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Crude prices drop as dollar strengthens

Oil prices extended their decline on Thursday, driven by a stronger dollar and reduced crude imports in China, which outweighed potential supply disruptions linked to Donald Trump’s presidential win and output cuts from Hurricane Rafael. Initially, Trump’s election triggered a sell-off, pushing oil prices down over $2 as the dollar surged. However, prices later recovered […]

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Again, national grid collapses 

The national grid on Thursday collapsed, making it the second time in space of two days. The national grid collapsed on Tuesday, the 10th of such incidents this year. With the last collapse, the country has recorded 11 of such incidents in 2024. Generation dropped to 0.00MW from 2,323 megawatts of electricity generated by 22 […]

Business

Equities rise as traders weigh Trump’s second coming

  Major stock markets mostly rose Thursday following Donald Trump’s election win that is set to see the returning president unveil United States tax cuts and import tariffs. The dollar retreated having surged Wednesday on news of Trump’s win, while bitcoin came off record highs. Focus was also on interest-rate decisions, with the US Federal […]

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Nissan cuts 9,000 jobs, slashes sales forecast

Japanese automaker Nissan on Thursday announced 9,000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle “a severe situation”. The company reported a 93 percent plunge in net profit in the first half as CEO Makoto Uchida told reporters that weak sales in the North American market […]

News

TotalEnergies plans investments in Nigeria’s oil sector

The President and CEO of TotalEnergies, Patrick Pouyanne, has announced the company’s readiness to invest billions of dollars in Nigeria’s oil sector, confirming its participation in the country’s ongoing oil bid round. Pouyanne made the statement during a recent visit to the Nigerian Upstream Petroleum Regulatory Commission headquarters in Jabi, Abuja, where he met with […]

Kenyan CBN fines UBA, others for regulatory breaches
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UBA seeks approval for planned rights issue

United Bank for Africa has formally requested approval from the Nigerian Exchange Limited for its planned rights issue. In a market bulletin issued on Tuesday and signed by Head of the Issuer Regulation Department at NGX RegCo, tGodstime Iwenekhai, the bank confirmed that it has engaged its stockbrokers, United Capital Securities Limited, to facilitate the […]

News

Zenith Bank completes IT migration, promises improved service delivery

Zenith Bank Plc has announced the successful completion of its IT migration, positioning itself with a robust technology infrastructure in the banking industry. This was disclosed by the Group Managing Director/CEO of Zenith Bank, Dr. Adaora Umeoji shared in a message to the bank’s customers on Wednesday. The bank began the migration process in early […]

News

Experts advocates awareness campaign to curb cybercrimes

The Information Security Society of Africa Nigeria has called for the development of a national awareness campaign to address the growing cyber threats in the country. This was disclosed by the President of ISSAN and Executive Director at NOVA Bank, Dr. David Isiavwe, during his opening address at this year’s Cybersecurity Conference recently in Lagos. […]

News

CBN unveils guidelines for FX deposit scheme

The Central Bank of Nigeria has released official guidelines for banks on the implementation of the free foreign exchange deposit window recently announced by the Federal Government. The guidelines, which were issued on Tuesday, outline the procedures for participation in the scheme by commercial, merchant, and non-interest banks. The scheme is designed to facilitate the […]

News

Discos hike meter prices, consumers kick

Power distribution companies in Nigeria have implemented a second price hike on various electricity meter models within just four months, sparking outrage among consumers. The new price increases have been met with strong opposition, with many describing the move as “wicked” amid the ongoing economic hardship faced by citizens nationwide. The latest hike comes as […]

News

Tax bills can’t affect revenue agencies – FIRS

The Chairman of the Federal Inland Revenue Service, Zacch Adedeji, has refuted claims that the four tax bills currently before the National Assembly pose a threat to the operations of any government revenue-generating agency. This was disclosed in a statement by Adeddeji, during a meeting in Abuja with the heads of the National Agency for […]

Dangote Refinery loses N32.5bn after petrol price cut
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Oil marketers drag Dangote to court for opposing fuel importation

Three oil companies, Matrix Petroleum Services Limited, A.A. Rano Limited, and AYM Shafa Limited, have approached the Federal High Court in Abuja with a legal request to prevent the Nigeria Midstream and Downstream Petroleum Regulatory Authority from reviewing or withdrawing their import licenses. The companies argue that such actions would undermine energy security and disrupt […]

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