Category: Business News

The cost of kidney dialysis and transplants in Nigeria has seen a sharp rise over the past year, putting significant financial strain on patients and their families. Some kidney disease patients like Mrs. Okoli, who requires two dialysis sessions weekly, describe the experience as “unbearable,” while others, like a retired civil servant, depend on their…

The International Air Transport Association (IATA) has revealed that the global backlog for new aircraft orders has reached a record 17,000 planes, highlighting the severe impact of supply chain disruptions on the aviation industry. It noted that at current production rates, clearing this backlog would take 14 years, double the six-year average recorded between 2013…

MTN Nigeria Communications PLC has announced to shareholders and the Nigerian Exchange (NGX) the successful completion of its Series 13 and 14 Commercial Paper (CP) issuance, raising N72.18 billion. This achievement follows the company’s earlier notification to the NGX regarding the successful issuance of Series 11 and 12 Commercial Papers, which collectively raised N75.1 billion.…

The Lagos State Government has announced a traffic diversion on Akin Adesola Street, Victoria Island, on Sunday, December 15, 2024. The diversion is ahead of the Bavarian Motor Works (BMW) Autofest outdoor show. The event is scheduled to take place between 12:00 p.m. and 7:00 p.m., as disclosed in a statement issued by the Lagos…

The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced plans to raise N120 billion through the auction of two Federal Government Bonds. The auction, scheduled for December 16, 2024, will offer investors an opportunity to subscribe to reopened debt instruments, with settlement set for December 18, 2024. This was the same…

The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced plans to raise N120 billion through the auction of two Federal Government Bonds. The auction, scheduled for December 16, 2024, will offer investors an opportunity to subscribe to reopened debt instruments, with settlement set for December 18, 2024. This was the same…

The Central Bank of Nigeria (CBN) has taken a firm stance against the illegal flow of freshly minted naira notes to currency hawkers and other unscrupulous agents by imposing a penalty of N150 million per branch on erring Deposit Money Banks (DMBs). This comes as part of measures to curb the commodification of Naira notes,…

The Nigerian stock market wrapped up the trading week ending December 13, 2024, with a stellar performance, as the All-Share Index (ASI) recorded an impressive gain of 1,167.31 points to close at 99,378.06. This represents a 1.19% rise from the previous week’s close of 98,210.75, showcasing robust bullish momentum and driving market capitalization to an…

Analysts from Blackrock, one of the world’s largest asset managers have suggested that 1% to 2% of portfolios should be allocated to Bitcoin. Blackrock is one of the 12 asset managers to go into spot Bitcoin Exchange Traded Funds and the firm is doubling down on its decision to go into cryptocurrency citing a favorable…

The Federal Government has warned estate associations in Lagos State against unauthorised collection of ground rent from occupants of Federal Government-owned lands and properties. Minister of Housing and Urban Development, Ahmed Dangiwa, issued the directive on Friday during a stakeholder engagement and assessment of estates such as Banana Island and Parkview, as reported by the…

Messaging platform, Telegram, said it has blocked 15.4 million groups and channels in 2024 as part of an intensified crackdown on harmful content, including fraud, terrorism, and child sexual abuse material (CSAM). The company revealed these measures in a statement on its newly launched moderation page, which aims to improve transparency around its content moderation…

Crypto presales are a perfect way to get involved in a Web 3 project from its onset extracting maximum value and full opportunities. In most presale campaigns the native crypto asset of the project is offered for a reduced price as the project tries to gather funds from early supporters. The price of the native…

The Federal Government, states, and local government councils shared a total of N1.727 trillion in revenue generated in November 2024. This marks a 22.48% increase from the N1.41 trillion shared in October 2024, according to the Office of the Accountant-General of the Federation (AGF). The revenue distribution was finalised during the December 2024 Federation Accounts…

By Adedapo Adesanya Oil climbed by about 2 per cent on Friday on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the US could boost fuel demand. Brent futures went up by $1.08 or 1.5 per cent to settle at $74.49 a barrel and…

Nigeria’s healthcare sector is a vital cornerstone for the nation’s development but faces significant challenges. Highly skilled medical specialists are increasingly crucial in bridging these gaps and ensuring quality care for Nigeria’s growing population. The demand for specialists is evidenced by the increasing burden of disease in Nigeria. Cardiovascular, fertility issues, mental health and public…

By Adedapo Adesanya Seplat Energy Plc will revive hundreds of Nigerian oil wells laying fallow after completing the acquisition of Mobil Producing Nigeria Unlimited (MPNU) from ExxonMobil. The company said it aims to lift oil output to about 200,000 barrels a day, a move that will help boost Nigeria’s oil production levels, as it aims…

By Adedapo Adesanya The National Pension Commission (PenCom) is projected to close the year with over N22 trillion in pension assets impacted by challenges like inflation and monetary policies. This is according to PenCom Director-General, Mrs Omolola Oloworaran, at a press conference in Abuja on Thursday. She said as of October 2024, the Contributory Pension…

Nollywood’s Funke Akindele has delivered yet another cinematic sensation. Her latest film, Everybody Loves Jenifa, raked in an impressive N16.8 million during its advance screenings, setting the stage for what could be another box-office triumph. The film released on December 13, 2024, is distributed locally by FilmOne Entertainment and internationally by Nile Media. A continuation…

The National Information Technology Development Agency (NITDA) has issued a public alert warning Nigerians to remain vigilant against the rise in cyber scams often disguised as festive season offers and giveaways. The NITDA in a statement released on Friday, cautioned that cybercriminals take advantage of the celebratory period by posing as legitimate companies to send…

By Adedapo Adesanya The National Pension Commission (PenCom) is projected to close the year with over N22 trillion in pension assets impacted by challenges like inflation and monetary policies. This is according to PenCom Director-General, Mrs Omolola Oloworaran, at a press conference in Abuja on Thursday. She said as of October 2024, the Contributory Pension…