Business Trade

Over 30 illegal checkpoints in Apapa-Tin-Can Island Port corridor – revelation

Reading Time: 2 minutes There are over 30 illegal checkpoints existing within the Apapa and Tin-Can Island Ports corridor where truckers are extorted up to N60,000 per trip, it has been revealed. Truck owners and drivers under the aegis of Association of Maritime Truck Owners, AMATO, made the allegation on Thursday. They identified the Apapa-TinCan port corridor as become Read More…

Business Commodities

Lagos ports: 13 petrol-laden ships arrive, 25 more expected

Reading Time: < 1 minutes 13 ships laden with petroleum products and others are waiting to berth at the ports in Lagos, the Nigerian Ports Authority (NPA) said on Thursday. NPA in its ”Daily Shipping Position” listed the products in the ships as: general cargo, bulk wheat, petrol, bulk urea, bulk sugar and bulk gypsum. It said that another 20 Read More…

Business Manufacturing Top Story

Russia-Ukraine war: MAN demands removal of 7.5% VAT on diesel

Reading Time: 2 minutes The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to remove the 7.5 per cent Value Added Tax on diesel until the international supply system normalises. It noted that the economy had been affected by several negative factors, including the ongoing Russia-Ukraine war and urged the government to convene a stakeholders’ meeting to Read More…

Aviation Business Top Story

How safety fears, poor finances led to Dana Air’s suspension

Reading Time: 2 minutes Safety fears and a poor bank balance hit another Nigerian airline hard on Wednesday. The Nigerian Civil Aviation Authority (NCAA) suspended Dana Airlines’ air transport licence (ATL) and air operator certificate (AOC) indefinitely. NCAA announced the suspension on Wednesday in a statement signed by its director-general, Musa Nuhu. The authority said it suspended the operating Read More…

Banking Business Top Story

GM: FBN Holdings fights back, instructs lawyers to challenge court order

Reading Time: 2 minutes First Bank Holding Plc has said it had instructed its lawyers to defend it following a court order stopping it from implementing all the decisions taken at its 10th Annual General Meeting (AGM) held on June 20, 2022 in Lagos. In a statement yesterday by the Acting Company Secretary, Adewale Arogundade, to the Nigerian Exchange Read More…

Aviation Business Top Story

Aero Contractors suspends services

Reading Time: 2 minutes The management of Aero Contractors Company Nig. Ltd., has said it would temporarily suspend scheduled passenger services operations from Wednesday. It explained in a statement that the suspension does not affect Aero’s other businesses. ”These businesses are not suspended: the Approved Maintenance Organisation; otherwise known as AeroMRO; the Approved Training Organisation, also known as Aero Read More…

Business Commodities Top Story

Nigeria approves imports of GMO wheat from Argentina’s Bioceres

Reading Time: < 1 minutes Nigeria has approved imports of a drought-resistant, genetically modified wheat developed by Argentina’s Bioceres, a company spokesperson said on Friday. The African country joins the list of others who have already authorized the importation of goods made from Bioceres’ HB4 wheat, including Australia, New Zealand and Brazil. “Nigeria has told Bioceres that it approved (Bioceres’) Read More…

Business Debt Top Story

Nigeria among dozen countries on the brink of debt default

Reading Time: 4 minutes Nigeria is among a dozen countries in danger of debt default, six of them African, a Reuters report has revealed. Traditional debt crisis signs of crashing currencies, 1,000 basis point bond spreads and burned FX reserves point to a record number of developing nations now in trouble. Lebanon, Sri Lanka, Russia, Suriname and Zambia are Read More…