Business

The Bank Directors Association of Nigeria (BDAN) has opposed the recently signed windfall tax introduced by the Federal Government. The association described it as “excessively burdensome and ill-timed”. In a recent statement by its chairman, Mustapha Chike-Obi, BDAN warned that high tax rates would stifle growth and innovation in the banking industry. Chike-Obi is also the chairman of Fidelity Bank …

Nigerian equity market started the week at its lowest on August 12, 2024 as investors lost N404 billion at the end of the trading session. This follows the increase in stock prices such as BUACEMENT, SKYAVN and SUNUASSUR among others on the trading floor. After five hours of trading in the capital market, equity capitalization declined to N55.574 trillion from …

Nigeria’s crude oil production rose to 1.307 million barrels per day in July. The Organization of the Petroleum Exporting Countries (OPEC) revealed this in its Monthly Oil Market Report (MOMR) released on Monday. The cartel also revealed that Nigeria maintained its top position as Africa’s largest oil producer. According to the report, the country added 30,000 barrels per day to …

Weeks after Dangote Industries Limited, the operator of the Dangote Refinery raised concerns about the inability to secure crude oil allocations under the Domestic Crude Oil Supply Obligation (DCSO), another operator has raised similar concerns. This time, the management of AIPCC Energy Limited, operator of Edo Refinery and Petrochemicals Company Limited (ERPCL) lamented the shortage in crude oil supply despite …

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 …

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 …