Category: Business

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a significant increase in Nigeria’s crude oil reserves. From January 1, 2023, to January 1, 2024, the reserves climbed from 36.96 billion barrels (bb) to 37.50 bb. Additionally, the country’s Natural Gas reserves saw growth from 208.83 trillion Cubic Feet (TCF) to 209.26TCF during the same…

Minister Adebayo Adelabu has offered an apology to Nigerians for his recent remarks regarding electricity consumption and tariffs. Speaking on Channels Television’s “Politics Today,” Adelabu expressed regret for any offense caused by his previous statements. His comments had sparked criticism from the public after he suggested that Nigerians kept freezers running for days due to…

The Federal Government has disclosed plans to achieve significant savings of N1.5 trillion this year following the recent hike in electricity tariffs for Band A customers. Additionally, it aims to install approximately 2.5 million meters to address the metering gap across Nigeria and ensure accurate billing for consumers. According to a document released by the…

FBN Holdings Plc has unveiled its strategy to raise up to N300 billion through a combination of public offering, private placement, and rights issue. In a disclosure to the Nigerian Exchange Limited (NGX), the Group announced that the proposed capital raise is contingent upon approval from regulatory authorities and its shareholders at an Extraordinary General…

Dele Oye, President of the Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has reiterated the organization’s stance that duties collected by the Nigeria Customs Service (NCS) should be denominated in Naira rather than in foreign currency. Responding to the Central Bank of Nigeria’s (CBN) directive allowing foreign currency collateral for Naira…

Nigerian Breweries, NB Plc, has finalized plans to raise capital through a rights issue. In a statement to the Nigerian Exchange Limited (NGX), the company announced its intention to recommend the raising of up to N600 billion at its next Annual General Meeting (AGM), subject to regulatory approvals. The statement, signed by Uaboi G. Agbebaku,…

Switzerland-based Glencore Plc finds itself embroiled in a scandal of significant proportions, drawing attention for all the wrong reasons. Following extensive investigations by authorities in Brazil, the United Kingdom, and the United States, two of Glencore’s subsidiaries confessed on May 24 to multiple charges, including market manipulation and bribery, particularly in connection with the company’s…

A coalition of over 180 Civil Society Organisations in Nigeria, Civil Society Groups for Good Governance, CSGGG has debunked and exonerated the management of the Transmission Company of Nigeria, TCN of any corruption and underhand dealings. Addressing newsmen in Abuja on Tuesday, the convener of CSGGG, Comrade Ogakwu Dominic, expressed concern over the accusations circulating…

The International Finance Corporation (IFC) has announced a significant financing support of $1.25 billion for Indorama Eleme Fertiliser and Chemicals Limited in Nigeria. This investment aims to bolster fertilizer production and develop a port terminal for exports, thereby supporting food production, food security, and job creation in the country. The financing package will enable Indorama…

The Federal Government disclosed on Monday a new pricing regime for natural gas used by power generation companies, now set at $2.42 per metric million British thermal unit, up from the previous rate of $2.18/mmbtu. Given that Nigeria relies heavily on thermal power plants fueled by gas for over 70% of its electricity generation, the…