Business Archives - Page 4 of 60

ExxonMobil Begins $1bn Usan Project To Boost Nigeria’s Oil Production

NewsDeskNgJul 9, 2026July 9, 20260

ExxonMobil deepwater investment will add 40,000 barrels daily, generate $1.2 billion revenue and revive drilling after decade-long inactivity nationwide. American energy giant, ExxonMobil, through its Nigerian affiliate, Esso Exploration and Production Nigeria Limited, on Wednesday announced the commencement of the on-block execution of the $1 billion Usan Infill Project in...

Volkswagen Faces Showdown Over Plan To Cut 100,000 Jobs, Shut Four German Plants

NewsDeskNgJul 9, 2026July 9, 20260

Volkswagen faces fierce union resistance as executives consider cutting 100,000 jobs and closing four German factories amid restructuring. Volkswagen is facing one of the most critical moments in its history as its supervisory board meets on Thursday to consider a sweeping restructuring proposal that could see up to 100,000 jobs...

Shettima, Okonjo-Iweala To Headline 2026 Delta Investment Summit

NewsDeskNgJul 8, 2026July 8, 20260

Delta State says investors from Brazil and China will join Shettima and Okonjo-Iweala to explore key investment opportunities The Delta State Government has said that 25 prospective investors from Brazil and a host of others from China have indicated interest in the forthcoming Delta State Investment and Economic Summit,Vice-President Kashim...

Oando Reports N204.8bn Profit 2025, Targets 50,000 Barrels Daily Output In 2026

NewsDeskNgJul 7, 2026July 7, 20260

Oando reports N204.8 billion profit as higher oil and gas production strengthens cash flow and supports ambitious 2026 growth plans. Oando Plc has reported a Profit After Tax (PAT) of N204.8 billion for the financial year ended December 31, 2025, as the indigenous energy company ramped up crude oil and...

Dangote Cement Plans 20% Emissions Cut, 80 Million-Tonne Capacity By 2030

NewsDeskNgJul 6, 2026July 6, 20260

Dangote Cement plans lower carbon emissions, higher production capacity and expanded exports under its Vision 2030 sustainability strategy across Africa. Dangote Cement Plc has unveiled a sustainability roadmap aimed at reducing its carbon emissions by 20 per cent and expanding its installed production capacity to 80 million tonnes per annum...

First Bank Failed To Meet MoU Obligations To GHL, Rules Supreme Court; Nigeria Lost $70M, Lawyer Says

NewsDeskNgJul 4, 2026July 4, 20260

Nigeria reportedly lost more than $70 million in crude oil revenue during the legal dispute between First Bank and General Hydrocarbons Limited. The Supreme Court has ruled that First Bank failed to fulfil its obligations under its Memorandum of Understanding (MoU) with General Hydrocarbons Limited (GHL), while ordering the immediate...

Cardoso To Banks: Deploy Recapitalisation Funds To SMEs, Agriculture, Infrastructure

NewsDeskNgJul 4, 2026July 4, 20260

CBN Governor Olayemi Cardoso urges banks to channel fresh capital into sectors that drive jobs and growth. Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has challenged banks to channel the fresh capital raised during the industry’s recently concluded recapitalisation exercise into productive sectors of the economy. Cardoso...

NNPC, Partners Begin Port Harcourt, Warri Refinery Evaluation Despite Public Backlash

NewsDeskNgJul 4, 2026July 4, 20260

NNPC says prospective partners have commenced due diligence for the Port Harcourt and Warri refineries at no cost to the company. In spite of sustained public criticism over plans to hand over the operations of the Port Harcourt and Warri refineries to private partners after close to $3 billion was...

Dangote Refinery Cuts Petrol Price to N1,075/Litre, Slashes Diesel, Jet Fuel Prices

NewsDeskNgJul 2, 2026July 2, 20260

Petrol now sells at ₦1,075 per litre ex-depot after Dangote Refinery’s fourth price reduction in one month. Dangote Petroleum Refinery & Petrochemicals has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), lowering the gantry price by ₦50 per litre to ₦1,075 per litre, its fourth price...

NNPC Remits N4.86tn To Federation In Five Months Despite Profit Dip

NewsDeskNgJul 2, 2026July 2, 20260

NNPC remits N4.86 trillion to Federation Account as stronger oil output offsets lower profits and declining May revenue. Nigerian National Petroleum Company Limited (NNPC) on Wednesday announced that it remitted a cumulative N4.858 trillion to the Federation Account as of the end of May 2026, representing a sharp 30.8 per...