Move to ban Russian oil threatens Nigeria’s fiscal stability
Nigeria may face fresh hurdles as the geo-political tension in Europe, yesterday, escalated with moves to officially ban Russian crude oil. The European Commission proposed a full ban on Russian crude oil following the continued attack on Ukraine. The proposed ban, which has sent oil prices rising by over four
FCMB’s shareholders approve N3.96bn dividend
Shareholders of FCMB Group Plc have approved a dividend payment of 20 kobo for the 2021 financial period. A statement said this was disclosed at the 9th annual general meeting of FCMB Group Plc, which was attended physically and virtually by shareholders in Lagos. It stated, “The directors of the
Consumers in Calabar beg Master Bakers not to increase price of bread
Consumers of bread in parts of Cross River State have lamented the ever-increasing price of bread and have appealed to master bakers not to carry out their threat to further increase product prices. Adaeventsnews held random interviews with consumers, Saturday morning following a radio programme where a general manager of
Flour Mills gets approval to acquire majority stake in Honeywell
Flour Mills of Nigeria Plc. (FMN) has obtained regulatory approvals to acquire a 71.69% stake in Honeywell Flour Mills Plc (HFMP), formerly a portfolio company of Honeywell Group, and a 5.06% stake in HFMP held by First Bank of Nigeria Limited. The acquisition was approved by the Federal Competition and
Insecurity, inflation, low vaccination threaten Nigeria’s outlook, IMF warns
The International Monetary Fund (IMF), yesterday, handed a mixed scorecard about Africa’s near-term economic outlook, saying there is limited or nonexistent fiscal space to maneuver the “new shock” triggered by the Ukraine war. The position was contained in the April Regional Economic Outlook with the tagline ‘a new shock and
TotalEnergies to sell stake in Nigerian joint venture
French oil major TotalEnergies has announced it will put up for sale its minority stake in a Nigerian oil joint venture. The firm wants to focus on deep-water fields away from the difficulties of operating in close proximity with local communities, Bloomberg reported Thursday. TotalEnergies is a multinational energy company
FG targets 21 million jobs from investments
The Federal Government is planning to generate 21 million full-time jobs through massive investment in social infrastructure and services, the Minister of State, Finance, Budget and National Planning, Prince Clem Agba, said on Monday. According to him, the decision to generate the 21 million jobs was one of the outcomes
Transcorp Power posts N74.3bn revenue as sector’s finances improve
Transcorp Power Limited, owner of the 972 megawatts capacity power plant in Ugheli, Delta State, has announced revenue growth of N74.3bn in 2021 following the recent improvements in the financial performance of Nigeria’s power sector. In the 2021 annual report and financial statement of Transcorp Group, the Group Chairman, Tony
Agents to shut down Lagos ports over 15% levy
The Association of Nigerian Licensed Customs Agents (ANLCA) says they will embark on a one-day warning strike on April 25, over the introduction of 15 per cent National Automotive Council (NAC) levy. Rilwan Amuni, Taskforce Chairman of ANLCA, said this in a circular obtained by the Adaeventsnews on Friday in
Cooking gas price jumps by 83% in one year –NBS report
THE average retail price for cooking gas increased by 83.62 per cent from N2057.71 in March 2021, according to a new report by the National Bureau of Statistics. The report titled, “Liquefied Petroleum Gas (Cooking Gas) Price Watch (March 2022),” indicated that the average price for refilling a 5kg cylinder