per unit. A statement in DMO’s website indicates that the instrument was issued by “FGN Roads Sukuk Companies 1 Plc.” on behalf of the Federal Government. The …

By Chinyere Joel-Nwokeoma Lagos, Dec. 14, 2021 The Debt Management Office (DMO) has stressed the need for the Federal Government to increase revenue drive to reduce the country’s debt profile and reduce fresh borrowing. The Director General, DMO, Ms. Patience Oniha, said this during a virtual interactive session tagged: “Nigeria …

Port-Harcourt  Nigeria LNG Limited (NLNG) Tuesday, in Port Harcourt, awarded postgraduate scholarships to eleven (11) Nigerians to pursue Masters’ degrees in leading universities in the United Kingdom (UK). NLNG offers post-primary, undergraduate, and postgraduate scholarships to students in her host communities and across the country. The Postgraduate Scholarship Scheme was …

*Says consultation for next governor of Rivers State has began *Fintiri of Adamawa State inaugurates Ezimgbu Road in Port Harcourt Governor of Rivers State, Nyesom Ezenwo Wike says it is now obvious that the Federal Government is not interested in revitalising the nation’s economy because its programmes on stimulation of …

The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of ₦141.96billion recorded in June 2021 compared to a deficit of ₦37.46Billion in May 2021. This is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR). A trading surplus …

  Governor tours project site, shows excitement at progress Barring any exigency, the 32-metric tons per hour Rice Mill being constructed by Lagos State Government in Imota area of Ikorodu division will start operations before end of first quarter in 2022. Governor Babajide Sanwo-Olu gave this assurance after touring the …

At long last, the Court of Appeal Lagos Division has dismissed an appeal by the Chairman of Global Fleet Group, Barrister Jimoh Ibrahim, challenging the Asset Management Corporation of Nigeria (AMCON)’s seizure of his 12 assets and freezing of all his accounts over his alleged N69.4billion debt. The latest development …

Managing Director, Shell Nigeria Gas & President Nigerian Gas Association, Ed Ubong has called for urgent strategy to grow Nigeria’s capacity in the gas sub-sector. This, according to him, would ensure that gas is used to spur industrial development across all parts of the country. “We need to begin the …

The Bureau of Public Enterprises (BPE) has named members of the interim management team for the Abuja Electricity Distribution Company (AEDC) Plc. They are: Bada Akinwumi as Interim Managing Director; Sani Usman, Interim Chief Business Officer; Babajide Ibironke, Interim Chief Finance Officer; Donald Etim, Interim Chief Marketing Officer and Femi …

Governor Udom Emmanuel of Akwa Ibom State has been advised on the need to reopen the Four Point By Sheraton Hotel, in Ikot Ekpene, as a mark of honour for the man who brought him into office, former Governor, Senator Godswill Akpabio. A statement by a Lagos based group, Ibom …

Framework to be implemented with private energy investors An electricity sustainability framework that will provide reliable power to residential and industrial areas in Lagos State has been unveiled by Governor Babajide Sanwo-Olu. The Governor, on Wednesday, launched the State’s Electricity Policy at an energy stakeholders’ event organised by the Ministry …

By Solomon Asowata Lagos, Dec. 8, 2021 UTM Offshore and the African Export-Import Bank (Afreximbank) have signed a MoU to raise 2 billion dollars for the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG) project. Dr Yahuza Kassim, Principal Consultant for the development of the facility stated in Lagos …

On December 1, 2021, Chevron Nigeria Limited (“CNL”), operator of the joint venture with the Nigerian National Petroleum Company Limited, (“NNPC”) – “NNPC/CNL JV” – marked 60 years of its operations in Nigeria.It was on December 1, 1961, that Gulf Oil Company, a subsidiary of Gulf Corporation, was registered in …

By Stanley Nwanosike Enugu, Dec. 6, 2021 The South East Amalgamated Markets Traders Association (SEAMATA), has sent a “Save Our Souls (SOS)” signal to the Central Bank of Nigeria (CBN) over multiple and indiscriminate charges and deductions on customers by commercial banks. SEAMATA, the umbrella association of traders in all …

Email:alexottiofr@gmail.com “If you lay with a scorpion, don’t be surprised when it finally stings you.” ―DaShanne Stokes One fateful day, Juan Souza Carlos, a Brazilian billionaire, received a fax message at his Sao Paulo office. Not too many people of the generation X and Y know much about fax messages. …

By Yunus Yusuf Ikeja, Dec. 5, 2021 Nigeria’s leading airline, Air Peace, begins scheduled flights into Anambra on Tuesday. Its spokesman, Mr. Stanley Olisa, confirmed the development in a statement issued in Lagos on Sunday. Olisa stated that the commencement followed approval of the Anambra International Cargo and Passenger Airport …

By Grace Alegba Lagos, Dec. 5, 2021 The Agbara-Seme border section of Lagos-Badagry expressway project will receive N15 billion of NNPC tax credit fund, Federal Controller of Works in Lagos, Olukayode Popoola, has said. Popoola told the News Agency of Nigeria (NAN) in Lagos on Sunday that the intervention funding …

By Nathan Nwakamma Yenagoa, Dec. 4, 2021 The National Oil Spills Detection and Response Agency (NOSDRA) has dismissed as “guess work” claims from several parties on the volume and the cause of ongoing leak from Aiteo’s oilfield at Nembe, Bayelsa. The News Agency of Nigeria (NAN) reports that the Bayelsa …

The world today is in turmoil through a combination of climatic and social tensions. Life and property are consequentially exposed to serious dangers. Protection of life and property has therefore become a major concern in the world today. This is more so for poor Africa that is very much in …

By Zubairu Idris Kano, Dec. 1, 2021 The Central Bank of Nigeria (CBN), has assured that it has put in place effective mechanisms to insulate the e-Naira from hackers and fraudsters. The Director, Corporate Department, CBN, Mr. Osita Nwanisobi, disclosed this on Wednesday at a Central Bank Fair in Kano. …