• Nigerian govt approves $2.59bn Badagry Seaport, to compete with Cotonou

    The Minister of Transportation, Mu’azu Sambo, has disclosed that the approval to develop the Badagry Seaport has been obtained during the Federal Executive Council (FEC). President Muhammadu Buhari, Vice President Yemi Osibajo, and the ministers under the administration had held their monthly FEC meeting on Wednesday, August 3, 2022, to discuss projects relating to the The post Nigerian govt approves $2.59bn Badagry Seaport, to compete with Cotonou appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • NGX: Sell-off in Fidelity Bank, Unity Bank, contributes to shareholders’ N16.7bn loss

    The Nigerian capital market slipped back to the bear territory following the dip in equity capitalization by -0.06 percent at the close of trading on Wednesday. After eight hours of trading on the floor of the capital market, the equity capitalization dropped by N16.7 billion from N27.30 trillion posted on Tuesday to N27.28 trillion today. The post NGX: Sell-off in Fidelity Bank, Unity Bank, contributes to shareholders’ N16.7bn loss appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Over N868bn NRC revenue at risk, as Nigerian govt adds more train routes to suspension list

    Nigerian government’s quarterly revenue generated from the train operation will take a hit in the third quarter of 2022, as the Nigeria Railway Corporation (NRC) suspends operation on the Lagos-Kano and Ajaokuta routes. The NRC had often generated above N868 billion in the third quarter for the past three years, posting N868.3 million in Q3 The post Over N868bn NRC revenue at risk, as Nigerian govt adds more train routes to suspension list appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Nigerian govt blames marketers for hike in petrol price

    The Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday revealed that the federal government was not responsible for the increase in the price of Premium Motor Spirit (PMS), otherwise known as petrol. According to Sylva, the marketers are responsible as the government still subsidises petrol, with provisions made for the next few months The post Nigerian govt blames marketers for hike in petrol price appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Shell blames oil theft for Nigeria’s economic woes

    Oil giant Shell Petroleum Development Company (SPDC) has blamed Nigeria’s economic woes, including the free fall of the naira value and high cost of living on unabated oil theft and assets vandalism. The Country Head, Corporate Relations of SPDC, Igo Weli, said this during an interaction with the media in Port Harcourt, Rivers State on The post Shell blames oil theft for Nigeria’s economic woes appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Tony Elumelu reshuffles UBA Board, appoints Oliver Alawuba as GMD

    United Bank for Africa (UBA) has appointed Oliver Alawuba as Group Managing Director. He will now oversee the operations of the firm in 20 countries, which includes the United Arab Emirates. Alawuba’s appointment comes as Kennedy Uzoka retired from the position after seven years in the role. Uzoka, according to UBA, will takeover another position The post Tony Elumelu reshuffles UBA Board, appoints Oliver Alawuba as GMD appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Preline Limited to acquire N17.5m Eterna stocks

    In October 2021, Preline Limited acquired a majority stake in Eterna, nine months later, the investment company is seeking to acquire another round of shares in the oil and gas firm. Preline Limited plans to purchase 1.3 million shares, worth N17.55 million from minority shareholders, according to Ripples Nigeria calculations, as part of their agreement The post Preline Limited to acquire N17.5m Eterna stocks appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Honeywell, Jaiz Bank lead Nigerian capital market’s N364.3bn recovery

    The equity capitalization in the Nigerian capital market rose to N27.30 trillion at the close of trading on Tuesday. The figure was N364.3 billion higher than the N26.93 trillion posted by the bourse on Monday. Similarly, the All-Share Index was up by 675.72 basis points or 1.35 percent to close at 50,626.04 as against the The post Honeywell, Jaiz Bank lead Nigerian capital market’s N364.3bn recovery appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Unending problems for Flutterwave, as Bank of Ghana probes Nigerian fintech firm

    Flutterwave continues to make headlines for bad reasons, as the Bank of Ghana has officially began to probe the African unicorn after several allegations from Nigerian and Kenyan market. Recall that Ripples Nigeria reported Access Bank discovered, through financial audit, that Flutterwave withheld N221.10 million belonging to the bank. The money was charges for Web The post Unending problems for Flutterwave, as Bank of Ghana probes Nigerian fintech firm appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

  • Abdulsamad Rabiu’s BUA Foods records drop in wheat, sugar sales for H1 2022

    BUA Foods generated N168.85 billion revenue from its household consumables in the first half of 2022, above the N151.73 billion grossed during the corresponding period in 2021. While the company’s revenue grew 11.2% year-on-year, turnover was slowed by its wheat and fortified sugar, as earnings from sales of the products declined during the review period. The post Abdulsamad Rabiu’s BUA Foods records drop in wheat, sugar sales for H1 2022 appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.