Business
US luxury retail group Saks Global, the parent company of Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, said Wednesday it had filed for bankruptcy. The group has struggled with a substantial debt load and said in a statement it initiated bankruptcy proceedings in the US Bankruptcy Court for the Southern District of Texas. Saks […]
Nigeria’s downstream petroleum sector has descended into what industry players describe as a full-blown price war following the decision by the Dangote Petroleum Refinery to slash the gantry price of Premium Motor Spirit (petrol). The move has triggered massive losses for fuel importers, depot owners, and retail marketers, even as the refinery itself admits it […]
The Central Bank of Nigeria, CBN, yesterday removed the limit on cash deposit and raised the weekly cash withdrawal limits across all channels to N500,000 from N100,000. The apex bank disclosed this in a circular to all banks titled, “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director, Financial Policy & Regulation Department. The circular […]
The Corporate Affairs Commission has warned the public against transacting business with about 15 unregistered companies operating with fake registration numbers across Nigeria. In a public notice on X, the CAC noted that the public must exercise caution when dealing with individuals or organisations using the listed names. The CAC publishes periodic compliance alerts, but […]
The Office of the Auditor-General of the Federation has accused the Central Bank of Nigeria, under the leadership of the former Governor, Godwin Emefiele, of re-circulating dirty and unfit banknotes valued at N29.77bn in violation of the apex bank’s own Clean Note Policy. The allegation is contained in the newly released Auditor-General’s Annual Report on […]
The EU on Monday cut its eurozone growth forecast for 2026 as risks from international trade and geopolitical tensions weigh on Europe’s economy. The European Commission expects the 20-country single currency area to grow by 1.2 per cent in 2026, down from a previous forecast of 1.4 per cent. The bloc’s executive said Europe’s “highly […]
The Dangote Petroleum Refinery has denied a viral video suggesting it is working with a company to distribute petrol through dispatch riders. The company informed our correspondent on Sunday that it has no connection to the video and is unaware of its origin. In the video, which circulated online on Sunday, a man attempting to […]
The World Bank, in a new report titled “The State of Social Safety Nets in Nigeria”, obtained on Tuesday, noted that the tiny allocation, which is a combined effect of all existing social protection programmes in the country, the bank warned, has reduced the national poverty headcount by just 0.4 percentage points. The country’s budgetary […]
The Chief Operating Officer, Seplat Energy, Samson Ezugworie, said this whilst giving a keynote at the Opening Ceremony of the 43rd Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition held in Lagos. The Seplat Energy COO, who spoke on the conference theme: ‘Revitalizing the Nigerian Petroleum Exploration and Production: Strategies for Energy […]
The Minister of Power, Adebayo Adelabu, has raised concerns over the shortage of trained technicians in Nigeria’s power sector, revealing that more than 400,000 meters recently imported into the country are yet to be installed due to a lack of qualified installers. Speaking at the ongoing Nigeria Energy Conference in Lagos, the minister said […]
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