Reps to Probe $12bn Trans-Saharan Natural Gas Pipeline

By Adedapo Adesanya Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ) following the signing of a fresh arrangement. The agreement was signed in the presence of the Managing Director of Tata International Limited, Mr Anand Sen, by the Managing Director of Tata Africa Holdings Pty Ltd, Mr Len Brand. This move will help Tata International build on its existing relationship in the country since 2006 when it established operations in Nigeria. “As a brand synonymous with quality products and ethical business operations in Africa, Tata International is excited to

By Bliss Okperan The Deputy Governor of Edo State, Mr Philip Shaibu, has announced his interest in the governorship election slated for 2024. Mr Shaibu, who fell out with former Governor Adams Oshiomhole to pitch his tenth with Governor Godwin Obaseki, declared his interest in the number one office of the state on Monday. In a televised announcement, the former student union leader said he intends to govern the state because of his desire to transform the Heartbeat of the Nation. According to him, his past records will make it easy for him to clinch the sole ticket of the

By Modupe Gbadeyanka A key suspect in the Dangote Cement price slash scam, Mr Benjamin Ezeukwe, has been arraigned in court by the police in Lagos State. A statement issued by the spokesman of the Lagos Command of the Nigeria Police Force (NPF), Mr Benjamin Hundeyin, disclosed that the accused person was taken to court for prosecution after he was arrested in Rivers State. The Police Public Relations Officer, who is a Superintendent of Police (SP), disclosed that Mr Ezeukwe was picked up by police operatives on Thursday, October 19, 2023, in the Rumuolumeni area of Obio/Akpor local government area

By Bliss Okperan The Governor of Ogun State, Mr Dapo Abiodun, has asked Nigerians to give President Bola Tinubu more time, saying he has performed well in office since taking over on May 29, 2023, noting that he inherited an almost comatose economy from former President Muhammadu Buhari. “The President Tinubu-led administration has been very bold and audacious. They’ve taken the bull by the horns. They’ve done what no government has done in the history of Nigeria,” Mr Abiodun said during an interview on Channels Television’s Sunday Politics show. Recall that a few days ago on Channels TV, the Governor

Asian stocks recovered from a weak start to close mostly higher on Tuesday as oil prices stabilized and political risks receded in Europe. Investors took trade tensions in stride after U.S. President Donald Trump said in an interview with the Wall Street Journal that it was “highly unlikely” he would delay an increase in tariffs on Chinese goods to 25 percent from 10 percent. Trump also suggested that the U.S. could slap 10 percent tariffs on Apple’s iPhones and laptops imported from China. Chinese stocks fluctuated before finishing marginally lower. The benchmark Shanghai Composite Index edged down 1.13 points or

By Adedapo Adesanya The week ended with the Naira closing stronger against the US Dollar and Euro at the black market segment of the foreign exchange market on Friday, November 7. At the market, Business Post gathered that the local currency closed at N464/$1, gaining N1 versus the N465/$1 it exchanged on Thursday. In the same vein, the domestic currency appreciated by N3 against the Euro at the segment to close at N540/€1 in contrast to N543/€1 of the previous session and traded flat against the British Pound Sterling at N596/£1. At the Bureaux De Change (BDC) segment, data obtained

By Modupe Gbadeyanka As Muslims across the globe and Nigeria prepare for the annual one-month Ramadan, a period for fasting and getting closer to Allah, Nigeria’s market leader in the food and beverage industry, Rite Foods, has called on all to adhere to the doctrines of Islam, which preach peaceful coexistence. The annual Islamic ritual, which is in fulfilment of the fourth pillar of Islam, is expected to commence this week. In a statement, the world-class and proudly-Nigerian company said it has made available its unrivalled brands for consumption and refreshing moments during the fasting period for Islamic believers and

By Dipo Olowookere The Nigerian Exchange (NGX) Limited closed 0.09 per cent higher on Friday on the back of renewed buying pressure on financial stocks. GTCO was one of the equities offshore, and local investors were interested in. Though it is currently trading below its true value, it allowed traders to acquire the shares at a relatively cheap price with expectations that it would rise in some months to come. Also, investors are showing interest in Honeywell Flour and yesterday, it finished as the best-performing stock after it gained 9.86 per cent to close at N2.34. Coronation Insurance appreciated by

By Adedapo Adesanya The Nigerian Naira weakened against the US Dollar at the various segments of the foreign exchange (FX) market on Wednesday amid renewed pressure triggered by a slight disruption in the supply of forex to the market. The value of the Nigerian currency depreciated against the Dollar at the Peer-to-Peer (P2P), the parallel market, and the Investors and Exporters (I&E) segments of the FX market. In the P2P window, the local currency lost N19 against the greenback to settle at N775/$1 in the midweek session compared with the previous day’s rate of N756/$1. In the parallel market, the

By Adedapo Adesanya The Transmission Company of Nigeria (TCN) has accused electricity Distribution Companies (DISCOs) operating in the country of frustrating the consumers, resulting in their non-payment of energy bill as expected. Managing Director of the TCN, Mr Usman Gur Mohammed, who made this allegation while explaining why his firm sanctioned some Discos recently, stated that the actions of some DISCOs do not align with the laid down regulations of the Market Conditions/Market Participation Agreements. Mr Mohammed accused the electricity distribution firms of refusing “to put prepaid meters in some places, [but] supply them energy for few hours and charge

By Dipo Olowookere Nigeria’s leading merchant banking brand, Coronation Merchant Bank Limited, has announced its 2017 full year results, posting a 66 percent increase in its gross earnings. Presenting the financial documents to its stakeholders at the Annual General Meeting (AGM) held in Lagos, chief executive of the lender, Mr Abu Jimoh, said the firm achieved a Profit Before Tax of N5.1 billion. According to him, “Despite the tough market conditions that characterized significant parts of the year, the underlying business fundamentals of the bank remained strong as reflected in the gross earnings growth of 66 percent to N25.5 billion

By Adedapo Adesanya Nigerian startup, Owoafara, has announced plans to help small businesses grow and scale sustainability by connecting them with finance and business services. The firm, which was founded in January 2019, was launched to solve the access to finance and business support problem of over 50 million underserved small businesses. Mrs ‘Tale Alimi, who co-founded Owoafara alongside Ms Sally-Ann Ezekiel, said the startup’s first MVP, launched in November 2019, was a credit scoring and fund-matching platform to give small businesses a credit score and match them with financial institutions that would fund them. “We have over 15 financial