Almost two months after the other 11 electricity distribution firms in Nigeria increased their tariff for Band A customers due to the prevailing economic situation in the country, Aba Power Ltd has adjusted its tariff. Its managing director, Ugo Opiegbe, confirmed to newsmen in a telephone interview this morning that […]

A total of $142.5 million was paid to the Niger Delta Development Commission (NDDC) last year by Shell Petroleum Development of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo). According to a statement from Shell Nigeria, SPDC paid $112.5 million while SNEPCo remitted $30 million compared […]

Elon Musk reclaimed the title of the world’s richest person during Memorial Day weekend by announcing that his new AI startup, xAI, raised $6 billion at a pre-money valuation of $18 billion. This pushed his net worth to $209.2 billion, surpassing Bernard Arnault’s $199.3 billion and making Musk the richest person in […]

The growth in road and railway subsectors lifted Nigeria’s transport and storage sector out of the recession it suffered since the second quarter of 2023, according to a BusinessDay analysis. The latest Gross Domestic Product report by the National Bureau of Statistics (NBS) showed that in real terms the sector […]

Twenty-four Nigerian firms saw their combined revenue more than triple to N1.15 trillion within four years, BusinessDay analysis of the latest Africa’s fastest growing companies list shows. The firms are Omniretail Inc, Afex Commodities Exchange Limited, Mycredit Investment Limited, and Alpha Morgan Capital Managers Limited. Other Nigerian firms that made […]

The after-tax profit of Sterling Financial Holdings Company Limited, a financial institution in Nigeria, rose by 82.9 per cent in the first three months of 2024, according to its latest financial statement. The group reported an after-tax profit of N7.5 billion in Q1’2024 from N4.1 billion in the first quarter of […]

Kimberly Clark, the manufacturer of Huggies diapers, and other sanitary pads, is set to announce a shutdown of its Ikorodu production facility three years after investing $100 million in Nigeria. According to sources, the plant has been producing below capacity since late 2023 into 2024 due to the harsh economic […]

The Federal Government (FG) has signed into law the withholding tax bill proposed by the presidential fiscal policy and tax reforms committee which exempts manufacturers and small businesses from paying the tax. This was disclosed by Taiwo Oyedele, chairman of the Committee, who spoke with journalists Thursday in Lagos. “We […]

Nigeria may add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil took a step towards resolving the disagreement surrounding the sale of the latter’s asset to Seplat Energy. On Thursday, the NNPCL confirmed it had signed a settlement agreement with ExxonMobil companies […]

Hon. Justice Olufunke Anuwe of the Abuja Judicial Division of the National Industrial Court has declared the purported dismissal of Senior Inspector of Corrections, Ebute Christopher from the service of the Nigerian Correctional Service as published in the Controller General of Corrections Radio Message dated 28th day of March 2022 […]