The Federal Government has disclosed plans to sell off the five electricity Distribution Companies (DisCos) managed by some banks and Asset Management Company (AMCON) to technical power operators, by July 2024. Adebayo Adelabu, the minister of power disclosed this in Abuja on Monday during an oversight visit of the Senate Committee on […]

African countries, with their abundant resources, growing populations, and increasing investments, have emerged as notable economic players. The International Monetary Fund (IMF) report shows the continent’s economic progress and potential. Despite facing individual challenges, concerted efforts in economic diversification, infrastructure development, and institutional reforms are essential to unlock Africa’s full economic potential […]

Two members of the Nigerian Army who were accused of stealing armored cables from the Dangote Refinery in Lagos have been dismissed, according to the army. The suspects were identified as CPL Innocent Joseph and L/CPL Jacob Gani. Dangote Refinery, which is owned by Dangote Group, was inaugurated on the […]

The Federal Competition and Consumer and Protection Commission (FCCPC), on Monday, sealed up an Abuja-based Chinese supermarket located at the China General Chamber of Commerce. The FCCPC officials had shut the supermarket after a visit on Monday. The commission’s officials sealed up the place after interrogating Nigerian workers at the […]

FMDQ data indicated that the Naira depreciated to N1,234.49 per US dollar on Monday compared to N1,169.99 on Friday. Similarly, the parallel forex market tumbled to N1200 per Dollar on Monday from N1,100 on Friday. The development comes after the Naira depreciated three times last week after months of gains. […]

There are strong indications that domestic airlines operators may reduce ticket prices for passengers due to the imminent supply of aviation fuel, otherwise known as Jet A1, by Dangote Refinery. Considering that there had been sustained increase in the price of jet fuel over the last four years, indigenous carriers were […]

The Asset Management Corporation of Nigeria, AMCON, has initiated bankruptcy proceedings against the Chairman of Milan Industries Limited, Milan Nigeria Ltd and Milan Beverages Ltd, Rajesh Valecha and four other directors of the companies over their alleged inability to repay a N42billion debt. The other directors, named in five petitions, […]

A Bureau de change (BDC) operator identified as Abubakar Mannir has been accused of defrauding the Chief Executive Officer of Allkraft Technology and Industries Limited, Mr Manas Das, of $737,015.00. It was gathered that Das, a Nigeria-based Indian contacted the Bureau de Change operator, who operated under Emirates Booth Company, to […]

Nigeria records 2.54% GDP growth rate in Q3 2023 Nigeria is projected to slip to the fourth largest economy in Africa in 2024, behind South Africa, Egypt, and Algeria, according to IMF forecasts for April 2024. Nigeria which has held the title of “Africa’s largest economy” since the GDP rebasing […]

The Kenya Police Service has arrested fleeing Binance executive, Nadeem Anjarwalla, as the International Criminal Police Organisation moves to extradite him to Nigeria within the week. Government sources familiar with the case who spoke on condition of anonymity because they were not authorised to speak on the matter confirmed the […]