Category: Business
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…
Nigeria Startup Portal Launched to Empower Tech Entrepreneurs
In a significant boost to Nigeria’s burgeoning startup ecosystem, the Honourable Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has officially launched the Nigeria Startup Portal. This pioneering initiative, part of the Nigeria Startup Act (NSA 2022), aims to provide crucial support and resources to startups and tech talent across the country. The…
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Outlines Ambitious Action Plan to Boost Oil Production and Reduce Costs
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set its sights on increasing oil production and reducing production costs as part of its 2024–2026 action plan. With the aim of ramping up oil production from 1.8 million barrels per day (bbl/d) to 2.6 million bbl/d by 2026, the NUPRC is implementing a series of strategic…
Nigerian Government Confirms Binance Executive Found in Kenya
In a significant development in the ongoing investigation into financial irregularities, the Nigerian government has confirmed that Nadeem Anjarwalla, a top executive at Binance, who had escaped custody in Nigeria, has been located in Kenya. A source within the presidency, speaking on condition of anonymity, revealed that Anjarwalla had been traced to Kenya, prompting intensified…
Governor Sanwo-Olu Orders Closure of Lagos Island Market Following String of Fire Incidents
In a decisive move aimed at addressing the recurring fire incidents plaguing the Lagos Island Market, Governor Babajide Sanwo-Olu has announced the immediate closure of the market. The decision comes in response to the latest blaze that engulfed parts of the market, causing significant damage and raising concerns about public safety. The Lagos Island Market,…
Dangote Predicts Decreasing Fuel Prices from Refinery to Aid in Inflation Reduction
In a recent statement, Alhaji Aliko Dangote, Chairman of the Dangote Group, highlighted the potential impact of decreasing fuel prices sourced from the Dangote Petroleum Refinery on Nigeria’s inflation rate. He emphasized that once the refinery becomes fully operational and begins offering diesel at significantly reduced prices, it will play a crucial role in alleviating…
Central Bank of Nigeria Halts Acceptance of Foreign Currency as Collateral for Naira Loans
In a significant policy shift, the Central Bank of Nigeria (CBN) has announced the discontinuation of the practice of accepting foreign currencies as collateral for loans denominated in naira. This decision marks a departure from previous banking practices and is poised to have far-reaching implications for financial institutions and borrowers alike. The directive, issued by…
Oil Marketers Propose N550 per Litre for PMS as Dangote Refinery Prepares to Reduce Prices
Introduction:Exciting developments are on the horizon for Nigeria as oil marketers anticipate a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol. Discussions between oil marketers and Dangote Refinery have progressed positively, with a proposed price of N550 per litre of petrol on the table. Details of the Proposal:According to Alhaji…