Business

Pioneering proficient services corporation, PwC has declared the appointment of Sam Abu as the Regional Senior Partner for the West Market Area and Country Senior Partner for PwC Nigeria, effective from 1 July 2023.Sam has joined the PwC Africa Leadership Team (ALT) with this designation. As an ALT member, he will contribute to defining and propelling the plan for Nigeria and the West Market Area, with emphasis on fostering reliance and delivering consistent outcomes for stakeholders in the region.Sam is situated in Lagos, Nigeria and brings an experience of over 23 years at PwC (Nigeria and the UK) to this fresh position, encompassing several years of auditing and counseling local and multinational clients across various sectors. He has undertaken several leadership roles within the com...

Dr. Juliet Ehimuan, a prominent African woman in the technology industry and a vital leader in Google's regional expansion, has announced her departure from the company.Ehimuan, a highly respected individual in the tech sector and a key figure in Google's African initiatives, shared her decision to leave via LinkedIn. She expressed her intention to pursue a broader role within the regional technology landscape. Her plans involve collaborating with corporate executives, global investors, African governments, and startup founders to drive growth, excellence, and digital transformation in the African tech ecosystem and the broader business environment.In recent times, Africa's technology ecosystem has attracted significant interest from global leaders. Just this month, prominent figures su...

 Nigeria achieved an additional minor increase with exports remaining resilient from pivotal streams, although its pumping rate is significantly less than the permissible limit under the Organization of Petroleum Exporting Countries (OPEC+) production reduction agreement.The OPEC oil production experienced a slight decline in June due to the rises in Nigeria and Iraq, which restricted the impact of cutbacks by other members, despite the broader OPEC+ deal and voluntary reductions by various participants to bolster the market, as indicated by a recent Reuters study.The organization produced 28.18 million barrels per day (bpd) in June, a decrease of 50,000 bpd compared to the revised figure of May.In May, the output plunged by 240,000 bpd as the most recent cut came into effect.The study ...

 Expanding on the overwhelming success of the initial edition of the Fidelity International Trade and Creative Connect (FITCC) in London, UK last November, prominent financial institution, Fidelity Bank Plc, has revealed plans to host the second edition of the trade expo in Houston, Texas in the United States of America.Dubbed FITCC Houston, the event will take place on Tuesday, 24th and Wednesday, 25th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010.Highlighting the crucial role FITCC plays in the bank’s export trade strategy, the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, emphasized that, “Fidelity Bank is highly committed to supporting export trade and consistently demonstrates this thr...

The African Export-Import Bank (Afreximbank) has awarded Aliko Dangote, the President of Dangote Group, with the 'Founder of the Year 2023' accolade for his $19 billion petrochemicals plant.During the award ceremony held in Ghana, Olakunle Alake, the Group Managing Director of Dangote Industries Limited, accepted the award on behalf of Aliko Dangote.Aliko Dangote, the President of Dangote Industries Limited, is a man of great ambition, and his newly opened petrochemicals plant is a testament to that. The impact of this refinery on Nigeria's economy will be significant.Spanning approximately 2,635 hectares in Ibeju-Lekki, Lagos, the Dangote Petroleum Refinery is Africa's largest refinery and the world's largest single-train 650,000 barrels per day petroleum refinery, equipped with a 900 ...

Rite Foods Limited, while participating in the celebration of Eid-el-Kabir this year with Muslims, urged them to always uphold Islamic principles and rejuvenate with its brands, renowned for their superior quality.The organization also urges Muslim believers in Nigeria and worldwide to consistently exhibit qualities that would lead to a peaceful and united country and a world where everyone lives in harmony, regardless of ethnic and religious differences.The festival of sacrifice, also known as Eid-al-Adha, commemorates the honored sacrifice of Holy Prophet Ibrahim when, in a dream, Allah commanded him to sacrifice his son Isma'il as an act of submission to Him. It is observed at the conclusion of the hajj pilgrimage to the Holy Land in Mecca by millions of Muslims.In light of this, Mr....

A stakeholder association has lauded President Bola Ahmed Tinubu's ongoing reforms in various sectors, particularly in the oil and gas industry. The association commended his "pragmatic and human-faced change approach," stating that it has helped reshape Nigeria into a nation that can be proud of among other countries.The Cooking Gas Consumers Association of Nigeria (CGCAN) expressed optimism that the ongoing reforms would eventually lead to positive outcomes. In a press statement, CGCAN emphasized the need for President Tinubu's urgent intervention in certain areas to achieve the desired transformation.CGCAN specifically highlighted issues in the gas sector that detract from the collective interests of Nigerians and impede the government's agenda. The association expressed concern abou...

In the month of May 2023, the equities market in Nigeria witnessed a total transaction of N322.92 billion. This surge was fueled by the return of foreign portfolio investors to Nigeria's stock market, with their stake increasing by a massive 338.72%.According to recently released data on domestic and foreign portfolio participation in Nigeria's equity trading, total transactions at the nation's bourse escalated by 68.88% from N191.21 billion in April 5, 2023, to N322.92 billion in May 2023.Comparing the performance of the current month to May 2022 (N607.45 billion), total transactions decreased by 46.84%.In May 2023, the total value of transactions undertaken by domestic investors surpassed transactions executed by foreign investors by approximately 76%.A detailed analysis of the total ...

Egbin Power Plc, Nigeria's electricity generation company, has declared a groundbreaking achievement of 1000MW power generation, marking a new pinnacle within a 2-year duration.The company's CEO, Mokhtar Bounour, disclosed this significant development, acknowledging the instrumental support and collaboration of industry operators and stakeholders.Bounour also praised the employees for their unwavering dedication to exceptional performance, which has consistently allowed the company to contribute significantly to the power sector."This remarkable milestone, achieved on Sunday, June 25, 2023, would not have been attainable without the backing of industry operators. It underscores the vital role that collaboration plays in advancing the power sector."At Egbin Power, we foster a culture of ...

According to Climate scope data, the countries possess nearly 100 gigawatts (GW) of coal power plant capacity and over 75 GW of coal capacity under construction or planned. To fulfill climate goals by 2030, a new report by the International Energy Agency (IEA) and International Finance Corporation (IFC) states that clean energy investments in Africa need to increase by over 500 percent from $32 billion.The report, titled Scaling Up Private Finance for Clean Energy in Emerging and Developing Economies (EDMEs), highlights the need for annual investment in the public and private sectors to upscale by 534 percent from the current average of $32 billion to $203 billion by 2030.“The energy world is progressing rapidly, but numerous countries around the globe face the risk of being left behind...