Tag: business news

TotalEnergies has introduced its Young Graduate Program, offering recent graduates an opportunity to gain hands-on professional experience and international exposure. This program allows participants to explore various roles within the company while developing the skills needed to build a successful career in the energy sector. According to MSME Africa, the TotalEnergies Young Talent Trainee Program…

By Modupe Gbadeyanka One of Africa’s leading integrated payments and digital commerce companies, Interswitch, has reinforced its commitment to advancing financial inclusion and innovation. The firm sponsored the 2024 International Financial Inclusion Conference (IFIC) put together by the Central Bank of Nigeria (CBN) in collaboration with The World Bank, the Bankers’ Committee, and the Financial…

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has stated that the Finance Act will become “null and void” once the Tax Reform Bills are passed into law by the legislative and executive arms of government. Oyedele provided this clarification while responding to questions on related tax laws…

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed the midweek session with a 0.02 per cent rise, resulting in the market capitalisation increasing by N160 million to remain relatively unchanged at N1.048 trillion. As for the NASD Unlisted Security Index (NSI), it improved yesterday by 0.48 points to end the day at 2,990.30…

The Niger Delta Development Commission (NDDC) has announced a significant partnership with Chevron Nigeria Limited to construct the 70.75-kilometer Omadino-Okerenkoko-Escravos Road, which will connect Warri to Escravos in Delta State. This road is vital for improving access to Escravos, an important hub for oil and gas operations in the region, and is expected to facilitate…

By Adedapo Adesanya It was a bad day for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, November 20 as it depreciated against the US Dollar by 0.51 per cent or NN8.59 to close at N1,687.52/$1, in contrast to the N1,678.93/$1 it was traded on Tuesday. Similarly, the Nigerian currency weakened…

The governor of Edo State, Senator Monday Okpebholo, has approved the dissolution of the governing councils of all state-owned tertiary institutions. The decision was conveyed in a “Government Special Announcement” issued by Umar Musa Ikhilor, Esq., Secretary to the State Government, on November 20, 2024. The announcement instructed all affected council members to immediately hand…

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) Limited has ramped up its daily production of its latest crude oil grade, the Utapate crude oil blend, to 40,000 barrels per day, with plans to double this by 2025. The development is a major boost for Nigeria’s crude oil production, revenue generation and economic growth…

The Federation Accounts Allocation Committee (FAAC) has disbursed a total of N1.411 trillion to the Federal Government, State Governments, and Local Government Councils (LGCs) for October 2024. This was disclosed in a communiqué issued by Mr. Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant-General of the Federation, after the FAAC meeting…

A new deal struck last week between the Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) – representing many of the small players at the pumps – aims to bring down the price of petrol emerging from the plant. But the head of one of Nigeria’s biggest petrol station owners says the…

Nigeria’s Minister of Steel Development, Shuaib Abubakar Audu, has announced the federal government’s decision to privatise the Ajaokuta Steel Company Limited (ASCL) along with its Iron Ore Mine in Itakpe as part of efforts to kickstart operations. The announcement was made at the Ninth Nigeria Mining Week, held in Abuja. The event, themed “From the…

By Adedapo Adesanya Oil prices trended south on Wednesday as investors weighed the intensifying war between Russia and Ukraine, and a rise in crude stocks in the United States. Brent crude was down by 46 cents or 0.63 per cent to settle at $72.85 a barrel and the US West Texas Intermediate (WTI) crude depreciated…

As part of its commitment to deepen the growth and sustainability of micro, small and medium-scale enterprises (MSMEs) on the continent, Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host the last edition of its quarterly business series for the year.   This edition of the business series, “Profit with Purpose, Business…

By Modupe Gbadeyanka About one million African children have had access to digital education courtesy of the partnership between Airtel Africa Plc and the United Nations Children’s Fund (UNICEF). In 2021, the two organisations joined forces to equip learners with quality digital education resources across 13 African countries. Since the five-year collaboration, no fewer than…

The United Kingdom is leveraging its expertise to partner with Nigeria in tackling cybersecurity threats and addressing emerging digital challenges affecting both nations. Country Director for the UK’s Department for Business and Trade (DBT) in Nigeria, Mark Smithson, highlighted this commitment following a stakeholders’ roundtable organized by the British High Commission. Smithson emphasized that public-private…

By Dipo Olowookere Three African students comprising two from Nigeria have won scholarships to further their studies in the United States of America (USA). The educational grants were given by Prodigy Finance, an international student lender, through the Allan & Gill Gray Foundation African Student Scholarship. The winners, Ms Emmanuella Ayeley Bentum from Ghana, Ms…

The Federal Competition and Consumer Protection Commission (FCCPC) has raised concerns about the circulation of substandard and unregistered sugar products in Nigerian markets. According to a press release issued on November 20th, these smuggled brands, mainly from Brazil, fail to meet mandatory Vitamin A fortification requirements, posing significant health risks and economic threats. The FCCPC…

Dubai has emerged as a major hub for family offices, with entities in the city managing over $1 trillion in assets. This development reflects the growing appeal of the emirate to ultra-high-net-worth individuals seeking favorable financial environments. The United Arab Emirates is projected to become the leading destination for relocating millionaires in 2024, according to…

By Adedapo Adesanya The United Kingdom Government has backed solutions offered by stakeholders from the government and private sector to address Nigeria’s cybersecurity challenges. Recently, industry players met in Abuja and Lagos at the Nigeria Cybersecurity Stakeholder Roundtable organised with support from the UK’s Department for Business and Trade (DBT) to discuss practical steps towards…

The Edo State Government has suspended all market unions and associations across the state following reports that their exploitative practices have contributed to rising food costs and economic hardship. This decision, approved by Governor Monday Okpebholo, was announced in a statement issued by Umar Musa Ikhilor, Secretary to the State Government, on November 19, 2024.…