Category Archives: Business News

Tinubu’s 1st year: There are lags between policies and impact – Rewane

One year after President Ahmed Bola Tinubu was sworn in as President and Commander-in-Chief of the Nigerian Armed Forces, analysts say their are lags between government policies and impact.

Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024

In line with its upward growth trajectory, leading financial institution, Fidelity Bank Plc, has posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn for Q1 2024. This was made known in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024.

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billio

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

Again, Dangote crashes diesel, and Aviation fuel prices further to N940, N980 respectively

Dangote Petroleum Refinery has again announced a further reduction in the prices of both diesel and aviation fuel to N940, N980 per litre respectively.
This is coming at the wake of its widely celebrated price reduction to N1,000 barely two weeks ago.

FG to get $2.25bn World Bank Loan of 10-20 years moratorium, expecting another support facility from AfDB

The Federal Government is looking forward to receiving around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank (AfDB).

Lagos commodities exchange to trade on crude oil, gas worth $4bn annually

Nigeria’s commodities exchange plans to offer crude oil and gas trading to deepen access to financing for the industry that’s the biggest foreign-exchange earner for the nation.

NNPCL, First E&P achieve 20,000bpd production at OML 85

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited (First E&P), have commenced oil

Nigerian stock market is defying economic realities, untouched by economic headwinds

The Nigerian stock market has so far defiled economic realities as it continues to remain in the green zone, amidst heavy economic headwinds, Oluwatosin Ogunjuyigbe of Ventures Africa.

Heirs Energies: charging Nigeria’s with domestic gas supply ..Sole gas supplier to Geometric Power Plant

Heirs Energies, Africa’s leading integrated energy company, has announced a further expansion of its gas supply business, supplying the recently commissioned 188 MW power plant operated by Geometric Power Limited, located in Aba, Abia State.

Nigeria’s sugar unaffected as global price falls 5.24%, local by 102.38%

The global sugar price has dropped by 5.24 per cent Year-to-Date (YtD) to $20.62/pound, aligning with the Economic Intelligence Unit (EIU)’s forecast of a 9.82 per cent decrease to $21.13/pound in 2024 from $23.43/pound in 2023. This is as sugar price in Nigeria rose by over 100 per cent during the same period, said Bismarck Rewane, Chief Executive Officer (CEO) of Financial Derivatives Company (FDC) Limited.