Category: Business
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May Records 34% Increase in Airfare, Reports NBS
According to a report from the National Bureau of Statistics (NBS), the average fare paid by air passengers in Nigeria for single journeys on specified routes experienced a year-on-year increase of 34.06% to N74,948.78 in May 2022. On a month-on-month basis, there was a slight rise of 0.002% in the average fare paid by air…
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Theft of Lagos Airport Runway Lights Leads to Suspension of Seven Individuals
Theft of Runway Lighting Systems at Lagos Airport Raises Security Concerns, Leads to Seven Suspensions 11th July 2023 Unknown individuals have reportedly stolen the recently reinstalled airfield lighting systems from the domestic runway 18/36L of Murtala Muhammad Airport. The disappearance of the approach lighting systems has caused significant security concerns in Nigeria’s busiest airports. According…
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Tony Elumelu to participate in climate forum alongside King Charles and Biden
Tony Elumelu, the Chairman of Heirs Holdings, has been invited to join King Charles III of the United Kingdom and President Joe Biden of the United States at the Climate Finance Mobilisation Forum. The forum, taking place in London, aims to attract a new wave of capital to combat climate change. The statement emphasizes the…
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ICAN promotes a debt-free strategy for sustainable development
Unlocking Nigeria’s Potential: ICAN Calls for Internal Resource Mobilization Instead of External Borrowing The President of the Institute of Chartered Accountants of Nigeria (ICAN), Innocent Okwuosa, emphasized that Nigeria possesses the capability to generate funds for development internally rather than relying on external borrowing. During an interactive media session in Lagos, Okwuosa expressed his views…
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‘Implementation of IFRS 17 to enhance insurance industry’s perception’
Leadway Assurance Company Limited anticipates a revitalized insurance sector as insurance operators adopt the International Financial Reporting Standard (IFRS). Mr. Raphael Akomolede from Leadway’s Finance Department highlighted that IFRS provides a more intuitive representation of financial performance and position. During a workshop organized by Leadway Assurance for the Nigerian Association of Insurance and Pension Editors…
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NITT organizes stakeholders engagement forum on provisions of technical manpower and facility for the development of auto gas as transportation fuel in Nigeria
The Nigerian Institute of Transport Technology (NITT), Zaria will on Tuesday 11th July, 2023 hold a 1-Day Stakeholder Engagement Forum on the provision of technical manpower and facility for the development of Autogas as transportation fuel in Nigeria The event which is scheduled to take place at the NAF Conference Center & Suite, Kado District,…
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Nigeria Earns N23bn from Electricity Exports, Local Consumers Frustrated by Outages
Consumers Upset as Nigeria Exports N23.13bn Worth of Electricity while Dealing with Widespread Outages Power consumers expressed their dissatisfaction on Wednesday with the export of approximately N23.13 billion worth of electricity from Nigeria to neighboring countries in 2022, despite the prevalent darkness experienced in many Nigerian communities. The Nigerian Electricity Regulatory Commission (NERC) provided the…
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Central Bank of Nigeria to Intervene as Point of Sale Operators Implement Rate Hike
The Central Bank of Nigeria (CBN) has expressed its intention to intervene in resolving the ongoing issues surrounding the new charges introduced by Point of Sale (PoS) operators in the country. Following the recent increases in PoS charges in Lagos, Ogun, and Edo states, PoS agents have been engaging with stakeholders nationwide to discuss…
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Ensuring the Resilience of Nigeria’s Fragile Reforms: A Necessity
The fragility of reforms, particularly those that are contentious, requires careful attention and protection to ensure their successful implementation and desired outcomes. Reforms often come with challenges and may not immediately yield the anticipated benefits. When faced with the persistent difficulties of change, the vision of a brighter future alone may not be enough to…
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Institution advocates for increased adoption of liquefied gas
The Lagos Chapter of the Nigerian Institution of Mechanical Engineers is actively promoting the adoption of liquefied gas as a means to create a more sustainable environment in Nigeria. During a recent business luncheon with a focus on refilling plants, industry experts highlighted the advantages of using liquefied gas, particularly in the reduction of gas…