Category: Business
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Significant Foreign Investment Liquidation in Nigeria’s Stock Market
By Milcah Tanimu The Nigerian Exchange Limited (NGX) has reported that N540.48 billion worth of foreign transactions were recorded between January and June 2024. In a report titled ‘Domestic & Foreign Portfolio Investment’ released on Wednesday, NGX indicated an increase in foreign transactions compared to the N145.08 billion recorded in the first half of 2023.…
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Aisha Yesufu Criticizes GEJ for Favoring Big Business, Impacting Small Enterprises
Social critic Aisha Yesufu has accused former President Goodluck Jonathan of favoring wealthy individuals like Aliko Dangote by granting excessive waivers, which she claims severely harmed small businesses. Yesufu’s remarks come in the wake of recent tensions between Dangote and Nigeria’s oil industry regulators, with the Nigerian Midstream and Downstream Petroleum Regulatory Authority recently stating…
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Dangote’s Mega Refinery Faces Longstanding Challenges Amid Regulatory Disputes
Nigeria’s largest single local investment, the $20 billion Dangote refinery, faces significant challenges as it nears full operational capacity. Located on the outskirts of Lagos, this massive facility has the potential to process half of Nigeria’s daily oil output. However, recent tensions between Dangote Industries Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Agency…
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CBN Approves Sale of FX to BDCs at N1,450/$
The Central Bank of Nigeria (CBN) has announced the approval of foreign exchange (FX) sales to eligible Bureau De Change (BDC) operators at the rate of N1,450 per dollar. This move aims to address the demand for invisible transactions and mitigate distortions in the retail market that contribute to parallel market discrepancies. In a statement…
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Senate frowns at delay on execution of $2.8billion AKK Gas Pipeline Project…orders Brentex CPP Ltd to speed up on $1.27billion component of the project.
By Lateef Taiwo The Senate through its committee on Local Content on Tuesday, frowned at delay on execution of $2.8billion Ajaokuta – Kaduna – Kano ( AKK) Gas Pipeline Project by Brentex CCP Limited . The Committee Chaired by Senator Natasha Akpoti – Uduaghan ( PDP Kogi Central ) , specifically took up management of…
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Wike Urges Nigerians In Diaspora To Invest In FCT
From Lateef Taiwo Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike has called on Nigerians in diasporas to take the advantage of the enabling environment by investing in infrastructural projects in in the nation’s capital, through working closely with the FCT Administration as well as other relevant authorities to identify key areas of…
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Governor Radda Unveils Reforms to Attract Investors in Katsina
From Lateef Taiwo The Katsina State Government has pledged to simplify business processes and provide unwavering support to investors in the state. Governor Dikko Umaru Radda gave this assurance when he hosted the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Hajia Aisha Rimi, on a courtesy visit at the government house. Since taking…
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Karu Market : Re – allocate shops to original owners after rehabilitation – Senate tells FCDA , AMAC
The Senate Thursday urged the Federal Capital Development Authority ( FCDA ) and Abuja Municipal Area Council ( AMAC) , to re – allocate shops affected by fire outbreak at Karu main market to original owners after rebuilding them . It also urged the federal government through its Ministry of Humanitarian Affairs , Disaster Management…
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Nigeria and India Explore Green Industrial Development Partnership
By Milcah Tanimu Chief Ajuri Ngelale, Special Presidential Envoy on Climate Action, announced that the Indian High Commissioner to Nigeria, Mr. Shri Balasubramanian, visited him at the State House on Wednesday. In a statement, Ngelale detailed discussions with the administration of Prime Minister Narendra Modi about new opportunities for green industrial partnerships. He highlighted Modi’s…
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Naira Plummets by ₦29 Against Dollar in a Single Day
By Milcah Tanimu The Naira experienced a sharp decline against the dollar in the foreign exchange market. According to FMDQ data, the Naira weakened significantly to ₦1561.98 against the dollar on Wednesday, down from ₦1532.58 traded on Tuesday. This represents a loss of ₦29.4 compared to Tuesday’s trading value of ₦1532.58. Similarly, in the parallel…