Business and Economy

In a country without a National Carrier, Governor Udom Emmanuel of Akwa Ibom State has made history by launching the first state-owned airline in Nigeria, IBOM AIR, thus putting the camp of his eternal critics into confusion. Despite the giant strides of the Emmanuel administration particularly in its industrialisation drive …

By Chinyere Joel-Nwokeoma Lagos, Feb. 19, 2019 Zenith International Bank Plc on Tuesday became the first bank to announce its 2018 audited result, declaring a drop in gross earnings. The bank’s audited result released by the Nigerian Stock Exchange (NSE) showed that its gross earnings dropped to N630.34 billion against …

By Chinyere Joel-Nwokeoma Lagos, Feb. 18, 2019 The Nigerian Stock Exchange (NSE) on Monday reacted negatively to the sudden election postponement, dropping by N196 billion as predicted by financial experts. Specifically, the market capitalisation shed N196 billion or 1.61 per cent to close at N12.004 trillion as against N12.200 trillion …

By NAN Reporters Feb. 16, 2019 Nigerians have been counting the costs of the postponement of the general elections earlier scheduled for February 16, 2019 and March 2, 2019. A few hours to the start of the Presidential and National Assembly polls, February 16, 2019, the Independent National Electoral Commission, …

Shell Nigeria Exploration and Production Company (SNEPCo) has announced the release of Invitation to Tender (ITT) to contractors for the development of the Bonga South West Aparo (BSWA) oil field. The project’s initial phase includes a new Floating, Production, Storage and Offloading (FPSO) vessel, more than 20 deep-water wells and …

  A major step on attaining sufficiency in domestic gas supply was taken by the Nigerian National Petroleum Corporation (NNPC) Wednesday in Abuja with the execution of Final Investment Decision (FID) on the development of the 4.3trillion cubic feet Assa North/Ohaji South Fields (ANOH) in OML 21 between the corporation …

 The Economic and Financial Crimes Commission (EFCC), just like the Nigerian Police, has cleared Zinox Technologies Ltd., Zinox Telecoms as well as Technology Distributions Ltd. (TD) and its staff of any infraction based on a series of petitions written by Benjamin Joseph, the owner of Citadel Oracle Concept Limited, a …

Prof. Oye Ibidapo-Obe, a former Vice-Chancellor of the University of Lagos has advised tech start-ups to emulate the new Konga. He gave this charge in a recent engagement with budding entrepreneurs, business owners and other Ph.D. students in Lagos. According to Prof. Ibidapo-Obe, Konga has sprung a surprise in the …

Robert Awokuse The Lagos Waste Management Authority (LAWMA) said that it might close Ladipo Market in Mushin, till further notice, if the waste situation continued unabated. LAWMA’s Public Relations Officer, Mr Obinna Onyenali, who spoke to Global Patriot Newspapers, GPN, on Friday, February 8, said that the attention of the …

In its effort to rid the Nigerian maritime domain of criminalities, the Federal Government through the Nigerian Maritime Administration and Safety Agency (NIMASA) has undertaken surveillance training for officers from the Nigerian Army, Nigerian Navy, Nigerian Air Force, Nigeria Police, the Department of State Services (DSS), and NIMASA, on the …

By Lucy Nwachukwu Abuja,  Feb.  6, 2019 African Export-Import Bank (Afreximbank) has a vision to leverage one billion dollars in support of Fund for Export Development in Africa (FEDA) mission, the President, Prof Benedict Oramah, has said. Oramah made the disclosure at a Financing Investment and Trade in Africa conference organised by UNISIA-Africa …

The Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, says the agency has created operational conditions that have prompted a turnaround in prospects for maritime safety and successful utilisation of the country’s enormous marine resources. Dakuku stated this in Abuja last week while delivering a lecture …

The Media aide to Peoples Democratic Party (PDP) Vice Presidential Candidate, Mr. Valentine Obienyem, has clarified the recent statement by his boss, Mr. Peter Obi, that he brought International Brewery to Nigeria. In a statement made available to the press on Friday, Mr. Obienyem said his boss meant to say …

By Emmanuel Afonne Abaji (Abuja), Jan. 30, 2019 Nestle Nigeria Plc has re-branded the logo of Nestle Pure Life, its water brand, as it strives towards ensuring a healthier environment for Nigerians and very high quality of water. The re-branding which took place on Wednesday at the company’s factory in …

The Federal Government on Tuesday projected a 10 per cent growth in the Nigerian maritime industry. This was contained in the 2019/2020 maritime forecast unveiled by the Nigerian Maritime Administration and Safety Agency (NIMASA) in Lagos. The forecast, the second in the series is tagged “Harnessing the Maritime and Shipping …

LAGOS, Nigeria, January 28, 2019 The ongoing investment by the Dangote Group in refining, petrochemicals, fertilizer and gas is driven by the desire to bring innovation and efficiency into all aspects of Nigeria’s oil and gas sector, the President/Chief Executive, Aliko Dangote has said. Dangote, who made this disclosure at …

In a bid to continue to boost investors’ confidence in the Nigerian maritime sector, the Nigerian Maritime Administration and Safety Agency (NIMASA) is set to unveil the 2019-2020 Nigerian Maritime Industry Forecast. The projection, the second in the series and an innovation in the Nigerian maritime industry, will take place …

The Director General, DG, of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dakuku Peterside, has disclosed that Nigeria has been able to ratify 40 conventions passed by the International Maritime Organisation (IMO) and International Labour Organisation (ILO) covering Maritime Safety, Labour and Marine Environment. The DG, who spoke in …

The National Minimum Wage Bill (2019) on Thursday scaled both first and second reading in the Senate after which it was committed to a Special Adhoc Committee for further legislative work. Deputy Senate President, Ike Ekweremadu, who presided over plenary, noted that the Senate decided to give the National Minimum …

By Racheal Ishaya Abuja, Jan. 22, 2019 The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, CBN, has retained the Monetary Policy Rate at 14 per cent to combat inflation due to foreseen increase in global and domestic risk to the country’s economy. The Governor of CBN, Mr …

In yet another massive intervention, the Aliko Dangote Foundation Monday officially launched a major philanthropic programme in Zamfara State, doling out food items running into several millions of naira to support victims of insurgency. The farmers-herders clash and sporadic attacks by cattle rustlers have displaced thousands, many of whom are …

The Nigerian Maritime Administration and Safety Agency (NIMASA) says it would intensify its efforts to reposition the maritime industry in Nigeria, as the agency moves to become a leading maritime administration in Africa. The Director-General of NIMASA, Dr. Dakuku Peterside, stated this last week in Lagos during the Independent Newspapers …

 E-commerce giant Konga has partnered with Visa, the world’s leader in digital payments to revolutionize the e-commerce sector in Nigeria. By leveraging the delivery of digital and secure payments solutions across key segments of the Konga Group’s business portfolio, the strategic partnership is positioned to drive greater efficiency in the …

By Taiye Elebiyo-Edeni Abuja, Jan. 15, 2019 Dr Dakuku Peterside, the Director General (DG) of Nigerian Maritime Administration and Safety Agency (NIMASA), said on Tuesday that the agency was addressing the issue of maritime security to make Nigerian ports more attractive. Peterside, who disclosed this in an interview with newsmen …