BUSINESS

The Nigerian National Petroleum Corporation has officially signed the contract with Tecnimont SPA for the $1.5bn rehabilitation programme of the Port Harcourt Refining Company. Parties in the agreement also announced the commencement of the project following the signing of the contract at the headquarters of the corporation in Abuja. At the virtual contract signing event, the Group Managing Director, NNPC, Mele Kyari, explained that the agreement was basically between PHRC […]

International flight operations resumed at the Malam Aminu Kano International Airport on Tuesday after over one year of its closure due to COVID-19 pandemic. The Minister of Aviation, Hadi Sirika, had in March said the Mallam Aminu Kano International Airport would be reopened for international flights on April 5th. The Minister also said the Port Harcourt and Enugu airports would be reopened for international flights. The Ethiopia Airlines plane with […]

The International Monetary Fund has raised Nigeria’s growth forecast for 2021 to 2.5 per cent from 1.5 per cent earlier announced in January. It disclosed this in its World Economic Outlook for April with the theme ‘Managing divergent recoveries’, which was released on Tuesday. The report also projected a 16 per cent consumer price for the country in 2021. While projecting an improved global growth, the IMF noted that it […]

MTN customers have been reconnected to banking channels after commercial banks had blocked them from using their channels, including the Unstructured Supplementary Service Data and banking apps on Friday. The channels were blocked as a result of MTN reducing the banks’ commission on USSD airtime to 2.5 per cent. However, following the intervention by the Minister of Communications and Digital Economy, Isa Pantami, the Governor of the Central Bank of […]

A total of 2,210 workers have withdrawn N3.18bn from their Retirement Savings Accounts with their respective Pension Fund Administrators in six months after making additional voluntary contributions, the National Pension Commission has said. PenCom said this in its quarterly report obtained on Monday. While 1,286 active contributors withdrew N2.17bn in the third quarter of 2020, another 924 contributors withdrew N1.01bn in the fourth quarter of 2020. PenCom stated that “during […]

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said the publication of the audited financial statements of NNPC facilitated the recent financing for the revamp of the Port Harcourt refinery. The sum of $1.5bn would be expended on the revamp of the Port Harcourt refinery, although there had been concerns as to why the government would spend such funds on a refinery that had been […]

Gold deposits have been discovered along the Abuja, Nasarawa axis through the National Integrated Mineral Exploration Project being undertaken by the Federal Ministry of Mines and Steel Development. Minister of Mines and Steel Development, Olamilekan Adegbite, disclosed this while playing host to the Governor of Nasarawa State, Abdullahi Sule, in Abuja. The minister in a statement issued in Abuja on Wednesday by his media aide, Ayodeji Adeyemi, told his guest […]

Nigeria increased its crude oil production to 1.42 million barrels per day in February, the latest monthly report of the Organisation of the Petroleum Exporting Countries has shown. The country recorded the biggest increase in crude oil production last month among its peers in OPEC. OPEC, in its monthly oil market report for March, said the country’s oil production rose by 63,000 barrels to 1.42 million barrels per day in […]