Eni to Lift Force Majeure on Ogoda-Brass Oil Pipeline Soon

By Dipo Olowookere No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund. The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria. Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. They should have

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By Adedapo Adesanya  The African Export-Import Bank (Afreximbank) is planning to use oil traders to fund a $3 billion loan to the Nigerian National Petroleum Company (NNPC) Limited, which is aimed at stabilising the weakening Naira. According to a Reuters report, the Cairo-based bank has made contact with traders to gauge their interest in lending their support to the oil-backed loan to Nigeria’s national oil company. The sources who spoke to the publication also disclosed that Afreximbank has made an attempt to come up with the terms that they will present to trading houses. “There is a lot of interest,

By Dipo Olowookere The domestic currency had a breather in the peer-to-peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, with its value strengthening against the Dollar at the two windows. This was supported by the ease in the forex demand pressure during the trading session, which had the official market, the Investors and Exporters (I&E) arm of the market, non-operational yesterday due to the public holiday observed in the country for Eid el Maulud. Many customers who may have needed FX for their transactions stayed back to enjoy the work-free day, easing off

By Modupe Gbadeyanka Data from the Central Bank of Nigeria (CBN) has revealed that the country’s external reserves stand at $30.51 billion. In the data released on its website and analysed by Business Post, the apex bank said the present figure represents the amount in the reserves as at Wednesday, July 19, 2017. This indicates an upward movement in the foreign reserves, from $30.49 billion it closed on Tuesday, July 18, 2017. Nigeria relies mainly on crude oil to earn foreign exchange and price of the commodity has not been stable lately, trading below $50 per barrel at the international

By Kester Kenn Klomegah The African Union (AU) and Economic Community of West African States (ECOWAS) have thrown their unflinching support for Nigeria’s Dr Ngozi Okonjo-Iweala, a candidate contesting for the top position at the World Trade Organization (WTO). This backing implies that Africa is strongly behind her, and further shows a popular acknowledgement among top diplomats and politicians that Africa may be in line for the Director-General’s post at WTO. This June, WTO kicked off the process for selecting a new Director-General, after its current Brazilian Chief, Roberto Azevedo, decided to leave his job a year early, at the

By Dipo Olowookere It was an exciting moment for football fans in Uyo, Akwa Ibom State last week when Nigeria’s Super Eagles turned to the Nest of Champions to ruffle feathers with top Spanish club side, Atletico Madrid. Nigeria’s premium beer brand and the official beer partner of the Nigerian national team, Star Lager Beer, was on ground to make the match memorable at the Star Fan Park in Uyo. Thousands of excited Super Eagles fans in Uyo thronged the stadium to watch the Super Eagles take on the newly-crowned Champions of the UEFA Europa League. Designed to bring excitement,

By Aduragbemi Omiyale The N15 billion Stanbic IBTC Infrastructure Fund Series II has continued to generate the interest of investors, who see the asset class as another opportunity to earn income while contributing to efforts to resolve the infrastructural deficit in Nigeria. Last year, the organisation introduced the infrastructural fund worth N100 billion to assist the government put up projects that have benefits for the economy while also allowing subscribers get something in return. The first tranche was embraced by investors across various levels and in the second tranche, which opened in May 2022 and ends on Friday, June 10,

By Modupe Gbadeyanka The Group Managing Director of Flour Mills of Nigeria Plc, Mr Paul Gbededo, has assured shareholders of the company that his team will continue to work harder to deliver value for their investments. Mr Gbededo gave this assurance while reacting to the company’s performance in the full year, which ended on March 31, 2020. According to him, the management hopes to further implement the cost-reduction strategy, which has delivered positive results so far. “We will remain focused on increasing operational efficiency within the group as we continue to implement our accelerated cost optimisation plans across all businesses

By Modupe Gbadeyanka A licensing deal worth $7.15 billion has been sealed between Nestle and Starbucks Corporation, allowing Nestle have the perpetual right to market Starbucks’ consumer and foodservice products globally outside of Starbucks coffee shops, which are not part of the transaction. “This transaction is a significant step for our coffee business, Nestlé’s largest high-growth category,” said Mr Mark Schneider, CEO, Nestlé. “With Starbucks, Nescafé and Nespresso we bring together three iconic brands in the world of coffee. “We are delighted to have Starbucks as our partner. Both companies have true passion for outstanding coffee and are proud to

By Dipo Olowookere Revlon has announced US-based entertainer, Ciara, as the newest Global Brand Ambassador. Ciara is a Grammy award-winning singer, songwriter, dancer and producer with over 23 million records sold and 16 million singles worldwide. Ciara is excited about this. “As a woman who exemplifies confidence and beauty, Ciara is a perfect Ambassador to represent Revlon,” said Revlon President and CEO Mr Fabian Garcia. “Ciara is a talented and accomplished artist, loving wife and mother and a model of female empowerment. We are proud to have her represent our brand as she personifies the meaning behind the CHOOSE LOVE™