Category Archives: Business News

Shaving stick producers intensify battle for consumers’ patronage

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THE product segmentation and revolution taking place in the shaving stick and the shaving powder market has taken a toll on major manufacturers, forcing them to play to the mass market, particularly in the shaving stick segment. Investments by foreign companies with subsidiaries in Nigeria, the culture of growing beard, public hair shaving and population […]

NCC, CBN to sign MoU to curb electronic banking fraud

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The Nigerian Communications Commission, NCC, is set to sign a memorandum of understanding (MoU) on measures to curb electronic banking frauds through mobile phones and the internet. The Head of Zonal Operations Department in the NCC, Mrs. Helen Obi, disclosed this yesterday during the consumer conversation at Abuja. She said the collaboration between the two […]

Energy drinks producers battle consumers’ health concerns

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ENERGY drink producers are now positioning their products based on product innovation and repackaging at the backdrop of rising concern over consumers’ health. The health concern has to do with the sugar and alcohol content, as well as caffeine content, a chemical believed to be responsible for increased risk of heart disease due to the […]

Price increase slows to 15.9% in November — NBS

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Increase in prices of goods and services slowed for the tenth consecutive month to 15.9 percent  in November, the lowest in 18 months. The National Bureau of Statistics (NBS) disclosed this yesterday in its Consumer Price Index (CPI) report for November 2017. The report noted that high food prices and food price pressure persisted during […]

Nigeria spends N2.07trn on fuel import in 9 months

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NIGERIA spent N2.068 trillion on the importation of petroleum products within a nine-month period, from January to September 2017, rising by 14.32 per cent from N1.809 trillion recorded in the same period in 2016. According to data obtained from the National Bureau of Statistics’, NBS, Foreign Trade Statistics for Third Quarter 2017, of the total […]

Reps, Dangote Refinery to collaborate on local content

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THE House of Representatives Committee on Local Content said it is ready to collaborate with Dangote Refinery on the effective implementation of the Local Content Act in the country. FCILITY TOUR: From left: Chairman, House of Representatives Committee on Local Content, Hon. Emmanuel Ekon; President/CE, Dangote Industries Limited, Aliko Dangote; and House of Representatives Local […]

We will expand transformers’ capacity by 1,000mw before Jan 31 – TCN

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GREEN Energy International Limited, operator of the Otakikpo marginal field in Oil Mining Lease, OML, 11, has undertaken a medical outreach in its host communities in Andoni Local Government in Rivers States as part of its critical programme to improve the socio economic well-being of the communities. In a statement in Abuja, Green Energy stated […]

Green Bond: FG assures investors of proceeds management

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The Federal Government says it will encourage a high level of transparency in the management of proceeds of the N10.69bn Green Bond. It said it was recommended that an issuer’s management of proceeds be supplemented by the use of an auditor, or other third party, to verify the internal tracking method and the allocation of […]

Dangote, BUA in war of words over mining site

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The war of words between the Dangote Group and BUA Group continued on Sunday with the former accusing the latter of illegally mining limestone deposited in its Mining Lease No. 2541, located in the boundary town of Oguda/Ubo in Okene, Kogi State. However, BUA denied the claim and accused Dangote of attempting to disregard the […]

BUSINESSNaira’s depreciation to N365 per Dollar part of Forex market fluctuations – Gwadabe

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The President, Association of Bureaux De Change Operators of Nigeria, Mr. Aminu Gwadabe, has said Naira’s marginal depreciation by 0.55 per cent to close at N365on Friday was part of foreign exchange market fluctuations. This came despite the frequent interventions by the Central Bank of Nigeria. Speaking to business correspondents during the weekend, Gwadabe said, […]