Author: Ogochukwu Ndubuisi

Honda, Nissan to Announce Merger Details in Mid-February -Officials Honda Motor Co. and Nissan Motor Co. are set to reveal the specifics of their planned merger in mid-February, company officials said on Friday. The two automakers, Japan’s second- and third-largest by volume, previously announced plans to merge under a holding company in 2026 and had initially aimed to disclose further details by the end of January. According to sources familiar with the matter, Honda has been pushing Nissan to accelerate its restructuring efforts. In November, Nissan announced plans to cut 9,000 jobs worldwide and reduce its global production capacity by…

NAICOM Issues Additional Guidelines for Annuity Business The National Insurance Commission (NAICOM) has issued additional regulatory requirements for life insurance companies carrying on annuity business in the country. The annuity is a form of insurance or investment, entitling the investor to a series of annual sums. A circular by the commission in Abuja on Friday, said that insurance companies would be required to have at least, one qualified actuary, responsible for their Assets-Liability Matching (ALM) analysis and implementation. The commission said that insurance companies would be required to submit their ALM reports to it quarterly. NAICOM said the reports would…

Glovo, NIPOST Collaborate to Address E-Commerce Barriers Glovo, Nigerian Postal Service (NIPOST) and Ministry of Communications, Innovation and Digital Economy, are brokering a collaboration to address barriers to e-commerce growth in the country via an e-commerce summit. Mrs Lamide Akinola, the General Manager, Glovo Nigeria, on Friday in Lagos, said the summit aimed to accelerate the growth of Nigeria’s e-commerce industry. Akinola said the event scheduled for Feb. 5, 2025, with the theme: “Accelerating E-commerce through Digital and Physical Infrastructure Integration,” would bring together key industry stakeholders. She said they would discuss challenges and opportunities in the sector, while charting…

Kano Allocates N16.6bn to Agriculture The Kano State Government earmarked N16.6 billion for the agricultural sector in this year’s budget to achieve food security and increase citizens’ income level, an official has said. The Commissioner for Budget and Economic Planning, Alhaji Musa Shanono, disclosed this while giving the 2025 budget breakdown on Thursday. Shanono said that about N3 billion was earmarked for constructing the 3.1 billion liters Dansoshiya Dam and providing flowing channels. He said that the Kano State Agricultural and Rural Development Authority and Kano State Agro-Pastoral Development Project Intervention Programme (KSADP) would receive N5.6 billion to enhance agricultural…

FG Reiterates Commitment to Gas-to-Power Initiative The Federal Government, FG, has reiterated its commitment to the gas-to-power initiative. The initiative, which was launched in 2021, aims to transform Nigeria into a gas-powered economy by 2030 through a series of policy reforms, infrastructure development, and investment attraction strategies Mr Mele Kyari, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL, made this known on Thursday at the groundbreaking ceremony of the five mini-Liquefied Natural Gas (LNG) Plants in Ajaokuta, Kogi. Kyari said the projects play a critical role in promoting economic growth and contributing to the nation’s…

With rapid daily gain, the naira extends its rally in the currency market as a flood of US dollar credits boosted liquidity level in the official window on Thursday. According to spot data from the FMDQ platform, the naira appreciated by 1.7% to N1,458.95 per US dollar

Airtel Africa’s Revenue Increases 20.4% in 9 Months Airtel Africa Plc has reported a 20.4 per cent growth in revenue to $3,638 million for the nine-month ended Dec. 31, 2024. It said this in a report on Thursday. It said the total customer base grew by 7.9 per cent to 163.1 million, with data customer penetration increasing by 13.8 per cent to 71.4 million. According to Airtel Africa, data usage per customer increased by 32.3 per cent to 6.9 GBs, with smartphone penetration increasing by 5.2 per cent to reach 44.2 per cent. The report said the company’s mobile money…

Investors Portfolio Value Increased by N347bn in Equities Market Equities investors’ portfolio value jumped by more than N347 billion as FCMB Group lists its public offer on the Nigerian Exchange, NGX. Trading activities in the domestic bourse ended on a green note amidst the fourth quarter of 2024 corporate earnings release. Key performance indicators surged by 19 basis points, reflecting the latest bargain hunting on growth and value stock in the local market. While the market index or the Nigerian Exchange All-Share index, climbed by 0.19% on the day, market capitalisation surged 0.54%. In its note, Atlass Portfolios Limited attributed…

BDC Operators Commend CBN on Waiver of 2025 Licence Fees Bureau De Change (BDC) operators have praised the Central Bank of Nigeria (CBN) for waiving the 2025 license fees for the operators. They spoke under the aegis of the Association of Bureau De Change Operators of Nigeria (ABCON). The president of the association, Dr. Aminu Gwadabe, gave the commendation on Wednesday in an interview with the Newsmen in Lagos. Gwadabe thanked the management of the Apex Bank for the waiver of the annual license renewal, which he described as amnesty extended to his members. According to him, the move underscores…

EU Targets Products from Russia, Belarus with More Tariffs The European Commission, EU, has proposed further tariffs on a range of agricultural products and fertiliser from Russia and Belarus in an effort to further reduce imports and ultimately impact Moscow’s ability to wage its war against Ukraine. “The agricultural products affected by the new tariffs constitute 15 per cent of agricultural imports from Russia in 2023 that had not yet been subject to increased tariffs,” the Commission said in a Tuesday statement. “Once adopted by the Council, all agricultural imports from Russia would be the subject of EU tariffs,” it…