Business

Shoprite Mall announced that it will close its branch located at Novare Central Mall in Wuse Zone 5, Abuja, effective June 30, 2024. This decision was taken after a thorough evaluation of the store’s financial situation and current business climate, according to a circular signed by CEO Dr. Folakemi Fadahunsi on Monday. The circular read: “We regret to inform you …

Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, lamented the large number of permits given indiscriminately to marketers who he said end up importing dirty fuel into Nigeria, endangering the health of citizens and polluting the environment. He deplored the actions of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) which caused much loss to …

GTCO, Transcorp, Guinness, Presco top the list of stocks to watch in the new week as investors look to recover from N103 billion losses recorded during last week’s Eid holiday. The benchmark All-Share Index (ASI) fell -0.18% to close at 99,743.05 points from 99,925.29 points in the previous week. Likewise, investors in the equity market lost N103.3 billion as market …

Revenue generated by electricity Distribution companies fell by N3 billion in the first quarter of 2024, according to the latest data from the National Bureau of Statistics (NBS). According to the Nigeria Electricity Report for the first quarter of the year published by the bureau recently, the revenue collected by DISCOs in Q1, 2024 was N291.62 billion, down from N294.95 …

By: Babajide Okeowo Dangote Industries Limited (DIL), has accused the international oil company (IOC) in Nigeria of doing everything it can to thwart the survival of the Dangote Oil Refinery and Petrochemicals through manipulation and sabotage of crude oil prices. Devakumar Edwin, Vice President Oil and Gas at Dangote Industries Limited (DIL) made the allegations while addressing a group of …

President Bola Tinubu has commended the Ministry of Solid Minerals Development for achieving important milestones in his country’s economic diversification efforts. The Ministry successfully executed the first commercial transaction under the National Gold Purchase Program (NGPP), which has injected $5 million into Nigeria’s foreign exchange reserves and N6 billion into the rural economy. The President praised the ministry’s efforts, stating, …

By Ramsey N. Singbeh, Jr., in Margibi County Friday, June 21, 2024-Employees and contractors at the Salala Rubber Corporation have angrily abandoned work in protest against alleged bad labor practices by management. The aggrieved workers are predominantly contractors, with very few employees who are tapping the company’s rubber on a daily basis. According to the investigation, the alleged bad labor …

By Patrick N. Mensah, Maryland County & Emmanuel Wise Jipoh in Monrovia PLEEBO, Maryland – A huge quantity of expired goods have been arrested at RITCO Distillery Company in Pleebo City, Maryland County, Southeast Liberia. Friday, June 21: – The seizure and arrest were executed early Thursday, June 20, 2024, by a team of Joint Security in Maryland County, comprising the …

The Nigerian government has reported strong interest from China in strengthening economic ties, with more than 200 Chinese companies expressing a desire to collaborate. This report was made known to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, when he started his working visit to China on Friday. He was speaking at the China-Nigeria Business Exchange event, jointly organized by …

The Nigerian Electricity Regulatory Commission (NERC) has approved N21 billion for 11 Electricity Distribution Companies (DisCos) to provide meters to customers. NERC gave approval in ORDER NO: NERC/2024/072 on Operationalization of “Phase A” of the Presidential Metering Initiative within the Framework of the Meter Acquisition Fund signed by its chairman, Sanusi Garba. It reads: “The order signed by NERC Chairman, …