Business – Page 657 – Rise Africa

Capital Hotel posts N17.98bn revenue

26.05.2025

Capital Hotel Plc, owners of Abuja Continental Hotel, has reported a revenue of N17.98bn for the 2024 financial year, representing a 128 per cent increase from the N7.89bn recorded in 2023. This was disclosed by Non-Executive Director Abdulkadir Aminu, who presided over the company’s 44th Annual General Meeting held in Abuja on behalf of the...

Bank stocks surge amid FX, policy support

26.05.2025

The Nigerian equity market gained 64.11 per cent between July 2023 and June 2024, closing at 100,057.49 points, according to the recently published Fund Manager’s Report on the Nigerian Exchange Limited. The performance was supported by renewed participation from foreign portfolio and domestic investors, alongside strong corporate earnings. According to the report, the Industrial Goods...

Business

Customs earn N230bn revenue through unified system

26.05.2025

The Nigeria Customs Service, Ports & Terminal Multiservices Limited Command has stated that the Unified Customs Management System, also known as B’Odogwu, facilitated a total of N230bn as revenue at the command since its commencement in October 2024. In a statement on Sunday, the Area Controller of the Command, Tenny Daniyan, disclosed this during a...

Rice farmers lament as imports crash local industry

26.05.2025

Rice farmers have raised the alarm over the collapse of Nigeria’s rice industry, attributing the shutdown of local mills and mass job losses to cheap imports, insecurity, and lack of government support. The Chairman of the Competitive African Rice Forum Nigeria, Peter Dama, lamented the closure of processing facilities and their devastating impact on workers...

P’Harcourt refinery didn’t produce fuel before shutdown – Marketers

26.05.2025

The Independent Petroleum Marketers Association of Nigeria has said the Nigerian National Petroleum Company Limited had to shut down the Port Harcourt Refining Company to save its face. IPMAN said the facility’s shutdown is insignificant to the Nigerian petrol market, stressing that the plant did not produce petrol for about three months before its eventual...

Yikodeen secures $1.5m investment from Aruwa Capital

26.05.2025

Safety footwear manufacturer Yikodeen has secured a $1.5m investment from Aruwa Capital Management to expand its factory operations and scale production capacity. Chief Executive Officer of Yikodeen, Shamsideen Atunde, described the investment as a “vote of confidence” in the company’s manufacturing excellence, adding that the funds would be deployed to recommission its factory and boost...

Business

NNPCL, FIRST E&P support 180 schools with digital tools

26.05.2025

The NNPC Limited/FIRST Exploration & Petroleum Development Company Joint Venture, in collaboration with the Nigerian Content Development and Monitoring Board, has concluded a teacher training workshop for an education technology donation programme aimed at enhancing digital education in the Niger Delta. A statement by First E&P disclosed that the training, held at the NCDMB Complex...

Standard Chartered champions global wealth campaign

26.05.2025

Standard Chartered Bank Limited has launched its latest global wealth campaign, “Now’s Your Time for Wealth”, targeting its affluent client segment with a compelling call to action, the lender said Friday. The strategic marketing initiative underscores the bank’s commitment to growing its affluent business by connecting corporate, institutional, and high-net-worth clients to unique, sustainable growth...

Nigeria faces 50% skill gap in power sector – FG

26.05.2025

The Federal Government says it currently lacks half of the human capital required to efficiently run the country’s power sector, particularly in the growing renewable energy space. The Director-General of the National Power Training Institute of Nigeria, Ahmed Bolaji Nagode, disclosed this during the official launch of the Next Gen RESCO Programme, organised by the...

NEITI unveils climate accountability framework

26.05.2025

The Nigeria Extractive Industries Transparency Initiative has introduced a comprehensive Energy Transition and Climate Accountability Framework aimed at repositioning Nigeria’s extractive sector for climate-resilient governance and sustainable development. Unveiled at the statutory meeting of the NEITI National Stakeholders Working Group held in Umuahia, Abia State, the new framework aligns with Nigeria’s national Energy Transition Plan,...