Category Archives: Business News

MTN Group sees 1.4% quarterly drop in subscribers on falls in Nigeria, South Africa

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Republic of South Africa incorporated MTN Group reported that its consolidated subscriber base decreased by 1.4% quarter-on-quarter to 229.339 million in 22 countries across Africa and the Middle East for the period ended 31 March 2016, impacted by the disconnection of subscribers in Nigeria related to ‘the substantial subscriber registration process and compliance exercise’. MTN […]

No Need For Oil Freeze If Crude Oil Sells For $45 – OPEC Governor

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Speaking in Abu Dhabi on Monday, the governor said oil at $45 a barrel was not bad and that there would be no urgency to freeze output if crude remained at that price. “The price is $45, which is not so bad,” Widhyawan Prawiraatmadja told Reuters on the sidelines of an energy event in Abu Dhabi. If […]

State Needs U.S.$700 Million to Upgrade Refineries – Kachikwu

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The Minister of State for Petroleum, Ibe Kachikwu, said on Saturday that the Federal Government needed 700 million dollars to upgrade its refineries to produce at maximum capacities. Mr. Kachikwu, who is also the Group Managing Director of NNPC, disclosed this while speaking with journalists during the re-inauguration of the Port Harcourt/Bonny Crude Supply Line […]

Why Kachikwu Should Go – Oil Workers

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Lagos — The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu to resign his appointment for failing to address the challenges facing the oil and gas industry and causing untold hardship on the citizenry. NUPENG General-Secretary, Joseph Ogbebor, in a statement […]

Dangote pledges to assist Nigerian govt. turnaround economy

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Foremost industrialist and richest man in Africa, Aliko Dangote, has restated his commitment to assist the Federal Government in turning around and diversifying the country’s economy. He said this in Lagos on Friday where he was honoured as “Man of the Year 2015” by The Guardian Newspapers Limited. He said he was working hard with […]

Dangote Discloses Plan for Further Investment Expansion

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President of Dangote Group, Aliko Dangote, yesterday announced that plans were on in the company to intensify its investments in the private sector through the expansion of its existing capacity and increased stakes in fresh investments. Dangote who made the announcement at a dinner in his honour to mark his emergence as The Guardian Newspapers […]

Mitsubishi Motors shares crash again on fuel-cheat scandal

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Mitsubishi Motors suffered another rout Friday, capping a disastrous week that has seen its shares plunge more than 40 percent after the automaker’s shock admission that it cheated on fuel-efficiency tests. The news Wednesday that unnamed employees had made some of its cars seem more fuel-efficient than they were in reality has sent the firm […]

Arik Air indebtedness: FG gives two weeks for dispute resolution

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The Minister of State, Aviation, Sen. Hadi Sirika, has given two weeks to managements of all the aviation agencies and Arik Air to resolve all issues relating to indebtedness between them. This is contained in a statement issued by the Deputy Director, Press and Public Affairs, Ministry of Transportation, Mr James Odaudu, on Thursday in […]

DPR, IPMAN Move to Curtail Petrol Hoarding, Sales Racketeering

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Following the reaffirmation on Wednesday by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, that the scarcity of petrol in Nigeria will cease by next month, the Department of Petroleum Resources (DPR) and Independent Petroleum Marketers Association of Nigeria (IPMAN) have said that they will embark on comprehensive monitoring of the distribution and […]

U​.​S​.​ to offer Nigeria ‘technical assistance’ to solve fuel scarcity

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The U.S. Ambassador to the UN, Samantha Power, on Thursday promised that the U.S Embassy in Nigeria would offer technical assistance to help Nigeria solve its lingering challenge of fuel scarcity. Ms. Power made the promise on Thursday in Abuja while fielding questions from journalists during her visit to the minister of Foreign Affairs, Geoffrey […]