Amid a nationwide energy crisis, Nigeria finds itself grappling with a peculiar irony as gas meant to alleviate power shortages is instead being wasted through flaring, leaving hundreds of thousands of homes without electricity. Natural gas estimated at $205.7 million and capable of powering four million households was flared in the country […]
Other News
Airfares Drop As Foreign Carriers Unblock Low-priced Tickets
Foreign airlines operating in Nigeria have begun to unblock their low-priced fares on Nigerian routes as the Central Bank of Nigeria completes the payment of about $7bn backlog, which includes over $700m unremitted ticket revenue. The CBN had about two weeks ago announced the completion of payment of $7bn legacy […]
BUA Foods posts 22.7% profit growth in 2023, despite N81.9 billion FX loss
Nigeria’s most capitalized consumer goods company, BUA Foods has posted a profit after tax of N112.1 billion, representing a 22.7% increase from the N91.3 billion reported in 2022. According to the group’s audited financial statement for 2023, it recorded a revenue of N729.4 billion, marking a 74.4% growth from the […]
Osimhen Highest-Paid Player In Serie A
Super Eagles striker, Victor Osimhen, is the highest-paid footballer in Serie A with his recent Napoli contract and bonuses seeing him rise above Juventus forward in the Italian topflight earnings chart, PUNCH Sports Extra reports. Osimhen, who joined Napoli from Lille in 2020, signed a new contract in December that […]
Hardship: Christians in low-key Easter celebration
Christians in Nigeria are celebrating this year’s Easter season on a very low key, no thanks to the current economic hardship in the country that has trigged high cost of foodstuffs and soaring cost of transportation for holiday travellers. For Christians, two seasons are very important. The first is Christmas […]
Aircraft lessors put Nigerian airlines on blacklist over past breach of contracts
…As FG moves to ease lease arrangements Aircraft leasing companies across the world have put Nigerian carriers on blacklist as a result of breach in contracts that occurred in the past. The development has since impacted the operations of local carriers and made it difficult for them to compete favourably […]
Prices of food, other commodities remain ‘adamant’ despite dollar crash
The prices of food and other commodities have refused to react to the positive change recorded in the value of naira to the United States’ dollar in the last few weeks. Following the recent foreign exchange (FX) policy adjustments by the Central Bank of Nigeria (CBN), the value of the […]
How Elumelu Foundation redistributes wealth, spreads opportunities across Africa
…Empowers 20,000 entrepreneurs with $100m seed capital …Beneficiaries create 400,000 jobs Tony Elumelu, founder, Tony Elumelu Foundation and group chairman, United Bank for Africa (UBA), has said that the Foundation was aimed to spread prosperity across Africa. Elumelu, who also said redistribution of wealth was the Foundation’s overarching mission, was […]
CBN, EFCC Interventions Morph Zone 4 Abuja Into A “Ghost Town”
In Nigeria’s foreign currency sector, turmoil brews. Once-powerful players in the foreign exchange market now evade authorities, their erstwhile dominance shattered. Resolve of both the Central Bank of Nigeria to begin forex sales to Bureau De Change (BDC) vendors after over three years break, and the crackdown on illegal traders […]
FG Subsidises Hajj Fares With ₦90 Billion
The federal government has released a sum of N90 billion to subsidise the 2024 pilgrimage to the Kingdom of Saudi Arabia, Daily Trust has learnt. An impeccable source within the National Hajj Commission of Nigeria (NAHCON) revealed this to Daily Trust on Thursday. The source, who asked not to be named, […]