Naira sells below 1,280/$ at official, parallel markets

Naira sells below 1,280/$ at official, parallel markets

The naira began the new month on a bullish note, appreciating to N1,278.58 against the United States dollar from N1,309.39 per dollar recorded last week Thursday. This indicates an increase of N30.81 at the close of trading activity. According to data from FMDQ Securities, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market closing below the N1,300 ceiling marks the first instance since January 26 of this year. […]

April 3, 2024 11 2

BUSINESS

Diesel price drops as Dangote sells N1,225/litre, supplies petrol May

• Dealers get one million litres each at N1,225/litre, price drops in Oyo, Lagos, Ogun The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks ago, to around N1,350/litre in some locations across the country following the sale of the commodity by the Dangote Petroleum Refinery. It was gathered on Tuesday that the $20bn worth refinery started pumping […]

April 3, 2024 14

BUSINESS

Top 10 richest women in the world 2024

For the fourth consecutive year, Françoise Bettencourt Meyers, heiress to the L’Oréal fortune, holds the title of the world’s richest woman in 2024. Meyers experienced a significant increase in her fortune over the past 12 months, with her net worth climbing to $99.5 billion, marking the largest gain among women on the 2024 list. However, she falls short of joining the esteemed $100 billion club. This year’s Forbes’ World Billionaires […]

April 3, 2024 70

BUSINESS

Dangote, Adenuga, Abdulsamad, Otedola make Forbes list with $26bn

Forbes has listed Nigerian businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola, as the top richest Nigerians in 2024. This comes as the combined wealth of Nigeria’s top three richest businessmen dropped slightly by 11.23 per cent to $25.3bn, according to the Forbes Real-Time Billionaires released on Tuesday. The three Nigerians are the President/Chief Executive of the Dangote Group, Aliko Dangote; BUA Group Chairman, Abdul Samad Rabiu, and […]

April 3, 2024 16

BUSINESS

Discos make N1tn amid grid crisis, unmetered customers hit 5.8m

Despite the persistent epileptic power supply nationwide, revenue generation by electricity distribution companies in Nigeria surged to N1.1trn within the 12 months of 2023, a new report has revealed. The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022. This latest data was disclosed in the electricity report released by the National Bureau of Statistics […]

April 2, 2024 43

BUSINESS

Electricity tariff hike looms as FG raises gas price

The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu. Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by […]

April 2, 2024 26

BUSINESS

FG to set standards for electric, CNG vehicles

The National Automotive Design and Development Council has announced plans to validate its National Occupational Standards for the conversion and maintenance of electric vehicles and Compressed Natural Gas vehicles.

March 13, 2024 46

BUSINESS

Dangote names refinery road after Wigwe

Billionaire businessman, Aliko Dangote, has named the 120km road leading to his refinery in Lagos after the late Group Chief Executive Officer of Access Holdings, Herbert Wigwe, in recognition of his exceptional contributions to the project. The announcement was made on Monday during a special event held in honour of the late banker at Eko Hotel, Lagos, titled ‘Celebrating Herbert Wigwe – A Professional Legacy.’ Dangote paid tribute to the […]

March 5, 2024 13

BUSINESS

Banks involved in 70% of financial crimes – EFCC

The Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria. EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria. He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities and this […]

March 5, 2024 10

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