NAIJA BIZ

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 […]

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 […]

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 […]

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 […]

Hundreds of support staff of Warri Refining and Petrochemical Company, have on Wednesday, July 3, 2019, shut down the commercial activities of the refinery in Ekpan, Uvwie Local Government Area of Delta State. It was gathered that hundreds of youths drawn from across the Niger Delta States, joined the support staff over alleged failure of […]

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 […]

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 […]

The headline inflation is important for investors as an indicator of the health of the economy. However, for consumers, the rate of inflation can be a less reliable measure of changes in their spending power. Our research suggests that, depending on your spending patterns, you may be facing higher inflationary pressures than you realize. The methodology […]

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 […]

ORide, a new and innovative on-demand motorbike ride-hailing service has launched its services in Lagos Nigeria with immediate expansion plans throughout Nigeria. Driven by technology, the ORide service is accessible via the OPay app – a super app that’s available on Android and iOS, with features that cater to a range of lifestyle demands including […]

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 […]

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, […]

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has accused the commercial banks operating in the country of lying about why they are not able to lend money to the private sector as they ought to. Emefiele said this while responding to a question at the 2019 Africa Investors’ Conference (AIC)which took place […]

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has listed the conditions under that could warrant him to devalue naira. He made this disclosure at the African Investors’ Conference (AIC) which took place in London from June 25 to 27. The event presented an opportunity for Mr. Emefiele to convince dismayed foreign investors to […]

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 […]

An on-demand transportation company and motorbike hailing service, Gokada has placed a bounty on the activities of its pilots. The popular transportation company recently placed an ad, saying it would reward any customer who reports pilots who fail to comply with its company rules and regulations. Reason for this: The company had raised alarm over some of […]

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 […]

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 […]

Forbes Africa has released the 2019 edition of its annual #30Under30 List of exceptional young Africans contributing positively to the development of Africa. This year’s list has individuals doing great in business, technology, creatives, and sport. Out of the 120 people who appear on the list, 25 are Nigerians. There are 8 Nigerians in the business category, […]

Welcome once again to the daily summary of the daily performance of major economic indicators, highlights from trading sessions, and key statistics such as Treasury Bills and Bonds. This is brought to you by Zedcrest. This report is dated July 1st, 2019. ***Nigeria’s oil exports dropped by 1.6m barrels in May*** Key Indicators Bonds: The FGN Bond […]