Business

The Blue Rail Line project is part of the Belt and Road Initiative proposed in 2013 by Chinese President Xi Jinping as a joint construction work between the Chinese and Lagos governments. DAVID AGBA reports on the journey so far. This year marks the 10th anniversary of this initiative. Over the past decade, practical cooperation under the Belt and Road …

In response to the hike in fuel prices in recent months, the Nigerian National Petroleum Company (NNPC) Limited has disclosed that it will construct 35 compressed natural gas (CNG) stations. According to NNPC spokesperson, Garba Muhammad, who made this known in a statement on Thursday, the oil giant will collaborate with NIPCO Gas Limited for the construction of the CNG …

The United States currency, the dollar, will crash against the naira soon, according to the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye. Adeboye made the projection on Sunday during RCCG’s thanksgiving service sermon titled; ‘Uncommon Miracles’. He didn’t give the exact period the naira will recover its lost value to the dollar, but said …

Four directors at Sterling Financial Holdings Company and its subsidiary firm, Sterling Bank, were involved in insider dealings at the end of August 2023. Information gleaned from multiple documents obtained on Sunday from the Nigerian Exchange Limited (NGX), showed the four top directors as; Raheem Owodeyi, Abubakar Suleiman, Tunde Adeola and Yemi Odubiyi. Their dealings involved acquisitions of 155.83 million …

The Niger Delta Power Holding Company (NDPHC) has disclosed that the Central Bank of Nigeria and the Nigeria Bulk Electricity Trading Company (NBET) are currently indebted to it to the tune of N190 billion. Chiedu Ugbo, Managing Director of the Federal Government-owned power company made this known during a media roundtable held on Monday in Lagos. “Huge indebtedness by the …

Nigeria has ousted Libya, and Angola to regain its position as Africa’s top crude oil producer for October. The Organization of Petroleum Exporting Countries (OPEC) disclosed this in its monthly oil market report released on Monday. The oil production figures aside from condensate production from the top four oil producers in Africa were stated below: · Nigeria – 1.35 million …

Caverton Offshore Support Group suffered a 59.46 per cent drop in its profit after tax in the second quarter of 2023, the firm’s Q2 financial statement revealed. Ripples Nigeria gathered that Caverton’s net profit between April to June this year was N184.65 million, failing to surpass the N455.56 million reported in the same period in 2022. Although Caverton’s net profit …

The prices of basic food items in Nigeria have continued to soar as food inflation rate has climbed another notch in the month of August, according to the National Bureau of Statistics (NBS). In a new report titled ‘Selected Food Prices Watch (August 2023)’, released on Monday, the NBS disclosed that prices of items like beef, tomatoes, beans, garri, yam, …

The equity capitalization in the Nigerian capital market rose by 1.54 percent at the close of trading on Thursday. This represented a N541.84 billion growth in the value of investments from N34.97 trillion to N35.51 trillion at the close of trading today. Similarly, the All-Share Index rose by 995.7 basis points to close at 65,263.06, up from 64,267.36 ASI posted …

The cost of Automotive Gas Oil (AGO) popularly known as diesel has continued to hover around N990 and N1,100 despite the removal of Value Added Tax (VAT) on the product, oil marketers have said. Ripples Nigeria reports that the Federal Government had waved VAT on diesel for the next six months as part of a deal with organised labour to …