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Author Archives: Business Hilights

Cabal now runs Nigerian ports, drives fraud to N30tn—Senate

Nigerian Senate

The Senate Joint Committee on Customs and Marine Transport investigative panel on Thursday made startling revelations on Thursday, indicating that some commercial banks, shipping firms, terminal operators have designed a cabal working with some officials of Customs and Nigeria Port Authority (NPA) to defraud the Federal Government. According to the Committee chairman, Senator Hope Uzodinma, the deals of the cabal ...

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Nigeria highest exporter of Sesame Seed to Japan, rakes in N13.03bn in 2016

NPEC 2

Statistics from the Japan External Trade Organisation (JETRO) released by the deputy commissioner, Chiharu Yamamura has disclosed that that in 2016, Japan imported 54,276 metric tonnes of Sesame seed valued at ¥6.329m (Japanese Yen) from Nigeria, meaning that Nigeria is the highest exporter of the product to Japan within the period. Current international price of sesame seed is put at ...

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NPA deepens CSR in Lagos, assures LSSTF management of support

NPA LSSTF 22

More public and private entities doing business in Lagos State have keyed into to the promotion of the activities of Lagos State Security Trust Fund (LSSTF) to raise deliveries of the trust fund in keeping Lagos safe for all. Latest in the deal is the Management of the Nigerian Ports Authority (NPA) who on Thursday, pledged support for the operations ...

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‘Adeosun’s doublespeak on FG’s borrowing plan, danger to economy, investors’

Kemi Adeosun

The confusion started Tuesday this week when during a conference, the vocal Minister of Finance, Mrs. Kemi Adeosun said the federal government has foregone all pending borrowing plans to stick to internally generated revenue (IGR) and oil sales against the backdrop of Nigeria’s rising debt profile. However, on Thursday, the same Minister reversed herself and said the country has no ...

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Kachukwu opens up, agrees falling oil price’ll hit 2017 budget bad

Ibe Kachikwu

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu on Thursday in Abuja, agreed that the combined forces of emerging crash in crude oil price to about $42.5 per barrel and the likelihood of Nigeria being forced to join other members of Organisation of Petroleum Exporting Countries (OPEC) in ongoing cut in oil production will definitely affect the 2017 national ...

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Etisalat Nigeria’s new name, 9Mobile may have come from ‘9ja4life’

Nnanna Etisalat

New website up before end of business today With the effective change of brand name from Etisalat Nigeria to 9Mobile, after a crucial management meeting in Lagos, on Thursday, a new website which its construction started yesterday may be up and running before the end of today, Friday. This was confided on Business Hilights by a top official of the ...

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Telecoms items may be the first to be delisted from 41 items on CBN’s forex ban

CBN Godwin-Emefiele

Barring any last minute change of plans, strong indication emerged on Thursday that the Central Bank of Nigeria (CBN) is considering delisting all telecoms items which fall under plants and machinery in the 41 items barred from flexible forex access of the apex banks window. A credible source at the bank confided in Business Hilights in an exclusive interview in ...

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Signs emerge that MMIA’ll be certified July 21 by ICAO

Lagos Airport

Barring any last minute hitch, the Murtala Muhammed International Airport (MMIA), Lagos would be certified on July 21 by the International Civil Aviation Organisation (ICAO), Western and Central Africa Region under its implementation of the Africa-Indian Ocean Plan Aerodrome Certification Project. Before now, no airport in Nigeria had been ICAO certified, a scenario experts said is a big minus for ...

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Recent rains frustrating target speed of work on Lagos-Badagry Expressway—CCECC

Ambode on working visit

More negative impacts of recent heavy rains that submerged parts of Lagos communities and flooded several highbrow major roads in the state have emerged. On Thursday, the contractors handling Lagos-Badagry Expressway and the Lagos Light Rail projects, Chinese Civil Engineering and Construction Corporation (CCECC), said the recent downpour had slowdown work. A senior official of the company, Mr. Izuchukwu Obioma, ...

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Seplat, other indigenous oil players spend over $10.4bn acquiring divested assets

Seplat petroleum

Leading drivers of Nigeria’s local content in oil and gas industry have given testimonies showing how their smartness in acquiring majority of divested infrastructures and assets by International Oil Companies (IOCs) lifted their enterprises. Business Hilights recalls that since a couple of years back, several IOCs including Chevron, Shell, Total, and Eni successfully disposed of stakes in some onshore and ...

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