Dangote Industries Limited has responded to the recent visit by officials of the Economic and Financial Crimes Commission (EFCC) to its headquarters in Lagos, characterizing it as an uncomfortable situation. The indigenous conglomerate stated its willingness to cooperate with the Commission’s inquiries, revealing that it had received a letter from the EFCC on December 6,…
The Organization of Petroleum Exporting Countries (OPEC) has maintained a stable crude oil production, averaging 28.05 million barrels per day (bpd) in December 2023. A Bloomberg survey revealed that Nigeria increased its output by an additional 50,000 bpd, compensating for supply restraints from countries like the United Arab Emirates and Angola, which reduced their production….
The Petroleum Retailers Outlet Owners Association of Nigeria has praised the Federal Government and the Nigerian National Petroleum Corporation Limited (NNPCL) for stabilizing fuel prices without resorting to subsidy payments. Dr. Billy Gillis-Harry, the National President of the association, commended this achievement in an interview with Arise Television on Thursday. Gillis-Harry emphasized that if the…
A landmark agreement worth $1 billion has been signed between Beijing Zhogmin Xinjunlong New Energy Technology Company Ltd., a Chinese firm, and NIGUS International, a Nigerian firm, to finance and implement solutions aimed at ending gas flaring in Nigeria. The pact, signed in Abuja on Friday, comes in response to a national directive from President…
A consortium comprising Nigerian financial institutions, fintechs, and blockchain experts, known as the Africa Stablecoin Consortium (ASC), is gearing up to introduce a compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024. In a statement released on Friday, the consortium announced that the launch of the cNGN stablecoin is aligned with the recently established Regulatory…
The Manufacturers Association of Nigeria (MAN) has put forward a series of recommendations aimed at enhancing the performance of the real sector in 2024. MAN’s director-general, Segun Ajayi-Kadir, communicated these suggestions to the federal government in a statement issued in Lagos. He emphasized the need for the government to utilize the savings from fuel subsidy…
The Kano State Hisbah Board has intercepted a truck transporting over 24,000 bottles of assorted alcoholic beverages along Zaria Road in Kano. Alongside the seizure, the board apprehended the truck driver and two other individuals involved in the incident. Alhaji Abba Sufi, the Director-General of the Kano State Hisbah Board, revealed these details in a…
Foreign direct investors have significantly increased their asset disposals in Nigeria, reaching a staggering $200 million, according to the Central Bank of Nigeria’s (CBN) economic report for the third quarter of 2023. This surge in divestment reflects a growing trend of multinational corporations withdrawing their business operations from the country. The report highlights a notable…
Nigeria has secured the first tranche of a US$2.5 billion facility arranged by the African Export-Import Bank (Afrexim Bank), with United Bank for Africa (UBA) acting as the local arranger. UBA, a prominent member of the FUGAZ group, has been designated as the mandated local arranger for this significant liquidity support facility. Afrexim Bank, as…
A surge in demand for Nigerian grains by merchants from neighbouring African countries and beyond has led to soaring prices, according to a recent investigation by Daily Trust Saturday. The scramble for farm produce like maize, millet, sorghum, rice, ginger, hibiscus (zobo), soybeans, and sesame has resulted in record-high prices, even during harvest periods. This…