Business

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the resumption of oil exports from the Bonny Crude Oil Export Terminal. The resumption from the facility follows the lifting of ‘Force Majeure’ on oil exports due to a blast on a pipeline feeding the terminal on March 3, 2022. Force Majeure is a legal clause inserted in contracts ...

More than $100 billion has been wiped off in banks’ value in the United States (U.S.), following the collapse of Silicon Valley Bank. The collapse of the bank has been sending shockwaves throughout Wall St. Trading was temporarily halted in dozens of regional banks yesterday as shares fell by up to 75 per cent, despite Joe Biden’s assurances that ‘U.S. ...

Lagos State Governor, Babajide Sanwo-Olu has called on residents, business owners, and especially retailers to accept the old N500 and N1,000 notes – in line with the Supreme Court judgement which ruled that the currency remains legal tender until December 31, 2023. Sanwo-Olu made the call in a statement through the Commissioner for Information and Strategy, Gbenga Omotoso, yesterday. The ...

The Federal Government, on Thursday, announced the top five business efficient and transparent agencies among its Ministries, Departments and Agencies for the year 2022. It outlined the top five performing MDAs to include the Nigerian Content Development and Monitoring Board, Standards Organisation of Nigeria, Federal Competition and Consumer Protection Council, Nigerian Export-Import Bank, and Corporate Affairs Commission. The government announced ...

In recognition of his contribution to the development of the insurance industry, the Managing Director/ CEO, of Universal Insurance, Dr. Benedict Ujoatuonu, has won the ‘Insurance Personality Leadership Excellence Prize for Year 2022’ At the 2022 edition of the African Prize for Leadership Excellence Award Ceremony held in Lagos recently, the organisers of the event, The Africa Leadership Media Limited, ...

Total Energies Marketing Plc has projected a revenue of N3,578bn for the second quarter of 2023. This was revealed in a notice issued on the website of the Nigerian Exchange Limited on Monday by its Executive Director, Mrs L. Baxter-Green, The oil marketing firm projected N84.855bn in revenue between April and June 2023 and a cost of sales of N70.689bn. ...

MTN Nigeria has raised N125bn through issuance of commercial papers to boost its short-term working capital and funding requirements. In a notice to the Nigerian Exchange Limited on Monday, the company said that it had completed the Series 4 & 5 Commercial Paper issuance under its N150bn Commercial Paper issuance programme. The notice signed by Company Secretary, Ufo Ukpanat, revealed ...

Africa’s largest retail bank, Access Bank PLC, has been accorded double honours by the National Information Technology Development Agency (NITDA) for its landmark strides and contributions to the development and adoption/promotion of information technology in Nigeria. The bank, which was presented with the “Award for Outstanding Contributions to the National Information Technology Development Fund (NITDEF)” and a “Certificate for Outstanding ...

Shareholders of Vitafoam Plc has applauded the company over its ability to pay N1.9 billion as dividend amid the volatile operating environment. The shareholders made this known during the company’s 61st Annual General Meeting (AGM) which held in Lagos recently. Speaking at the meeting, the President, Noble Solidarity Association (NSSA), Matthew Akinlade, stated that the board has done well over ...

Nigeria’s total public debt portfolio now stands at about N48.93 trillion, with the government borrowing about N3.73 trillion over the past five months. According to he Nation’s Economic Intelligence the government raised about N1.599 trillion in the fourth quarter of 2022. The Debt Management Office (DMO), which oversees the issuance and management of Nigeria’s sovereign debts, had earlier confirmed The ...