Category: Business News

By Emmanuel Udom It is no longer news that Prime Mart Superstores officially opened it outlet to the public few days to Christmas. The outlet is located along Lagos-Abeokuta expressway, near Ifo Area Police Command in Ifo, Ogun State. It was declared open by the High Chief of Ifoland, Mr Semiu Ogunjobi. At the event…

By Aduragbemi Omiyale A leading life insurance service provider in Nigeria, Stanbic IBTC Insurance Limited, has passed a comprehensive audit, resulting in the issuance of an IQNET-recognised certificate. This rigorous audit process assessed various operational aspects, financial practices, and adherence to regulatory standards, highlighting Stanbic IBTC Insurance’s dedication to exceeding industry best practices and fostering…

By Aduragbemi Omiyale A leading life insurance service provider in Nigeria, Stanbic IBTC Insurance Limited, has passed a comprehensive audit, resulting in the issuance of an IQNET-recognised certificate. This rigorous audit process assessed various operational aspects, financial practices, and adherence to regulatory standards, highlighting Stanbic IBTC Insurance’s dedication to exceeding industry best practices and fostering…

President Bola Ahmed Tinubu will depart Lagos on Monday, January 6, for Accra, the capital of the Republic of Ghana, to attend the inauguration of President-elect John Dramani Mahama on January 7, 2025. Mahama, who served as the 12th president of Ghana between 2012 and January 2017, was reelected in December 2024 and will succeed…

The Federal Ministry of Power has budgeted the sum of N150 billion for transmission projects under the Presidential Power Initiative. This is contained in the 2025 Appropriation Bill, recently presented to the National Assembly by President Bola Tinubu. The Presidential Power Initiative is one of various initiatives and bilateral partnerships aimed at tackling its chronic…

China is currently facing a surge from a new strain of infectious respiratory virus, human metapneumovirus (HMPV), amid growing public concern about the outbreak. Reports indicate that this winter, a rise in HMPV infections has caused a surge in cases across northern Chinese provinces, particularly affecting children. The surge has led to overcrowded hospitals and…

The Onion Producers, Processors and Marketers Association of Nigeria has explained that the 2024 floods and climate change were responsible for the recent hike in the price of onions. The National President of the Association, Mr Aliyu Isah, disclosed this, in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. He…

Oando PLC has announced the appointment of Mr. Ademola Akinrele, SAN, as the new Chairman of the Board, effective immediately after the conclusion of the Annual General Meeting (AGM) on December 17, 2024. This decision follows the resignation of His Royal Majesty, Oba Adedotun Gbadebo, CFR, who formally notified the Board of his decision to…

Nigeria’s 2025 budget bill, with its mammoth N49.740 trillion expenditure and N13.388 trillion deficits, presents a fiscal puzzle with high stakes for the stock market. While the government heralds it as a transformative plan to propel economic growth, the reliance on debt financing and its cascading effects raises uncomfortable questions about sustainability and investor confidence.…

The National Drug Law Enforcement Agency (NDLEA) has arrested several individuals, including a Lagos socialite and alleged drug kingpin and Nollywood filmmaker, in connection with a drug deal. The agency announced that the year began with a series of high-profile arrests and drug seizures across Lagos, Kwara, Kano, and Rivers states. This information was disclosed…

The Nigerian government has set aside N100 billion for the National Home Grown School Feeding Programme (NHGSFP) as part of the 2025 Appropriation Bill. The funding is designed to continue the initiative aimed at providing meals to public primary school students across the country. The program seeks to improve both education and health outcomes for…

Nollywood reached a remarkable milestone in 2024, with the top 10 highest-grossing films collectively earning a staggering N3.6 billion at the box office. This marked a significant jump from the N1.94 billion recorded in 2023, reflecting an impressive 85.5% increase. Even with the exclusion of Funmilayo Ransom Kuti, which contributed N156.6 million, the total could…

The Federal Government, in the proposed N49.74 trillion 2025 budget, allocated N4 billion for the construction of a new presidential helipad and jetty in Lagos. The allocation falls under the Ministry of Works, which received a total budget of N1.138 trillion for 2025. Capital expenditures account for N1.09 trillion, reflecting a commitment to significant infrastructure…

The Association of Telecommunications Companies of Nigeria (ATCON) has called for the inclusion of local companies in the implementation of the federal government’s 90, 000-kilometre fibre project. The President of the Association, Mr. Tony Emoekpere, made the call during an interview with Nairametrics. According to him, involving local companies in the project would help to…

The Lagos State Government sealed several properties under construction on Lagos Island for obstructing public roads with building materials. This action was announced via a post on the official X (formerly Twitter) account of the Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, on Sunday. The sealed properties, located at 65, 68, and…

The Nigerian Exchange has informed investors and the public that the entire issued share capital of Flour Mills of Nigeria has been delisted from the Daily Official List of the NGX. This announcement follows an earlier bulletin issued by the exchange on December 16, 2024, which informed the public about the suspension of trading in…

The Nigerian stock market concluded the trading week ending January 3, 2025, on a notably positive note, with the All-Share Index (ASI) increasing by 1,453.03 points to close at 103,586.33. This notable rise reflects a 1.42% ascent from the previous week’s closing figure of 102,133.30, successfully surpassing the significant threshold of 103,000, as insurance stocks…

The management of BUA Group has refuted a purported report claiming that the BUA Refinery and Petrochemicals in Akwa Ibom state is at 90 per cent completion. A statement issued by the management on Saturday clarified that the 200,000 barrels per day refinery is not yet near completion. However, the company is committed to meeting…

The Federal Ministry of Power has budgeted the sum of N150 billion for transmission projects under the Presidential Power Initiative. This is contained in the 2025 Appropriation Bill, recently presented to the National Assembly by President Bola Tinubu. The Presidential Power Initiative is one of various initiatives and bilateral partnerships aimed at tackling its chronic…

The Federal Government has allocated N146.14 billion as counterpart funding for the Lagos Green Line Metro Rail Project, a 68km rail network that will stretch from the Lekki Free Zone to the Marina, connecting key areas of Lagos, including Victoria Island (VI), Lekki, and Ajah. This funding will be transferred to the Ministry of Finance…