Business

ENUGU LEADS SOUTH EAST IN EXTERNAL DEBT OF $494.72M, RECORDED ZERO FOREIGN INVESTMENT – DMO/NBS Nigeria’s five South-East states have accumulated a total of $1.89 billion external debt in four years, between 2020 and 2023; but recorded a paltry $261.6 million foreign investment during the period, The South-East region comprises Abia, Anambra, Ebonyi, Enugu and Imo states. Data from the …

JOB LOSSES AS 16 MULTINATIONALS EXIT NIGERIA IN THREE YEARS As Nigeria battles an economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of FX windows, United Kingdom-based Diageo joined about 15 other multinational companies that have exited the country in the past three years. Diageo is the latest to announce its departure on Tuesday, …

SUBSTANDARD PETROL FLOOD NIGERIAN MARKET – SENATE The Senate has raised the alarm that substandard Premium Motor Spirit or petrol, and Automotive Gas Oil or diesel have flooded the Nigerian market. Senator Asuquo Ekpeyong, in a matter of urgent national importance, observed that on June 16, 2024, a report revealed that 12 diesel cargoes conveying a total of 660 kilotons …

DON’T PAY TO APPLY FOR PREPAID METERS – EEDC WARNS CUSTOMERS The Enugu Electricity Distribution Company PLC, EEDC, has cautioned its customers against falling victim to any individual or group demanding money from them to process their electricity meter application. The Head of Corporate Communications, EEDC, Mr. Emeka Ezeh on Tuesday in a statement reacting to a claim circulating on …

31 STATES RECORD ZERO FOREIGN INVESTMENTS IN FIRST QUARTER OF 2024 Data released by the National Bureau of Statistics (NBS) has shown that 31 states failed to receive any capital importation in the first quarter of 2024. The states are; Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Kano, …

WARRI, PORT HARCOURT, KADUNA REFINERIES TO BEGIN OPERATIONS BY DECEMBER .The Downstream Committee of the Nigerian Senate has stated that the three government-owned refineries in the country will begin full operations before January 2025. According to the Vice Chairman of the Committee, Senator Jide Ipinsagba, who is representing Ondo North Senatorial District, the retrofitting of the Kaduna, Warri, and Port …

THEY’RE FRUSTRATING OUR EFFORTS – DANGOTE REFINERY CRIES OUT OVER ROADBLOCKS ON ITS WAY The final commissioning of the Dangote Refinery in May 2023, by former President Muhammadu, few days before the emergence of the Bola Tinubu presidency, was a welcome development to not a few Nigerians. It was real hope and the proverbial light at the end of the …

OPERATING FOUR BUDGETS CONCURRENTLY, RECIPE FOR CATASTROPHE, CHAOS – PETER OBI All available evidence has confirmed that the Nigerian government is implementing four national budgets concurrently. This is in blatant disregard for fiscal responsibility, transparency, and accountability. It is also a recipe for chaos, confusion, and catastrophe. This intentionally reckless action will lead to frivolous items in the approved budgets …

FG FAULTS DANGOTE, MEETS LOCAL REFINERS OVER PRICING The Federal Government, on Tuesday, declared that there was no importation of dirty fuel into Nigeria, countering the recent position of an official of the Dangote Petroleum Refinery. It declared this after meeting with oil marketers and local refiners of crude oil in Abuja, where parties at the meeting discussed issues about …

ATIKU, EL RUFAI, OTHERS OWN N1.49TRN INVESTMENT IN DUBAI A comprehensive investigation has uncovered that approximately 200 Nigerian politicians, security officers, and their associates have collectively invested almost $1 billion (N1.49 trillion) in Dubai’s real estate market over the past two decades, according to a BusinessDay report. The explosive findings are part of a global investigative project, “Dubai Unlocked,” spearheaded …