Business

The rhythm of Nigeria's business world
President Bola Tinubu has appointed Tanimu Yakubu as the new Director-General of the Budget Office of the Federation, succeeding Ben Akabueze. Yakubu, an accomplished economist with extensive experience in finance and economic planning, is expected to enhance fiscal sustainability and...
Meta, the tech giant behind Facebook, Instagram, and WhatsApp, is reducing its office space in Lagos, Nigeria, in response to global layoffs that affected its local team, including the entire engineering workforce. Meta, the parent company of Facebook, Instagram, and WhatsApp, is set to reduce...
BlackRock's iShares ETF, worth $400 million, announced plans to liquidate its investments in Nigeria and Kenya due to challenges with currency repatriation and the naira devaluation, dealing a blow to Nigeria's economic prospects. BlackRock, one of the world's largest asset managers, has...
Aliko Dangote, Africa's wealthiest individual, accuses local and international mafias of hindering his $19 billion refinery project. Despite repaying $2.4 billion of loans, challenges like crude oil supply disruptions persist. In a speech at the Afreximbank annual meetings, Aliko Dangote...
NDIC lists Heritage Bank's head office and branches for sale nationwide following its license revocation. Bids open for 48 properties and chattels across 62 locations. The Nigeria Deposit Insurance Corporation (NDIC) has commenced the sale of Heritage Bank's assets following the bank's license...
Amid rising unemployment rates, Nigeria's National Pension Commission approved the disbursement of N14.2 billion to 8,651 individuals who experienced temporary job loss in the first quarter of 2024. The National Pension Commission (PenCom) has approved the disbursement of N14.2 billion to 8,651...
Ram prices surge in Lagos ahead of Eid-El-Kabir as large rams hit N750,000, more than doubling last year's rates. Sellers struggle with sluggish sales amidst Nigeria's economic challenges, while buyers face affordability concerns with medium-sized rams ranging from N350,000 to N400,000. Ram...
The naira stands firm below N1,500/$ amidst U.S. interest rate decision anticipation. Stay informed with updates on Nigerian currency trends and global market insights. The Nigerian naira demonstrated resilience against the U.S. dollar, with the dollar index moderating as investors awaited...
Aliko Dangote announced that the Dangote Petroleum Refinery will begin petrol supply by mid-July after a minor delay. Initial production was slated for June, aiming to end Nigeria's fuel imports. Talks are ongoing with international oil companies to ensure domestic crude oil supply obligations...
The decision by Diageo to exit Nigeria triggers debates on social media. Critics blame economic challenges and government policies, while others see opportunities for local industries. Tolaram's acquisition of Guinness Nigeria's stake raises questions about the future of the beverage industry...
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