Business

The Nigerian National Petroleum Corporation (NNPC) Limited has denied any involvement in the alleged attempt to sabotage the Dangote Refinery. The company has demonstrated its significant financial interest in the project. In an interview with the Bereke Family Radio Programme, published on YouTube on Sunday, NNPC’s Head of Corporate Communications, Olufemi Soneye, reiterated that the company has invested billions of …

Nigerian equity markets reversed losses recorded in the first trading week of August to post relatively profitable trading last week. The stock exchange strengthened in three of the five trading sessions as the All Share Index (ASI) rose +0.87% and closed the week at 98,592.12 points from 97,745.73 points in the previous week. Additionally, investors gained N480.8 billion as market …

Nigeria’s Deposit Insurance Corporation (DIP) on Sunday explained why 17.64% of insured depositors of the defunct Heritage Bank have not already paid. In a statement issued by its spokesperson, Bashir Nuhu, the NDIC said depositors had not been paid because they had no debit instruction (PND) or no Bank Verification Number (BVN) on their accounts. The commission added that 82.36% …

The Centre for Promotion of Private Enterprise (CPPE) has lamented the overzealous policies of regulatory bodies in Nigeria. This, according to the economic think tank, has led to increasing incidents of regulatory interference, disruption and frustration befalling Nigeria’s manufacturing sector and other investors in the Nigerian economy which is becoming worrying. In a statement signed on Sunday by CPPE Director/CEO, …

10 reasons why gutter systems are important for modern buildings A gutter system is an essential component of a building’s exterior that collects and diverts rainwater away from the building’s structure. Typically installed along the roofline, the system consists of horizontal gutters and vertical downpipes. The gutters capture water as it flows off the roof, while the downpipes channel this …

The Central Bank of Nigeria (CBN) has issued a new directive requiring foreign investors to provide concrete evidence of their investment transactions before they can repatriate funds or dispose of their holdings. This move is aimed at ensuring transparency and accountability in the foreign investment landscape. In a circular signed by WJ Kanya, acting director, department of trade and exchange, …

Investors in the Nigerian equity market enjoyed a fairly profitable trading week on the NGX floor, gaining N480 billion in the just-ended trading week. This comes after a loss of N107 billion in the previous week. The bourse posted losses on two of the five trading days and made gains on three as equity markets began to recover from the …

Dozens of community residents from the steel giant ArcelorMittal operational areas in three countries have protested here, demanding social corporate benefits, including health, roads, education, and compensation for the destruction of their homes and farmlands.     By Thomas Domah, Nimba County  Nimba, Liberia, August 9, 2024 -The three most affected counties from ArcelorMittal Liberia’s operation under the banner Aggrieved Communities have expressed …

Nigeria’s equity market closed the week with a gain of N270 billion by investors on Friday. This follows the increase in stock prices such as JULIUS BERGER, ETERNA, and UCAP among others on the trading floor today. After five hours of trading in the capital market, equity capitalization rose to N55.9 trillion from N55.7 trillion recorded by the bourse on …

Dangote Refinery and Petrochemical Plant Operator has rejected claims by one of the regulatory bodies in Nigeria’s oil and gas ecosystem, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), regarding crude oil supplies. The NUPRC in a recent statement claimed that its nine refineries had benefited from its supply of 32 million barrels of crude oil — with Dangote alone getting …