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Ogun manufacturers decry N350bn unsold inventory

16.11.2024
Manufacturers in Ogun State have decried the sluggish growth in the sector which has led to a stockpile of unsold finished goods valued at N350bn. This challenge, they say, is part of a broader crisis tied to soaring costs, forex scarcity, and infrastructural decay that has hobbled productivity in recent years. The Chairman of the...
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FX crisis halts SMEs’ expansion, operators lament

16.11.2024
Operators of Small and Medium Enterprises say that the goal of expanding their businesses is becoming less feasible due to the hostile economic environment, especially the foreign exchange crisis, which is hitting import-reliant industries particularly hard. Business expansion dreams look less likely for industry players as Nigeria’s Gross Domestic Product which grew by 3.19 per...
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Access Bank UK to acquire Mauritius lender

16.11.2024
Access Bank has entered into an agreement to acquire a majority stake in Afrasia Bank Limited, which is the fourth largest bank by total assets in the Republic of Mauritius which stood at $5.7bn as of half-year 2024. A corporate notice filed on the Nigerian Exchange Limited by the parent company of the bank, Access...
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Lagos to boost retail businesses with digitisation – Official

16.11.2024
The Lagos State Government has committed to expanding its support for retail businesses, highlighting several initiatives to drive sustainable growth, inclusivity, and infrastructural development through digitisation, among others. The Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, speaking at the African Retail Congress held recently in Lagos, underscored the role of retail in the...
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Nikon unveils new camera

15.11.2024
Nikon Incorporated has launched its Z6 III camera in Lagos, in a move highlighting its focus on the African market. In a statement, Nikon hailed the Z6 III as the “best hybrid camera,” combining high performance with multifunctional capabilities, appealing to both professional photographers and videographers. The Head of Sales and Strategy for the Middle...
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MultiChoice writes off $21m deposited in defunct Heritage Bank

15.11.2024
MultiChoice Group Limited has written off $21m deposited in Nigeria’s Heritage Bank following the financial institution’s liquidation earlier this year. This disclosure was contained in the company’s interim financial statements for the half-year ending September 30, 2024. The sum was classified as irrecoverable after the Central Bank of Nigeria revoked Heritage Bank’s operating licence, effectively...
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LG recognised at Korean National Day celebration

15.11.2024
LG Electronics has celebrated its recognition as a top 100 global company with its participation at the Korean National Day celebration in Abuja where it displayed its latest innovations. In a statement, LG said it was among four Korean companies recognised at a recent event held in Abuja by the South Korean Embassy where companies...
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Nigeria’s petrol imports surged in October – OPEC

15.11.2024
The volume of Premium Motor Spirit (petrol) imported into Nigeria surged in October, a report by the Organisation of the Petroleum Exporting Company says. This is despite the fact that the Dangote Petroleum Refinery started producing petrol in September this year. OPEC, in its Monthly Oil Market Report, said though petrol import still remains at...
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Firm to host local food festival

15.11.2024
A food brand, Firewood Rice Nigeria, has announced the debut of its local food festival aimed at preserving Nigeria’s culinary heritage, particularly jollof rice cooked over firewood. The Founder and Chief Executive Officer of Firewood Rice Nigeria, Chizoma Chikwueke, said the event, titled the “Firewood Jollof Festival,” will be held on November 30, 2024, according...
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I apologise for saying no heaven without tithe – Adeboye

04.10.2024
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has apologised for saying that Christians who don’t pay tithe might not make it to heaven. Adeboye who had previously said that paying tithe was one of the prerequisites for going to heaven, apologised for the comment while addressing his congregation Thursday...

Protesters storm Rivers electoral commission, insist election must hold

04.10.2024
Angry protesters on Friday stormed the office of the Rivers State Independent Electoral Commission, singing and chanting ‘Election must hold’. They defied the heavy rainfall spreading canopies, while singing and drumming, with one side of the road blocked. The protest came after the Rivers State governor stormed the RSIEC in the early hours of Friday...

Man who asked Tinubu to resign admitted in psychiatric hospital

04.10.2024
The Adamawa State Police Command has disclosed that the 30-year-old Abdullahi Mohammed who climbed a 33 kv high tension electricity pole in Mayo-Belwa last Friday has been admitted at the Yola Psychiatric hospital for mental examination. The Police Public Relations Officer of the command SP Suleiman Nguroje, told Arewa PUNCH on Friday in an exclusive...

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