Nigeria’s President Muhammadu Buhari cried out on Friday over large-scale crude oil theft. He said it was affecting the country’s revenues “enormously”. Nigeria lost $1 billion in revenue during the first quarter of this year due to crude theft, the oil regulator has said. Nigeria is unable to meet some of its financial obligations to Read More…
Business
eNaira records just 200,000 users from 2021
The eNaira has experienced a slow take-off since its inauguration in 2021. The Central Bank of Nigeria (CBN) announced on Thursday that the digital currency recorded just 200,000 volumes and four billion Naira value of transactions within the space of time. Mr Godwin Emefiele, the CBN Governor said this on Thursday in Abuja at the Read More…
Emirates to suspend Nigeria flights from September over trapped funds
Dubai’s Emirates will suspend flights to Nigeria from next month over an inability to repatriate funds from Africa’s most populous nation, the airline said on Thursday. The decision highlights the difficulties faced by international carriers that fly to Nigeria, which is one of the biggest markets in Africa for several of them. The country has Read More…
Fire guts Lagos Island substation
Eko Electricity Distribution Company (EKEDC) has announced a fire incident at its injection substation in Idumagbo, Lagos Island. Mr Godwin Idemudia, General Manager, Corporate Communications EKEDC, confirmed this in a statement on Tuesday in Lagos. Idemudia said that the incident affected electricity supply to customers in Idumagbo and Ajele areas. He said the incident occurred Read More…
Buhari and NUPRC on collision course over sale of Exxon Mobil
Nigeria’s petroleum regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said on Tuesday it stood by its refusal to approve Exxon Mobil’s $1.28 billion sale of shares in its Nigerian unit to Seplat after President Muhammadu Buhari approved the transaction. NUPRC Chief Executive, Gbenga Komolafe, said under a new petroleum law passed last year, the petroleum Read More…
Lagos govt pledges top-priority for pensioners welfare
The improved quality of life and the welfare and well-being of pensioners are a top priority, the Lagos State government has promised. Mrs Ajibola Ponnle, Lagos State Commissioner For Establishments, Training and Pensions made the pledge at the 96th Retirement Certificates Presentation organised by the Lagos State Pension Commission (LASPEC) in Lagos. “Recently, the state government through Read More…
Badagry Seaport gets $2.59bn FEC vote for take-off
The Badagry Deep Seaport project in Lagos State received a boost on Wednesday when the Federal Executive Council (FEC) meeting in Abuja approved 2.59 billion dollars for its development. The Minister of Transport, Muazu Sambo made this known while addressing State House correspondents on the outcome of the council meeting with his counterparts from the Read More…
Nigerians are becoming very conscious of what they eat and drink – CEO, Niyya Foods
Dr. Abdulsalam E. Ogbemudia, is the Chief Executive Officer, Niyya Food and Drinks, manufacturers of the Farm Pride range of natural fruit drinks. A senior management professional with specialisation in Manufacturing Operations and Corporate Governance, Dr. Ogbemudia has been on the top saddle of the company since May 2021, seeing the company through the turbulent Read More…
Increase our salary, civil servants tell states, FG
Federal and state civil servants have appealed to both governments to increase workers salaries to reduce their hardships. They complained that the increase in the pump price of petrol meant they now spend an unsustainable portion of their meagre income on buying the product. A litre of fuel now sells for between N184 and N220 Read More…
After 39 taxes, telcos reject FG’s fresh five per cent tax
Telecommunications companies have advised against the implementation of the 2022 Fiscal Policy Measures and Tariff Amendments, which demands five per cent as excise duty for services provided. They described the tax as insensitive, unfair, and capable of crippling the industry in the way and manner the oil industry has been crippled by different challenges. According Read More…