Business

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week —from the capital market to the mainstream business activities, while not forgetting the tech/economy build up. Here are the Headlines: • Nigeria displaces Libya and Angola as Africa’s top oil producer• Nigerians to pay more on network tariff• Union Bank’s …

First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has announced the graduation of 20 successful participants in the fourth edition of its Senior Management Development Programme (SMDP). Before the 2023 graduation, the SMDP had produced 52 graduates. The Bank successfully graduated 23 participants in its inaugural edition, held in 2018; 17 in 2019 and 12 in  …

The Manufacturers Association of Nigeria through its Export Promotion Group, has trained Nigerians exporters on how to harness potential in the African Continental Free Trade Area. It built the capacity during a two-day training themed, ‘Exporting under the AfCFTA’, in Lagos, which was organised in collaboration with the secretariat of the National Action Committee on African Continental Free Trade MANEG’s …

The Group Chief Executive, Oando Plc, Wale Tinubu, said the acquisition of Nigerian Agip Oil Company Limited (NAOC Ltd) from ENI shows the importance of local investors. Tinubu said indigenous investors will play a vital role in the future of the Nigerian upstream sector, a statement obtained on Tuesday from the Nigerian Exchange Limited (NGX) said. He noted that the …

Nigerian shareholders in PZ Cussons Nigeria have been offered a buyout offer by British manufacturer, PZ Cussons Group, to take full control of the local company. The international company is willing to buy the shares owned by the Nigerian shareholders at N21 per share, subject to shareholders’ approval at a Federal High Court-ordered meeting and regulatory consent. The UK healthcare …

There are fears that the prices of fuel products may increase as irregular foreign exchange rate fluctuations, has left many petroleum product depots vacant. Consequently, oil marketers, on Thursday, expressed worries, stressing that the rise in the landing price of Premium Motor Spirit, more commonly known as petrol, mags risen to N720 per litre. The National President of Natural Oil …

The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr Bello Hassan, stated on Thursday that Nigerian depositors are the top priority of the organisation. He added that “And our foundation is built on ensuring the safety and security of their deposits. This ideal is encapsulated in our strap line; “Protecting your bank deposits!”. Bello made this Known at NDIC’S …

The Debt Management Office (DMO) has announced plans to raise to N1.2 trillion in debt by re-issuing federal government bonds. According to the DMO’s bond issuance calendar for the final quarter of the year, the agency intends to raise funds ranging from N960 billion to N1.2 trillion over three months, spanning October through December of this year. These funds will …

Former Emir of Kano, Muhammadu Sanusi, said it would be unfair for him to criticise President Bola Tinubu over the country’s economic hardship Nigerians. He also said the nation’s fiscal policy greatly suffered under the Muhammadu Buhari administration because the Central Bank of Nigeria (CBN) printed naira without restraint. The former CBN boss spoke Sunday during a virtual religious event. …

The tariff of Mobile Network Operators (MNOs) in Nigeria like Globacom, 9mobile, MTN and Airtel may soon be reviewed upward as telecom operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) on Thursday said that the current tariff regime in the sector was no longer sustainable. The Chairman of ALTON, Mr. Gbenga Adebayo, dropped this …