Nigeria News
US election: President Biden’s lead over Trump shrinking – Quinnipiac’s Poll
A new poll by Quinnipiac University released Wednesday indicates that President Joe Biden’s slight lead over former President Donald Trump is vanishing. This happened despite Trump’s ongoing criminal trial in New York City. Fox News reports that Trump’s trial, related to the 34 counts of falsifying business records he’s charged with, began last week with […]
ICPC calls for synergy between armed forces, para-military agencies in Nigeria
The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has called for proper synergy among armed forces and paramilitary agencies to stem the tide of corruption in Nigeria. The call was made on Wednesday in Abuja by the ICPC Chairman, Dr. Musa Adamu Aliyu, at the opening ceremony of a three-day workshop tagged “21st […]
Politics
PDP risks bleak future as Wike camp fights on
Last week, the Peoples Democratic Party, PDP, held its much anticipated 98th National Executive Committee, NEC, meeting in Abuja. The meeting as expected was widely attended by prominent leaders of the party, including former Vice President and 2023 presidential candidate, Atiku Abubakar and former Vice President, Namadi Sambo. Also present in the NEC meeting were […]
Business
IOCs insist on dollar payment for 80% crude sale
To purchase crude oil, modular refineries are to now pay 80 per cent of the amount in the United States dollar, while 20 per cent is to be paid using the local currency – naira, it was gathered on Wednesday. On April 16, 2024, The Federal Government had eventually complied with the demands of domestic […]
$824bn resource-backed loans slowing Africa’s growth – AfDB president
The President of the African Development Bank, Akinwumi Adesina, has said that non-transparent resource-backed loans that complicate debt resolution and compromise countries’ future growth are undermining African economic potential. According to a statement from the bank on Wednesday, Adesina said this at the Semafor Africa Summit, taking place on the sidelines of the International Monetary […]
Queues return as fuel scarcity hits Abuja, five states
Queues return as fuel scarcity hits Abuja, five states Many filling stations were closed in Abuja and about five other states on Wednesday as the scarcity of Premium Motor Spirit, popularly called petrol caused heavy queues at the few outlets that dispensed the product. Thousands of commuters in the Federal Capital Territory, Nasarawa, Niger, Gombe, […]
Stanbic IBTC Holdings to raise N550bn via debt, rights issue
Stanbic IBTC Holdings Plc has revealed plans to raise about N550bn through a debt issuance programme and a right issue. This was disclosed in a notice of its annual general meeting filed with the Nigerian Exchange Limited on Wednesday. Several players in the banking sector have announced plans to raise additional capital to meet the […]
Experts Set Agenda For New SEC Board
The capital market operators in Nigeria have commended President Bola Tinubu for the appointment of Dr Emomotimi Agama as the Director-General designate for the Securities and Exchange Commission (SEC). They gave the commendation in separate interviews, while reacting to the new SEC board composition by the President. Prof. Uche Uwaleke, the President Capital Market Academics […]
$500m funds: Lokpobiri, ex-local content boss clash
The face-off between the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the former Executive Secretary of the Nigerian Content Development and Monitoring Board, Simbi Wabote, took a new twist on Tuesday as the duo exchanged words over claims that the NCDMB under Wabote mismanaged $500m on various projects and loans. This is […]
Dangote drops diesel to N940, stations sell N1,400
Oil marketers have continued to dispense Automotive Gas Oil, popularly called diesel, at a price between N1,350/litre and N1,450/litre in various locations across the country despite repeated cuts in the price of the commodity by the Dangote Petroleum Refinery. Although they attributed the high pump price of AGO to transportation costs, taxes and old stock […]
Recapitalisation will empower banks to lend more to economy — CIBN
Chartered Institute of Bankers of Nigeria, CIBN, has expressed support for the ongoing banking recapitalization exercise saying it will empower banks to lend more to the economy. CIBN President, Dr. Ken Opara stated this yesterday while speaking at the annual lecture of the institute in Lagos, with the theme “Improving Availability of Credit in the Nigerian […]
Transcorp plans diversification of services to drive revenue growth
The Managing Director\Chief Executive Officer, Transcorp Hotels Plc, Dupe Olusola, said that the company plans on diversifying its services, among other strategies, to increase its revenue growth in 2024 and beyond. Olusola disclosed this during the company’s analysts presentation of its 2023 financial year report and investors call, noting that the organization plans to expand its […]
CBN slashes BDC exchange rate to N1, 036.3/$
The Central Bank of Nigeria, CBN, yesterday for the second time in two months, slashed the exchange rate in the Bureaux De Change, BDC, segment of the forex market by 7.2 per cent or N81.2 to N1,036.3 per dollar even as it commenced another round of dollar sale to 1,583 eligible BDCs. The CBN announced […]
Energy/Oil&Gas
NNPCL Restores Petrol Supply In Lagos
The NNPC Limited said tight supply witnessed in some filling stations in Lagos was as a result of an issue in one of the Depots in the area. The NNPC Retail Limited, has since resolved the issue and effective tomorrow, normalcy will be restored within the affected area. The NNPC Limited calls on motorists in Lagos […]
Opinion
Gov Otti, new Abia, and equity branding
By Foster Obi In nine months, Governor Alex Otti has become a brand with a recognizable positive Brand equity. Taken by the effects, some writers have described his positive energy as ‘ethereal’, others ‘surreal,’ while a commentator simply called it ‘amazing’, and with due respect to the biblical quotation, “those that sit in darkness have […]