Business and Economy

The Director General of the Infrastructure Concession Regulatory Commission (ICRC), Engr. Chidi Izurah, has commended the leadership of the Nigerian National Petroleum Corporation (NNPC) for totally driving a transparent bid opening processes for the rehabilitation of NNPC pipelines and its critical downstream infrastructure noting that NNPC is showing to the …

For Africans and lovers of African foods, the answer to their hearts’ desires has come. A one-storm shop for all African foods has come to the United States of America, USA. Located in New Jersey, the AFOR African Market is opening for business at 1100 Clinton Avenue, Irvington, New Jersey …

The Nigerian National Petroleum Corporation (NNPC) has recorded an increased trading surplus of ₦20.36billion in July 2020 compared to the ₦2.12billion surplus in June 2020 in its operations. Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the corporation, in a release in Abuja, explained that details of …

Industry players and companies ready to be creative and collaborate have immense business opportunities in providing quality solutions to the challenges that the oil and gas industry faces in implementing Local Content as required by the Nigerian Oil & Gas Industry Content Development (NOGICD) Act, says the Managing Director of …

The Nigerian Maritime Administration and Safety Agency (NIMASA) has made significant progress in securing sea time berths for cadets trained under the Nigerian Seafarers Development Programme (NSDP), despite the limitations of the coronavirus pandemic. Director-General of the Agency, Dr. Bashir Jamoh, disclosed this in Lagos following a recent three-month extension …

It is a factual error to conflate the subsidy uprising of 2012 and the crisis of 2020. True, both speak to a national emergency, but the circumstances are starkly dissimilar. Nigerians that marched across the nation in the harmattan-scorched January of 2012 were actually protesting a touted rising economic tide …

Federal government agencies in the Presidency have held consultations for the 2021 budget. The Permanent Secretary, State House, Mr Tijjani Umar, led the 2021 budget bilateral meeting between Government Agencies under the Presidency and officials of the Federal Ministry of Finance, Budget and National Planning. The virtual meeting, according to …

The Niger Delta Development Commission, NDDC, has cried out, that a planned protest against it in London, the United Kingdom, purportedly by individuals on the scholarship of the agency against the non-payment of their funds is actually the handiwork of those who want to rip it off to the tune …

President Muhammadu Buhari has congratulated Dr Adesola Kazeem Adeduntan, the Managing Director of First Bank Nigeria Limited, for being named a recipient of the Forbes Best of Africa Award. President Buhari, in a message by Femi Adesina, his Special Adviser (Media and Publicity), urged Dr. Adeduntan “to always hoist the …

The Central Bank of Nigeria, CBN, has taken the Nigerian Economic Summit Group, NESG, to the cleaners over its press release titled “Matters of Urgent Attention” which called to question some of the measures taken by the apex bank to support the stability of the country’s financial system and help …

Socio-Economic Rights and Accountability Project (SERAP) has condemned “the patently unfair and arbitrary hike in electricity tariff and fuel price by the government of President Muhammadu Buhari. This is unjust to many people living in extreme poverty, and entirely incompatible with the Nigerian Constitution of 1999 [as amended] and the …

Governor of Bayelsa State, Senator Duoye Diri, says the Nigerian Maritime Administration and Safety Agency (NIMASA) is key in efforts to wean Nigeria from its dependence on crude oil, stressing that the most enduring wealth of the country is in maritime. Diri stated this on Monday in Lagos, when he …

The Nigerian Maritime Administration and Safety Agency (NIMASA) has revived efforts to change the Terms of Trade for the affreightment of Nigerian crude oil from Free on Board (FOB) to Cost Insurance and Freight (CIF). Director-General of NIMASA, Dr. Bashir Jamoh, disclosed this in Lagos, when he received a delegation …

The Nigerian National Petroleum Corporation (NNPC) has obtained a prepayment funding of circa US$1b to support the upstream operations of its subsidiary, Nigerian Petroleum Development Company (NPDC). The crude oil prepayment has enabled NNPC to pay NPDC’s Tax obligations to the Federal Government of Nigeria, of circa US$700M with the …

By Dennis Udoma, Uyo Its was celebration galore on Wednesday September 2, 2020 as Akwa Ibom State Government added a new Bombardier CRJ900, with registration number 5N-BXO to its fleet. The new addition was the 5th in the State owned aviation outfit, Ibom Air; fulfilling Governor Udom Emmanuel’s campaign promise …

ABUJA Speculators in Nigeria’s foreign exchange market are set to count huge losses as the Naira continues to surge against the dollar, following the interventions made by the Central Bank of Nigeria (CBN) in the Investors and Exporters (I&E) window. Prior to CBN’s renewed intervention in the I&E window on …

By Jessica Onyegbula Abuja, Sept. 1, 2020 The Christian Association of Nigeria (CAN), has called on President Muhammadu Buhari to issue directives to suspend implementation of the Companies and Allied Matters Act (CAMA) 2020. Rev. Samson Ayokunle, CAN President, made the call at a news conference on Tuesday in Abuja. …

ABIDJAN, Ivory Coast, September 1, 2020/ In a speech kicking off his second term as African Development Bank (https://www.AfDB.org/) chief, newly sworn in President Akinwumi Adesina unveiled a sweeping vision to consolidate the institution’s successes of the last five years, hone the Bank’s operations and exploit opportunities and urgency created …

By Itohan Abara-Laserian Lagos, Sept. 1, 2020 Fidelity Bank Plc is to publish its financial statement for half year ended June 30 on or before September 28. The bank’s Company Secretary, Mrs Ezinwa Unuigboje, made this known in a notice posted on the Nigerian Stock Exchange (NSE) website on Tuesday. …

The Group Managing Director/Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu has called for concerted efforts towards diversifying the country’s export base through the promotion of non-oil exports. He made the call during a Webinar themed “Prospects of Non-Oil Export During and Post COVID-19” organized by the bank on Wednesday, …

“We want the 9th Senate of the Federal Republic of Nigeria to pile pressure on some of our obligors through the Senate Committee on Banking Insurance and Other Financial Institutions under the leadership of Senator Uba Sani as Chairman. Some of these obligors are very important members of the society …

By Mustapha Sumaila Abuja, Aug 27, 2020 The Central Bank of Nigeria (CBN) says it has commenced the sales of foreign exchange to the Bureau De Change (BDC) operators in the country. The CBN made this known in a circular signed by Dr Ozoemena Nnaji, Director Trade and Exchange Department, …

By Chijioke Okoronkwo Abuja, Aug. 27, 2020 President Muhammadu Buhari has directed the commencement of a nationwide mass-metering programme as part of efforts to put an end to estimated and arbitrary billing for electricity. Prof. James Momoh, Chairman, Nigerian Electricity Regulatory Commission (NERC), in a statement on Wednesday in Abuja, …

ABUJA The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed plans to meet the Chief Executives of multinational companies in Nigeria, to discuss the revamp of Nigerian exports. Mr. Emefiele dropped the hint on Tuesday, August 25, 2020, during the meeting of the Bankers’ Committee, noting that …

For the Nigerian Petroleum Industry to move forward in the face of the COVID-19 pandemic, the Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mallam Mele Kyari, Tuesday, urged the Industry stakeholders to evolve innovative ways to reposition the Sector for sustainability. The NNPC GMD, speaking at the opening ceremony …