Category: Business News
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Why we are borrowing to acquire 20 percent stake in Dangote Refinery – NNPC
The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Tuesday explained why the national oil company is purchasing a stake in Dangote oil refinery. The refinery is expected to begin production in 2022 with an installed 650,000 barrels per day capacity. It has been touted as a groundbreaking project for energy…
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Founders of TeamApt selected as Endeavor Entrepreneurs
Co-Founders of TeamApt, Tosin Eniolorunda and Felix Ike have been selected as Endeavor Entrepreneurs at the 16th virtual International Selection Panel (ISP). The ISP is the culmination of a rigorous multi-step selection process to identify high-impact entrepreneurs, who have demonstrated the potential to leverage Endeavor’s resources and mentorship to create large-scale wealth and jobs. They’re…
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Fidelity Bank’s Executive Director/Chief Operating Officer, Gbolahan Joshua retires
The Board of Director of Fidelity Bank Plc has announced the retirement of its Executive Director/Chief Operating and Information Officer, Gbolahan Joshua, with effect from June 11, 2021. This follows Joshua’s notification of his intention to retire and the subsequent approval by the board in its meeting. This disclosure is contained in a notification that…
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Ologbo modular refinery ready for production – Obaseki
Governor Godwin Obaseki of Edo, says the modular refinery in Ologbo, Ikpoba – Okha Local Government Area (LGA) of the state was ready for production. Obaseki stated this shortly after he was conducted round the facility by the Managing Director of the refinery, Mr Tim Tian. “We were in China to sign this Memorandum of…
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Nigeria’s debt profile hits N33.11 trillion
The National Bureau of Statistics (NBS) on Thursday said Nigeria’s debt profile hit N33.11 trillion in March, 2021. In its breakdown, it noted that N12.47 trillion, representing 37.67 per cent of the debt was external while 20.64 trillion, representing 62.33 per cent was domestic. This was made known in the NBS report titled “Domestic and…
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FG, States, LGs share N605.95bn in May
The Federal Accounts Allocation Committee (FAAC) on Wednesday said it shared a total of N605.958 billion as May 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies. Mr Charles Nwodo, Director, Information, Ministry of Finance, Budget and National Planning, in a statement in Abuja, said the amount was shared…
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AMCON takes over Buhari’s properties for N600m loan default
The Asset Management Corporation of Nigeria (AMCON) have taken over some assets belonging to senator representing Oyo North Senatorial district on the platform of the ruling All Progressives Congress (APC), Abdulfatai Buhari. The agency accused the lawmaker of unwillingness to defray a N600 million loan. The corporation said it took the action after securing a…
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Overdue loans: Heritage Bank Management backs staffs’ protest at Senator Andy Ubah’s Abuja residence
The management of Heritage Bank Plc has confirmed and declared its support for the peaceful protest the bank’s staff held at the Abuja residence of Senator Andy Uba on Monday over his indebtedness to the financial institution. This was disclosed by the Managing Director of the bank, Ifie Sekibo, via a message shared with the…
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Google earmarks $6m for female startups, entrepreneurs in Africa
Google on Monday said it has renewed its commitment to support startups in Africa with a combined six million dollars funding to startups founders and female entrepreneurs in Africa. Nitin Gajria, Managing Director of Google Sub-Saharan Africa, said on Monday in statement that It was part of the ongoing plans to double down on supporting…
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PDP stalwart seeks VAT reversal to 5%
A PDP stalwart, Dr Nnamdi Onochie, has advised the Federal Government to reverse the Value Added Tax (VAT) from the current 7.5 per cent to five per cent, due to current inflation trends in the country. In a statement issued in Abuja on Sunday, Onochie contended that retaining VAT at 7.5 per cent would do…