Business

The rhythm of Nigeria's business world
Wakanda
2 min read
Nigeria has successfully garnered $13 billion in investment commitments within its oil and gas sector, with major international energy giants such as ExxonMobil, Shell, and TotalEnergies pledging their support, revealed Olu Verheijen, Special Adviser on Energy to Nigeria's President Bola Tinubu...
Wakanda
1 min read
The foreign exchange crisis in Nigeria has deepened as the Nigerian naira surpassed the grim milestone of N1,000 to the US dollar in the parallel market, according to Daily Trust. A survey of popular black markets in Lagos showed that the dollar traded between N1,000 and N1,050 during the early...
Wakanda
1 min read
Former employees of Honeywell Flour Mills (HFM) Plc staged a peaceful protest against Flour Mills of Nigeria (FMN) Plc's decision to deduct gratuity from their severance packages. The demonstration occurred at HFM's Tincan office, where more than 25 ex-workers held placards reading, "Our...
Wakanda
1 min read
The Central Bank of Nigeria (CBN) has introduced an online platform called the CBN Licensing, Approval and Other Requests Portal (CBN LARP) for microfinance bank (MFB) license applications. This new digital platform will replace the previous manual submission process for MFB license...
Wakanda
2 min read
The exchange rate between the Nigerian naira and the US dollar plummeted to an all-time low of N983/$1 in the black market, according to data from Nairametrics. This represents a 2.93% drop from the previous day's rate of N955/$1 and a significant depreciation from the N950/$1 rate observed just...
Wakanda
2 min read
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PayDay, a Nigerian fintech startup, has been in turmoil as it discusses a potential acquisition. The company, which raised $3 million in a seed funding round led by Moniepoint six months ago, is reportedly negotiating with potential buyers. Favour Ori, CEO of PayDay, confirmed that the company...
Wakanda
2 min read
Kano, Nigeria — The Nigerian National Petroleum Company Limited (NNPC) has made a significant move by compulsorily retiring all management staff members with less than 15 months remaining until their statutory retirement. The decision, announced via the company's official social media platform...
Wakanda
1 min read
Image by Iván Jesus Rojas from Pixabay Elon Musk has suggested that he may transition X, formerly known as Twitter, into a subscription-based social network. During a discussion on artificial intelligence with Israeli Prime Minister Benjamin Netanyahu, Musk mentioned the possibility of charging...
Wakanda
1 min read
The Nigeria Extractive Industries Transparency Initiative (NEITI) has reported that the Nigerian National Petroleum Corporation Limited (NNPC) did not remit $1.9 billion to the government's account by the end of 2021. NEITI conducts annual audits of the oil, gas, and solid minerals sector in...
Wakanda
1 min read
Oil marketers in Nigeria have warned that the combination of increasing crude oil prices and the depreciation of the naira against the US dollar may result in a surge in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. They revealed that the cost of crude oil and the...
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