Autonomous foreign exchange market inflows hit $3.04bn

From Chinwendu Obienyi, AbujaDespite the uncertainty and currency pressures in the foreign exchange market, latest data from the Financial Market Dealers Quotation (FMDQ), a capital market holding company and financial market infrastructure (FMI) group in Nigeria, has revealed that total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced a significant rise, reaching a five-month high of $3.04 billion at the weekend.
The figure represents a 40.2 per cent increase mon

By Uche Usim and  Adewale Sanyaolu
To tackle challenges around petrol supply disruptions in Nigeria, the management of Pinnacle Oil and Gas FZE, yesterday, advised that Dangote Refinery allows a working pipeline products interconnection  and terminals near large demand areas in order to keep prices at market levels.
The Managing Director of the oil firm, Mr. Robert Dickerman, stated this while addressing misconceptions raised by Dangote Refinery, which had alleged the company’s i

By Chinelo Obogo
The National Association of Aircraft Pilots and Engineers (NAAPE) has raised concerns over the worrying state of Nigeria’s emergency response and rescue infrastructure and called on relevant stakeholders to take the necessary steps to close various gaps.
NAAPE’s position was necessitated by the recent crash of a Sikorsky SK76 helicopter with registration 5N-BQG, operated by East Wind Aviation that went down near Bonny Finima in the Atlantic Ocean in Port Harcourt, Ri

By Chinelo Obogo
Akwa Ibom, Bayelsa, Delta, Taraba are among the 14 states that would struggle to fund their 2023 budgets, pay salaries, pensions and gratuities without receiving funds from the Federal Account Allocation Committee (FAAC), a report has shown.
According to BudgIT, 14 out of  Nigeria’s 36 states rely on FAAC for at least 70 percent of their total revenue. For instance, the report shows Bayelsa’s  gross FAAC revenue for 2023 was N347,893,968,276.01 (Three hund

Stories by Chinelo Obogo    [email protected]
Four years after the Federal Government installed a Boeing 737NG aircraft simulator at the Nigerian College of Aviation Technology (NCAT), Zaria, the equipment is yet to be certified and as such has not been operational, Daily Sun can confirm.
Daily Sun had previously reported that the Boeing simulator, originally scheduled for delivery to Nigeria in December 2016, was delayed due to late payments from the Nigerian government. It was fin

By Seyi Babalola
Nigeria was plunged into darkness on Thursday after the country’s national power grid failed again.
Daily Sun reports that the bulk power supply was disrupted around 11:20am on Thursday.
This was confirmed on X by Nigeria National Grid via @NationalGridNg.
“BREAKING: Another Grid Setback Experienced,” the post reads.
This is the second time the grid has collapsed this week and the twelveth time in the last eleven months.
The development has stirred mixed reacti

By Chinenye AnuforoNewmark Group Limited, a Pan-African Communications and Public Relations company, has been recognized for its outstanding public relations work at the prestigious Africa Tech Alliance Forum 4.0 (AfriTech). The company was awarded the coveted PR Champion of Africa Award, highlighting its exceptional contributions to the continent’s dynamic  landscape.
AfriTech Awards is a prominent platform that recognizes and celebrates excellence in technology and innovation across

By Chinenye Anuforo
QNET, a  global direct selling company, highlighted the potential of financial inclusion and e-commerce to drive Africa’s economic growth during the Africa Tech Alliance Forum 4.0 (AfriTech) in Lagos.
The company also was honored with the prestigious Direct Selling Company of the Year award at the event.
AfriTech Awards is a prominent platform that recognizes and celebrates excellence in technology and innovation across Africa. The award recognizes QNET’s sig

From Adanna Nnamani, AbujaAs Nigeria faces growing challenges in boosting revenue collection, the fiscal deficit of the federal government has surged to N4.53 trillion in the second quarter of 2024, up from N3.88 trillion in the preceding quarter. The alarming rise in the deficit, experts note, reflects the widening gap between government spending and its income.The data, released in the Central Bank of Nigeria’s (CBN) economic report for the period under review, paints a worrying picture

By Adewale Sanyaolu
Nigeria, Libya and Angola have been tipped as countries to drive fresh $58 billion investments into the region’s oil and gas upstream sectors. The investment boom forecast formed major highlights  of discussions at the opening panel of the African Energy Week (AEW) 2024 conference, holding in Cape Town, South Africa, from November 4-8, 2024.
The event, themed “Making Energy Poverty History by 2030,” focused on the critical role African energy resources

Zenith Bank Plc has assured its customers of an enhanced banking experience following the successful completion of a comprehensive upgrade to its Information Technology (IT) infrastructure.
In a statement issued to the media, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dr. Adaora Umeoji, expressed sincere gratitude to the bank’s customers for their patience during the recent transition to a more robust and efficient operating system.
“We embarked on this signi

The management of Pinnacle Oil and Gas Limited has reacted to a story authored by Dangote Refinery wherein it suggested that the its facility in Lekki was being used to warehouse substandard petrol.
The company, in a statement, punctured Dangote’s claims, saying they were replete with inaccuracies and gaps.According to Pinnacle Oil and Gas, its Lekki terminal is a world-class refined products terminal with designs and approvals for over 1 billion litres of storage capacity, of which over 3

By Steve Agbota
The federal government has said that the blue economy sector promises a wealth of benefits for the growing youth population of Nigeria.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, stated this on Wednesday while speaking at the 2024 International Conference, titled, “Advancing Entrepreneurship Education and Practice for Sustainable Development in Africa,” organised by the Institute for Entrepreneurship and Development Studies (IFEDS), Obafemi Awolowo U

By Chinenye [email protected]
For better protection of Nigeria’s telecom infrastructure, which is an integral part of the national security architecture, the Nigerian Communications Commission (NCC) and the National Judicial Institute (NJI) have joined forces to bolster the legal framework buoying the nation’s digital transformation.In July, President Bola Tinubu issued a Presidential Order designating all telecommunications assets as Critical National Information Inf

By Chinenye AnuforoGlobacom has introduced its latest offering, the MyG bundle, specifically designed for young Nigerians.The innovative bundle provides affordable data, access to popular social media apps, and music streaming services.
To further engage the youth market, Glo is organising a series of MyG concerts in five major cities across Nigeria: Lagos, Port Harcourt, Benin, Ibadan, and Abuja. These events will feature performances by top music acts and DJs, offering a platform for young tal

By Chinenye AnuforoAs artificial intelligence (AI) continues its rapid evolution, Microsoft has said it is committed to responsible AI development and deployment.
Vasu Jakkal, Corporate Vice President of Security, Compliance, Identity and Management, recently highlighted the need for a reimagined approach to cybersecurity in light of the escalating threat landscape and the transformative power of AI.
To address these challenges, Microsoft launched the Secure Future Initiative (SFI), a multi-year

By Chinenye Anuforo 
Industry players and policymakers convened at the Nigerian Private Investment Forum (ngPIF) 2024 in Lagos to discuss strategies for expanding Nigeria’s internet infrastructure and accelerating digital transformation. The forum served as a platform to address critical issues such as digital equity, cybersecurity and the role of technology in driving economic growth.
Hosted by the Nigerian Network Operator Group (ngNOG) and the Internet Exchange Point of Nigeria (IX

The World Intellectual Property Organization (WIPO) Nigeria Office, in partnership with the Japan Patent Office, has launched the IP Labs 2.0 and IP for Green Innovation projects in Lagos. This significant initiative aims to foster innovation and sustainable development in Nigeria by empowering innovators, entrepreneurs, and startups with intellectual property (IP) tools and knowledge.
The launch event brought together a diverse group of stakeholders, including government officials, industry lea

By Chinenye AnuforoDurubata Limited, a software solutions provider, has unveiled Appmint, a comprehensive digital platform designed to streamline business operations and accelerate digital transformation across Africa.
As 46% of African businesses grapple with revenue declines due to economic pressures, Appmint emerges as a timely solution. This no-code, AI-powered platform is specifically tailored to support African startups and small businesses.
Durubata’s Chief Executive Officer, Jacob

By Uche Usim
In a fierce dispute that has captured the attention of the Nigerian oil industry, Dangote Refinery and Pinnacle Oil and Gas are currently trading accusations over allegations of substandard petrol production and supply.The conflict escalated as both companies issued statements defending their reputations, raising concerns about quality control and regulatory compliance in Nigeria’s fuel market.The clash not only threatens the credibility of the involved parties but also has br

By Seyi Babalola
Nigeria has once again been plunged into darkness when the national grid failed on Tuesday.
As of 1 pm, power generation was 2,711 megawatts, having previously peaked at 3,631 MW.
Earlier, power generation peaked at 3,934.77 MW around six o’clock in the morning.
However, between 2 pm and 3 pm, hourly generation dropped to 0.00 MW.
The Transmission Company of Nigeria confirmed that “the national grid experienced a partial disturbance at about 1:52 pm today, 5th Novemb

By Adewale SanyaoluThe Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has expressed deep concerns over the inadequate coverage of the nation’s gas pipeline network, urging an immediate reassessment of the situation due to its troubling implications for energy security.
Executive Director of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) at NMDPRA, Mr. Oluwole Adama, disclosed this at the OTL Africa Summit Week held in Lagos last week.Adama further l

By Uche usim
Access Holdings Plc, one of Africa’s leading financial institutions, has announced its unaudited results for the third quarter ended September 30, 2024. The financial results highlighted the group’s continued growth momentum, emphasising resilience and sustainable performance as the Group works to deliver solid returns for its shareholders.
Gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from N1.6 trillion in 2023 to N3.4 trillion in 2024. I

From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has reacted to the recent dip in sovereign debt servicing from 97% to 65% of government revenue, describing the shift as a sign of the nation’s economic revival.Speaking at the swearing-in ceremony of seven new ministers in Abuja on Monday, Tinubu declared war on looters, assuring that strategic efforts would be made to insulate the nation’s resources from pilferage. He also highlighted the critical role these officials will pl

By Uche Usim and Steve Agbota 
The Nigerian Shippers’ Council, on Sunday, announced that it had saved the nation’s economy over N40 billion in the past year. These savings stemmed from confirming the reasonableness of charges, party charters, fees, and other areas. The Council also aims to boost business investments in the maritime sector to reach $10 billion within the next five years.
The Executive Secretary of the Nigerian Shippers’ Council, Pius Akutah, revealed at a m

United Nigeria Airline (UNA), has signed a Memorandum of Understanding (MoU) with Cronos Aviation, an international charter airline based in Montreal, to establish an aircraft Maintenance Repair and Overhaul (MRO) facility in Nigeria.
During the signing of the MoU at the airline’s office in Lagos at the weekend, the chairman UNA, Prof. Obiora Okonkwo, said he joint venture will establish a state-of-the-art facility in Nigeria, which would be capable of servicing both UNA’s fleet and

Stakeholders in the pastoral farming sector are calling for both local and international support to overcome pressing economic challenges currently pushing them to the pit of desolation.Faced with volatile market prices, the impact of climate change and escalating feed costs, they are striving to protect their livelihoods and insulating their businesses from terrible financial risks. Emphasising the importance of strategic partnerships and resources, they seek to promote sustainability and resil

The Lagos Farm Fair an initiative of the British American Tobacco Nigeria Foundation (BATN), in collaboration with Stanbic IBTC Holdings, has taken a major step forward in the bid to establish a sustainable and thriving agricultural landscape in Lagos State.
The fair which held at the Police Grounds on Oba Akinjobi Way, GRA, Lagos, attracted participants ranging from experienced farmers and innovative agricultural startups to key industry stakeholders and interested members of the public.
This y

In a remarkable display of excellence, Mouka Foam, Nigeria’s trusted name in sleep, has secured three prestigious awards, reaffirming its leadership in the nation’s competitive bedding industry. Following accolades for innovation and product quality, Mouka’s achievements reflect its commitment to delivering unparalleled comfort and setting industry standards. With a reputation built on trust, quality, and customer satisfaction, Mouka remains the preferred choice for numerous ho

Heirs Energies, a leading integrated energy company in Africa, announces its participation in the prestigious African Energy Week (AEW) 2024, taking place from November 4-8 in Cape Town, South Africa. 
Osa Igiehon, CEO of Heirs Energies, will represent the company at this pivotal gathering of energy stakeholders across the continent and beyond.
AEW 2024, centered on the theme “Investment in African Energies: Energy Growth Through Enabling Environment,” brings together high-level