Business

Ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, oil prices jumped on Wednesday morning following reports that Hamas leader Ismail Haniyeh had been killed in Iran. A barrel of US WTI crude rose 2.47% to $77.20 while Brent crude rose 2.04% to $80.67. Hamas confirmed Haniyen’s death, claiming he was killed in a …

The introduction of contract tapping and a new mode of measurement known as the K-factor or the correction factor, which measures the weight of rubber dispatched from the field, has become a contentious issue at the Firestone Rubber Plantation. Harbel, Margibi County, August 1: – Contract tappers with little or no knowledge of how the new measurement process works have …

Investors in the Nigerian equity market started the trading week with a loss of N117 billion at the close of trading on Monday, July 29, 2024. This follows the decline in share prices of stocks such as CAVERTON, WAPIC, and ABCTRANS among others on the trading floor. After five hours of trading in the capital market, equity capitalization decreased to …

In a dramatic development, the Nigerian Competition and Consumer Protection Tribunal has granted an application to dismiss the case against MultiChoice Nigeria over the increase in subscription prices for GOTV and DSTV. This follows the sudden decision by the lawyer who filed the case, Festus Onifade, to withdraw his case against the pay-TV provider. Onifade stated that he no longer …

The Nigerian Airspace Management Agency (NAMA) has announced the suspension of the previously proposed 800% increase in navigation fees, following intervention by Festus Keyamo, Minister of Aviation and Aerospace Development. The decision to halt the dramatic increase, which was initially due to take effect, was communicated by Abdullahi Musa, NAMA’s Director of Public Affairs and Consumer Protection, in a statement …

The Federal Executive Council (FEC) has ordered the Nigerian National Petroleum Corporation (NNPC) Limited to sell crude oil to the Dangote Refinery and other local refineries in naira. Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji, disclosed this to State House correspondents after the FEC meeting chaired by President Bola Tinubu on Monday in Abuja. He said the …

The Nigerian Communications Commission (NCC) on Monday ordered MTN Nigeria and other mobile telecommunications companies to reactivate blocked Subscriber Identification Modules (SIMs) based on the National Identification Number (NIN). MTN has in recent days blocked over 100,000 lines because their owners failed to link them to NIN. Details later… NCC orders MTN, others to reactivate blocked SIMs first appeared on …

As July draws to a close, investors had a tough week last week in the equity markets. Nigerian equity markets lost in four of the five trading sessions as the benchmark All Share Index (ASI) plunged -2.33% to close at 98,201.49 from 100,539.40 points in the previous week. Similarly, investors lost N1.32 trillion as market capitalization fell to N55.61 trillion …

The International Bank Liberia Limited is regarded as one of the top-performing banks in the Liberian economy. News of it being put up for sale amid a huge loan portfolio questions the management of the bank. Monrovia, July 29, 2024 -Despite its booming transactional activities, the situation at the International Bank Liberia Limited (IBLL), formerly known as International Trust Company …

The Central Bank of Nigeria (CBN) has launched plans to create a special office to manage dormant accounts and unclaimed balances. This is stated in a recently published document, “FAQ – Guidelines on Dormant Accounts and Unclaimed Balances – issued by the central bank. It is worth recalling that the CBN had earlier disclosed that it could invest funds from …