Nigeria Records 168 Oil Spills in Eight Months

By Adedapo Adesanya Ultrasonic sensing technology company, Fluenta, has completed work on the Dangote Refinery in Nigeria, Africa’s biggest oil refinery, installing 18 ultrasonic flare gas meters on large pipelines around the plant. This company is using its technology to aid Nigeria’s flare gas reduction efforts and with Dangote Refinery set to begin operations soon, according to its management recently, this could be a step to fix inaccurate measurements of gas flaring. Nigeria currently imports refined petroleum products for its use, even though it is Africa’s biggest oil producer and with Dangote Refinery, the world’s largest single-train refinery capable of

By Bliss Okperan The exchange rate instability in the country is already giving small business owners sleepless nights and it threatens their investments. This concern was raised recently by the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, Mr Segun Kuti-George. He emphasised that business owners would have to increase their prices because of the unavoidable consequence of the current exchange rate crisis in Nigeria. According to him, if consumers are unable to meet up with the increase in the cost of goods and services, businesses would be forced to shut down their operations, which would, in turn,

By Precious Olisa This news may not be palatable to developers and Nigerians planning to start a building project, as the Cement Producers Association of Nigeria has warned that the price of a 50kg bag of cement may start selling for N9,000 when the dry season begins in November. At the moment, the product is sold at over N5,000. In a statement jointly signed on Sunday by the National Chairman of the group, Mr David Iweta, and its National Secretary, Mr Ufomba, the manufacturers said the rise in the price of cement would be caused by the decision of the

By Dipo Olowookere The Nigerian Exchange (NGX) kicked off the first trading session in the last week of the third quarter of the year on a negative note, with the key performance indices going down by 0.66 per cent on Monday. This was partly caused by the reaction of investors to the 30 Kobo interim dividend declaration of the board of Access Holdings Plc. A few days ago, its peer, UBA Plc, raised its interim dividend payment by 150 per cent to 50 Kobo and it was expected that Access Holdings would follow the same path. However, the company disappointed

By Modupe Gbadeyanka One of the tier-2 banks in Nigeria, Fidelity Bank Plc, has announced offering to repurchase its outstanding $300 million 6.875 percent notes due on May 9, 2018, offering $1,010 per $1,000 of the notes held by investors. This comes few days after another lender, GTBank, offered to give cash to holders of its $400 million notes at 6 percent maturing in November 2018. In a notice to the Nigerian Stock Exchange (NSE), Fidelity Bank Plc disclosed that it would buy back the notes from investors, though no further details were given. In 2013, Fidelity Bank Plc issued

By Dipo Olowookere A total of 21 public quoted companies are still not allowed to trade their shares on the floor of the Nigerian Stock Exchange (NSE). The affected firms were hit with the big hammer for various offences, checks by Business Post at the weekend revealed. As a result of their suspensions, investors with their shares cannot trade on them, making their prices static until the embargoes are removed. According to a document from the NSE obtained by Business Post at the weekend, some of the affected companies have been on suspension since 2017, while the others since the

By Modupe Gbadeyanka All seems not to be too well between Nigerian Breweries and its shareholders if a report by Vanguard is anything to take serious. The journal reports that shareholders of the brewery firm not in agreement with the Board of Directors over the plan to convert the N21 billion cash dividend earlier proposed by the directors to ordinary shares. According to those spoken to by Vanguard, the shareholders have resolved to vote against the motion when it comes up for approval at the Annual General Meeting (AGM) today. At the moment, the matter has been reported to the

By Modupe Gbadeyanka Atedo Peterside is one of the most respected bankers in Nigeria. At 33, he built a billion Dollar business and became founder of Stanbic IBTC Bank Plc. But it has not all been smooth sailing. Just at the apex of his success, his organisation was hit with a scandal that threatened to not only upend his impeccable reputation but that of the bank he had spent his whole life building. Catch this exciting episode in an all-new season of My Worst Day with Peace Hyde.

By Modupe Gbadeyanka The latest Nielsen Consumer Confidence Index (CCI) for the first quarter of 2018 for West Africa has reflected a mixed bag of sentiment, associated with lingering uncertainty. It’s no secret that Sub-Saharan Africa has been through a tumultuous few years with fluctuating commodity prices and resulting market uncertainty. In the report, Ghana’s CCI stayed stable at 120, the same level as the previous quarter, while Nigeria’s level dropped nine points to 113. Looking at current sentiment Nielsen West Africa & Maghreb MD Abhik Gupta explains; “There was an expectation that the situation would improve after Quarter 4,

By Modupe Gbadeyanka Following reports that Dangote Group was partnering with the Federal Government to bring poisonous Genetic Modified Organisms (GMOs) rice into the country, the company has vehemently denied such claims, describing the reports as absolutely false. In a statement signed on Tuesday by its Social Media Manager, Mr Adedamola Adeniyi, Dangote Group said it was not “involved in the production or sales of GMOs and its research in Nigeria or anywhere.” He explained that, ”What people should know, however, is the ground breaking progress Dangote Rice has made since 2014 when it stopped importation of rice and began

By Ahmed Rahma The board of directors of SunTrust Bank Nigeria Limited has been rejigged for more effectiveness with the appointment of Mr Olanrewaju Shittu as the Chairman. The former director at the Central Bank of Nigeria (CBN) is coming to mount the position earlier occupied by Mr Jubril Aku after he was elected at a meeting of the board on Thursday, November 26, 2020. Also at the meeting, the board approved the appointment of Mr Mohammed Datti Yola as a non-executive director, though subject to the approval of the CBN. A statement from the lender disclosed that it was

By Adedapo Adesanya Job recruitment platform, Jobbberman Nigeria, has acquired Ngcareers in a deal that will see the company own 100 per cent of what used to be its rival. In a press statement, the company wrote that “Jobberman Nigeria and Ngcareers have reached into an agreement where Jobberman acquires 100 per cent of Ngcareers.com, Nigeria´s foremost online destination for job vacancies, recruitment insights, and career advancement tools.” Through this acquisition, ROAM Africa, the parent company of Jobberman Nigeria, will further consolidate the Nigerian job marketplaces market with the aim to be the ultimate destination for job seekers in Nigeria