Author: Ogochukwu Ndubuisi

Walcot Group, Angola Energy Firms Sign MoU to Bolster Trade A Nigerian-energy company, Walcot Group and Angolan National Agency for Petroleum, Gas, and Biofuels (ANPG) have signed a Memorandum of Understanding (MoU) on Production Sharing Contract (PSC) to bolster Nigeria-Angola bilateral cooperation. The Managing-Director of Walcot Group, Suleman Mohammed disclosed this in a statement on Sunday in Abuja. He said that the MoU would boost trade relations between the two countries in the oil and gas sector. He said the agreement resulted from the company’s successful bid for three oil blocks within a competitive international licensing round. Mohammed said the…

Abbey Mortgage Bank Plc hit its highest price level in 52 weeks on the Nigerian Exchange (NGX) trading platform as a fresh rally

Nigeria’s Gas Sector Attracts Over $5bn in Investments The Nigerian Gas Association (NGA) says the gas sector has attracted more than five billion dollars in new investments as at 2024. Mr Akachukwu Nwokedi, President of the NGA, disclosed this during a news conference on Saturday in Lagos, ahead of the 29th World Gas Conference (WGC 2025) scheduled for May 19 to May 23 in Beijing, China. He said that the investments meant that there had been growing global confidence in Nigeria’s energy transition strategy. According to Nwokedi, the investments cut across critical segments of the gas value chain, including infrastructure…

NSDC, Chinese Firm Sign $1bn Nigeria Sugar Production Deal The National Sugar Development Council (NSDC) and Chinese conglomerate SINOMACH have agreed to jointly develop a large-scale sugarcane cultivation and processing project in Nigeria. Executive Secretary of NSDC, Mr Kamar Bakrin, disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, adding that the agreement was expected to attract investments worth up to $1 billion. According to Bakrin, the initiative is one of the early outcomes of the Nigeria-China Strategic Partnership championed by President Bola Tinubu. A Memorandum of Understanding (MoU) has been signed. According…

FIRS Moves to Educate Business Owners on Tax Incentives The Federal Inland Revenue (FIRS) has promised to educate business owners, farmers, and entrepreneurs on various tax incentives available, especially those designed to ease the burden for growing businesses. FIRS Chairman Mr Zack Adedeji made the promise at the ongoing 12th Benue National Trade Fair on Saturday at IBB Square Makurdi. Adedeji, who was represented by Director of Taxpayer Services, Mrs Lovette Onanuga, said from pioneer status incentives to tax reliefs for agriculture-related investments, there was also something to support almost every sector represented at the trade fair. “The theme for…

VFD Hits 52-Week High as Dividend Hunters Take Positions VFD Group Plc. topped performers in the equities market with about 54% price appreciation that lifted the diversified investment company’s market value on the Nigerian Exchange in the just concluded. Breaking its old resistance level after its 2024 earnings beat, trading data from the Nigerian bourse showed that VFD Group Plc market value crossed N111 billion at the close of Friday session on the back of its latest monster rally. The diversified investment company stock reached an all-time high as investors swarmed around its share ahead of its attractive dividend payment.…

Pan-African lender United Bank for Africa (UBA) Plc. has unveiled its upgraded point of sales (POS) terminal and revamped MONI app

Fitch Upgrades Nigeria Rating, Cites Broad Commitment to Reform Fitch Ratings has upgraded Nigeria’s creditworthiness or Long-Term (LT) Foreign-Currency (FC) Issuer Default Rating (IDR) to ‘B’, from ‘B-‘ with stable outlook. The upgrade reflects increased confidence in the government’s broad commitment to policy reforms implemented since its move to orthodox economic policies in June 2023, including exchange rate liberalisation, monetary policy tightening, and steps to end deficit monetisation and remove fuel subsidies. The ratings agency said these have improved policy coherence and credibility and reduced economic distortions and near-term risks to macroeconomic stability, enhancing resilience in the context of persistent…

AfDB Approves $100m for Nigerian Youth Entrepreneurship Investment Bank The African Development Bank (AfDB) says it has approved $100 million for the establishment of the Nigerian Youth Entrepreneurship Investment Bank. Dr Akinwumi Adesina, President and Chairman, Board of Directors, AfDB, said this in Abuja on Friday, when he delivered the 14th Convocation Lecture of the National Open University of Nigeria (NOUN). The theme of the lecture is: “Advancing Africa’s Positioning within Global Development and Geographical Dynamics.” Adesina said the move was to liberate the Nigerian youth financially and provide technical assistance, business development services, equity, quasi-equity and debt financing for…

Nigeria’s Oil Reserves to Last for 64 Years—NUPRC Nigeria’s crude oil reserves have been projected to last for another 64 years, while its gas reserves could sustain the country for 93 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said in Abuja on Friday. The commission said the country’s crude oil reserves stood at 37.28 billion barrels as of January 1, 2025, with an estimated lifespan of 64 years. In a statement issued in Abuja, the commission chief executive, Engr. Gbenga Komolafe, also revealed that Nigeria’s gas reserves have reached 210.54 trillion cubic feet (TCF) as of the same date.…