Category: BUSINESS

Seplat Energy Plc, foremost indigenous energy company, has successfully concluded its Seplat Technology Summit 4.0, held on July 18-19, 2024, at EKO Hotel & Suites in Lagos. This year’s summit, themed “Leveraging Technology across the Energy Value Chain to Unlock Transformational Potential,” attracted industry leaders, technology enthusiasts, students, and professionals from around the world to explore innovative solutions and advancements in the oil and gas sector. The two-day event was packed with keynote presentations, technical sessions, panel discussions, and technology exhibitions, all focused on addressing the pressing challenges faced by…

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President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon. The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production. President/CE of Dangote Industries Limited, Aliko Dangote (left) in Gabon on invitation of the President, Brice Oligui Nguema (right) to explore investment opportunities in Cement and Fertilizer (Urea and Phosphate) During the visit, Dangote engaged in discussions with President…

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For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine. This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability. They are based on the 2023 year-end Tier-1 capital of…

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The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR), which benchmarks interest rates, to 26.75 per cent. The interest rate was raised by the Monitary Policy Committee (MPC) of the CBN from 26.25 per cent to 26.75 per cent. CBN Governor Olayemi Cardoso announced this at the end of the committee’s 296th meeting in Abuja on Tuesday, July 23, 2024.

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The Enugu State Government has announced that it’s commencing the process of terminating contracts of non-performing and underperforming companies. The government also said it was blacklisting erring contractors handling the ongoing constructions of smart schools and Type-2 Primary Healthcare hospitals in the state. The new development was disclosed by the Secretary to the State Government (SSG), Prof Chidiebere Onyia, in Enugu when he led members of the State Executive Committee on Projects Inspection to the sites of some of the ongoing projects in Agwu, Aninri, Udi and Oji River Local…

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By Tony Adibe The Enugu State government weekend met with mineral title holders in the state, issuing them December deadline for the commencement of operations. NewsBits reports that this is in an attempt to restore its prominence as the leading coal mining state in the former Eastern Region of Nigeria. In a communique issued at the end of a meeting between the state’s Mineral Resources and Environmental Management Committee (MIREMCO) and mineral title holders in the state, the parties resolved to initiate further stakeholder engagement to identify additional challenges in…

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Members of the House of Representatives Committee on Banking and Other Ancillary Institutions with the Executive Management and other Senior staff of AMCON in a group photograph after the oversight visit at AMCON in Abuja…Tuesday Following the change in the Executive leadership of the Asset Management Corporation of Nigeria (AMCON) by President Bola Ahmed Tinubu GCFR, the House of Representatives today in Abuja charged the Corporation, which is currently led by Gbenga Alade as Managing Director/CEO to continue to innovate and adopt best practices in asset recovery, management, transparency, accountability,…

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The Enugu Electricity Distribution Company (EEDC) said it has arrested its ex-staff for alleged meters by-pass and tampering for its customers in Onitsha, Anambra. The Head of Corporate Communications, EEDC, Mr Emeka Ezeh, said in a statement in Enugu on Thursday that the suspect was arrested on July 4. Ezeh said that the suspect identified as Lawrence Okeke specialised in the replacement of original meter sensors with fake ones thereby by-passing the meters and making them not to record the actual consumption by customers. This development has negatively impacted on…

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The Group Managing Director/Chief Executive Officer, United Bank for Africa, (UBA) Plc, Oliver Alawuba, has been appointed as the Chairman of the Chartered Institute of Bankers of Nigeria (CIBN) Body of Banks’ CEOs. The CIBN announced this appointment on its website on Monday, July 8, 2024. In his role as Chairman, Alawuba will be at the forefront of fostering collaboration and driving strategic initiatives among the top executives of banks in Nigeria. Like he has achieved as the GMD of Africa’s Global Bank, UBA, his leadership is expected to bring…

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The naira has returned to depreciation against the dollar in the foreign exchange market despite the increase in Nigeria’s external reserves. FMDQ data showed that the naira depreciated to N1523.85 against the dollar on Monday from N1509.67 traded last Friday. This represents N14.18 loss against the dollar compared to the N1509.67 traded on Friday. Similarly, the naira depreciated to N1530 per dollar at the parallel foreign exchange market on Monday from N1525 on Friday. The development comes despite the rise in Nigeria’s external reserves to $34.66 billion as of July…

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