Category: Business
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Lagos Seals Churches and Businesses Over Environmental Infractions
On September 25, 2024, the Lagos State Environmental Protection Agency (LASEPA) took decisive action against environmental law violations by sealing several prayer centers and business premises across the state. This enforcement initiative aims to ensure compliance with environmental regulations and safeguard public health. In a statement shared on X.com by Tokunbo Wahab, the Lagos State…
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NAHCO and Suzhou Chamber of Commerce Sign Agreement to Establish Logistics Park
The Nigeria Aviation Handling Company Plc (NAHCO) has signed a Memorandum of Understanding (MoU) with the Suzhou Chamber of International Commerce to bolster economic collaboration and strengthen trade and investment ties between Nigeria and China. The agreement aims to establish the China-Nigeria (Suzhou) Logistics Park, which will facilitate seamless trade, improve logistics infrastructure, and create…
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PENGASSAN Urges FG to Raise Stake in Dangote Refinery for Energy Security
Lagos, Nigeria – The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to increase its shares in the Dangote Petroleum Refinery from the current 7% to at least 45%. PENGASSAN President, Festus Osifo, made this recommendation during the presentation of a communique at the association’s Energy and…
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CBN Raises Interest Rate to 27.25%
The Central Bank of Nigeria (CBN) has announced an increase in its Monetary Policy Rate (MPR), raising it to 27.25%. This decision was made during the Monetary Policy Committee (MPC) meeting held on Tuesday, chaired by CBN Governor Yemi Cardoso. Cardoso emphasized that this adjustment aims to bolster confidence among economic agents, enabling them to…
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ALSCON’s Official Position on Business Day Article Dated September 6, 2024
In response to a recent article in the Business Day newspaper dated September 6, 2024, regarding the Nigerian government’s official visit to China, the Aluminum Smelter Company of Nigeria (ALSCON) has clarified its ownership structure. The article reported that the Nigerian Minister of State for Oil Resources assured CNCEC representatives of the reliability of investments…
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Petrol Price: Nigerians Lament Increasing Transportation Fare
Residents in the Federal Capital Territory (FCT) are expressing frustration over rising transportation fares linked to escalating fuel prices. Many have voiced concerns about how this surge in costs is impacting their daily commutes and livelihoods. Mr. Bulus Dalong, a taxi driver, shared his struggles, stating, “Waiting in the park for over five hours for…
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Nigeria Signs Pact With Russian Firm For Completion Of Ajaokuta Steel Plant
From Lateef Taiwo The Federal Government of Nigeriahas signed a Memorandum of Understanding, MoU, with the original builders of Ajaokuta Steel Plant,Messrs, Tyazhpromexport, TPE, of Russia and members of their consortium, namely Novostal M and Proforce Manufacturing Limited for rehabilitation, update, and completion of the plant and and National Iron Ore Mining Company, NIOMCO, in…
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Nigerian Rail Transport Generates N1.69 Billion in Q2 2024
The Nigerian rail system generated N1.69 billion in passenger revenue during the second quarter of 2024, marking a significant 53.14% increase from N1.10 billion in the same period of 2023, according to the National Bureau of Statistics (NBS). The report revealed that a total of 689,263 passengers traveled by rail in Q2 2024, representing a…
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Mobile, POS Fraud Predominate in Q2 2024 Fraud Cases – Report
Fraud involving computer systems, mobile devices, and point-of-sale (POS) systems dominated fraudulent activities in Nigeria during the second quarter of 2024, according to a recent report by the Financial Institutions Training Centre (FITC). The report, detailing 11,532 fraud cases, highlighted that computer/web fraud, mobile fraud, and POS-related fraud were the most prevalent types, continuing a…
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CBN Maintains 5% Limit on Ways and Means Advances to Government
The Central Bank of Nigeria (CBN) has confirmed it will keep its Ways and Means Advances to the Federal Government capped at 5% for the fiscal years 2024-2025. This decision was outlined in the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on Tuesday. This stance contrasts with a National Assembly bill that raised…