Business Archives - Page 24 of 39

Breaking Business

Court Orders Telecoms to Halt Disabling Subscribers’ Lines Over NIN

Bell News February 27, 2024 No Comments

In a significant development, trial judge Justice Ambrose Lewis-Allagoa granted an application for restraining orders filed by rights activist Olukoya Ogungbeje, temporarily halting telecom operators…

Business

Naira Devaluation Causes $3 Billion Loss in Dangote’s Wealth

Bell News February 26, 2024 No Comments

Aliko Dangote, Africa’s wealthiest individual, has experienced a significant decline in his fortune, losing approximately $3 billion in the past week due to the devaluation…

Breaking Business

Current Black Market Dollar to Naira Exchange Rate

Bell News February 25, 2024 No Comments

As of Saturday, February 24th, 2024, the black market (Aboki) exchange rate for the dollar to naira stands at N1750 for buying and N1765 for…

Breaking Business

Anambra Entrepreneur Michael Nzewi’s Company Sells i-Fitness Share for $12 Million

Bell News February 23, 2024 No Comments

Cardinal Stone, an independent multi-asset investment management firm based in Lagos and led by Anambra-born mogul Michael Nzewi, has finalized the sale of its majority…

Business Crime

EFCC Arrests 48 KWASU Students, 2 Others for Alleged Cybercrime

Bell News February 23, 2024 No Comments

Operatives of the Economic and Financial Crimes Commission (EFCC) in Ilorin Zonal Command have apprehended 48 students of Kwara State University (KWASU) and two Malete…

Breaking Business

Nigerian Lawmaker, Hon. Augustine Ike, Attributes Economic Hardship and Market Distortions to Dangote Group and Government Actions

Bell News February 23, 2024 No Comments

In an interview with the state-owned National Television Authority (NTA) on Thursday, February 22, Hon. Augustine Ike, a member of the Anambra State House of…

Lagos, Nigeria's bustling metropolis, is grappling with a severe fuel scarcity, leaving motorists stranded in endless queues at filling stations across the state. Despite the National Association of Road Transport Owners (NARTO) calling off its strike, the situation remains dire. The queues began forming on Tuesday, triggered by fears among Nigerians that premium motor spirit might become scarce following the now-suspended NARTO strike. This panic buying frenzy intensified on Tuesday and Wednesday, exacerbated by the tanker drivers' refusal to lift fuel, which subsequently depleted the supply at filling stations, including those operated by independent marketers. Major areas of Lagos, such as the Alausa axis, witnessed long queues at filling stations like Mobil, Total, and Conoil. Even Nigerian National Petroleum Company Limited stations in Ogunnusi, Ojodu-Berger, and Ikorodu Road faced similar queues, alongside Bovas stations. In Isolo, the scarcity was palpable as stations like Apata Roundabout and Total near Isolo General Hospital remained shut, with no fuel available. NPOG filling station at Ishaga had run out of fuel for three consecutive days. The situation was no different at NNPC and Mobil stations at the College Bus Stop. Only Quest fuel station along Asuani Road managed to dispense fuel, albeit with a long queue of vehicles and customers willing to pay N640 per liter. Gbagada Road also faced fuel scarcity, with NorthWest station selling at N610 per liter, while Eternal station at Gbagada Bus Stop remained closed. In Ikotun, a visit to an NNPC filling station revealed no fuel available, while God's Decision station along Governor Road witnessed long queues on Wednesday. The scarcity has left Lagosians frustrated and disillusioned. Many took to social media platforms to express their grievances, lamenting the inconvenience and hardship caused by the fuel crisis. Some even resorted to trekking long distances due to the unavailability of fuel for their vehicles. Despite assurances from the Vice National President of the Independent Petroleum Marketers, Hammed Fashola, that the situation would normalize by Monday, the effects of the scarcity continue to be felt across the state. The scarcity has disrupted daily routines, with commuters stranded and motorists forced to navigate through the chaos. In the scorching heat of Lagos, the search for fuel has become an arduous task, leaving many questioning the sustainability of Nigeria's energy policies and infrastructure. As the queues persist and frustrations mount, the people of Lagos can only hope for a swift resolution to this crisis, praying for relief from the turmoil that has gripped their city.

Breaking Business

Fuel Scarcity Hits Lagos Hard, Motorists Endure Long Queues

Bell News February 22, 2024 No Comments

Lagos, Nigeria’s bustling metropolis, is grappling with a severe fuel scarcity, leaving motorists stranded in endless queues at filling stations across the state. Despite the…

Breaking Business

Presidency Confirms Ban on Binance, AbokiFx, and Other Forex Platforms

Bell News February 22, 2024 No Comments

The Presidency has officially acknowledged the ban on various online cryptocurrency and Foreign Exchange (Forex) platforms operating within Nigeria. Tope Fasua, the Special Adviser to…

Breaking Business

Anambra Celebrates as High Chief Dr. Christopher Ndubuisi Receives Sun Newspaper’s Investor of the Year Award

Bell News February 21, 2024 No Comments

There is jubilation in Anambra State as one of its distinguished sons, business magnate, and philanthropist, High Chief Dr. Christopher Ndubuisi, also known as Ikenga…

Breaking Business

CBN Increases Exchange Rate for Cargo Clearance to N1,605 Per Dollar

Bell News February 21, 2024 No Comments

The Central Bank of Nigeria (CBN) has announced an adjustment in the exchange rate for cargo clearance to N1,605 per dollar. This decision comes amidst…