Category: BUSINESS

Dangote Cement has recorded a revenue of N817.4billion while the profit after tax inched up by 2.9 per cent to N112.7billion. Earnings per share closed the quarter at N6.68 representing an increase of 3.7 percent. The cement manufacturers’ unaudited results for the three months that ended on March 30, 2024, the Nigerian operations volume rose significantly and positively affected the rise in the Group’s overall volume to 7.0Mt. The revenue from the Nigerian operations increased by 61.6% to N452.9B in Q1 2024, while EBITDA rose by 41.8% to N224.9B, excluding…

Read More

The President of the All Farmers Association of Nigeria, Kabir Ibrahim, has disclosed that imported rice from India comes at a landing cost of $58 per bag. Ibrahim, in a recent chat in Lagos, said local rice was cheaper because of the country’s high exchange rate. “It is not competitive for you to use forex to buy anything and bring it to Nigeria. The cheapest rice in the world comes from India; the landing cost of one bag of 50kg of rice is $58 from India. When you calculate that…

Read More

As blackout and inefficiency persist in the power sector across the country, the Federal Government has ordered the sale of five electricity Distribution Companies (DisCos). The sale of the DisCos to reputable technical power operators is expected to be completed within three months. The affected DisCos are: Ibadan Electricity Distribution Company (IBEDC), Abuja Electricity Distribution Company (AEDC), Benin Electricity Distribution Company (BEDC), Kaduna Electricity Distribution Company (KAECO) and Kano Electricity Distribution Company (KEDCO). The Asset Management Company (AMCON) and some banks have taken over the management of the DisCos because…

Read More

Executive Secretary/CEO, Nigerian Shippers Council, Barr. Pius Akutah. The Nigerian Shippers’ Council NSC, the country’s Economic Regulator for the port industry has warned that it would stop at nothing in sanctioning operators and service providers, who fail to comply with extant regulations, which include but not limited to registering with the Council. The Council has in the meantime, given the service providers and port operators up till the end of the 4th quarter of 2024 to conclude their registration with it or risk severe sanctions. Executive Secretary/CEO of the Council,…

Read More

Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024. The Bank stated this in a release signed by its acting company secretary Adewale Arogundade. Alebiosu takes over from Adesola Adeduntan, who resigned abruptly on Saturday though he was due to complete his tenure in December 2024. Alebiosu steps into this central role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022. Alebiosu brings…

Read More

President of Nigeria Association of Economics (NAE), Professor Innocent Eleazu has condemned the clumsiness of the Central Bank of Nigeria (CBN), describing its ineptitude policies as the cause of nation’s economic woes. Addressing a press conference in his home town at the weekend, during his birthday anniversary, the renowned economist said that the CBN has failed Nigerians woefully in its many anti-economic roles. Eleazu lamented the situation of the Nigeria’s economy, adding that it is pathetic that the country has condescended to the point of borrowing money to service its…

Read More

Dr Ernest Mupwaya, Deputy Managing Director (DMD) of Enugu Electricity Distribution Company (EEDC), has assured of electricity bands classification fairness and transparency to South-East consumers of electricity. It would be recalled that the Nigerian Electricity Regulatory Commission (NERC) recently classified electricity consumers to various bands, starting from Band-A (a minimum of 20 hours supply per day) to Band-E (a minimum of four hours supply per day). Mupwaya gave the assurance on Friday in Enugu in the ongoing three-day Customer Complaints Resolution Meeting organised by NERC for electricity consumers, customers and…

Read More

These, are certainly not the best of times for Akinola George-Taylor led Heritage Bank Plc., as reports reaching us right now has it that the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has shut down the bank’s head office in Lagos. Sources squealed to us that the action of the union came following the sack of over 1000 personnel by the management of Heritage Bank without following due process. The union we gathered said it had resolved to continue with the picketing until the management of the…

Read More

Dangote Petroleum Refinery on Tuesday announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre. While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre. This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

Read More