Business

The Federal Government of Nigeria has selected 23 fund managers to oversee the $10 billion Nigeria Global Investment Fund (NGIF), established by the Federal Ministry of Industry, Trade, and Investment. According to a presentation document seen by newsmen, the fund aims to attract both international and local capital into critical sectors of the Nigerian economy. The selection of fund managers followed a rigorous evaluation process overseen by the Securities Exchange […]

Some telecommunications operators in Nigeria have begun implementing load shedding in certain areas to reduce operating costs amid the worsening economic crisis. Reports indicate that this strategy, aimed at lowering operational expenses, is being executed in a way that prioritizes high-revenue regions. Analysts suggest that this explains the disparities in service quality, with network performance being strong in some areas and poor in others. This development coincides with an ongoing […]

Nigeria has received only about 16% of the total loan approved by the World Bank under President Bola Tinubu's administration. An analysis of disbursement data from the World Bank's website reveals that the loans, aimed at economic stabilization, infrastructure development, and social welfare, total $4.95 billion, however, as of July 31, 2024, only $774.99 million has been disbursed. According to financial reports, The World Bank has approved a series of […]

The Nigerian National Petroleum Company Limited (NNPCL) has dismissed claims by former Nigerian President, Atiku Abubakar, that the company allegedly sold its Retail Subsidiary to OVH, owned by President Bola Tinubu’s nephew, Wale Tinubu. NNPCL’s spokesperson, Olufemi Soneye, made this clarification on Thursday in response to Atiku’s claim. Recall that Atiku, in a recent statement through his spokesman, Paul Ibe, lamented “the criminal hijack of the NNPC by corporate cabals […]

The Nigerian Exchange Group through it's Chief Executive Officer, Jude Chiemeka, has assured investors that their investment is secured. This was disclosed by the CEO during a panel meeting at the recent Afrinvest 2024 Banking Sector Launch in Abuja, as Nigerian banks rally investors through the NGX to achieve their recapitalization objectives. Chiemeka underscored the exchange’s commitment to reforming listing rules and encouraging more companies to go public as part […]

Nigerian National Petroleum Company Limited has supplied Premium Motor Spirit, popularly called petrol, to the Port Harcourt and Warri depots as it strives to tackle lingering fuel queues witnessed nationwide, Oil marketers confirmed that the national oil firm deployed daughter vessels that moved PMS to the depots in Rivers and Delta States to decongest the trucks that besiege the Apapa depot in Lagos daily for petrol. Report on Tuesday has […]

Currency traders have attributed the weakening of the naira and the volatility of the foreign exchange market to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN). The BDC operators, who admitted to the positive impact of the dollar sales by the CBN, however, noted that lack of continuity or frequency of the exercise gives rise to loss of confidence in the forex market. They had […]

Electricity distribution companies in Nigeria have lamented that no fewer than 20 out of the 36 state governments in the country have refused to pay their electricity bills. The Executive Director of Research and Advocacy, Association of Nigerian Electricity Distributors, Sunday Oduntan, disclosed this while speaking with newsmen on Monday. He noted that most government agencies were used to free electricity before privatisation and as such have refused to adjust. […]

In a recent report by the National Bureau of Statistics, the national average retail price of petrol surged by 28.35% year-on-year, reaching N770.54 per litre in July 2024, up from N600.35 per litre in the same month last year. Month-on-month, petrol prices also saw an increase of 2.72% from N750.17 per litre in June 2024. A state-by-state breakdown revealed that Katsina State recorded the highest average price at N950.00 per […]