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Nigeria has the eighth cheapest price of petrol in the world, a new report by Zutobi, an international driver’s education company, has shown. Published in April, the report placed Nigeria in the 8th position of the global index with the price of petrol at $0.40 equivalent to $1.82 per gallon. The countries with the cheapest petrol include mostly oil-rich countries, with the South American country, Venezuela, topping the chart. The country has the largest known reserves of crude oil in the…

The Nigerian Communications Commission (NCC) has said it has not given approval for phone companies to raise their rates, after the Association of Licensed Telecommunication Operators of Nigeria proposed a 40 per cent rise in tariffs. The commission said this in a statement signed by its spokesperson, Ikechukwu Adinde, on Friday. Phone companies are seeking regulatory approval for increased rates on voice calls and text messages, citing energy and other rising costs caused by COVID-19…

Transnational Corporation Plc, (Transcorp Group) has reported impressive returns in all its major financial indices for the first quarter ended March 31. Its unaudited results filed with the Nigeria Exchange Limited, showed that the conglomerate with interests in the power, hospitality, and energy sectors recorded a profit after tax of N5.0 billion, rising 147 per cent from N2 billion recorded in the first quarter of 2021; while profit before tax which stood at N2.5 billion last year,…

Naira clinched a significant gain against the U.S dollar at the official market on Friday, a day after it fell at the spot market segment. The currency closed at N417.00 to a dollar on the third day of business following the Eid-ul-Fitr and worker’s day break, according to data published by FMDQ, where forex is officially traded. This represents a N2.00 or 0.5 per cent appreciation from N419.00 it exchanged in the previous session on Thursday. The last time the local unit traded at…

Telephone company, MTN, says it is yet to reactivate 86 per cent of phone numbers seeking reconnection several weeks after millions of owners submitted their National Identity Numbers (NIN). The lines were barred from making calls on April 4 after the federal government ended a prolonged deadline to nudge users to link their lines with their government-issued ID numbers, a measure it says is needed to tackle insecurity. MTN, which has the largest subscriber base in the country, said it…

The Minister of Aviation, Hadi Sirika, has pleaded with Nigerian airlines to suspend their planned shutdown of operations from Monday over the increase of cost of aviation fuel from N190 to N700 per litre. Mr Sirika made the appeal in a statement issued by his Special Assistant on Public Affairs, James Odaudu, on Saturday. The News Agency of Nigeria (NAN) reports that Nigerian airlines, under the aegis of Airline Operators of Nigeria (AON), on Friday announced plans to shut down…

Consumers aren’t the only ones feeling the pinch from the rapid rise in interest rates this year. More mortgage firms are starting to let workers go as demand for mortgage refinancings falls off a cliff. Employees at American Financing Corp. in Aurora experienced the harsh new reality facing the mortgage industry Monday when they were called to a Zoom meeting titled “Our Future Includes You.” For a large, but undisclosed number, that description wasn’t entirely accurate. “The mortgage market is starting to normalize after…

The Bank of Denver will close one of its three branches at the end of August. The bank told customers in a flier that it will close its Golden Triangle location at 606 W. Colfax Ave. at the end of the business day Aug. 31. It has been open for more than 30 years. “We are closing our Golden Triangle Branch in August because the volume of customers using this branch has declined over the past two years,” Vice President Lisa Page said in an email. The bank’s locations at 800 E. 17th Ave. and 530 S. Holly St. will remain…

An auto repair shop at the edge of downtown since 1965 is being planned for redevelopment. Tennessee-based GBT Realty Corp. submitted a concept plan to the city of Denver last month proposing the construction of a 25-story residential building at 2000 N. Broadway, currently home to a Firestone shop. GBT already owns the approximately half-acre property, having paid $5.4 million in May 2021 to purchase it from Bridgestone Retail Operations LLC, records show. Bridgestone and Firestone merged in the 1980s. A GBT…

The World Beer Cup, an international beer competition hosted by Boulder-based trade organization the Brewers Association, honored craft beer-makers globally Thursday for the first time since 2018. And with more than 10,500 entries from nearly 2,500 breweries representing 57 countries, it was the largest edition of the beer competition yet. The United States, the leader in the craft beer movement, perhaps unsurprisingly dominated the competition, raking in 252 awards total, according to the Brewers Association, followed by…