The Manufacturers Association of Nigeria, MAN, has threatened industrial action and job cut over the increase in excise duty for sugary beverage and tobacco. According MAN, the increase duty puts the going concern of manufacturing companies at risk as businesses contemplate scaling down operations, factory closures and cutting of workforce. At a press conference on…
Only 260,000 consumers pay their electricity bill regularly in Kano, the Kano State Electric Distribution Company, KEDCO, told participants at a workshop in Kano. According to KEDCO on Tuesday, there were 600,000 consumers in its book, blaming corruption for the loss of huge revenue. DAILY COMMERCE Nigeria reports that KEDCO was among some electricity distribution…
Nigerians looking forward to improved electricity supply may continue to wait as the dismal nature of the power sector may not change any time soon, the Petroleum and Natural Gas Senior Staff Association of Nigeria stated on Thursday. PENGASSAN outlined several reasons why Nigeria’s power supply situation would not improve in the near future, stressing…
President of Dangote Group, Aliko Dangote and the CEO of Heirs Holdings, Tony Elumelu have both expressed confidence in NNPC Limited’s huge capacity to position itself as Africa’s biggest energy company. The two leading industrialists disclosed this at the NNPC Upstream Investment Management Services (NUIMS) Annual Value Assurance Review (AVAR) Session in Lagos State on…
The UK Supreme Court ruled on Wednesday that it was too late for Nigerian claimants to sue two Shell subsidiaries over a 2011 offshore oil spill they say had a devastating long-term impact on the coastal area where they live. The case was one of a series of legal battles Shell has been fighting in London…
As it tightens the regulatory noose on manufacturing sector to weed out producers of substandard products in the country, the National Agency for Food and Drug Administration and Control, NAFDAC, said 35 companies including drug producers in Kano State are facing various degrees of sanctions for sharp practices in the first quarter, Q1, of the…
The Dangote Refinery will be inaugurated by President Muhammadu Buhari on May 22, 2023, the special assistant to the president on digital communications, Bashir Ahmad, announced this in a tweet on Sunday. “Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in…
There were signs of recovery in the Nigerian private sector in April as the cash crisis eased, according to a report by Stanbic IBTC Bank of Nigeria. The report on its Purchasing Managers’ Index titled ‘Nigerian private sector returns to growth in April’, showed key findings that the easing of cash crisis supported renewed rise…
Notore Chemical Industries Plc, has posted group revenue of N4.1 billion for the First Quarter ended 30th April 2023. In a statement, the company’s Group Managing Director (GMD)/ Chief Executive Officer (CEO), Mr. Ohis Ohiwerei, said its production was impacted by gas-supply limitations while finance cost affected by an increase in the exchange rate…
Oil giant, ExxonMobil has reported $11.4 billion as first-quarter profits, up from $5.5 billion a year earlier, a Reuters report has said. The US energy firm said cost-cutting measures also contributed to its record that is more than double in the first three months of this year, helped by the increased demand for oil and…
