Home Business

Category: <span>Business</span>

Post
Elon Musk halts Twitter deal

Elon Musk halts Twitter deal

Tesla Inc Chief Executive, Elon Musk has said that plans to buy Twitter has been temporarily put on a hold. Must made the announcement on Friday via his Twitter handle. Text of his post on Twitter reads, “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5%...

Post
Petrol marketers hint of impending crises in fuel supply

Petrol marketers hint of impending crises in fuel supply

Amidst lingering queues at filling stations in some locations in Abuja yesterday, there are indications that a major fuel scarcity may hit the country soon. Giving this hint yesterday, the Independent Petroleum Marketers Association of Nigeria, IPMAN, however, maintained that the scarcity could be averted if the government prevails on the Nigerian Midstream and Downstream...

Post
u.s lender, JPMorgan Delists Nigeria From Emerging Market List

u.s lender, JPMorgan Delists Nigeria From Emerging Market List

JPMorgan has removed Nigeria from its list of emerging market sovereign recommendations that investors should be “overweight” in, saying the country has not taken advantage of high oil prices. Analysts at JPMorgan, who stated this in a note issued yesterday, said that Russia’s invasion of Ukraine in February caused commodity prices to spike, benefiting exporters,...

Post
House Of Representatives Secures Six million Litres Of Aviation Fuel For Airlines After Emergency Meeting

House Of Representatives Secures Six million Litres Of Aviation Fuel For Airlines After Emergency Meeting

The House of Representatives on Monday had an emergency meeting with the Airlines Operators of Nigeria (AON) where it secured the cooperation of the Nigerian National Petroleum Corporation (NNPC) to make available six million litres of JetA1 (aviation fuel) to aviation fuel marketers. Stakeholders present at the meeting included the representatives of the Federal Ministry...

Post
Oil Marketers Ask Nigerians To Prepare For Worst Fuel Scarcity Over Unpaid N500billion Claims

Oil Marketers Ask Nigerians To Prepare For Worst Fuel Scarcity Over Unpaid N500billion Claims

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked Nigerians to prepare for the worst fuel crisis. To avoid this, the petrol marketers association asked the government to prevail on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to pay its members their outstanding bridging claims amounting to over N500billion. The IPMAN chairman in...

Post
AON strike: Dana Air not suspending flights 

AON strike: Dana Air not suspending flights 

Dana Air yesterday said it would not join other airlines who jointly endorsed  a statement signed by the President of Airline Operators of Nigeria, AON, that domestic airlines will suspend flight operations with effect from today ( Monday ). A statement from Dana Air management yesterday said it will operate it’s normal flights today, Monday....

Post
After spending over $8bn on Ajaokuta, Nigeria imports N837bn steel

After spending over $8bn on Ajaokuta, Nigeria imports N837bn steel

Steelmakers are sceptical about the planned concession of Ajaokuta Steel Company Limited after Nigeria imported iron, steel, and metals valued at N837.761bn in the third and the fourth quarters of 2021. According to the National Bureau of Statistics, Africa’s most populous nation brought in basic metals, iron, and steel products with 6000mm in width, rolled,...

Post
World Bank suspends Nigerian firm, MD for bribery

World Bank suspends Nigerian firm, MD for bribery

THE World Bank has sanctioned SoftTech IT Solutions and Services Ltd., a Nigerian information technology solutions company, and its Managing Director, Mr Isah Kantigi, for alleged corrupt practices. The firm, which was involved in the National Social Safety Nets Project, was sanctioned for 50 months while the managing director was sanctioned for 60 months. This...

Post
Four banks lost N1.77bn to fraud in 2021, says report

Four banks lost N1.77bn to fraud in 2021, says report

Four Nigerian deposit money banks lost a total of N1.77bn to fraudulent activities involving the banks’ employees and consumers in 2021. This was contained in the 2021 financial statements of the banks. The banks are Access Bank Plc, Guaranty Trust Bank Plc, First Monument City Bank, and Wema Bank. The Nigeria Inter-Bank Settlement System, a...