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BusinessNewsNigeriaOil & GasDangote Refinery Commences Production Of Diesel, Aviation Fuel  

Hassan Umar Shallpella (Regional Correspondent)January 13, 2024

The Dangote Petroleum Refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometers from the shore and has commenced production of diesel and aviation fuel. The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8,...

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BusinessNewsNigeriaCEOs Of Zenith, Providus, and Jaiz Banks In EFCC Net

Hassan Umar Shallpella (Regional Correspondent)January 10, 2024

The Economic and Financial Crimes Commission EFCC has invited CEOs of Zenith, Providus, and Jaiz Banks to explain the financial misappropriation charges against Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk. The bank chiefs invited are Dr. Ebenezer Onyeagwu (Zenith Bank), Haruna Musa (Jaiz Bank), and Walter Akpani (Providus Bank). The anti-graft agency is currently probing public funds directed into private accounts, ordered by Mses Edu and Farouq using their...

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BusinessNewsNigeriaAfrica’s largest syringe firm, JSM folds up business in Nigeria

By Ezinwanne Onwuka (Senior Reporter)January 4, 2024

Jubilee Syringe Manufacturing, JSM, has folded up business operations in Nigeria, saying the shutdown was triggered by “unforeseen circumstances affecting our business operations.” President Bola Tinubu in December boasted that Nigeria is a top-level destination for investments. He assured foreign investors and the international community that his administration is determined to “remove all cobwebs and anti-investment impediments” in the country. Yet, two weeks after the high assurances, JSM has joined the list of companies that...

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BusinessNewsNigeriaFG to launch massive consumer credit system

By Uzoamaka Ikezue (Staff Reporter)January 3, 2024

The Federal Government has put plans in place to launch a massive consumer credit system as the New Year begins with a positive outlook. The Senior Special Assistant to the President on Media & Publicity, Temitope Ajayi on Wednesday said that Nigerians can look forward to a great and economically rewarding year as the government launches the consumer credit system. He stressed that while seeking the mandate of Nigerians during the last electioneering season, President Bola...

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BusinessNewsNigeriaNaira will record more slumps against the US dollar in 2024: Bloomberg

By Ezinwanne Onwuka (Senior Reporter)December 29, 2023

Nigeria’s local currency, the naira is one of the world’s worst-performing currencies, after the Lebanese pound and the Argentine peso, Bloomberg said in a report on Friday. The report corroborates an earlier report by the World Bank that noted that the currency weakened by nearly 40 per cent against the US dollar in 2023. Bloomberg said the naira weakened by 55 per cent against the USD this year. With the naira–USD exchange rate at N1,043...

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BusinessNewsNigeriaCentral Bank of Nigeria revokes ban on cryptocurrencies

By Ezinwanne Onwuka (Senior Reporter)December 24, 2023

After prohibiting transactions in cryptocurrencies across Nigeria on 5 February 2021, the Central Bank of Nigeria, CBN, has now reversed that ban and taken a positive posture towards digital assets, issuing new guidelines to financial institutions for crypto trading. When the unpopular policy was put in place in February 2021 to address money laundering and terrorism financing, many Nigerian companies had to go under the radar, either relocating abroad or shutting down business completely. Nigeria’s...

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BusinessNewsNigeriaPoliticsTinubu vows to better Nigeria’s business environment as more foreign companies plan exit

By Ezinwanne Onwuka (Senior Reporter)December 19, 2023

President Bola Tinubu has remained unrelenting in his efforts to attract huge foreign investments to Nigeria as he promises to improve the investment climate in the country. “We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry,” said the President on Monday when he hosted the group chairman and CEO of Total Energies Worldwide, Patrick Pouyanne. Nigeria is witnessing an economic depression caused by Tinubu’s economic policies that has...

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BusinessNewsNigeriaJumia shuts down food delivery business in Nigeria, six other countries

By Ezinwanne Onwuka (Senior Reporter)December 15, 2023

Jumia’s food delivery services, Jumia Food, will cease operations in Nigeria, Kenya, Uganda, Morocco, Tunisia, Algeria, and Ivory Coast by 31 December 2023. The Chief Executive Officer of Jumia, Francis Dufay said the current market conditions and economic climate in the affected countries make the food delivery business unprofitable. “The economics are tough in this market because the costs are very high and there is plenty of competition so there is downward pressure on the...

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BusinessNewsNigeria2024 Budget: Fmr. DG VON Cautions Enugu Governor On Majorly Relying On Taxation

Ije Ulasi (Regional Correspondent)December 11, 2023

Mr. Osita Okechukwu, a chieftain of the All Progressives Congress (APC) and a former Director General of the Voice of Nigeria (VON) strongly disagrees with the Enugu State administration’s plans to raise the majority of funds for the 2024 budget via internally generated revenue. The APC chieftain described the move as squeezing water out of stone; the people are already enduring economic hardship and suffering and extreme taxation would deepen the hardship. Okechukwu stated this...

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BusinessNewsNigeriaCBN to freeze bank accounts without BVN and NIN from March 2024

By Ezinwanne Onwuka (Senior Reporter)December 4, 2023

The Central Bank of Nigeria, CBN, plans to clamp down on bank accounts with no bank verification number, BVN, and national identification number, NIN, in 2024. In a memo made available to the press last Friday, the CBN said all existing bank accounts without a linked BVN and NIN will no longer receive funds, and make withdrawals and transfers starting 1 March 2024. However, the apex bank directed that all unfunded accounts be placed on...

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