Business

SHOPRITE TO SHUT DOWN ABUJA BRANCH ON JUNE 30 DUE TO CURRENT ECONOMIC REALITIES Shoprite Mall has announced its intention to cease operation in one of its Abuja branches from June 30, 2024. The branch is situated at Novare Central Mall in Wuse Zone 5. This was contained in a circular signed by the Chief Executive Officer, Dr Folakemi Fadahunsi, …

PETER OBI LAMENTS EXIT OF MULTINATIONAL COMPANIES FROM NIGERIA I am compelled to address the alarming exodus of multinational companies from Nigeria, which has cost our nation a staggering N95 trillion in the past five years. According to The New Telegraph, in the last year alone, over ten multinational giants such as GlaxoSmithKline, Equinor, Sanofi-Aventis, Bolt Food, Procter & Gamble, …

WHY PETROL, DIESEL PRICES MAY NOT DROP DESPITE DANGOTE REFINERY – EXPERTS Experts have indicated that the commencement of production at the Dangote Petroleum Refinery may not lead to a substantial decrease in petrol and diesel prices. Despite the refinery’s strategic location in Lagos, Nigeria, the input costs for its operations are heavily import-dependent, and the volatility of foreign exchange …

ENUGU REVENUE BOARD SEALS 200 SHOPS IN MARKET OVER NON-PAYMENT OF FEES The Enugu State Board of Internal Revenue has sealed over 200 shops at Ikpa Market located at the university community of Nsukka in Enugu State. As at 9am on Friday, almost all the shops were still sealed. Shop owners were seen standing away from their shops discussing the …

N53B EBONYI AIRPORT LIES IDLE OVER A YEAR OF INAUGURATION June 19, 2024, marks the 390th day since the Chuba Okadigbo International Airport in Abakaliki, Ebonyi State, was opened by former President Muhammadu Buhari on May 26, 2023. Notably, the airport had a soft launch on April 26, 2023, when former Governor David Umahi oversaw the landing of two inaugural …

WESTERN MULTINATIONALS FLEEING NIGERIA BEING REPLACED BY ASIAN, TURKISH FIRMS As United States and Europe-based multinationals exit Nigeria, Asian and local companies are stepping in to fill the void, Bloomberg has reported. Last week, London-based Diageo Plc sold its controlling stake in Guinness Nigeria Plc to Singapore’s Tolaram Group Inc. The Fouani Group, a local firm, operates a diaper and …

HOW TINUBU’S GOVT SPENDS MONEY SECRETLY, FAILS TO RELEASE BUDGET PERFORMANCE REPORTS Since it came on board in May 2023, the President Bola Tinubu’s administration has failed to publish budget performance reports for the information of Nigerians, as mandated by the Fiscal Responsibility Act, SaharaReporters can report. This is the first time since 2015 that an administration will fail to …

ANAN REJECTS PROPOSED ICAN AMENDMENT BILL The Association of National Accountants of Nigeria (ANAN) has rejected the ongoing amendment of some sections of the Institute of Chartered Accountants of Nigeria (ICAN) establishment Act. ANAN said if the amendment is allowed to sail through, it would cause rivalry among professional bodies in Nigeria. The President of ANAN, James Ekerare Neminebor, stated …

IPOB TELLS SOUTH EAST GOVERNORS TO CANCEL CONTRACTS WITH EEDC The Indigenous People of Biafra (IPOB) has asked governors in the South East to cancel all power contracts with Enugu Electricity Distribution Company (EEDC) for allegedly impeding the development of the Region. The group stated that the company was incapable of providing reliable, adequate, and affordable electricity to support the …

MY REFINERY WILL REDUCE FUEL PRICE IN NIGERIA – DANGOTE The Chairman of Dangote Group, Aliko Dangote, has said his $20 billion 650,000 barrels per day Lagos-based refinery will crash the price of fuel as it reduced the price of diesel in Nigeria. Dangote disclosed this at a recent Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, …