Business

The Nigerian National Petroleum Company Limited (NNPCL) has blamed the recent crisis in fuel supply and distribution across the country on problems associated with the unloading of some vessels at seaports. NNPCL Head of Corporate Communications, Olufemi Soneye, disclosed this in a statement on Saturday in Abuja. He was reacting to the recent queues seen in some parts of Lagos …

Oando Plc has categorically denied claims circulating on social and digital media platforms that it has a blending plant in Malta. The energy conglomerate also denied allegations that it imported substandard fuel into Nigeria through a Maltese company called Raz Hansir Oil Terminal Limited. In a statement issued by the company secretary, Ayotola Jagun, Oando categorically denied the allegations, stating …

Investors in the Nigerian equity market enjoyed a poor trading week on the NGX floor after suffering a loss of N1.32 trillion in the just-ended trading week. The stock exchange posted losses on four of the five trading days and rose on only one trading day as the market suffered its second-worst loss of 2024 yesterday. Market capitalization fell by …

The Central Bank of Nigeria (CBN) has intervened in the foreign exchange market, injecting $148 million into the system. The move comes amid increasing pressure on the naira, which has been steadily depreciating in recent times. The central bank in a statement released on Friday disclosed that the funds were disbursed to 29 authorized dealers on Monday, July 22 and …

Have you ever thought about buying a house or apartment that has not been built yet? This is called buying an “off-plan” property. In Nigeria, more and more people are choosing this option when they want to own a home. Let’s discuss the 10 major advantages of buying an off-plan property in Nigeria. 1. Lower Prices One of the best …

Investors in the Nigerian equity market lost N1.1 trillion at the close of trading on Friday. This follows the decline in stock prices of stocks such as ETERNA, DANGOTE CEMENT, and DAAR COMMUNICATION among others on the trading floor today. After five hours of trading in the capital market, equity capitalization plunged to N55.6 trillion from N56.7 trillion posted by …

Guinness Nigeria Plc has reported a loss of N54.7 billion for the financial year ended June 30, 2024. This loss is higher by N36.5 billion compared to the loss experienced by the company in the same period in 2023 of N18.1 billion. Loss before tax also reached N73.6 billion. There was only a slight increase in total revenue from N229.4 …

The Nigerian Electricity Regulatory Commission (NERC) has revealed that 23 electricity workers died in the line of duty in the first quarter of this year in the country. The commission revealed this in its latest report given to journalists on Friday. He added that 23 workers died while 31 others were injured in 55 accidents during the period. The report …

For the third straight day, investors in the Nigerian equity market lost N117 billion at the end of trading on Thursday. This follows the fall in the prices of shares such as OMATEK, CUTIX, and FCMB, among others, on the trading floor today. After five hours of trading in the capital market, equity capitalization dropped to N56.7 trillion from N56.8 …

In a development that further worsens the economic plight of Nigerians, the prices of staple foods such as beans, yams, tomatoes, potatoes and others have increased by more than 250 percent between June 2023 and June 2024. This is according to the June Selected Foods report released by the National Bureau of Statistics (NBS) on Wednesday, July 24, 2024, in …