Business

Labour Party presidential candidate in the 2023 election, Peter Obi, on Monday called for urgent action to prevent further collapse in the country. He was reacting to the latest rise in Nigeria’s headline inflation rate to 34.19 percent. In a series of tweets on his official platform X, the former Anambra State governor expressed his deep concern over the country’s …

Ahead of Tuesday’s Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting, the Centre for the Promotion of Private Enterprise (CPPE) has asked the central bank to suspend plans to increase bank rates. The think tank’s Chief Executive, Dr. Muda Yusuf, made the call in an interview with journalists on Sunday in Lagos. He urged the MPC to keep …

Investors enjoyed positive moves last week following strong performances from stocks such as Airtel Africa Access Corp UCAP, and NAHCO among others. Nigerian equity markets rallied in four out of five trading sessions as the benchmark All Share Index (ASI) rose +0.87% to close at 100,539.40 points from 99,671.28 points in the previous week. Investors gained N320.84 billion as market …

By Othello B. Garblah The Firestone Natural Rubber Company is arguably the single largest employer in Liberia, with 4000 employees referred to as teammates and 2000 contractors, contributing over 100 million every year to the Liberian economy through taxes, payroll, payment to smallholder farmers, and social security to the Government. Harbel, Firestone, July 22, 2024—Established in 1926 as a subsidiary …

Aliko Dangote, chairman of Dangote Industries Limited has revealed that he will no longer invest in the Nigerian steel industry following allegations of monopoly by some parties. Speaking recently during a tour of his oil refinery in Lagos, Africa’s richest man said the organisation’s board decided to avoid the steel industry “to avoid being branded a monopoly”. Dangote also said …

Aliko Dangote, owner of Dangote Refinery and Petrochemicals has refuted claims by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) about the quality of petroleum products from the refinery and allegations of attempts to monopolise the industry. He spoke during a tour of the Dangote Oil Refinery and the Dangote Fertiliser Limited complex located at the Lekki Free Trade …

In a damning ruling, the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA) has declared the quality of petroleum products from the Dangote Refinery, as well as those from other refineries such as Watersmith, Aradel, as inferior to imported products. This comes even as the agency revealed that the 650,000 barrels per day refinery has not been granted an operational …

In a bid to meet the demand for foreign exchange transactions, the Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to qualified bureaux exchange (BDC) operators at a rate of N1,450|$1. Eligible BDCs will be allowed to purchase up to $20,000 but must sell it to eligible end-users at a margin of no more than …

Investors in the Nigerian stock market enjoyed a rally on the NGX floor after making a gain of N320.84 billion in the just-ended trading week. The exchange recorded profits on four of the five trading days and losses on only one trading day. Market capitalization rose by N320.84 billion to N56.93 trillion from N56.44 trillion in the previous week. Similarly, …

Buying a house is one of the biggest decisions you will make in your life. In Nigeria, where the real estate market can be tricky, it is important to be smart and careful when looking for a good deal. This article you are about to read will give you 10 useful tips to help you ensure that you get the …