Naira Records Significant Gains Against Dollar in Official and Black Markets
The Nigerian Naira had a remarkable week, gaining strength against the US dollar in both official and black markets by Friday. This improvement reflects the impact of new measures introduced by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market. On Friday, the Naira appreciated from N1,567 per dollar on Thursday to […]
Fuel Imports Reach 2.3 Billion Litres Despite Dangote and Port Harcourt Refineries
Nigeria’s fuel imports have surged to 2.3 billion litres between September 11 and December 5, 2024, even though the Dangote and Port Harcourt refineries have begun production. This continued importation has raised questions about Nigeria’s fuel supply strategy. The Dangote Refinery, with a production capacity of 650,000 barrels per day, started operations on September 15, […]
Holcim to Leave Nigeria After Selling Majority Stake in Lafarge to Chinese Company
Holcim, a Swiss building materials giant, is set to leave Nigeria after agreeing to sell its 83.81% stake in Lafarge Africa Plc to the Chinese company Huaxin Cement Ltd. The deal is valued at $1 billion and is expected to close in 2025, pending regulatory approvals. Lafarge Africa, part of Holcim, has been a key […]
Early Morning Fire Blaze Destroys Trademore Estate Market in Abuja
A fire broke out early Monday morning at the Trademore Estate market, located off the Umar Musa Yar’Adua Airport Road in Abuja. While the exact cause of the fire is still under investigation, many residents suspect that it was triggered by an electrical fault. Joe, a local resident, was woken up by the fire at […]
Tonye Cole Explains Why Fuel Prices Won’t Drop to N700 at Port Harcourt Refinery
Tonye Cole, a former governorship candidate in Rivers State, has explained why it’s not possible for fuel prices in Nigeria to drop to N700 per litre at this time. Despite recent developments in Nigeria’s oil industry, including the announcement that the Port Harcourt refinery has started refining crude oil, Cole says that several factors are […]
John Ezeobi: Anambra’s Youngest and Most Successful Industrialist
John Ezeobi is a shining example of success in Anambra State. As the CEO of John Zobis Group of Companies, he has become one of the youngest and most successful industrialists in the region. From humble beginnings, he has built a thriving business empire, with his company specializing in manufacturing high-quality electrical wires and cables. […]
Nigeria Customs Achieves N5.07tn Revenue Target for 2024
The Nigeria Customs Service (NCS) has accomplished a significant milestone in its revenue collection efforts for the year 2024. By November 12, the service had already collected N5.04 trillion, a substantial amount that puts it on track to exceed its 2024 target of N5.07 trillion. This accomplishment comes with just under a month left in […]
IPMAN Announces Petrol Price Cut Due to Dangote Refinery Deal
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has made a significant announcement that will directly impact petrol prices in the country. After securing a deal with Dangote Refinery, the association revealed that the price of petrol will drop by N50. This move is expected to bring some relief to Nigerian consumers who have been […]
Bright Echefu Launches New Pay TV Following TSTV Setbacks
Bright Echefu, founder of Telecom Satellites Limited (TSTV), has launched a new pay-TV service called LUFT TV. This comes after the earlier struggles of TSTV, which had faced multiple service interruptions and left subscribers dissatisfied. With LUFT TV, Echefu promises a reliable and affordable entertainment experience for viewers in Nigeria and across West Africa. At […]
NLC Blames Dangote and Oil Marketers for Raising Petrol Prices in Nigeria
The Nigeria Labour Congress (NLC) has raised alarm over what it calls the inflation of petrol prices by Dangote Group and other oil marketers in Nigeria. In a statement released after its National Executive Council meeting on Friday, the NLC highlighted concerns about the high price of petrol, which currently ranges between N1,060 and N1,200 […]