According to its latest financial statement on Tuesday, the earnings of Ecobank Transnational Incorporated (ETI), a pan-African banking conglomerate, increased by 249 percent in the first three months of 2024. The group reported a significant increase in after-tax profit, rising from N40.4 billion in the first quarter of 2023 to N140.8 billion. Interest income, calculated […]
Niger has loaded its first crude oil shipment at Benin’s Seme port, according to sources and shipping data, following the completion of the $5 billion Niger-Benin pipeline project. This milestone elevates the landlocked African country to the ranks of oil-exporting nations just a year after a military coup. S&P Global Commodities at Sea reported that […]
The Economic and Financial Crimes Commission has firmly cautioned foreign missions in Nigeria, forbidding the use of foreign currencies and mandating the adoption of the Naira for their financial dealings.his action is intended to address the extensive reliance on the dollar in Nigeria’s economy and the devaluation of the Naira. In a letter dated April […]
Amidst fuel scarcity in Nigeria, more than 9,000 oil marketers are facing the imminent risk of losing their operational licenses. In response, the Independent Petroleum Marketers Association of Nigeria (IPMAN) is calling on the Nigerian National Petroleum Company Limited to extend the deadline for license renewal until July. Additionally, IPMAN is appealing to the Nigerian […]
A report released by Afrinvest has revealed that three prominent brewers listed on the Nigerian Exchange (NGX) – Nigerian Breweries Plc, International Breweries Plc, and Guinness Nigeria Plc – collectively incurred historic pre-tax losses amounting to N254.8 billion in the 2023 financial year. Furthermore, the report predicts a further 2.7% contraction in the industry’s sales […]
In the dynamic landscape of project management and Agile methodologies, one name stands out for its commitment to excellence and innovation: Edu Ekpo. As the CEO of Scrum Consult, Edu Ekpo has been instrumental in driving the company’s growth and establishing it as a leader in Agile training, coaching, and consultancy services. With over a […]
FCMB Group Plc has achieved a profit before tax of N104.4 billion, marking a remarkable 186 percent Year-on-Year (YoY) rise from N36.6 billion in 2022, accompanied by growth in earnings across its various business segments. In particular, the Banking Group saw a growth of 212.6%, Consumer Finance experienced a rise of 67.3%, Investment Management increased […]
Oil traders represented by the Independent Petroleum Marketers Association of Nigeria (IPMAN) have threatened to close down the 30,000 filling stations operated by its members nationwide if the Federal Government fails to settle the N200 billion debt owed to marketers. IPMAN specifically pointed out that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), a […]
The Association of Bureaux De Change Operators of Nigeria (ABCON) has unveiled initiatives aimed at creating a unified retail segment within the foreign currency market. According to a statement released by the association on Friday, this move is intended to address market volatility and enhance regulatory adherence within that sector. ABCON President, Aminu Gwadabe, outlined […]
Port Harcourt Electricity Distribution Plc has announced the commencement of the implementation of the April 2024 Supplementary Order to the Multi-Year Tariff Order issued by the Nigerian Electricity Regulatory Commission within its franchise area. In a bid to enhance service provision, PHED assured customers of improved service delivery, highlighting that the supplementary order, effective from […]
