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Bakers hike bread price again, cite forex crisis, others

Bakers under the aegis of the Premium Breadmakers Association of Nigeria have said they will increase the price of bread, effective Monday (today). The President of the association, Emmanuel Onuorah, who made the disclosure in an interview with our correspondent on Sunday, said the increase became inevitable due to soaring costs of operations. He said, […]

Let NNPCL buy me out, Dangote offers to sell refinery
Economy

Investment in agric, oil sectors’ll boost economic growth –Dangote

The President of Dangote Group, Aliko Dangote, has said that investment in agriculture and oil sectors will boost economic growth. A statement said he spoke when he led board members of Dangote Group on a visit to the President, Major General Muhammadu Buhari (rted.), at the Presidential Villa, Abuja. He also said the group  would […]

Transportation

Lagos blue line rail 90% completed – Sanwo-Olu

The Lagos State Governor, Mr. Babajide Sanwo-Olu, has said that works on both the Blue and Red line rails are at 90 per cent completion. This was made known in a statement issued by the Chief Press Secretary to the Lagos State Governor, Gboyega Akosile, on Sunday. The statement read, “Lagos State Governor, Mr. Babajide […]

Banking

Digital banks not tackling financial crime –UK regulator

Britain’s online-only challenger banks need to do more to prevent the abuse of their platforms by criminals, regulators have warned. According to CNBC, the Financial Conduct Authority published the findings of a review into financial crime controls at several United Kingdom challenger banks — younger banks set up with the aim of taking on incumbent […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Nigeria’s crude oil production rigs drop by 37.5%, says OPEC

The number of functional crude oil production rigs in Nigeria decreased by 37.5 per cent to just 10 operational rigs in March 2022, the Organisation of Petroleum Exporting Countries has said. An oil rig, offshore platform, or oil and/or gas production platform is a large structure with facilities to extract, and process petroleum and natural […]

Interview

Fuel subsidy more beneficial to rich Nigerians – Financial expert

In this interview, the Executive Director, Cordros Capital, Femi Ademola, speaks on investment decisions, fuel subsidy and foreign direct investments into Nigeria Many low-income earners usually look for investment areas where they can get huge returns in a short time. Is this realistic? What I have noticed with low-income earners is they are looking to […]

FG budgets N8.68tn for agric, food imports - Report
Agribusiness

Beans, tomatoes, yam record 40% price hike –NBS

The average prices of food items in Nigeria recorded significant increases within a one-year period spanning between February 2021 and February 2022, data from the National Bureau of Statistics show. According to NBS, the average cost of beans (white, black eye, sold loose) rose by 50.1 per cent from N331.48 to N 497.54 during the […]

Transcorp Power NGX listing expands investors’ portfolio
Energy

Transcorp Power posts N74.3bn revenue as sector’s finances improve

Transcorp Power Limited, owner of the 972 megawatts capacity power plant in Ugheli, Delta State, has announced revenue growth of N74.3bn in 2021 following the recent improvements in the financial performance of Nigeria’s power sector. In the 2021 annual report and financial statement of Transcorp Group, the Group Chairman, Tony Elumelu, said the power firm’s […]

Ports and Airports

Funding hinders anti-corruption fight at ports, says ICPC

The Independent Corrupt Practices and Other Related Offences Commission has blamed limited funding for agency’s inability to effectively fight corruption at the nation’s ports. The anti-graft agency in a statement on its official Facebook page also reiterated its commitment to tackling corruption at the Nigerian ports. The ICPC Chairman, Professor Bolaji Owasanoye, a Senior Advocate […]

100% cashless economy possible in Nigeria - Emefiele
Banking

Why CBN can’t float exchange rate –Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that despite calls and recommendations by the International Monetary Fund, the World Bank and other global financial institutions, Nigeria cannot afford to operate a floated exchange rate system. Emefiele made this known at the IMF/World Bank Spring Meetings in Washington DC, United States. […]