Category: Business
President Tinubu to Inaugurate Funtua Inland Dry Port in Katsina State
President Bola Tinubu is set to inaugurate the Funtua Inland Dry Port in Katsina State on May 9th, according to Mrs. Rebecca Adamu, Assistant Director of the Public Relations Unit at the Nigerian Shippers’ Council (NSC). The inauguration ceremony, scheduled for 11:00 a.m. at the Funtua IDP Project Site in Katsina, will be attended by…
Federal Government Removes Signature Bonus Requirement to Boost Oil Sector Investment
In a bid to stimulate new investments and ramp up oil production, the Federal Government has announced the removal of the requirement to pay a signature bonus when bidding for oil blocks. The Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, made this announcement during his participation in the 2024 Offshore Technology Conference (OTC)…
Central Bank of Nigeria Suspends Cash Deposit Fees Until September 2024
In a move aimed at providing relief to individuals and businesses, the Central Bank of Nigeria (CBN) has announced the suspension of fees on cash deposits until September 30, 2024. The decision was communicated in a memo dated May 6, 2024, signed by Adetona Adedeji, the Director of Banking Supervision at the CBN. The memo…
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…