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%...
Category: <span>Business</span>
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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...
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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,...
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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...
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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...
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Customs, agents at war over 15% levy, imported car price set to soar
When the management of the Nigeria Customs Service, in April 2022, came up with the introduction of an additional 15 per cent cost on the already high cost of clearing imported vehicles under the guise of the National Automotive Council levy, they failed to envisage that the policy would bring about upheavals and controversies. Though...
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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....
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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,...
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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...
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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...