business
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Latest report by Meristem Research has projected an increase in Nigeria’s oil production in 2024 barring any significant, unexpected shock to the sector in the year. The 2024 Annual Outlook entitled: ‘Setting Sail for Gradual Recovery’, lamented the persistent challenges, including pipeline vandalism, illegal oil bunkering that led to the Rumuekpe-Nkopu explosion, oil theft, and […]
The crackle of dawn breaks over Lagos, Nigeria, bathing a bustling poultry farm in soft golden light. Edmund Oriataman, a man whose weathered hands speak volumes of toil and triumph, surveys his domain with a seasoned eye. In a recent interview with Jordan105fm, Edmund offered a window into the complex world of poultry farming, a […]
In a swift move to stabilize three struggling banks, the Central Bank of Nigeria (CBN) has dissolved their boards and appointed new executive directors to lead them forward. Announced in a statement this morning, the appointments are effective immediately. Union Bank: Yetunde Oni, previously the first female CEO of Standard Chartered Bank in Sierra Leone, steps in […]
Just 21 days remain until the Central Bank of Nigeria’s (CBN) deadline for all bank customers to obtain a Bank Verification Number (BVN). Encouragingly, data from the Nigerian Interbank Settlement System (NIBSS) shows a surge in registrations, bringing the total number of BVN holders to over 60.2 million. This marks a significant jump of 2.6% […]
The Nigeria Employers’ Consultative Association (NECA) paints a worrisome picture, revealing that at least 15 multinationals have chosen to either divest or partially shut down operations in Nigeria over the past three years. This exodus raises serious concerns about rising unemployment, potential social unrest, and a weakened business environment. NECA Director-General, Adewale Oyerinde, warns that […]
Businesses in Nigeria’s capital, Abuja, have received a stern warning from the Federal Capital Territory Minister, Nyesom Wike, via the FCT Internal Revenue Service (FCT-IRS). The message: file your 2023 annual returns by January 31st, 2024, or face potential overtaxation. FCT-IRS Head of Corporate Communications, Mustapha Sumaila, issued the statement, clearly reiterating the January 31st […]
Despite billions of naira pumped into boosting Nigerian rice production, the cost of local rice has skyrocketed, with a kilogramme jumping a staggering 73.2% in just one year. This spike comes as a bitter pill for Nigerians who rely on it as a staple food, and throws into question the effectiveness of government efforts to […]
Commercial banks in Nigeria have initiated the process of recovering loans distributed under the COVID-19 relief program, which aimed to support households and Micro, Small and Medium Enterprises (MSMEs) impacted by the pandemic. While this process is underway, reports have emerged of some beneficiaries experiencing unexpected deductions from their accounts without prior notification from the […]
Lagos, Nigeria: The massive Dangote Petroleum Refinery has received its fourth shipment of one million barrels of Bonny Light crude oil, fueling anticipation for its imminent launch. The Nigerian National Petroleum Corporation Limited (NNPC) delivered the crucial supply, with the $20 billion refinery expecting a fifth shipment shortly. This marks a significant development, adding to […]
Nigeria’s consumers, stung by the sharp bite of inflation, are turning to banks with record frequency, sending loan demand to its highest level in nearly four years. Official data from the Central Bank of Nigeria (CBN) reveals a dramatic surge in borrowing, fueled by shrinking incomes and the struggle to make ends meet. Consumer credit […]
