Timipre Sylva, minister of state for petroleum resources, says the country has “accidentally” discovered 206 trillion cubic feet of gas reserves while in search of crude oil. Sylva, who disclosed this at a News Agency of Nigeria (NAN) forum on Sunday, said that the country could discover an additional 600 trillion cubic feet reserve to […]
An indigenous airline, Air Peace, has approved salary increase ranging from 10 to 100 per cent to different categories of staff. The increment, according to the carrier, was coming despite the present harsh operating condition induced by COVID-19 with most of its aircraft stranded abroad. Geely Nigeria offers 150,000km warranty on new SUV Cars45 gets […]
Ketron Investment Limited, an indigenous company, owned by a group of reputable institutional investors led by Persianas Investment Limited, has announced its acquisition of Retail Supermarkets Nigeria Limited (RSNL), owner and operator of the Shoprite stores in Nigeria. The company, in a statement issued on Wednesday, described the divestment by Shoprite International as in line […]
Association of Master Bakers and Caterers of Nigeria (AMBCN) has directed its members nationwide to increase prices of bread, biscuits and other items by 30 percent due to devastating economic situation of the country. The association explained the adjustment in price was as a result of the sudden increase in the costs of production as […]
The naira on Wednesday fell to N493 per dollar at the parallel market, shading N6 from the N487/$ it exchanged on Tuesday, May 25, 2021. The local unit had dropped N1 when compared to the N486/$1 that was recorded on Monday The pressure on Nigeria’s currency is attributed to black market speculators who have taken […]
Dangote Cement Plc may have stepped up its expansion programme in response to the recent developments in the cement market in Nigeria. The development may have also forced the dominant player in the market to consider halting its export programme. Speaking to the media yesterday on the public outcry over the rising prices of cement […]
Latest operations report of the Nigerian National Petroleum Corporation indicates that Nigeria’s refineries under the management of NNPC could not refine a drop of crude oil amid concerns by the Nigeria Labour Congress over the comatose state of the facilities. In its most recent financial and operations report, the national oil firm stated that the […]
The Nigerian National Petroleum Corp (NNPC) has picked 16 consortia for its new crudefor- fuel swap contracts for one year starting in August. The contracts, known as ‘direct sale, direct purchase (DSDP)’ are coveted since they are used to supply nearly all of Nigeria’s gasoline needs as well as cover some of its diesel and […]
First Bank of Nigeria Limited has announced the appointment of Mr Gbenga Shobo, as the Managing Director/Chief Executive Officer designate of the bank. Before his appointment, Shobo is the Deputy Managing Director of the bank. The bank’s Chairman, Mrs Ibukun Awosika, said this in a statement on Wednesday in Lagos, noting that the appointment was […]
The Speaker of the House of Representatives, Femi Gbajabiamila, has expressed concern over the way Deposit Money Banks charge account holders indiscriminately, decrying that apart from known charges, there appeared to be other ‘hidden’ charges that banks imposed on their customers. Gbajabiamila, who noted that the House was concerned that such a practice was making […]
