Category: Business

CBN Lifts Forex Access Ban On Rice, Cement, 41 Others +LIST

ADEOLA YUSUF

The Central Bank of Nigeria (CBN), has lifted the ban on 43 items previously restricted from accessing foreign exchange (forex) from the investor’s and exporters’ (I&E) window. The CBN had initially in 2015 restricted 41 items from accessing FX from the I&E window, the country’s official market. The CBN in a statement today (Thursday) said importers of the items are now allowed to purchase foreign exchange in the official market. Here’s the full list of the 43 items. ▪︎ Rice ▪ Cement ▪︎ Margarine ▪︎ Palm kernel/palm oil products/vegetable oils…

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Why ExxonMobil’s $1.6 Bn Asset Sale To Seplat Hit The Rock – NUPRC

ADEOLA YUSUF

The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has declared that the $1.6 billion asset sale deal between ExxonMobil and Seplat failed in 2022 because Exxon “did not route the transaction” in line with the provisions of its joint operating agreement. Platforms Africa broke the news of the NNPC disappeoval of the deal in an exclusive story in 2022. READ ALSO: EXCLUSIVE: Buhari Declines Ministerial Consent For ExxonMobil $1.6bn Assets’ Sale To Seplat EXCLUSIVE: NNPC Cancels ExxonMobil $1.6bn Assets’ Sale To Seplat Nigerians In Canada…

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Elon Musk’s Starlink Partners With Jumia To Expand Services In Africa

ADEOLA YUSUF

Nigeria became the first African country to receive Starlink services     Elon Musk’s SpaceX has announced a partnership with African e-commerce company Jumia to expand broadband internet in Africa, Jumia’s chief commercial officer said in an interview, according to Bloomberg. The e-commerce company will sell Starlink satellite terminals in 11 select African nations, expected to begin with Nigeria in the next few weeks. In January, Nigeria became the first African country to receive Starlink services. READ ALSO: Tiktok Saga: Osimhen Breaks Silence, Thanks Nigerians, Others Meet Amos Dangut, Man…

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BUA Outsmarts Dangote, Slashes Cement Price To N3,500/Bag

ADEOLA YUSUF

Bua cement, on Sunday, announced the reduction of ex-factory price of a bag of cement from N5,500 to N3,500. In a statement by the management of the organisation, there would be further reduction in the price after the upon completion of the ongoing construction of its new plants. According to the statement that was made available to BUSINESSINSIDERNG, the completion of the new plant would increase the cement compan’s production volumes to 17million metric tonnes per annum. READ ALSO: BREAKING: 22 Year-Old Ilebaye Wins N120m BBNAIJA All Stars Prize BREAKING: US…

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CBN ‘Den of Malfeasance,’ Tinubu Lampoons Apex Bank in National Broadcast

ADEOLA YUSUF

Some “housecleanings” are underway at the Central Bank of Nigeria (CBN), the apex bank President Bola Tinubu described as the “den of malfeasance” during his October 1 national broadcast. Platforms Africa reports that the President made this unusual assertion during his 63rd anniversary broadcast to the nation, declaring inter alia, “I pledged a thorough housecleaning of the den of malfeasance the CBN had become. That housecleaning is well underway.” READ ALSO N25K Increment In Salary, Others; Key Points In Tinubu’s Oct 1 Speech Why, How I demanded Sex From Simi…

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NCDMB, Waltersmith Refinery,Partner On Graduate Retraining

ADEOLA YUSUF

A 12-month Nigerian Content NC-Remedial Training Programme for young university graduates kicked off on Friday in Port Harcourt, Rivers State, with 29 trainees expected to focus on general skill sets and specialised skill sets that would fit them for oil and gas industry operations. Organised by the Nigerian Content Development and Monitoring Board (NCDMB), in conjunction with Waltersmith Refining and Petrochemical Company Limited, the programme would introduce the participants to Entrepreneurship, Health Safety at Work, Information and Communication Technology (ICT), and Engineering Materials, under the general skill sets. These are…

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Nigeria Crashes Oil Contract Cycle To 180 Days, NCDMB, NNPC, IOCs Seal Deal

ADEOLA YUSUF

With the goal of quickly ramping up Nigeria’s flagging crude oil production, ensuring compliance with the provisions of the Nigerian Content Act, and timely approvals of documents, the Nigerian Content Development and Monitoring Board (NCDMB) on Monday in Abuja signed a Memorandum of Understanding (MoU) cum Service Level Agreement (SLA) with the Nigerian National Petroleum Company Ltd (NNPC Ltd) and five international oil-producing companies. The SLA was conceptualised by the NCDMB and is intended to optimize the contracting cycle in the oil and gas industry and spur the speedy development…

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N9k Per Bag Cement Price Hike Imminent – Producers

ADEOLA YUSUF

“It won’t be N5k anymore,” Cement Producers Association of Nigeria gives reason for looming 80% price hike   The Cement Producers Association of Nigeria has warned that the price of cement would be hiked to N9,000 per bag from the current price of N5,000. Platforms Africa reports that the group blamed this on the Nigerian governmecu’s plans to introduce concrete roads across the country. It also called on the current administration to permanently address the perennial cement price hike problem by facilitating larger participation in the cement industry, noting that…

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TotalEnergies Engages Six Schools In 2023 World Clean-Up Day

ADEOLA YUSUF

TotalEnergies Marketing Nigeria Plc said it had embarked on a series of activities in three states across Nigeria to mitigate the impact of climate change and safeguard the environment in commemoration of the World Clean Up Day. The activities included the planting of 114 trees and collection of 4706 kilograms of waste in three States namely Edo, Lagos, and Kano, as well as awareness creation on the journey towards a circular economy, the sensitization of communities on the need to protect the environment and ultimately, leave behind a sustainable world…

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Empowering The Future: BLOCKCHAIN BUK & BYBIT Partnership

ADEOLA YUSUF

A Digital Community’s Commitment to Blockchain and Cryptocurrency Education In a world marked by rapid technological advancements, the importance of understanding blockchain technology and cryptocurrency cannot be overstated. As these innovative concepts continue to reshape industries and economies, there is a growing need for accessible education and awareness. Recognizing this need, the partnership between BLOCKCHAIN BUK and BYBIT stands as a beacon of light, illuminating the path toward blockchain and crypto enlightenment. READ ALSO: Mohbad: Removing Brain, Lungs, Others for Test, What To Know About Autopsy Blood Spotted in Mohbad’s…

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