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
Why CBN can’t float exchange rate –Emefiele
The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that despite calls and recommendations by the International Monetary Fund, the World Bank and other global financial institutions, Nigeria cannot afford to operate a floated exchange rate system. Emefiele made this known at the IMF/World Bank Spring Meetings
Binance recovers $5.8m from North Korean cryptocurrency hackers, Lazarus Group
The founder of Binance, Changpeng Zhao, on Friday, said the cryptocurrency exchange had recovered some funds stolen by North Korean hackers, the Lazarus Group. Zhao revealed that the DPRK Group used Binance blockchain system to move part of the funds, spreading the crypto funds across over 86 accounts on the
Naira loses again at official market
Naira fell yet again against the U.S. dollar at the official market on Thursday, extending its decline to two consecutive days at the spot market. It closed at N419.50 to a dollar, implying a N1.17 or 0.30 per cent loss from N418.33 it traded in the previous session on Wednesday,
Cement maker Lafarge Africa’s quarterly profit nearly doubles as sales hit N91 billion
Lafarge Africa’s net profit for the three months to March expanded almost twice as much as its bottom-line one year prior, and the cement maker is anchoring optimism for a similarly strong scorecard this quarter on sustaining a “good demand momentum” and cost control. The firm increased revenue by more
Elon Musk secures $46.5 billion funding for Twitter purchase and is exploring a tender offer
Elon Musk has secured a $46.5 billion (over €42 billion) financing commitment to acquire Twitter and is considering starting a tender offer for its outstanding shares, according to a filing by US regulators on Thursday. On April 14, 2022, the Tesla and SpaceX boss offered to buy all of the
FCMB offerings meet customer, regulatory requirements – SON
LAGOS — The Standards Organisationof Nigeria (SON) has again validated the capacity of First City Monument Bank (FCMB) to provide best-in-class products and services that always meet consumer and regulatory requirements. SON, the only regulatory body vested with the responsibility of standardising and regulating the quality of all products in
Net foreign exchange inflow falls 27% to $52.46bn
Net foreign exchange (forex) inflow into the economy fell by 27 per cent, Year-One year, to $52.46 billion in 2021 from $70.66 billion in 2020. Reportdailys analysis of the fourth quarter 2021 (Q4’21) statistical bulletin of the Central Bank of Nigeria, CBN, showed that forex inflow into the economy dropped