Bolaji Jimoh 
Business News Round-UP
Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, April 1 to Saturday, April 6, 2024.
Fuel Supply Hitch In Lagos Has Been Resolved – NNPCL
The Nigerian National Petroleum Company Limited (NNPCL)has said it has resolved the fuel scarcity in Lagos.
It attributed the cause of the scarcity to… Read more
Nigeria Loses $15bn Daily To Oil Under-Production – PETAN
The Petroleum Technology Association of Nigeria (PETAN) has raised the alarm that Nigeria has been losing about $15 billion daily to oil under production.
It explained that the country is underproducing to the tune of at least 500,000 barrels per day, which he said was equivalent to $15 billion… Read more
UBA Unveils Complaints Resolution Portal To Assist Customers
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has unveiled a Quick Response solution code, qrdispute.ubagroup.com:8088 called the ‘Scan to Resolve Complaint’ portal with code aimed at enhancing satisfaction and swiftly addressing customers’ disputes.
The first of its kind innovative platform marks another significant step by the bank… Read more
AfDB: Nigeria’s Debt To Gdp Ratio Still Sustainable
The Vice-President Governance and Knowledge Management, African Development Bank, AfDB, Kevin Urama, has called for calm over Nigeria’s debt status, saying that the debt to GDP ratio is still sustainable.
Speaking on Thursday at a virtual pre-media conference to herald the… Read more
Power: Tariff Increase To Cut 52% In Monthly Subsidy
Twenty four hours after the Nigerian Electricity Regulatory Commission (NERC) announced a 300 per cent upward tariff adjustment, a new electricity industry data has shown that the reviewed tariffs could deliver a 52 per cent cut in monthly subsidy expenses.
The document cited by New Telegraph yesterday revealed that the new development would… Read more
Binance Executive In Court Over Alleged Tax Evasion
One of the two detained Chief Executive Officers of Binance, Tigran Gambaryan and the fleeing Nadeem Anjarwalla has been arraigned by the Federal Government alongside the cryptocurrency organization on allegations bordering on tax evasion.
The Nigerian Governmenthas dragged Binance Holding Limited and its two executives… Read more
Nigeria To Earn More As Oil Rises Above Budget Benchmark
Revenue from crude oil has been boosted with the current rise in international prices. The West Texas Intermediate contract for May delivery gained 72 cents, or 0.85 per cent, to trade at $85.87 a barrel while the Brent contract for June delivery added 77 cents, or 0.87 per cent, to sell at$89.69.
The National Assembly had passed a N28.7 trillion budget of 2024 on a benchmark of oil price at… Read more
Food Security: FG Collaborates With Stakeholders To Achieve Projections
In response to the declaration of emergency on food and water by President Bola Ahmed Tinubu in line with the food security pillar of the renewed hope agenda, the Federal Ministry of Agriculture and Food Security has disclosed that the ministry is promoting collaborations across the board with all stakeholders on food security.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, stated… Read more
Singapore, China Flood Nigerian Ports With N13.6trn Used Vehicles
Singapore, China and the United States are among the 10 top countries that flooded Nigerian ports with N13.6 trillion worth of vehicles in the last quarter of 2023. Findings from National Bureau of Statistics (NBS) revealed that Lagos Port alone received the highest imports valued at N10.83 trillion or 76.77 per cent of total imports.
This was followed by Tin Can Island Port which accounted for goods worth N1.18 trillion or 8.37 per cent, port and… Read more
FG In Talks With INTERPOL Over Binance Executives’ Extradition
Discussions have been in top gear between the Federal Government (FG) and the International Criminal Police Organisation (INTERPOL) to facilitate the extradition of Nadeem Anjarwalla, a Binance chief who escaped from detention on March 22.
New Telegraph recalls that security agencies had in February arrested Anjarwalla and Tigran… Read more
Binance Executives To Be Charged For Money Laundering
New Telegraph reports that Gambaryan and Anjarwalla, who fled the country… Read more
FIRS, Others Receive N144.87bn As Collection Cost
The Federal Inland Revenue Service (FIRS) and other key revenue-generating agencies of the Federal Government, such as the Nigeria Customs Service (NCS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)- formerly Department of Petroleum Resources (DPR)-received a total of N144.87 billion as revenue collection cost from the Federation Account Allocation Committee (FAAC) in the first two months of this year, Federation Account Allocation Committee (FAAC) meetings’ communiqués for the period, show.
The amount is N68.26 billion or 89.09 per cent higher than the… Read more
Forbes Names Arnault Richest Person Globally With $233bn
French billionaire and Chairman/CEO of LVMH Moët Hennessy – Louis Vuitton, the world’s leading luxury products group, Bernard Arnault & Family, has been named the world’s richest person by Forbes.
Arnault, who oversees the LVMH empire of 75 fashion and cosmetics brands, including Louis Vuitton and Sephora, tops the list that places electric… Read more
Power Service Disruption: Ikeja Electric Plc Alerts Customers To Load Restrictions
The management of Ikeja Electric Plc has raised the alarm that significant load restrictions across many of its transmission load centres are the cause of the current power service disruption its customers are encountering.
In a message to its customers on Tuesday, it apologized for the inconvenience…. Read more
Nigeria loses $10bn annually to foreign welders
Despite having one million welders, Nigeria is losing an estimated $10 billion annually in revenue by importing welders with international certification, displacing the country’s local service providers due to lack of acceptable accreditation.
The Minister of Innovation, Science and Technology, Geoffrey Nnaji, disclosed this while unveiling of the National Policy on Welding and… Read more
