News Reports

Guinness Nigeria withdraws suit against NAFDAC, pays N11.4 million fine

Guinness was accused of storing expired raw materials in its rented warehouse in Lagos.

A transformer used to illustrate the story

NERC receives 47,127 customers’ complaints against 11 electricity distribution companies

NERC implores distribution companies to reduce rate of customer complaints

We’re “restructuring” not unbundling NNPC — Minister

Mr. Kachikwu says he doesn’t want the industry to shut down.

nigerian_stock_exchange

NSE market capitalisation increases by N45 billion

Okomu Oil Palm records highest gain to lead the gainers’ chart

Low oil prices do not spell doom for Nigeria — Dangote

Mr. Dangote urges local businesses to source raw materials locally so they would depend less on foreign exchange.

Forte Oil boss emerges chair of major oil marketers group

Mr. Akinfemiwa promises to ensure compliance in the effective distribution and marketing of petroleum products.

Nigeria’s SEC wants more retail investors in capital market

Only two per cent of participants in the capital market are retail investors.

NNPC Towers

PENGASSAN, NUPENG reject unbundling of NNPC, fears job losses

The unions say plans to overhaul the NNPC will cause an industrial crisis.

Jumia group gets €300 million financing from MTN, Goldman Sachs, others

Jumia is currently present in 11 African markets.

Nigerian govt. ready for major NNPC overhaul; to abolish GEDs

Group executive directors will be replaced with chief executive officers.

Fuel scarcity: Labour threatens to issue stay-at-home order to workers

Fuel scarcity is causing loss of huge man-hours as workers stay on queues at filling stations.

Truck operators disrupt port activities over NPA’s N10,000 levy

NPA official says the authority mulls a ​review of the proposal​.​

Three Nigerian firms bid for oil blocks in Uganda’s maiden licensing round

Seven blocks are up for grabs.

Global extractive industries body issues new guidelines on ownership, profit disclosure

The enforcement of beneficial ownership principle will take effect January 1, 2020.

Amnesty International warns Shell faces more lawsuits for Nigeria oil spills  

Amnesty International says warns shareholders that Shell may obfuscate the true cost they may be paying.

Nigerians ignore calls to boycott banks over excessive charges

Groups are campaigning to bring pressure of banks imposing illicit charges on customers.

NERC to compel electricity firms to publish meter deployment schedule

The agency says it would not tolerate the usual practice by distribution companies to compel consumers to buy or repair transformers.

UBA gets new group managing director

Former managing director, Phillip Oduoza, retires in July.

Dangote Cement posts N181.3billion profit, declares N8 dividend

Total revenue for the year was N491.7 billion.

Attorney-General clarifies role in MTN N50billion deal with Nigerian govt.

Mr. Malami says his office did nothing illegal.

Nigeria nuclear agency workers begin strike over conditions of service

Workers want the repositioning of agency to realise its mandate.

Cash-strapped Nigeria among low income nations losing billions to unfair tax treaties

With restrictive tax treaties, multinational companies are not paying certain types of taxes at all in any country.”