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he former head of the organisation behind the Grammy Awards on Wednesday was sued by a musician who accused him of drugging and raping her in 2018. The New York Times, which first reported the story, says the state suit filed in Manhattan accuses Neil Portnow — who stepped down as head of the Recording Academy in 2019 over his disparaging comments toward women — of sexual battery. It also […]
President Bola Tinubu recently stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide, the Minister of Power, Adebayo Adelabu, revealed on Wednesday. Adelabu also stated that the Federal Government would investigate the legality of the five-year licence extension given to privatised power distribution and generation companies, stressing that the operating licences of the firms would have expired on October 31, […]
Nigeria’s total public debt may hit N118.37tn in the next three years, The figure was based on analysing Nigeria’s current debt profile and the debt projections in the Medium Term Expenditure Framework and Fiscal Strategy Paper 2024-2026. According to the new MTEF/FSP, the Federal Government plans to take N26.42tn loans between 2024 and 2026. The fiscal policy also indicates that debt servicing will gulp N29.92tn in three years. The data […]
Equities market investors gained N409bn in the past week as the Nigerian Exchange Limited saw a marginal increase in trading activities with the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points. Market capitalisation of listed equities also increased by 1 per cent week-on-week to reach N36.919tn and the year-to-date return of the ASI rose to 31.12 per cent. Analysts at Cowry Assets Management Limited in their […]
Leading energy conglomerate, Sahara Group is set to reinforce its call for more intra-African collaboration and investments towards enhancing access to energy on the continent at the Africa Energy Week 2023 scheduled to hold in Cape Town from October 16 – 20. An annual event, the AEW brings together leaders, innovators, and experts in the energy sector to discuss and shape the future of energy in Africa. The 2023 theme […]
Oil marketers said the average ex-depot price of petrol from the only importer of the commodity was N580/litre. NNPCL is the sole PMS importer currently. Other marketers stopped importing the product due to their inability to access foreign exchange, among others. With the average daily consumption of petrol at 48.43 million litres and an average ex-depot price of N580/litre, the national oil company would spend N28.1bn daily on PMS imports. […]
The Nigerian Exchange Limited on Thursday closed positive with a gain of N140bn added to investors’ wealth on the local bourse. The market capitalisation had shed N158bn on Wednesday on the back of losses recorded by MTN Nigeria (-3.85 per cent), Wema Bank (-10 per cent), Fidelity Bank (-3.57 per cent), Sterling Financial Holding Company (-2.72 per cent, Unity Bank (-2 per cent), FCMB (-0.33 per cent) and FBN Holdings […]
The German Ambassador to Nigeria, Annett Günther, on Thursday, said both country’s trade volumes hit €3bn in 2022. Günther stated this at a press conference on Thursday. She said Germany’s main exports to Nigeria are “Machines at 28 per cent; food products at 20 per cent; and chemical products at 19 per cent while Nigeria’s main exports to Germany are crude oil at 83 per cent, food products at 12 […]
Price of 12.5kg of Liquefied Natural Gas or cooking gas has increased to N12,500 Market survey by our correspondent revealed that gas retailers had jerked up prices of 12.5kg from N10,000 reported towards the end of last month, to around N12,500 in Lagos.
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