Author: Ogochukwu Ndubuisi

The Economic and Financial Crimes Commission (EFCC), has achieved its largest single asset recovery

Nigeria returned to the Eurobonds market with a total subscription in excess of $9 billion, according to the Debt Management Office (DMO), against a $2.2 billion allotment.

Unilever Nigeria Names Tobi Adeniyi Managing Director Fast-moving consumer goods company Unilever Nigeria Plc has appointed Tobi Adeniyi as the Managing Director designate, effective January 1, 2025, according to a statement on Monday. The company noted that Adeniyi, who has been instrumental in driving Unilever Nigeria’s sales transformation agenda nationwide, will undergo a handover and phased transition process alongside the current Managing Director, Tim Kleinebenne, until the end of 2024. Speaking on the appointment, the Chairman of Unilever Nigeria Plc, Bolaji Balogun, said: “On behalf of the Board of Directors and everyone at Unilever Nigeria, I am delighted to congratulate…

Nigeria Seeks South Africa’s backing for G20, BRICS Membership The Nigerian government is seeking South Africa’s backing to attain full membership of the G20, BRICS and the BRICS New Development Bank (NDB). Nigeria is also seeking South Africa’s support to assume leadership roles in thematic discussions of interest under South Africa’s G20 presidency. These requests were made by Amb. Bianca Odumegwu-Ojukwu, the Minister of State for Foreign Affairs, during her closing remarks at the ministerial session of the 11th Nigeria-South Africa Bi-National Commission (BNC) in Cape Town, South Africa, on Monday. South Africa officially assumed the presidency of the Group…

Cross River Approves N70,000 Minimum Wage, Consequential Adjustment The Government of Cross River has approved N70,000 as minimum wage for state civil servants effective Dec. 1. The approval was given in addition to the consequential adjustment across all cadre of the state workforce. The signing of the agreement between the government and labour was reached following series of meetings that started on Thursday. The Trade Union Congress (TUC) Chairman, Monday Ogbodum while confirming the development, said that the unions will hold a congress on Monday to decide the next line of action. “It is true that we have reached and…

Yuan Strengthens 7.1865 Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, strengthened 12 pips to 7.1865 against the dollar on Monday. This is according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day. The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. #Yuan Strengthens 7.1865 Against Dollar#…

Port Harcourt Refinery Resumes Full Operations After Brief Scale Down The Port Harcourt refinery has resumed full operations after a brief ”scaling down”, Mr Ibrahim Onoja, the company’s Managing Director has said. Addressing newsmen after a facility tour of the refinery on Sunday night, Onoja said the facility had resumed distribution of products, including Premium Motor Spirit, kerosene, and diesel. ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity. ”We replaced most of the equipment including pumps installation and cables. “The plant is running and we are trucking out our…

CBN Launches New Website The Central Bank of Nigeria (CBN) has launched its newly redesigned website, www.cbn.gov.ng, scheduled to go live on Dec. 2. Acting Director, Corporate Communications, CBN, Mrs Hakama Sidi Ali, made this known in a statement on Sunday in Lagos. “We are pleased to announce the launch of our newly redesigned website (www.cbn.gov.ng), which will be operational on Monday, December 2, 2024. “The redesigned website introduces a variety of new content, which encompasses a broader spectrum of information regarding the bank’s mandate. “Additionally, the website is responsive to mobile devices, facilitating navigation across various web browsers and…

Holcim Sells Interest in Lafarge Africa to Xuaxin for $1bn Chinese Xuaxin and Swiss cement maker Holcim have signed an agreement for the sales of Lafarge Africa Plc for $1 billion, according to a regulatory filing on the Nigerian Exchange.  Holcim announced plans to exit Nigerian business through sales of its total 83.81% stake in Lafarge Africa to the Chinese cement company for $1 billion. With four plants spread across Nigeria, Lafarge Africa has installed cement production capacity of 10.5 million tons per annum. Details from the deal revealed that the transaction is expected to close in 2025, subject to…

Kano Approves N7.7bn for infrastructure Development Projects The Kano State Executive Council has approved over N7.7billion for the execution of various infrastructure development projects across the state. This is contained in a statement issued by his spokesperson, Sunusi Dawakin Tofa, in Kano on Saturday. He said that the decision was reached during its 21st meeting presided over by the Gov. Abba Yusuf. According to the Commissioner for Information, Baba Dantiye, the approved funds will be allocated to several projects. ‘He listed the projects to include over N1.89billion approved for the construction of the Tudun Yola off Gwarzo Road to Dansudu…