Business Economy Top Story

Former Airtel Africa boss appointed new chairman of Nigeria Sovereign Investment Authority

Mr. Segun Ogunsanya, the former CEO of Airtel Africa, has been appointed as the new Chairman of the Nigeria Sovereign Investment Authority (NSIA). This significant move, aimed at bolstering the nation’s economic stability, was officially announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the Ministry of Read More…

Business Oil & Gas Scandal Top Story

Atiku Abubakar Challenges Federal Government Over Oando’s Accelerated Approval in AGIP/ENI Purchase

Former Vice President of Nigeria, Atiku Abubakar, has called on the Federal Government to explain why Oando Plc, owned by President Bola Tinubu’s nephew, received accelerated approval to acquire the onshore assets of AGIP and ENI. This comes while other transactions, such as the Shell/Renaissance deal and the Mobil/Seplat deal, continue to face delays. Atiku Read More…

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Business Oil & Gas Top Story

NNPC refutes allegations of presidential interest in OVH acquisition

In a strongly worded statement, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has categorically denied allegations leveled by former Vice President Atiku Abubakar, asserting that President Bola Ahmed Tinubu and Mr. Wale Tinubu hold a 49% stake in the OVH acquisition deal. The accusations suggest a broader scheme to entwine personal business interests with Read More…

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Business Taxes & Duties Top Story

Lagos unveils plan to streamline revenue system, boost economic growth

The Lagos State Government has announced plans to simplify and harmonize its revenue and tax system, a move designed to stimulate economic development and create a more business-friendly environment. This initiative was revealed by Mr. Abdul-Kabir Ogungbo, Special Adviser to Governor Babajide Sanwo-Olu on Taxation and Revenue, during a press conference held on Thursday in Read More…

Banking Business Top Story

Fidelity Bank fined N555.8 million for data breaches as NDPC enforces new protection laws

The Nigeria Data Protection Commission (NDPC) has imposed a fine of N555,800,000 on Fidelity Bank Plc for violating data protection regulations. This significant penalty, announced by the National Commissioner of NDPC, Dr. Vincent Olatunji, underscores the Federal Government’s commitment to enforcing data protection standards across the country. Speaking at the Nigeria Data Protection (NDP) Act Read More…

Business Cooperatives

Lagos Commerce Commissioner champions cooperative movement as catalyst for inclusive growth

At the 8th National Cooperative Summit, Exhibition & Awards, Lagos State Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose-Medebem, underscored the pivotal role of the cooperative movement in empowering communities and driving inclusive governance. Speaking at the event, which was organised by the Cooperative Federation of Nigeria (CFN) at the LASCOFED Secretariat, Ogba, she Read More…

Business Empowerment Metro

Ikorodu Council partners LSETF for N30 Million soft loans to empower farmers and traders

In a bid to boost local businesses and food production, Ikorodu Local Government Chairman, Mr. Wasiu Adesina, has announced plans to collaborate with the Lagos State Employment Trust Fund (LSETF) to roll out N30 million in soft loans for farmers and traders in the state. Adesina made this commitment during the flag-off ceremony for the Read More…

Business Companies Top Story

NNPC posts 28% profit surge amid operational challenges; MTN grapples with Naira devaluation

Nigeria’s state oil giant, NNPC, reported a remarkable 28% increase in its annual net profit, reaching a total of 3.297 trillion naira ($2.14 billion) for the year. The company also declared a dividend of 2.1 trillion naira, marking a significant financial milestone despite ongoing challenges in the operational and economic landscape. “Despite the inherent challenges Read More…

Business Mining Top Story

Nigeria’s artisanal mining shakes up global lithium market amid price plunge

By Lagos Metropolitan News Desk The global lithium market has experienced significant turbulence over the past two years, with prices plummeting due to an oversupply and weaker-than-expected demand for electric vehicle (EV) batteries. This downturn is exemplified by the dramatic fall in the CME contract for lithium hydroxide from a 2022 high of $85,000 per Read More…

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Business Oil & Gas Top Story

Nigeria gears up for roadshow to lure back oil majors to onshore drilling

Nigeria is gearing up to host a specialised oil and gas roadshow aimed at enticing back international energy companies that previously withdrew from its onshore sector, a senior government official announced on Monday. Following the departure of major players like Shell and Exxon, who shifted focus to deep offshore exploration, Nigeria has faced challenges in Read More…