The Nigeria Customs Service, Federal Operations Unit, Zone B, has made significant interceptions and seizures of contraband goods within the North-West and North-Central regions, amounting to over N3 billion. Among the confiscated items were 58,750 sachets of tramadol and 48,000 ampules of analgin injection, intended for delivery to bandits at the Saminaka Forest in Lere Local Government Area of Kaduna State. The unit’s comptroller, Bello, briefed reporters on the seizures, indicating that Customs operatives, acting on intelligence, intercepted a truck transporting 750 sacks of donkey bones and meat, valued at over N3 billion in total. The sachets of tramadol were…
Author: Temitope N.
French luxury powerhouse Chanel announced on Tuesday a remarkable surge in sales, nearing the $20 billion mark, marking a new record for the brand, although profit growth was relatively modest. In 2023, Chanel witnessed a robust 14.6 percent increase in sales, totaling $19.7 billion, driven by strong performance across its fashion, fragrance, and jewelry segments. Despite the impressive sales figures, net profits saw a more subdued growth, rising by three percent to $4.7 billion, signaling a slowdown compared to the 14.3 percent profit growth recorded in 2022. Chanel’s Chief Executive Officer, Leena Nair, attributed the company’s success to significant investments…
Pixar, the renowned animation studio under Disney’s umbrella, is undergoing a reduction in workforce, with approximately 14 percent of its staff facing layoffs, as the studio shifts its focus away from streaming content production. The downsizing, affecting roughly 175 employees, was announced in an internal memo by Pixar President Jim Morris, cited by The New York Times. Morris emphasized a redirection towards the studio’s core focus on feature films. Once hailed as Disney’s prized asset, Pixar has encountered challenges following the underwhelming performance of “Lightyear” in 2022, a spin-off from the beloved “Toy Story” franchise, along with disappointing box office…
The House of Representatives has adopted a resolution opposing the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) authorization for International Oil Companies (IOCs) to divest until there is complete adherence to decommissioning guidelines and regulations outlined in the Petroleum Industry Act. The resolution, presented in a motion by Honourable Ikenga Ugochinyere, highlights concerns that many international oil companies operating in Nigeria are discontinuing their operations and relocating without adhering to the decommissioning and abandonment guidelines set forth by NUPRC and enshrined in the PIA. To address this issue, the House Committee on Petroleum (Upstream) will spearhead an investigation, collaborating with other…
Amazon’s cloud computing arm, AWS, announced a monumental investment of 15.7 billion euros ($17 billion) in constructing data centers in Spain’s northeastern Aragon region, extending until 2033. This move is poised to catalyze significant economic growth, with an expected creation of approximately 17,500 indirect job opportunities in local enterprises and a projected contribution of 21.6 billion euros to Spain’s GDP over the investment period, as per Amazon’s official statement. Spanish Digital Transformation Minister, Jose Luis Escriva, emphasized the significance of this commitment by AWS, stating, “This new commitment by AWS spotlights our country’s attractiveness as a strategic tech hub in…
Former Nigerian Aviation Minister, Osita Chidoka, has strongly criticized the return of Emirates Airlines to Nigeria, citing the airline’s disrespectful treatment of Nigerians in the past. Chidoka, who served as aviation minister from July 2014 to April 2015, expressed his displeasure in a statement on Wednesday, asserting that Emirates’ decision to resume flights to Nigeria demonstrates contempt and disdain towards the nation. “The audacity of Emirates Airlines to even consider returning to Nigeria reeks of contempt and disdain towards our nation,” Chidoka said in a statement. Emirates Airlines suspended its Dubai-Lagos flights in 2022 due to challenges repatriating funds from…
Festus Keyamo, the Minister of Aviation and Aerospace Development, has announced that Nigerian carrier Air Peace has resolved the safety issues raised by the United Kingdom Civil Aviation Authority (UKCAA). Keyamo issued a statement on Wednesday, noting that Chris Najomo, Acting Director General of the Nigeria Civil Aviation Authority (NCAA), briefed him on the progress made regarding the matter. The UKCAA had previously reported Air Peace to the NCAA over alleged non-compliance with safety regulations at Gatwick Airport in London. Air Peace initiated its Lagos-Gatwick flights on March 30, 2024, and subsequently affirmed that it had resolved the concerns raised…
The Central Bank of Nigeria (CBN) has issued new guidelines to regulate Bureau de Change (BDC) operators in the country, setting minimum capital requirements and restricting certain activities. In a circular released on Wednesday, the CBN announced that Tier-1 BDCs must have a minimum capital base of N2 billion, while Tier-2 BDCs must maintain N500 million. The mandatory caution deposit of N200 million for Tier-1 license holders has been removed, and the N50 million requirement for Tier-2 has been waived. These guidelines will come into effect from June 3, 2024. Haruna Mustafa, CBN’s Director of Financial Policy and Regulation, stated…
Global stocks mostly declined on Wednesday following British inflation data that dashed hopes for an immediate Bank of England rate cut, and Federal Reserve minutes highlighted concerns about persistent inflationary pressures. London stocks closed lower, with the pound strengthening after the announcement that Britain’s Consumer Prices Index rose 2.3 percent in April, slightly exceeding analyst expectations of 2.1 percent. “This was disappointing news, and the markets moved quickly to price out hopes of a June rate cut. It now looks as if September is most likely,” said David Morrison, senior analyst at Trade Nation. In the US, stocks traded flat…
The National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 2.98% year-on-year in real terms in the first quarter of 2024. This growth rate surpasses the 2.31% recorded in the first quarter of 2023 but falls short of the 3.46% achieved in the fourth quarter of 2023. The NBS disclosed this information in its GDP report for Q1 2024 released on Friday. “The performance of the GDP in the first quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP,” the…
The Central Bank of Nigeria (CBN) has directed all existing Bureau De Change (BDC) Operators to re-apply for new licenses under revised guidelines. This directive was issued in a circular on Wednesday signed by Haruna Mustafa, the Director of the Financial Policy and Regulation Department at the CBN. The new licensing guidelines aim to streamline BDC operations and enhance financial accessibility, although BDC operators have expressed concerns, arguing that the guidelines diverge from global best practices. The CBN emphasized that the adjustments are intended to ensure that BDCs adhere to corporate governance standards and comply with anti-money laundering, counter-terrorism financing,…
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria produced 159,158,191 barrels of crude oil in the first four months of 2024. According to the NUPRC data, the breakdown of crude oil production from January to April is as follows: – In January, 44.2 million barrels were produced, with an average daily production of 1.42 million barrels per day (mbpd). – In February, the country pumped 38.3 million barrels of oil at an average of 1.32 mbpd. – March saw a production of 38.1 million barrels, with a daily output of 1.23 mbpd. – In April,…
The Federal Government inaugurated the project delivery team on Wednesday, tasked with the recapitalization and full commercialization of the Nigerian Agricultural Insurance Corporation (NAIC) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). This initiative aims to enhance the efficiency, management, and capitalization of these critical agricultural institutions, marking a significant milestone in ongoing efforts to reform and reposition them to better serve the agricultural sector. Acting Director-General of the Bureau of Public Enterprises (BPE), Ignatius Ayewoh, inaugurated the team in Abuja on behalf of the Federal Government. A statement by Amina Othman, Head of Public Communications at…
Sportsbet.io, a leading crypto sports betting site, has announced the addition of three new ambassadors to its team, expanding its influence in both the crypto and sports communities. According to a statement, the new ambassadors have joined shortly after King Kaka, a renowned rapper and existing Sportsbet.io ambassador, won $9,000 in USDT stablecoin cryptocurrency by backing Real Madrid in their dramatic comeback victory over Bayern Munich earlier this month. The new ambassadors will aim to replicate King Kaka’s success and promote Sportsbet.io’s innovative crypto sports betting experience to a broader audience. Part of the statement read, “They (ambassadors) include James…
Emerging Africa Group has successfully acted as the financial adviser and lead issuing house for the NEN Infrastructure Limited 10-year private bond. A statement from Emerging Africa on Wednesday indicated that the bond was oversubscribed, showcasing strong investor interest. This bond facilitated the full repayment of a N36bn Syndicated Bridge Finance provided jointly in 2023 by Emerging Africa Capital Limited, United Bank for Africa, Polaris Bank, and WEMA Bank. Additionally, it raised extra funds to finance various infrastructural projects in Bauchi State, targeting critical areas such as food security, road transportation, commerce, and social cohesion. “The funds raised will be…
Governor Siminalayi Fubara of Rivers State expressed deep concern over the state’s decline from its former status as an industrial hub and a preferred destination for investments. Speaking at the inaugural Rivers Economic and Investment Summit in Port Harcourt, Governor Fubara highlighted the state’s challenges and outlined plans for revitalizing its economy. Governor Fubara pointed out several key issues contributing to the state’s economic downturn: – Low Economic Growth: Persistent slow growth has hampered development. – Low Tax Revenue: The state has relied heavily on allocations from the federation account due to insufficient tax revenues. – High Unemployment Rate: A…
The Economic and Financial Crimes Commission (EFCC) has arrested more than 200 suspects across Nigeria in connection with foreign exchange scams and financial market manipulation. These arrests are part of a nationwide effort to curb illicit activities affecting the local currency, the naira. The suspects, predominantly Bureau De Change (BDC) operators, were apprehended in various states, including Abuja, Lagos, Rivers, and Kano. A source within the EFCC revealed that these arrests were part of an intensified clampdown on forex scammers and market manipulators. Specific Cases and Recovered Items Uyo Zonal Command Arrests: On May 17, 2023, the Uyo Zonal command…
The Federal Government of Nigeria incurred N628.61 billion in electricity subsidies in 2023, as indicated by the latest data from the Nigerian Electricity Regulatory Commission (NERC). During the same period, power distribution companies (Discos) collected a total revenue of N1.08 trillion. Breakdown of Quarterly Subsidies – Q1 2023: N36.02bn – Q2 2023: N135.23bn – Q3 2023: N204.6bn – Q4 2023: N252.76bn The increase in subsidies was primarily driven by the government’s policy to harmonize exchange rates while maintaining the end-user tariffs at the December 2022 levels. Discos’ Revenue Collection – Q1 2023: N247.09bn – Q2 2023: N267.86bn – Q3 2023:…
The Benue State Government has announced its intention to provide tax holidays to investors as part of its strategy to rejuvenate and attract more business investments into the state. This initiative was revealed by Dr. Raymond Asemakaha, the Managing Director of Benue Investment and Property Company Limited, during a meeting with representatives from Nigerian Brewery in Makurdi. Key Announcements – Tax Holidays: Aimed at incentivizing investors to boost economic activity in the state. – Business-Friendly Environment: Introduction of a one-stop shop to streamline business operations and enhance the ease of doing business in the state. Nigerian Brewery’s Plant in Benue…
The Nigerian Exchange (NGX) extended its losing streak on Thursday, shedding N84 billion, largely due to significant losses in the stocks of Skyway Aviation Handling, NEM Insurance, and 26 other companies. The All-Share Index decreased by 0.15% to settle at 97,978.02 basis points, and the market capitalisation also declined by 0.15% to N55.424 trillion. Market Performance – Decliners: 28 – Gainers: 17 This bearish trend follows a similar loss of N89 billion on Wednesday, triggered by traders offloading banking stocks in reaction to the Central Bank of Nigeria’s Monetary Policy Committee’s decision to hike the benchmark interest rate. Significant Losses…