Business & Strategy
Page: 6
Guaranty Trust Bank (GTBank) has initiated legal proceedings against 60 top executives from 13 commercial banks over a N17 billion Anchor Borrowers Programme loan dispute with Afex Commodity Exchange. The executives, including chairmen, chief executive officers, directors, and company secretaries, face contempt charges for allegedly failing to enforce a No-Debit Order on Afex Commodity Exchange’s […]
Dangote Sugar Refinery PLC has announced the successful issuance of Series 4 and 5 Commercial Paper notes, raising N42.79 billion. This issuance is part of its N150 billion Commercial Paper Issuance Programme, as disclosed in a release filed with the Nigerian Exchange Limited by the Company Secretary, Temitope Hassan. The issuance consists of N12.93 billion […]
The Federal Government of Nigeria has applied for a $500 million loan from the World Bank aimed at enhancing rural road infrastructure and agricultural marketing across the nation. This initiative is designed to improve connectivity for 92 million rural residents who currently lack access to reliable roads. The loan request is detailed in the final […]
Port Harcourt, — Alhaji Aliko Dangote, President of the Dangote Group, announced an expansion of storage capacity at his refinery by 600 million liters, increasing total storage to 5.3 billion litres. This expansion aims to bolster the refinery’s role as a strategic reserve for Nigeria’s petroleum products. Dangote disclosed this development during the Afreximbank Annual […]
The Major Energy Marketers Association of Nigeria (MEMAN) has proposed the adoption of ethanol as a biofuel to help Nigeria reduce energy poverty and lower emissions. During a recent quarterly press webinar, MEMAN highlighted the potential economic and environmental benefits of utilizing ethanol, projecting annual savings of approximately $7.4 billion by leveraging Nigeria’s ethanol resources […]
In the first quarter of 2024, approximately 8,651 Retirement Savings Account (RSA) holders withdrew a total of N14.20 billion due to temporary job loss, according to a recent report by the National Pension Commission (PenCom). PenCom received 8,702 requests from RSA holders seeking to access 25 percent of their RSA balances, but 51 requests were […]
PalmPay has announced the resumption of onboarding users and merchants on its mobile app, underscoring its commitment to enhancing Nigeria’s financial sector with secure and efficient solutions while adhering to regulatory standards set by the Central Bank of Nigeria (CBN). In a recent statement, PalmPay highlighted its dedication to transforming Nigeria’s financial landscape. Chika Nwosu, […]
Dr. Akinwunmi Adesina, President of the African Development Bank (AfDB) Group, has asserted that Africa is poised to take the lead in driving the global agenda on renewable energy and green transitions. Speaking at a media conference in Nairobi during the ongoing AfDB Annual Meetings 2024, Adesina highlighted Africa’s abundant solar potential and emphasized the […]
In a dynamic day of trading, the Nigerian currency, the naira, witnessed contrasting fortunes on Monday, with notable gains registered at the official exchange window while experiencing a slight decline in the parallel markets. At the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the naira staged an impressive rally, appreciating by a staggering N143.48 within […]
In its first year, President Bola Tinubu’s government has awarded 51 contracts valued at N6.27 trillion, focused on advancing Nigeria’s infrastructure. The Federal Executive Council (FEC) approved these projects over the past eight months, from October 16, 2023, to May 14, 2024. These projects span various sectors, including road and bridge construction, train systems, and […]
