Business

Naira loses further to dollar by 0.08%

By Lydia Ngwakwe Naira exchanged at N461.75 to the dollar at the Investors and Exporters window on Friday. The rate represented a further depreciation by 0.08 per cent, compared with the N461.40 which it exchanged to the dollar on Thursday. The open indicative rate closed at N461.33 to the dollar on Friday. An exchange rate […]

Business

PMS: IPMAN laments inability to source products

By Chimezie Anaso The Independent Petroleum Marketers Association of Nigeria (IPMAN), has said that the prevailing shortage in the supply of Premium Motor Spirit (PMS) in the Southeast may not end soon because of the challenges facing marketers in procuring products. Mr Chinedu Anyaso, Chairman of IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi […]

Business

India’s Adani firms lose $65bn in value

Most Adani Group shares fell sharply on Monday as the Indian conglomerate’s rebuttal of a US short seller’s criticism failed to pacify investors, deepening a market rout that has now led to losses of $65bn in the group’s stock values. Led by Asia’s richest man Gautam Adani, the Indian group has locked horns with Hindenburg […]

Business

Another Petrol price increase likely as NNPC hints on unsustainable subsidy

Group General Manager, Nigerian National Petroleum Corporation, Mele Kyari, on Thursday said the Federal Government subsidises Premium Motor Spirit with about N120bn ($263.25m) monthly. He said while the actual cost of importation and handling charges amounts to N234 per litre the government had been selling at N162 per litre therefore bearing the difference. Kyari spoke […]

Business

Modular Floating Dock on Course, Assures NIMASA, NPA

 Director-General of Nigerian Maritime Administration Safety Agency (NIMASA), Dr. Bashir Jamoh, has assured maritime stakeholders that the Agency’s modular floating dock is in the process of being deployed. Jamoh disclosed this during a visit to Managing Director of Nigerian Ports Authority (NPA) Hadiza Bala-Usman at the NPA headquarters, Marina, Lagos. Jamoh stated, “I am here […]