Business

SOUTH WEST INVESTORS SET TO TAKE OVER NEW TELEGRAPH NEWSPAPER Bare 10 years after the establishment of the New Telegraph, a national newspaper with head office in Lagos, the company’s ownership structure may change soon, with prominent investors from the South West, set to officially take it over. The New Telegraph was founded in 2013 by Senator Orji Uzor Kalu, …

N1000/$: THE FALL AND FALL OF THE NAIRA This is not the best of times for the Nigerian Naira as market forces continue to work to its detriment, leading to a rush for the few available Dollars, and in turn falling to all time low. On Thursday, a Bloomberg report quoted one Yahaya Adamu, a currency dealer in Wuse, a …

FG SECRETLY REINTRODUCES FUEL SUBSIDY, TO SPEND N1.68trn FROM SEPT TO DEC The Nigerian government is facing accusations of secretly reintroducing fuel subsidies, despite previous claims that they had been removed. Fuel subsidies were officially removed in 2020, but recent reports suggest that the government is once again providing financial support to keep fuel prices stable. The government has not …

SIGH OF RELIEF FOR PETROL CONSUMERS IN MANILA AS PRICES Go DOWN NEXT WEEK Consumers can heave a sigh of relief next week as fuel prices are expected to go down after 11 consecutive weeks of increases, according to the Department of Energy and industry sources. Oil firms are expected to cut the price of diesel and kerosene by P0.50 …

FEAR GRIPS NNPCL AS DANGOTE STRUGGLES TO GET APPROVAL TO OPERATE UNCOMPLETED REFINERY The Dangote Refinery, a significant undertaking in Nigeria, is enmeshed in new controversy. This time, there is tension between the Nigerian National Petroleum Corporation (NNPC) and Aliko Dangote, Africa’s richest man and owner of the Dangote Group, which has sparked concerns over the safety, quality, and ethics …

MARKETERS SET TO INCREASE PRICE OF PETROLEUM PRODUCTS Oil marketers have said that they can no longer sustain the distribution of petroleum products across the country. This is as a result of the hike in price of diesel used by these marketers to power their trucks. The product now sells for N1,100/litre in many locations. The marketers said the federal …

DANGOTE REFINERY SHIFTS PRODUCTION DATE TO NOVEMBER 2023 A new report has revealed that Dangote Refinery has set a new date to begin operation after missing an initial date The refinery located in Lagos was expected to begin production in August 2023 after the commission by former president Muhammedu Buhari The Dangote refinery will produce 650,000 barrels a day, giving …

NERC ORDERS DISCOS TO REIMBURSE CUSTOMERS WHO PAID FOR METERS UNDER MAP FRAMEWORK The Nigerian Electricity Regulatory Commission (NERC) has ordered electricity distribution companies (DisCos), to reimburse customers who have paid for the acquisition of meters under the meter assets provider (MAP) framework. The commission gave the order in a document dated March 20, 2023, and seen by TheCable. The …

SAVANNAH BANK: 21 YEARS AFTER, DEPOSITORS YET TO ACCESS THEIR MONEY Savannah Bank was one of the top 10 leading Financial institutions in Nigeria as at the time of its forceful closure in February 2002, the bank had nearly 85,000 shareholders, with a share capital of N1 billion and about 118 branches with depositors funds in hundreds of millions. Since …

EMEFIELE: I DIDN’T SIPHON ANY MONEY – BUSINESSMAN An international businessman, Mr Christopher Emefiele, has denied siphoning money for the suspended Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. Recall that before his arrest by the DSS, some online newspapers had claimed that Christopher Emefiele was related with the embattled CBN governor. However, in a statement he …