BUSINESS - The Advocate

Navigation: Home > News > BUSINESS

Power generation hits peak at 5,377MW

The power sector has recorded a peak generation of 5,377 megawatts, the Transmission Company of Nigeria has said. It disclosed this in a tweet via its official Twitter handle and stated that the new record was achieved on August 1, 2020. TCN said the new record surpassed the previous peak generation...... more

SERAP drags Buhari, Malami to court over govt loans

Federal High Court, Abuja to order President Muhammadu Buhari to publish details of loans that have been obtained by the government since May 29, 2015. These will also including the interest rate, the total amount of debts that have so far been incurred by this government, as well as details of...... more

Viable X: Nigerian Commodity Trading Platform hits N100 million milestone in less than 2 months

The Agriculture commodity market gets a much-needed bolster it needs with the on-boarding of over 6,000 farmers across Nigeria on Viable X, a revolutionary agribusiness platform that seeks to achieve financial inclusivity and economic growth through the sector. This comes just as the Federal Government unveils a new sectorial policy campaign...... more

Viable X: Raising Millionaires through Agribusiness

As the effects of the global pandemic known as coronavirus continue to hit hard on the world economy, a young Nigerian has proffered a better way forward to salvage the situation and get the ailing economy running again. Adama J Adama is currently making a bold statement with his Viable X,...... more

Bread price increase looms as wheat cost rises 33%

The price of Nigerian grown wheat has risen by 33 per cent due to the low production volumes of the product. The rise in the cost of wheat may lead to increase in the prices of bread and other pastries. Wheat is the major raw material for flour used in baking. It...... more

First Electric Car Manufactured in Nigeria, taken on 300km Test Drive from Lagos To Benin

A Nigerian company has finally made the country proud by manufacturing the country's first electric car. An indigenous company called JET Motor Company has manufactured the nation’s first electric vehicle called JET EV. According to Naija Stories on Twitter on Wednesday, July 22, the prototype of the machine was taken...... more

Umuchinemere disburses N519m loans in 6mths

In spite of the challenges induced by the COVID-19 pandemic, Umuchinemere Pro-credit Micro Finance Bank (UPMFB) disbursed N518.8 million loans to empower a total of 2,356 active poor in Enugu State in the first half of the year (H1’2020). A breakdown of the gender distribution of the beneficiaries shows that 1,007...... more

Peace Mass Transit resumes, with only 50% carriage at no extra cost to commuters

Peace Mass Transit (PMT) Limited, is gearing up for resumption of operations on July 1st, 2020, following the relaxation of interstate lockdown announced by the Federal Government on Monday. The company was the first to suspend operations early March at the escalation of the Covid-19 pandemic across the globe, and consequent...... more

Innoson confirms winning 11 oil wells in Sierra Leone

IVM Innoson Group of Companies has confirmed the award of 11 offshore oil wells to the newest member of the conglomerate, Innoson Oil & Gas Limited, by the government of Sierra Leone during a highly competitive bid process that featured other companies from different countries, including Nigeria. A close aide of...... more

Jaiz bank sells forex to SMEs

Jaiz Bank Plc, has resumed selling of foreign exchange to operators of Small and Middle Enterprises (SMEs) to open up businesses and boost the nation’s economy amidst the Covid-19 pandemic. The bank noted that “while the pandemic is being fought with lockdown and economies are opening up, we are committed to...... more

IMF may approve Nigeria’s $3.4bn loan today

There are indications that the Executive Board of the International Monetary Fund may approve the $3.4bn loan sought by Nigeria on Tuesday (today). Although the Minister of Finance, Budget and National Planning, Zainab Ahmed, had on April 6, while announcing that Nigeria had applied for the loan, said the funds were...... more

Suspected killer of Funke Olakunrin, two others test positive for COVID-19

Ondo State has reported three new positive cases of coronavirus (COVID-19), bringing the total number of infections in the state to seven. The state governor, Oluwarotimi Akeredolu, announced this in a series of tweets on Sunday. He disclosed that one of the new cases was one a suspect arraigned in a...... more

Electricity tariff to increase on Wednesday

Nigerians will from Wednesday, April 1, 2020, pay more for electricity. The Nigerian Electricity Regulatory Commission had disclosed this in its December 2019 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the Year 2020. However, investigations revealed that the decision to increase tariff had not yet been...... more

COVID-19: CBN suspends cheques clearing instruments

The Central Bank of Nigeria on Monday suspended indefinitely, the clearing of cheques instruments in the Nigerian clearing system The apex bank said this in a circular released on Monday to all Deposit Money Banks and the Nigeria InterBank Settlement System. The circular with reference number BKS/DIR/GEN/ClR/O7/002 was signed by the...... more

Tragedy: Anambra Mopol commander, wife die in auto crash, son, daughter survive

The Commander of Onitsha MOPOL 54 in Anambra State, Abdulahi Ibrahim, an Assistant Commissioner of Police and his wife have died in an auto crash. The two died on Friday at Okene bypass in Kogi State. Their daughter and son however survived the crash, and were rushed to the hospital where...... more

COVID-19: UK returnee staff of Fidelity Bank tests positive

Fidelity Bank on Thursday revealed that one of its staff who returned from a holiday in the United Kingdom has tested positive for coronavirus. The bank noted that the individual had embarked on self-isolation upon his arrival in the country in line with its policy that mandates staff/family members who have...... more

CBN devalues naira as analysts appraise market situation

As the Coronavirus, COVID-19, pandemic continues to take a toll on the Nigerian economy, the Central Bank of Nigeria, CBN, has technically devalued the naira to reflect market conditions as analysts and market operators said they are not surprised. Information gathered from Investor/Exporter, I&E, window revealed that though the closing price...... more

Bill to ban plastics production in Nigeria ready soon

THE National Assembly and the federal ministry of environment are putting the finishing touches to a bill meant to prohibit the production of plastics, which pollute the environment. Senator Tolulope Odebiyi, member of the Senate Committee on Marine Transport, disclosed this in Lagos at the launch of the Maritime Action Plan...... more

Dangote invests N63bn in Enugu-based automaker, buys 3,500 trucks

Dangote Group has entered into a long-term agreement with an Enugu-based automaker, Transit Support Services Limited, for the supply of Shacman trucks being assembled at the Anambra Motor Manufacturing Company Limited’s factory in Emene, Enugu. Already, the group has purchased 3,500 trucks from the automaker worth N63bn, according to the Managing...... more

Nigerians spent N509.8bn on imported used vehicles in nine months

Within a nine-month period covering January to September this year, Nigerians spent about N509.8bn importing used vehicles into the country. The figure was arrived at based on an analysis of the foreign trade in good statistics obtained from the National Bureau of Statistics. The cars were imported into Nigeria from the...... more

Tony Elumelu entrepreneurship programme gets $5m AfDB grant

The board of directors of the African Development Bank has approved a grant of $5m to enable the Tony Elumelu Foundation entrepreneurship programme to scale up its outreach and impact to 1,000 select youth entrepreneurs. The grant followed the signing of a letter of intent between the bank and the Tony...... more

Atiku reacts to Sowore’s rearrest, says Nigeria under tyranny

Former Vice President of Nigeria, Atiku Abubakar on Friday said the invasion of the Federal High Court, Abuja, to arrest Sahara Reporters publisher, Omoyele Sowore, was a violation of democratic norms. “Nigeria is not a dictatorship,” Atiku tweeted. “We are a democracy, no matter how inconvenient this fact is to the...... more

How to apply for Central Bank of Nigeria N10,000,000 Collateral-free Loan for small businesses

The Central Bank of Nigeria is giving collateral free loans of up to N10,000,000 (Ten million Naira) to small businesses in a scheme called; Agric-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS) Introduction The Scheme supports governments policy measures for the promotion of agricultural businesses, micro, small and medium enterprises (MSMEs) as...... more

President Buhari wants Attorney-General’s approval of businesses in new request

President Muhammadu Buhari has written to the Nigeria Senate seeking an amendment to the Companies and Allied Matters Act, 1990 to preserve the powers of the Attorney-General’s approval of business registration. President of the Senate, Dr Ahmad Ibrahim Lawan reading the executive communication on Thursday, added that the amendment of the...... more

El-Rufai kneels, begs Kogi people to forgive Yahaya Bello

Governor Nasir El-Rufai of Kaduna State on Thursday knelt before the people of Kogi State, asking them to forgive Governor Yahaya Bello for any wrong he had done. The Deputy Governor of Edo State, Philip Shaibu, also knelt down next to el-Rufai. However, Bello did not join them in kneeling down....... more

Trans-Saharan route: Abuja-Algiers road ready in three years —Fashola

Minister of Works and Housing, Mr. Babatunde Fashola, says the trans-Saharan roads linking Abuja with Algiers in Algeria will be completed in three years. Fashola said this during a joint inspection visit to the on-going Abuja-Keffi-Akwanga-Lafia-Markudi and the Abuja-Kaduna roads which are part of the trans-saharan roads. The inspection was part of...... more

IPMAN hails Gov. Ugwuanyi for lifting ban on its operations

The National leadership of Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended the Governor of Enugu State, Ifeanyi Ugwuanyi for rescinding the order banning the operations and activities of the association in the state The National President of IPMAN, Elder Chinedu Okoronkwo and the Secretary Alhaji Danladi, in a press...... more

PDP demands investigation of Balogun Market fire

The Peoples Democratic Party has called for immediate investigation on the cause of fire incident that ravaged parts of the Balogun Market in Lagos State. The party, in a statement issued by its National Publicity Secretary, Kola Ologbondiyan, made the call on Thursday in Abuja. Ologbondiyan also called for investigation on...... more

Goods worth millions of Naira destroyed in Balogun market fire

Commercial activities were paralysed in parts of Balogun market on Lagos Island on Tuesday when a Plaza near the market went up in flames. Investigation indicated that Brasas Plaza on Martins Street had an electrical fault on its fifth floor which led to the fire outbreak. Brasas Plaza, a five-storey building,...... more

Sowore rejects Apostle Suleman’s surety offer

The legal team of Sahara Reporters publisher, Omoyele Sowore, has rejected a possible offer by President, Omega Fire Ministries Worldwide, Apostle Johnson Suleman, to stand surety for the detained activist. Suleman had in a tweet on Monday expressed concerns that though Sowore had hurt many people in the past — including Suleman himself...... more