MTN Nigeria released its Q1 2024 results, showing revenue of N752.9 billion, up 32.5% compared to N568.1 billion for the same period in 2023. However, the company reported a pre-tax loss of N575.69 billion, a sharp reversal from the N162.9 billion profit reported a year earlier. MTN’s swing into loss […]
Business
Petrol Hits ₦800 As 240 Million-Litre Vessels Arrive
The Nigerian National Petroleum Company Limited on Monday began offloading 240 million litres of Premium Motor Spirit, otherwise called petrol, as it stepped up efforts to tackle the worsening nationwide petrol scarcity. As the NNPCL began offloading petrol, filling stations sold the product at an average price of N800 per litre […]
Chiamaka Nnadozie Is The Goalkeeper Of The 2023/2024 Season In France
Super Falcons and Paris FC goalkeeper, Chiamaka Nnadozie, has been crowned the goalkeeper of the 2023/2024 season at the D1 Arkema Awards yesterday night. D1 Arkema is the top division of the women’s league in France. She beat legendary Lyon and Chile goalkeeper, Christiane Endler and the Polish number 1 […]
Adebayo Adelabu: Accept Electricity Tariff Hike Or Face Total Blackout
The Minister of Power, Adebayo Adelabu on Monday warned that there would be total blackout in the country in the next three months if the proposed electricity tariff hike is not implemented. The minister disclosed this yesterday in Abuja when he appeared before the Senate Committee on Power at an […]
50% Of Biscuit Manufacturers Shut Down In 30 Years — MAN
The Biscuit and Bakery Products sub-sector of the Manufacturers Association of Nigeria has said that half the players in the business have crashed out in the last three decades. The revelation was made by the chairman of the sub-sector, Fola Osibo, during the group’s annual general meeting held recently in […]
CBN Raises Customs FX Duty Rate For Cargo Clearance By 14%
This represents a 14 percent increase in rate compared to the old rate of N1,164.84/$ previously used for the opening Form M and an increase of N162.51 on a dollar needed to clear goods at the port. This means that importers opening Form M today will require more money to […]
New Electricity Tariff: Band ‘A’ Homes May Spend N170,000 On Electricity Monthly
The average ‘Band A’ customer in Nigeria will now need as much as N170,000 for electricity per month, instead of the average of N50,000 that they were paying before now. This follows the approval of a 240 per cent increase in the tariff of ‘Band A’ power customers from N66 […]
No Short Cut To Naira Appreciation, Says Ned Nwoko
Sen. Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria (CBN) against any measures that capable if artificially forcing the Naira to gain value against other currencies. Nwoko, who represents Delta North, advised in a statement he signed and made available to the News Agency of […]
Nigeria Plans A $10 Billion Diaspora Fund To Attract Dollar Inflows
The federal government has announced plans to set up a $10 billion diaspora fund to attract investment from citizens living abroad. In a post on social media on Thursday, Doris Uzoka-Anite, minister of industry, trade and investment, said the federal government is seeking bids from asset managers to set up the fund. The […]
Senate Expresses Worry Of Fresh Naira Fall
The Senate through its Committee on Finance, has called for concerted efforts by all relevant stakeholders to rescue and sustain the stability of the naira. The naira persisted in its decline against the US dollar within the official exchange framework, concluding at N1,309.88 on Thursday, April 25. However, the naira, last […]