NAIJA BIZ

Why steel manufacturers are planning to sack 20,000 workers

The Galvanised Iron and Steel Manufacturers’ Association (GISMA) has revealed why it might sack about 20,000 workers in the steel manufacturing industry. The Association, in a statement, said that if the Standards Organisation of Nigeria (SON) and other concerned government agencies fail to curb the importation of substandard galvanised roofing sheets into the country, it will be […]

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NNPC clears $833.57 million debt owed to Exxon Mobile’s subsidiary

Barely two years after the Nigerian National Petroleum Corporation (NNPC) signed a cash-call Repayment Agreement with its Joint Venture (JV) partners to defray cash-call arrears within a period of five years, the corporation has paid $833.57 million owed to ExxonMobil’s local subsidiary, Mobil Producing Nigeria (MPN). This development was made known in a statement by […]

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Boeing CEO reacts as new 737 Max flaw threatens return date

The Chief Executive Officer of Boeing, Dennis Muilenberg, has addressed the new flaw that was detected on the company’s 737 Max planes which is threatening the return of the aircraft to global airspace. Muilenberg stated that the company was dedicated to resolving the newly detected fault and work was ongoing on a software that would rectify the dangers of […]

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BOOM: CBN issues new circular that could force banks to lend to nearly everyone.

The Central Bank of Nigeria (CBN) has issued a circular mandating commercial banks operating in the country to lend out up to 60% of their customer deposits. The Governor of the apex bank, Godwin Emefiele, had informed attendees at the 2019 Africa Investors’ Conference (AIC) which took place in London between June 25 and 27 of his plan to […]

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N200 million worth of low gauge roofing sheets seized in Uyo

The Standards Organisation of Nigeria (SON) has seized N200 million worth of low gauge aluminium roofing sheets in Uyo, Akwa Ibom State. The aluminium roofing sheets, seized from three aluminium companies, were reportedly of lower gauge than the 0.4mm prescribed in the Nigeria Industrial Standards (NIS 488) for aluminium roofing sheets. According to the Director in charge […]

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Nigeria’s 54gene raises $4.5 million to enable drug production on African DNA

Health-tech genomics and AI start-up, 54gene, has secured $4.5 million seed during a fundraising from local and international private equity firms. The company has been conducting diagnosis and medical treatment for people in Africa. 54gene raised the $4.5 million in a seed round which had about five venture capitals as participants. In a statement seen by Nairametrics, Y […]

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MacKenzie Bezos is set to get her bumper divorce settlement

MacKenzie Bezos is on her way to becoming one of the world’s richest women as the divorce process between her and her estranged husband and Amazon’s founder, Jeff Bezos, draws to an end this week. According to reports, MacKenzie will inherit a $38 billion stake in Amazon Inc as part of her divorce settlement this week. Bloomberg has classified the divorce settlement […]

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Nigeria’s decision to sign the AfCFTA might be a grievous mistake after all

The Federal Government of Nigeria announced on Tuesday that it will finally become a signatory to the African Continental Free Trade Agreement (AfCFTA) after one year of delay. This development comes after the President Buhari-led Government initially expressed an unwillingness to sign the agreement, given some factors which major stakeholders like Aliko Dangote, Abdul Samad, and the Manufacturers Association […]

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NAFDAC storms Aba market, seizes counterfeit beverages

The National Agency for Food and Drug Administration and Control (NAFDAC), Abia State Command recently stormed the popular Eziukwu Market, also known as Cemetery Market in Aba, Abia State. Several shops in the market were reportedly raided as counterfeit and relabeled expired drinks worth millions of naira were seized. More details: According to the traders who witnessed the incident, […]

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Conoil Plc, 10 other firms suspended from trading shares

The Nigerian Stock Exchange (NSE), has suspended Conoil Plc, alongside 10 other firms from trading their shares on the Exchange. In a statement signed and released by NSE’s Head, Listings Regulation Department, Godstime Iwenekhai, the Exchange named the firms to be FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger […]

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Stakeholder explains why FG should come up with MSME development plan

A Non-governmental Organisation (NGO), Sustainable Entrepreneurship and Economic Development Initiative (SEEDi) has urged the Federal Government to produce a Micro, Small and Medium Enterprises (MSMEs) development plan in Nigeria. The Lead Partner of SEEDi, Celestine Okeke, during the World MSMEs Day celebration stated that the plan would be of immense benefit to small businesses. Reasons explained: Okeke stated that the challenges […]

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Medview increases fleet to compete with Air Peace but there’s a problem

The Managing Director and Chief Executive Officer of Medview Airline, Munner Bankole, has disclosed that the company would increase its fleet of aircraft to compete better in the domestic market, however, a board decision threatens to be a stumbling block. Bankole said Medview would re-introduce three planes previously disposed from Israel, Estonia and Aero Maintenance based in Lagos […]