Latest Nigeria Business News
A total of 3,109.5 megawatts of electricity could not be generated on the country’s power grid on Wednesday as a result of gas, frequency and water management constraints in the sector, latest figures from the industry released on Thursday showed. It was learnt that 1,709.5MW of power could not be generated due to the gas […]
Julius Berger Nigeria Plc on Thursday announced that it made a profit of N6.1bn in 2018, up from the N2.5bn recorded in the preceding year. It disclosed the 142.37 per cent rise in profit in its 2018 annual report, which was presented at the 49th Annual General Meeting of the construction giant in Abuja. The […]
President Muhammadu Buhari on Thursday appointed Mr Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation, as the oil firm announced that the appointment would take effect from July 8, 2019. According to the corporation, Kyari will take over from the current GMD of NNPC, Maikanti Baru, who is […]
Banks have expressed their readiness to fund the rehabilitation of the nation’s ailing refineries, the outgoing Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, said on Thursday. After efforts to secure offshore funding for the rehabilitation of the refineries proved abortive, the NNPC said in February this year that it had […]
The share price of Lafarge Africa Plc has risen to a three-week high following the announcement of its plans to sell its South African unit. Lafarge topped the gainers’ table on Thursday as its share price gained 9.95 per cent, rising to N10.50 from N9.55 on Wednesday. The share price maintained its previous price for […]
Forte Oil Plc has appointed new Chief Executive Officer and Chief Financial Officer following the completion of the sale of Mr Femi Otedola’s shares in the firm’s downstream operations. The firm announced on Thursday that Mr Olumide Adeosun and Mr Moshood Olajide had been appointed as CEO and CFO respectively after the resignation of Mr […]
Between April 2018 and March this year, the Central Bank of Nigeria injected over $42.3bn into the foreign exchange market to ensure liquidity in that segment of the economy. The $42.3bn was arrived at by our correspondent based on figures released by the CBN. The CBN usually intervenes in the forex market by injecting liquidity […]
To demonstrate support for commercial and financial operations of Neconde Energy Limited, a consortium of seven local and international lenders has signed an agreement to refinance the company’s existing senior secured medium-term loan facility agreement worth $640 million with Neconde Energy Limited, an indigenous oil and gas exploration and production company, following the 20-year renewal […]
Insurance companies will need $725 million (about N261.5 billion) to meet the new capital requirement of the National Insurance Commission (NAICOM), Africa Re has said. Speaking on the sideline of the just concluded African Insurance Conference (AIO) in South Africa, its Group Managing Director, Cornellie Karekezi, said the companies may not be able to meet […]
In just three years after lifting its 40-year ban on crude oil exports, the United States has become one of the top 10 oil-exporting countries in the world, surpassing Nigeria, which was once the second-largest supplier of oil to the US. The US has significantly reduced imports of Nigerian crude oil in the past few […]