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Ukrainian Invasion McDonald’s Set To Exit Russia

Ukrainian Invasion: McDonald’s Set To Exit Russia

May 17, 2022 5:48 am

American fast-food giant McDonald’s has concluded plans to exit the Russian market and sell its business in the increasingly isolated country, the company has disclosed.

Africa Daily News, New York reports that the company would now become the next on the list of many Western businesses have pulled out of Russia since its February invasion of Ukraine.

Earlier on Monday, French automaker Renault announced it had handed over its Russian assets to the government in Moscow, marking the first major nationalisation of the economic disentanglement.

McDonald’s in March closed all of its 850 restaurants in the country, where it says …

LPGC, Mobil, MTN, Others Declared Top Taxpayers In Nigeria

LPGC, Mobil, MTN, Others Declared Top Taxpayers In Nigeria

May 17, 2022 3:51 am

The Federal Inland Revenue Service (FIRS) has listed some firms in Nigeria who were the top-performing taxpayers in 2021.

It also commended them for their exceptional efforts in contributing towards generating N6.405 trillion revenue for the government to meet its social contract with the Nigerian citizens, despite the harsh economic conditions imposed by the COVID-19 pandemic.

The companies are; the Nigeria Liquified Petroleum Gas Company Ltd, which was recognized as the Most Supportive Taxpayer; while the Nigeria National Petroleum Company was listed as the Highest Taxpayer.

Others on the list of Top-Performing Taxpayers included Mobil Producing Limited, Star Deep Water …

Commodity Prices Will Remain High In Nigeria – World Bank

Commodity Prices Will Remain High In Nigeria – World Bank

May 16, 2022 5:11 am

The World Bank has disclosed that the war in Ukraine has dealt a major shock to commodity markets, which has altered global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024 in many countries of the world including Nigeria.

The World Bank said this in its latest Commodity Markets Outlook report.

According to a new report by the Washington-based bank titled, ‘Food and energy price shocks from Ukraine war could last for years,‘ the increase in energy prices over the past two years had been the …

Oilserv To Takeover Maintenance Of NNPC Pipelines

Oilserv To Takeover Maintenance Of NNPC Pipelines

May 15, 2022 12:26 pm

Oilserv Limited, an indigenous Engineering Procurement, and Contract (EPC) company has announced its plans to bid for all moribund Nigerian National Petroleum Company Ltd. (NNPC) pipeline distribution systems to ease products distribution chain.

The Group Chairman of Oilserv Ltd., Mr Emeka Okwuosa made it known to reporters on the sidelines of the just-concluded Offshore Technology Conference (OTC) in Houston, Texas, U.S.

He said that Frazimex Engineering Ltd., a subsidiary of Oilserv, had submitted a tender to NNPC in this regard.

Read Also: We’ll Deduct ₦242bn Fuel Subsidy From FAAC This Month –NNPC

Oilserv Group is the company handling the …

LAGFERRY Lauded For 2 Year Milestone

LAGFERRY Lauded For 2 Year Milestone

May 15, 2022 12:15 pm

Mr. Jimoh Wasiu, an ICT expert has openly lauded the Lagos Ferry Services Company (LAGFERRY) for transporting over 700,000 passengers since it started full waterways operations in February 2020 and completing a two-year milestone.

Wasiu gave the commendation during a two-day retreat with the theme: “Innovative Water Transportation for 21st century Economy” held in Lagos on Saturday.

He also gave full commendations to the ferry service for already having a fleet of 20 in two years of its operation.

Read Also: Revolution Plus Gives Out Lands To Lagos Marathon Winners

Wasiu urged Lagferry management to engage in continuous training of …

Bulgaria Moves To Replace Russian Gas Supply With US LNG

Bulgaria Moves To Replace Russian Gas Supply With US LNG

May 15, 2022 2:04 am

Bulgaria has concluded plans to start receiving supplies of US liquefied natural gas (LNG) at prices lower than Gazprom’s commencing from June, according to a deal struck between Prime Minister Kiril Petkov and US Vice President Kamala Harris, the government’s press service has disclosed. 

Deputy Minister of Economy Georgi Danailov stated that the two had been working on the idea of ​​alternative supplies of liquefied natural gas since February.

“This is the finalisation of the talks held during this period,” he told Nova TV in a program which was monitored by Africa Daily news, New York.

According to him, the …

Airtel’s CSR Initiative Receives Praises From Ogun State Govt

Airtel’s CSR Initiative Receives Praises From Ogun State Govt

May 14, 2022 11:38 am

Mrs Bamidele Abiodun, the wife of the Ogun State Governor has lauded Airtel Nigeria for assisting the underprivileged and physically challenged members of the society through its Corporate Social Responsibility (CSR) initiative.

Abiodun commended the telecommunications company in Lagos, during its premiere of the Season 6 ‘Airtel Touching Lives’, which is a philanthropic program sponsored by Airtel Nigeria.

 

She said that in the area of bridging the gap and providing access to quality education, training physically challenged children and helping the less privileged people in the society, Airtel had covered a lot of ground.

“I urge other organizations to

…
AfCFTA: Insurance Organisation Pledges Support

AfCFTA: Insurance Organisation Pledges Support

May 14, 2022 7:31 am

Tope Smart, the President of Africa Insurance Organisation (AIO), on Friday has announced that the organisation would advocate for integration of the African insurance industry in the implementation of Africa Continental Free Trade Area (AfCFTA).

Smart said this in a statement made available to newsmen in Lagos.According to him, AfCFTA is set to become the world’s largest free trade area with respect to the number of participating countries.

“AfCFTA is one of the flagship projects of the African Union’s 2063 Agenda, tagged: ‘”The Africa We Want”.

“We believe that AfCFTA could play a significant role in improving insurance services through

…
2023: Emefiele Strikes Off Suit Against INEC, Malami

Emefiele Reiterates Need For Africa To Finance Growth

May 13, 2022 6:54 am

Godwin Emefiele who is a presidential aspirant and also the Governor of the Central Bank of Nigeria (CBN), has opined that Africa needs to finance her own growth.

The CBN Governor made this clear at the Africa Finance Corporation (AFC) Live Infrastructure Solutions Summit held in Abuja on Thursday.

He said that over the past two years, Africa had suffered crises each with profound implications for the economies of the continent.

Read Also: Emefiele’s Continued Stay In Office Dangerous –Tambuwal

Emefiele who was represented by his Deputy and Board Chairman of AFC, Dr Kingsley Obiora, said the COVID-19 crisis with …

Access Bank To Launch More Avenues For Funding SMEs

Inter-Africa Trade: New Opportunities For Access Holdings – Wigwe

May 12, 2022 1:47 pm

As one of their new methods of broadening its hold on the banking sector, Access Holdings Plc, on Thursday has put out a statement that they would proceed on the start of operations and plans to unlock new opportunities for intra- and inter-Africa trade, Herbert Wigwe, the Group Chief Executive Officer of Access Corporation, said in a statement in Lagos.

He said the corporation, which builds on Access Bank’s scale and ethical standards, would have portfolio companies with significant complementarities.

Read Also: FFK Blasts Wigwe: You Gave FG ₦1bn To Sack Hundreds

Herbert Wigwe also said this would allow the …

Free Fall For Naira As It Racks Up Losses Against Dollar

Free Fall For Naira As It Racks Up Losses Against Dollar

May 12, 2022 6:13 am

Tumultous conditions on Wednesday has seen the Nigerian Naira crashing and depreciating at the Investors and Exporters window, exchanging at ₦418.75 to the dollar, a 0.12 per cent depreciation, which was weaker than ₦418.25 traded on Tuesday.

After this crash, the open indicative rate closed at ₦417.70 to the dollar on Wednesday.

An exchange rate of ₦444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at ₦418.75. The Naira also sold for as low as 410 to the dollar within the day’s trading.

A total of 115.78 million dollars was traded in foreign …

FG Tasked To Look Into Agric Sector For Poultry Farmers

FG Tasked To Look Into Agric Sector For Poultry Farmers

May 12, 2022 6:11 am

In a bid to put further restrategise with the fast evolving agricultural sector in the World, The Lagos State Chapter of the Poultry Association of Nigeria (PAN), has urged the three tiers of the Nigerian Government to further prioritise and implement the agriculture sector in order to balance out the impact of the challenges of the COVID-19 pandemic.

Mr Godwin Egbebe, The group’s chairman made this statement at the PAN’s two-day annual symposium on Wednesday in Lagos with the theme: “Post COVID-19 Effects on Poultry Industry – Way Out.”

Read Also: Why I Sacked My Agriculture, Power Ministers –

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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