Fidelity Bank funds construction of Nigeria’s first privately built onshore oil export facility in 50 years
In a major step forward for Nigeria’s oil sector, Fidelity Bank has helped fund the construction of the country’s first privately owned onshore crude oil export terminal in more than 50 years. This new terminal is located at the Otakikpo Marginal Field in Rivers State and is managed by Green Energy International Limited (GEIL). The […]
Why Oil Companies Are Leaving Nigeria – PENGASSAN
Oil companies are steadily pulling out of Nigeria, and PENGASSAN, the union for senior oil and gas workers, says worsening insecurity is the main reason. On Monday, the group raised concerns that even with the Federal Government’s new efforts to lower costs, the real problem—violence and insecurity, especially in river areas—remains unresolved. They believe insecurity […]
Dangote vows ‘major shakedowns’ in Nigeria’s oil sector
Aliko Dangote, the billionaire businessman and owner of the Dangote Refinery, has said that Nigeria’s downstream oil sector is about to experience major changes. He spoke to reporters shortly after President Bola Ahmed Tinubu visited the Dangote Refinery in Lekki, Lagos. The refinery has the capacity to process 650,000 barrels of oil per day, making […]
CBN reports highest domestic forex inflow in six years
The Central Bank of Nigeria (CBN) has announced that foreign currency inflows from local sources have reached their highest point in six years. This shows that confidence in Nigeria’s economy is growing. This rise is linked to new government policies aimed at improving the economy. These changes have helped boost foreign currency coming into Nigeria’s […]
Next time when Mr President is around, my own title is chairman – Businessman Dangote cautions MC not to address him as President while Pres. Tinubu is on sit
Famous Nigerian businessman Alhaji Aliko Dangote gently corrected an MC who called him the “President of Dangote Group” while Nigeria’s President Bola Ahmed Tinubu was present. This happened on June 5 during the opening ceremony of the Lekki Sea Port Access Road. After the MC introduced him, Dangote went to the stage and jokingly told […]
Naira rises to ₦1,620/$ in Parallel market
The value of the naira fell to ₦1,620 for every US dollar in the parallel market at the close of business on Tuesday, June 3. This is a drop from ₦1,610 per dollar recorded the day before, on Monday. However, the naira gained a little strength in the official Nigerian Foreign Exchange Market (NFEM). It […]
African parents are dream k!llers – Billionaire businessman, Cosmas Maduka
Cosmas Maduka, a very successful billionaire businessman, has spoken out about how some African parents raise their children. He called them “dream killers,” meaning they stop their kids from chasing their dreams. According to Maduka, many parents don’t support or encourage their children’s goals and ideas. Instead of helping them grow and succeed, they often […]
Fuel, diesel prices may increase as FG, Reps push to implement 5% road user charge
Nigerians may soon experience an increase in the cost of petrol and diesel as the Federal Government and the House of Representatives plan to enforce a 5% road user charge. This charge will be added to the prices of fuel and diesel and is meant to generate money for maintaining federal roads across the country. […]
“We spent $100m trying to win. We finally accepted there was no market for paid services and exited Nigeria” Businessman, Jason Njoku speaks on iROKOtv shutdown
Jason Njoku, the founder of iROKOtv, recently opened up about the challenges he faced while trying to run the streaming platform in Nigeria. He shared his experiences and lessons from trying to build a successful paid video service in the country. On his personal blog, Njoku.org, he revealed that iROKOtv had invested about $100 million […]
“Technical Issue” Causes Piggyvest Customers To Panic As Funds Disappear
Many people who use Piggyvest, a popular app for saving money, recently became worried. Some customers saw that their money was missing from their accounts, which made them panic. The cause of this was a technical problem in the Piggyvest system. Because of this glitch, when users checked their accounts, the amount of money they […]