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Oil prices surge as OPEC+ cuts output

The Organisation of Petroleum Exporting Countries has announced a surprise decision to cut production further, which caused oil prices to surge on Monday. Brent crude rose by 5.5% to $84.26 a barrel, after hitting $86.44, the highest it has been in a month while US West Texas Intermediate crude was up 5.6% to $79.90 a […]

CBN fines banks N1m daily over refusal of new naira
Business

Nigeria’s external reserves declined by $1.46bn in two months

The Central Bank of Nigeria has revealed the country’s external reserves decreased by $1.46bn between January and March. The reserves amounted to $36.67 billion by February 27, 2023. The data from the CBN shows that the reserves were at $36.99 billion by the end of January 2023, but decreased to $35.53 billion by the end […]

How Free Trade Zone generated N35.1bn in 2020 - NEPZA
Ports and Airports

How Free Trade Zone generated N35.1bn in 2021 – NEPZA

The Nigeria Export Processing Zones Authority has reported that the Free Trade Zones scheme brought in a total of N35.1 billion in customs duties for the government in 2021. According to Premium Times, the organization said that in 2021, N408.3 million was also remitted as Pay As You Earn taxes. The managing director of NEPZA, Adesoji Adesugba, […]

How Lekki Seaport will create 170,000 jobs - FG
Oil and Gas

How Lekki Seaport will create 170,000 jobs – FG

The Lekki multi-purpose seaport, according to the Federal Government, is anticipated to create more than 170,000 direct and indirect jobs for Nigerians upon completion. According to Nairametrics, the managing director of the Nigeria Lekki Seaport and Ports Authority, Mohammed Koko, made this announcement on Saturday in Enugu during their Special Day at the 34th Enugu International Trade […]

Nigeria to host fourth Intra-Africa Trade 2025
News

Nigeria to host fourth Intra-Africa Trade 2025

  By Christian George Nigeria has been selected to host the fourth intra-African trade fair billed for 2025. This will allow the continent’s most populous nation to create a platform where other African nations can exchange their goods and services. The Minister of Trade and Investment, Niyi Adebayo, disclosed this while at the groundbreaking ceremony […]

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Nigeria to save $1.3bn by stopping substandard ACs and Refrigerators – UN

The United Nations Environment Programme has reported that Nigeria could save approximately $1.3bn per annum if it ceases using air conditioners and refrigerators that do not comply with the Minimum Energy Performance Standards. This was disclosed In their report titled “Project Overview of Scaling-Up Energy-Efficient and Climate-Friendly Cooling in Nigeria’s Nationally Determined Contribution Revision,” accessed […]

BUA Foods declares ₦81bn dividend for FY 2022
Foods

BUA foods shareholders to receive N81bn dividend – Report

BUA Foods will pay a dividend of N4.50 per share to shareholders for the fiscal year 2022, totaling N81 billion, according to the food company’s audited financial report released on Saturday. According to Premium Times, the proposed dividend is subject to shareholder approval at the company’s next annual general meeting. Similar to that, the correct […]

Car sales slump 14% in six months - Report
Business

Volkswagen to increase number of EV stations in China

A senior executive at Volkswagen AG in China has restated the company’s commitment to speeding up the process of vehicle electrification in China, by increasing charging posts. This is  despite facing challenges such as increasing competition and weak demand. Reuters reported that Volkswagen has plans to increase the number of charging stations for electric vehicles […]

Wema Bank raises N21bn capital, reaffirms commitment to rights issue
Banking featured

Wema Bank appoints Moruf Oseni new MD

Wema Bank Plc’s Board of Directors has appointed Moruf Oseni as its substantive Managing Director and Chief Executive Officer. Oseni will succeed Ademola Adebise after serving in an acting role beginning January 1, 2023, according to a news release released by the Bank on Saturday. Oseni started working at Wema Bank in 2012 as an […]

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