Category: Business
New Lithium Factory in Nasarawa State to Boost Electronics and Electric Vehicle Industries
Nasarawa Local Government Area (LGA) of Nasarawa State, Nigeria, is set to witness a significant industrial boost with the establishment of a state-of-the-art Lithium Factory. Lithium, a crucial component in rechargeable batteries for electronics, electric vehicles (EVs), and grid storage, is poised to revolutionize the technology and energy sectors. Lithium’s pivotal role in powering modern…
Aliko Dangote Highlights Impact of Naira Devaluation on Dangote Industries Limited
At the yearly general assembly of Dangote Sugar Refinery Plc, Aliko Dangote, the chairman of Dangote Industries Limited, shed light on the significant challenges faced by the company in 2023, particularly due to the devaluation of the Nigerian naira. Addressing attendees on Tuesday, Dangote emphasized the adverse effects of the naira devaluation, which saw the…
Former Binance CEO Changpeng Zhao Sentenced to Four Months in Prison
Former CEO of Binance, Changpeng Zhao, commonly known as CZ, has been handed a four-month prison sentence by a federal judge for violating U.S. money laundering laws. The ruling was delivered during a hearing held on April 30 at the U.S. District Court for the Western District of Washington, presided over by Judge Richard Jones….
Ogun State Government Takes Swift Action Following Abeokuta Explosion
In the wake of the tragic explosion that rocked the Ita-Oshin area of Abeokuta, Ogun State Government has taken decisive action by sealing off Gasco Marine Ltd, the company whose truck was involved in the accident. Senior Special Assistant to the Ogun State Governor on Environment and Chairman, Special Task Force on Environmental Matters, Hon….
PRESIDENT TINUBU SECURES $600 MILLION INVESTMENT FROM MAERSK FOR NIGERIAN SEAPORT INFRASTRUCTURE EXPANSION
In a groundbreaking development, President Bola Tinubu has successfully secured a monumental investment of $600 million from Danish shipping and logistics giant, A.P Moller-Maersk, aimed at expanding existing port infrastructure to accommodate more container shipping services in Nigerian ports. The announcement came during a high-level meeting between President Tinubu and Chairman of A.P Moller-Maersk, Mr….
Dangote Cement Records Record-Breaking Revenue in Q1 2024
Dangote Cement, Africa’s leading cement manufacturer, has reported its highest-ever quarterly revenue in the first quarter of 2024, with a turnover of N817 billion. This remarkable achievement underscores the company’s strong performance and resilience in the face of economic challenges. The surge in revenue was primarily propelled by a substantial 26.1% growth in output in…
National Council on Privatisation Receives Recommendations for Restructuring Bank of Agriculture
The National Council on Privatisation (NCP) has received crucial recommendations from its committee tasked with the restructuring of the Bank of Agriculture (BOA). These recommendations aim to address various challenges facing the bank and revitalize its operations to better serve the agricultural sector. Among the key recommendations put forward by the committee are: The recommendation…
Nigeria Poised to Become Global Economic Powerhouse Under President Tinubu – VP Shettima
In a resounding endorsement of Nigeria’s economic potential, Vice President Kashim Shettima has expressed confidence that Nigeria will emerge as a major global economic force under the leadership of President Bola Ahmed Tinubu. Speaking from his office at the Presidential Villa, Vice President Shettima conveyed his optimism during a meeting with a delegation from the…
AMCON Commences Bankruptcy Proceedings Against Milan Industries Chairman and Directors Over N42 Billion Debt
The Asset Management Corporation of Nigeria (AMCON) has initiated bankruptcy proceedings against Rajesh Valecha, the Chairman of Milan Industries Limited, and four other directors of the company, citing an alleged failure to repay a staggering N42 billion debt. Alongside Rajesh Valecha, the other directors mentioned in the ongoing petitions held before two judges of the…
Federal Government Allows Domestic Refineries to Purchase Crude Oil in Naira or Dollars
In a move aimed at addressing the needs of local crude oil refiners and fostering a more flexible operating environment, the Federal Government announced on Monday that domestic refineries now have the option to purchase crude oil in either naira or dollars. The announcement came during a presentation in Abuja by the Nigerian Upstream Petroleum…