Business and Economy

By Folasade Akpan Beneficiaries Abuja, Jan. 19, 2021 No fewer than One million Nigerians are to benefit from the Federal Government’s COVID-19 Cash Transfer Project which aims to lift the urban poor affected by the pandemic out of poverty. The Vice President, Prof. Yemi Osinbajo, said this on Tuesday in …

ABUJA About 300,000 metric tonnes of maize are soon to be released into the Nigerian market from strategic anchors under the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN), which watchers believe will reduce the current price of maize from N155,000 per metric tonne.   The anticipated …

The Dangote Group has completed Nigeria’s longest rigid pavement located in Kogi State. It is the first of its kind, top engineers say. The 43KM Obajana-Kabba road constructed by Dangote Industries Limited (DIL), has been described by motorists as the country’s most strategic highway that is aiding travelers between the North …

By Nathan Nwakamma Yenagoa, Jan 17, 2021 Fishermen operating in the shallow waters of the Atlantic Ocean near Bayelsa coastline on Sunday reported an oil leak suspected to be from the Funiwa oilfield operated by Chevron Nigeria (CNL). News Agency of Nigeria (NAN) reports that fishermen from Koluama in Southern …

York, Jan. 15, 2021 Amazon.com Inc was slapped with a class-action lawsuit on Thursday accusing the e-commerce giant of inflating the prices of ebooks in collusion with some publishers. The lawsuit alleges that Amazon and the five largest U.S. publishers, collectively called the ‘Big Five’, agreed to price restraints that …

Buoyed up by the culture of Transparency, Accountability and Performance Excellence (TAPE) of the current NNPC management, no fewer than (96) prominent and reputable companies from various jurisdictions have indicated interest in undertaking the rehabilitation of the Nigerian National Petroleum Corporation’s (NNPC) downstream infrastructure ranging from critical pipelines to depots …

The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to abide by the output cut agreement of the Organization of the Petroleum Exporting Countries (OPEC) and its allies aimed at stabilizing the global oil market. The Group Managing Director of NNPC, Mallam Mele Kyari, stated this Wednesday while speaking …

With many countries strategizing for the African Continental Free Trade Area (AfCFTA) that kicked off at the beginning of this month, Dangote Industries Ltd, has stated that its cement expansion plan and fertilizer investments will open new trade routes for the company and Nigeria under the trade deal. Already, the …

Socio-Economic Rights and Accountability Project (SERAP) has sent an open letter to President Muhammadu Buhari urging him to use his leadership position “to promptly drop the plan by the Federal Government to borrow about N895bn of unclaimed dividends and funds in dormant accounts using the patently unconstitutional and illegal Finance …

By Ifeanyi Olannye Asaba, Jan. 8, 2021 Gov. Ifeanyi Okowa of Delta has felicitated with the Group Managing Director (GMD) of Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, on his 56th birthday. The governor, in a statement signed by his Chief Press Secretary, Mr Olisa Ifeajika, on Friday in …

The National Oil Spills Detection and Response Agency, NOSDRA and other Environmentalists have expressed concern over the impact of the operations of Conoil Producing Limited on the Bayelsa environment. The stakeholders wondered why the indegenous oil firm was not sensitive to the sustenance of the environment where it operates and …

A Bayelsa State High Court on Thursday struck out 12 suits on alleged breach of contract filed by surveillance contractors engaged at the Nembe Creek oilfields in Bayelsa by Aiteo Eastern Exploration Limited. The surveillance contractors who are members of the oil firm’s host communities at Opu-Nembe had dragged Aiteo …

By Lydia Ngwakwe Lagos, Jan. 6, 2021 The First City Monument Bank (FCMB) has named Mrs Yemisi Edun as the Acting Managing Director of the bank in the interim, while Mr Adam Nuru is on leave. This was contained in a statement signed by the FCMB management and obtained by …

By Chijioke Okoronkwo Abuja, Jan. 5, 2020 President Muhammadu Buhari on Tuesday at the Presidential Villa, Abuja, received Vice President Yemi Osinbajo, who updated him on the progress so far in the implementation of the Economic Sustainability Plan (ESP). Osinbajo’s spokesman Laolu Akande in a statement said it was the …

Borno State Governor, Babagana Umara Zulum has signed into law, the 2021 appropriation bill passed into law by the Borno State House of Assembly. The budget was however jerked from N208b proposed by Zulum, to N248 billion, for which the assembly explained, was to cater for industrial projects by the …

The Vice Presidential Candidate of the Peoples Democratic Party (PDP) in the 2019 elections, Mr Peter Obi, has explained that Nigeria’s economy can be turned around for good if every Nigerian leader imbibes the virtues of hard work and discipline and eschews the wastages now associated with public service in …

By Lydia Ngwakwe Lagos, Jan. 1, 2021 The Tony Elumelu Foundation (TEF), on Friday in Lagos unveiled the TEF Entrepreneurship programme for 2021, to empower women and men across the African continent. The Chief Executive Officer of TEF, Mrs Ifeyinwa Ugochukwu, disclosed this during an Online news briefing with Journalists …

Lagos State’s N1.163 trillion 2021 appropriation bill ratified, last Monday, by the House of Assembly has now become a law. Governor Babajide Sanwo-Olu signed the financial document into law on Thursday at a simple ceremony held at the State House in Marina, ushering Lagos residents into the New Year with …

Rivers State Governor, Nyesom Ezenwo Wike, has directed the immediate reopening of Kidney Island for the operators. A statement by the Rivers State government said this happened after a meeting between Governor Wke and the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, NNPC, Mele Kolo Kyari in …

President Muhammadu Buhari has given his words that the administration will keep a keen eye on food inflation in the New Year while giving a strong directive to the Central Bank of Nigeria, CBN, not to give any money for food importation. Speaking at the fifth regular meeting with the …

By Adekunle Williams Ikeja, Dec. 29, 2020 The Lagos State House of Assembly on Tuesday passed the 2021 Appropriation Bill of N1.163 trillion, seven weeks after the budget was presented to the Assembly by Gov. Babajide Sanwo-Olu. The House passed the budget after the report of the appropriation was presented …

  Fidelity Bank Plc has announced new Board appointments to replace outgoing Directors and executive management positions as it repositions for 2021. The directors have successfully completed their tenures on the Board in accordance with the Bank’s internal governance policies. In a statement, the bank announced that Mrs Aku Odinkemelu, …

A Nigerian firm, First Exploration and Production (First E&P), has struck oil from an oilfield it acquired following the divestment of Chevron Nigeria Limited (CNL) from the asset located off Bayelsa coastline. Chevron had in 2015 divested from OMLs 83 and 85 while the asset was acquired by First E&P, …

Socio-Economic Rights and Accountability Project (SERAP) has sent Freedom of Information requests to President Muhammadu Buhari and 36 state governors urging them to “disclose details of proposed ‘security votes’ spending in your 2021 appropriation bills to ensure the security and welfare of Nigerians, and to explain the measures your governments …