Category: Business
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Coca-Cola Challenges FCCPC N186M Fine in Court
Coca-Cola Nigeria Limited has mounted a legal challenge against a N186,666,666.67 fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC), citing a detailed 15-point argument contesting the regulatory penalty. The dispute stems from allegations of misleading marketing practices involving Coca-Cola’s Original Taste and Less Sugar drink variants. The FCCPC accused Coca-Cola and its…
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NCAA to Sanction Airlines Over Delayed Ticket Refunds
The Nigerian Civil Aviation Authority (NCAA) has announced it will enforce strict penalties against airlines failing to process ticket refunds within prescribed timelines. Michael Achimugu, NCAA’s director of public affairs and consumer protection, made it known that ticket refund compliance is a critical priority for the agency. Under the NCAA Regulations of 2023, airlines must…
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Nigeria, Saudi Arabia Open Talks on Iron Ore and Steel Partnership
Nigeria and Saudi Arabia have established partnership to extract and process iron ore, heralding a step towards Nigeria’s industrial development. The agreement emerged from high-level discussions between Dele Alake, minister of solid minerals development, and Khalid Al-Musdaifer, Saudi Arabia’s deputy minister of minerals and energy. In line with President Bola Tinubu’s Renewed Hope agenda, the…
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Nigeria Sees Sharp Decline in Company Income Tax
The National Bureau of Statistics (NBS) reports that Nigeria’s federal government collected N1.77 trillion in company income tax (CIT) during the third quarter of 2024, a significant 28.2 percent decrease from the previous quarter’s N2.47 trillion. The breakdown reveals local payments at N920.91 billion and foreign CIT contributions at N852.29 billion. Despite the quarterly drop,…
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Elon Musk’s xAI Secures $6 Billion in Series B Funding
Elon Musk’s artificial intelligence company, xAI, has successfully completed a Series B funding round, raising $6 billion from prominent investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, and Sequoia Capital. The investment signals a milestone in the company’s mission to develop advanced AI systems that prioritize truthfulness, competence, and human benefit. The newly acquired…
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FCCPC Investigation Costs Air Peace International Slot, Airline Claims
Air Peace Airline has alleged that it has lost an international slot due to the ongoing investigation by the Federal Competition and Consumer Protection Commission (FCCPC). At a press conference on Friday, Oluwatoyin Olajide, the airline’s Chief Operating Officer, revealed that a country they had been applying to for an airline slot had rejected their…
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Naira Continues Rapid Gain Against the Dollar as Rate Drops to N1,535
The Nigerian naira has experienced a remarkable appreciation, closing at N1,535 to the dollar on Friday, December 6, 2024, in an unprecedented market transformation driven by the Central Bank of Nigeria’s Enhanced Foreign Exchange Market System (EFEMS). The trading day revealed extraordinary market dynamics, with an intra-day high of N1,575 and a low of N1,510,…
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Port Harcourt Refinery Sells First Fuel Oil Cargo to Dubai Trader
The Port Harcourt refinery has made its first significant export, selling a Low Sulphur Straight Run Fuel oil (LSSR) cargo to Dubai-based Gulf Transport & Trading Limited (GTT), according to a detailed report by Kpler, a data intelligence company tracking energy markets. “The LSSR was produced from the 60,000 bpd section of the refurbished Port…
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Nigeria Logs N5.81trn Trade Surplus in Q3 2024
The National Bureau of Statistics (NBS) has reported a trade surplus for Nigeria in the third quarter of 2024, with exports outweighing imports and signaling a positive economic momentum. The bureau’s report reveals that Nigeria’s total merchandise trade reached N35.16 trillion, marking an impressive 81.35% increase compared to the same period in 2023. Exports totaled…
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BoI, AGF Sign $50m Deal to Empower Women Entrepreneurs and MSMEs
The Bank of Industry (BoI) has signed a $50 million portfolio guarantee agreement with the African Guarantee Fund (AGF), aimed at revolutionizing access to finance for women entrepreneurs, Micro, Small, and Medium Enterprises (MSMEs), and green businesses across Nigeria. The agreement which was signed on Thursday at the Africa Investment Forum (AIF) in Rabat, Morocco…