Business

Nigeria’s oldest aviation company, Aero Contractors, says travellers will pay a minimum of N80,000 for local flights this festive season. Speaking to journalists on Tuesday, Ado Sanusi, the airline’s managing director, said the ticket price would apply to all Aero’s routes. According to TheCable, Sanusi said through the gesture, billed to end in January next year, the company aims to give back to Nigerians and support them the during the Christmas season. As at 1:40 pm on Tuesday, Aero’s economy ticket to Abuja from Lagos was N99,643, while business class ticket stood at N189, 167. “We have understood the pains…

The Swiss cement and building materials manufacturers, Holcim, has announced its exit from Nigeria citing its strategy to streamline operations and focus on high-growth regions and sustainability. The company plans to sell its 83.8 per cent stake in Lafarge Africa Plc to China’s Huaxin Cement for $1billion. “Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81 per cent shareholding in Lafarge Africa PLC, at an equity value of $1billion on a 100 per cent basis. "The transaction is expected to close in 2025, subject to customary and regulatory approvals,” Holcim said in a statement. The…

Truth Social, the social media platform owned by President-elect Donald Trump, appears to be exploring a move into the crypto space. Trump Media & Technology Group filed a trademark application earlier this week for TruthFi, which it described as a cryptocurrency payment processing platform. The trademark application includes few specifics but lists numerous potential applications for TruthFi, including card payment processing services, asset management, custody service and trading in digital assets. It’s not clear how far along Trump Media is in evaluating a crypto payment service or whether the Trump-owned public company will ultimately launch such a platform. A move…

Fresh data from the Federal Inland Revenue Service (FIRS) reveals significant disparities between Value Added Tax (VAT) contributions and allocations across the South-East states of Nigeria in August 2024. Contributions vs Allocations: • Anambra State: Contributed ₦4.28 billion and received ₦6.66 billion. • Ebonyi State: Contributed ₦1.90 billion and was allocated ₦5.20 billion. • Enugu State: Contributed ₦1.08 billion and received ₦5.73 billion. • Abia State: Contributed ₦663.42 million and was allocated ₦5.43 billion. • Imo State: Contributed ₦235.41 million but benefited ₦6.01 billion in allocations. Redistribution Trends The South-East states collectively contributed ₦8.16 billion to the national VAT pool…

Bitcoin, the world’s biggest cryptocurrency by market cap, on Thursday, surged to $97,000 – making it just $3,000 away from reaching a record $100,000 in price. The leading cryptocurrency gained 4.77 percent over the past 24 hours and settled at $97,532, according to CoinMarketCap, a price-tracking website for crypto assets. TheCable observed that Bitcoin crossed $97,000 at 6:00 am (GMT+1) on Thursday. CoinMarketCap data showed that the cryptocurrency market capitalisation also increased to $3.32 trillion – gaining $259.5 billion within 24 hours. A breakdown of the market cap showed Bitcoin dominating at 58.1 percent. On the other hand, Ethereum, trading…

MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect. The South African pay-TV operator MultiChoice Group disclosed that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services from April to September this year. The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024, which were released on Tuesday. MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the…

In 2023, Nigerian states collectively generated a total of N57.42 billion in tax revenue from self-employed individuals, with Lagos leading significantly, according to TheCable. Here’s a breakdown of the top states and their earnings: 1.Lagos – N33.39 billion 2.Federal Capital Territory (FCT) – N2.87 billion 3.Benue – N2.33 billion 4.Ogun – N2.29 billion 5.Edo – N1.94 billion 6.Zamfara – N1.91 billion 7.Oyo – N1.09 billion 8.Ebonyi – N993.79 million 9.Bauchi – N980.33 million 10.Ondo – N858.35 million 11.Rivers – N858.07 million 12.Anambra – N804.04 million 13.Niger – N797.42 million 14.Kano – N745.68 million 15.Kebbi – N719.94 million 16.Ekiti – N586.32…

In a milestone celebration, Base Coat, the pioneering nail care brand founded by trailblazing entrepreneur Barrister Neya Kalu, marks five incredible years of redefining elegance and excellence in Nigeria’s beauty industry. Celebrating the five years of excellence, Neya Kalu noted that the brand got to accomplish its great status through a relentless commitment to beauty and artistry. She noted that Base Coat has established itself as a brand that doesn’t just follow trends, but creates them, and empowering clients to embrace their unique style. From the beginning, Barr. Neya Kalu said she envisioned Base Coat as a space where people…

The management of Dangote Refinery has announced that it is selling petrol at a reduced rate of N960 per liter for supply via ships and N990 per liter for supply via trucks. This statement was made by Anthony Chiejina, the refinery’s spokesperson, on Sunday. The announcement follows a dispute between Dangote and fuel marketers, with marketers claiming that imported petrol is priced lower than the refinery’s output. Responding to these claims, Chiejina clarified that the 650,000 barrel per day (bpd) refinery adjusted its pricing after the deregulation introduced by the national oil company, NNPC. Dangote Refinery noted that while NNPC…

Sunbet Sporting International Limited, a new and ambitious player in Africa’s fast-growing sports betting industry, has announced plans to launch in early 2025. Backed by the financial power of four prominent African billionaires, the platform aims to become Africa’s largest and most innovative sports betting service, seeking to transform how millions engage with sports across the continent. In a press briefing following a board meeting, Sunbet spokesperson Akin Adeshola Babatunde said the company’s substantial financial backing and skilled team would help it quickly scale and lead the market. “Our investors have played a crucial role in positioning Sunbet for success,”…