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Nnpcl Achieves Record N2.548Tn Profit In 20221

NNPCL Achieves Record N2.548tn Profit in 2022

The Nigerian National Petroleum Company Limited (NNPCL) announced a landmark profit of N2.548 trillion for 2022, marking it the highest in its history. Established in 1977, NNPCL is Nigeria’s primary state-owned oil corporation and holds the most significant assets in the country’s oil and gas sector. This significant financial achievement follows the company’s transition to […]

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Nairas 39 Plunge Threatens Job Cuts In Manufacturing Sector1

Naira’s 39% Plunge Threatens Job Cuts in Manufacturing Sector

The Nigerian naira has experienced a significant depreciation of 38.9% against the US dollar in the official Investors and Exporters (I&E) window of the Central Bank of Nigeria over the past three months, as reported by The PUNCH. Data from the FMDQ Securities Exchange indicates a drop from N745.19/$ on October 3, 2023, to N1035.12/$

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Lagos Traders Rally For Market Approval At State Assembly1

Lagos Traders Rally for Market Approval at State Assembly

On Thursday, the members of the Orilowo Perishable Food Market Association protested at the Lagos State House of Assembly. They expressed their frustration over the delayed approval of their market’s location. Photographs from the protest showed the traders holding placards with various messages emphasizing their demand. The group seeks immediate authorization for the Orilowo Perishable

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Nigeria Partners With Chinese Firm For Steel Industry Revival1

Nigeria Partners with Chinese Firm for Steel Industry Revival

The Federal Government of Nigeria has initiated talks with Luan Steel Holding Group, a Chinese company, to establish a new steel plant in Nigeria and to start manufacturing military hardware at the Ajaokuta Steel Plant. This move is part of the government’s broader strategy to industrialize the nation through the steel sector. The initiative was

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Challenging Business Climate Forces Jubilee Syringe To Exit Nigeria1

Challenging Business Climate Forces Jubilee Syringe to Exit Nigeria

The Manufacturers Association of Nigeria (MAN) has attributed Nigeria’s challenging business environment as the primary reason for the departure of multinational companies, including the recent exit of Jubilee Syringe Manufacturing. Jubilee Syringe Manufacturing, once hailed as Africa’s largest syringe manufacturing company, has officially ceased operations in Awa, Onna Local Government Area of Akwa Ibom. Inaugurated

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Olatunji Mayaki Named Sterling Banks New Board Chairman1

Olatunji Mayaki Named Sterling Bank’s New Board Chairman

Sterling Bank Limited has officially appointed Olatunji Mayaki as its new Board of Directors Chairman, effective January 1, 2024. This appointment follows the resignation of the previous chairman, Asue Ighodalo, on December 31, 2023. According to a statement by the Company Secretary, Temitayo Adegoke, Ighodalo’s resignation aligns with best corporate governance practices, as he has

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Nigerias Fdi Asset Disposal Soars To 200M In Q3 2023

Nigeria’s FDI Asset Disposal Soars to $200M in Q3 2023

In a striking development reported by the Central Bank of Nigeria (CBN), foreign direct investors have dramatically increased their asset disposals in Nigeria, hitting an unprecedented $200 million in the third quarter of 2023. This development marks a significant shift in the foreign subsidiary divestiture landscape as multinational corporations increasingly transfer their business activities out

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Ngx Consumer Goods Soar By 90.39 In 2023 Amid Economic Challenges1

NGX Consumer Goods Soar by 90.39% in 2023 Amid Economic Challenges

In 2023, the NGX Consumer Goods Index remarkably appreciated by 90.39% despite the challenging macroeconomic climate in Nigeria. This period was particularly challenging for manufacturers, including consumer goods companies. Yet, some stocks in this sector demonstrated notable resilience, even as many faced unfavourable conditions. Leading the pack in NGX’s best consumer goods stocks of 2023

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Adebowale Oyedeji Appointed As Nova Merchant Banks New Ceo

Adebowale Oyedeji Appointed as NOVA Merchant Bank’s New CEO

NOVA Merchant Bank Limited has officially announced the appointment of Mr Adebowale Oyedeji as its new Managing Director/Chief Executive Officer, effective today. This appointment has received the green light from the Central Bank of Nigeria (CBN). Oyedeji takes over from Nath Ude, whose tenure concluded on November 6 of the previous year. Oyedeji brings a

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Temi Popoola Named As Ngx Groups New Ceo Designate

Temi Popoola Named as NGX Group’s New CEO-Designate

The Nigerian Exchange Group (NGX Group) has officially announced the appointment of Temi Popoola as the new Group Managing Director/Chief Executive Officer-designate set to take over from the current GMD, Oscar Onyema, upon his retirement next year. This appointment, as stated in a release signed by the Group Company Secretary, Obehi Ikhaghe, will be effective

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