Nigerian

French oil major TotalEnergies has announced plans to sell its minority stake in a major Nigerian oil joint venture. The firm said it wants to divest its share of Shell Petroleum Development Company of Nigeria Limited (SPDC) and is looking to reshape its portfolio since producing oil in the Niger Delta is not in line with its health, security and environmental policies. “We want to divest our share of SPDC, and we are looking to reshape the portfolio. “Fundamentally it’s because producing this oil in the Niger…

The Nigerian government said Tuesday it will implement measures to significantly reduce the price of cooking gas in the country. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), disclosed this at a stakeholders’ consultative meeting in Abuja on Tuesday. Over the years, the cost of cooking gas has been on the rise in the country. In its report titled Liquefied Petroleum Gas (cooking gas) price watch for December 2023 released last month, the National Bureau of Statistics said the average retail…

The House of Representatives has resolved to investigate the alleged hoarding of dollars by some commercial banks. This resolution was a sequel to a motion moved by Babajimi Benson (APC, Lagos) on Wednesday during plenary. Mr Benson, in his motion, said some banks are sabotaging the efforts of the Central Bank of Nigeria to halt the slide of the naira against major currencies. He stated that the banks have not been complying with the new FX risk management circular released by the CBN. Last week, the CBN released…

Nigerian online teaching platform Klas has raised $1 million in pre-seed funding led by Ingressive Capital, with participation from Techstars, HoaQ Capital, and several angel investors. Founded in 2022 by Nathan Nwachuku and Lekan Adejumo, Klas enables users to create and sell ebooks, courses, and live classes. The platform offers essential class components such as scheduling, payments, community features, analytics, and video conferencing, catering to various subjects from coding and design to finance, art, and…

Nigeria’s Central Bank Governor, Olayemi Cardoso, will appear before the House of Representatives to speak on the state of the economy, the Clerk of the House, Yahaya Danzaria, announced on Monday. Mr Cardoso is scheduled to speak to the lawmakers during plenary to brief them on the free fall of the naira and other issues affecting the monetary side of the economy. According to the statement issued by Mr Danzaria, the CBN governor will appear before the lawmakers for a sectorial debate focusing on the financial…

The lion’s share of a state-backed solid minerals company, currently in the works, will go to private investors and the public who will be able to own not less than three-quarters of its shareholding. While the government will hold up to 25 per cent in the so-called Nigerian Solid Minerals Corporation, the public will hold the same proportion of stake, while the rest is planned to be owned by private investors, Minister Dele Alake told a conference arranged by BusinessDay in Abuja on Tuesday. The idea is to make…

The Chinese Ambassador to Nigeria, Cui Jianchun, has assured of a China-Nigeria collaboration for Nigerian products and commodities to be made available in the Chinese market within the next five years.The ambassador made this known in an interview on Saturday during a temple fair organized to mark the upcoming Chinese Lunar New Year on Saturday in Abuja. The Chinese Lunar New Year, which falls on 10 February, is the year of the Dragon after the 12-year cycle of the Chinese Zodiac. According to Mr Jiachun, China…

The lion’s share of a state-backed solid minerals company, currently in the works, will go to private investors and the public who will be able to own not less than three-quarters of its shareholding. While the government will hold up to 25 per cent in the so-called Nigerian Solid Minerals Corporation, the public will hold the same proportion of stake, while the rest is planned to be owned by private investors, Minister Dele Alake told a conference arranged by BusinessDay in Abuja on Tuesday. The idea is to make…

The Nigerian government said Tuesday it will revoke the licences of mining companies over failure to sign Community Development Agreements (CDA). The Minister of Solid Minerals Development, Dele Alake, disclosed this while speaking at the BusinessDay Media Solid Minerals Conference, held in Abuja. “This year I am using this opportunity to sound a note of warning. Any company that fails to sign their community development agreement stands the risk of having its licences revoked,” Mr Alake said. The Ministry of…

Nigerian stocks stretched their run of gains into the tenth trading day in a row on Wednesday as investors piled more funds into shares and buy pressure drove the main stock index beyond the 100,000 basis points mark to its peak level ever. The all-share index touched a new high of 101,571.1 points, after adding 3 per cent according to Nigerian Exchange data, less than a week after the country’s equity market displaced Argentina’s to become the world’s best-performing bourse. That puts the overall return on the…