Business Archives - Page 7 of 19

Netflix withdraws from deal to buy Warner Bros as Paramount offer is deemed ‘superior’

27Feb

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Business, Entertainment

Netflix withdraws from deal to buy Warner Bros as Paramount offer is deemed ‘superior’

Netflix has pulled out of the bidding war for Warner Bros. Discovery (WBD), clearing the path for Paramount Skydance to take the lead in the high-stakes takeover battle. The streaming giant had previously offered $27.75 per share for Warner’s studio operations and HBO Max streaming business, valuing those assets at roughly $83bn (£61.6bn), including debt. However, Paramount Skydance tabled a higher, final offer of $31 per share for the entire WBD group, a proposal valuing the company at approximately $111bn (£82.4bn), including debt. Although Warner’s board had continued to recommend Netflix’s proposal, it acknowledged on Thursday that Paramount’s bid now represented a “superior” offer marking the first sign of support for the previously hostile bidder. Within hours of ...

BREAKING : Tinubu extends raw shea nut export ban by one year

25Feb

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Business

BREAKING : Tinubu extends raw shea nut export ban by one year

President Bola Tinubu has approved the extension of the ban on the export of raw shea nuts for another year, from February 26, 2026, to February 25, 2027. The approval, announced in a State House press release on Wednesday, signals the administration’s continued push to boost domestic processing, deepen value addition, and strengthen Nigeria’s industrial capacity within the agricultural value chain. According to the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the decision is aligned with the government’s industrialisation objectives under the Renewed Hope Agenda. “The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda...

SA president, Cyril Ramaphosa thanks Putin for release of South Africans lured into Russia-Ukraine war

25Feb

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Business

SA president, Cyril Ramaphosa thanks Putin for release of South Africans lured into Russia-Ukraine war

South African President, Cyril Ramaphosa has expressed “heartfelt gratitude” to Russian President Vladimir Putin for assisting in the return of South African nationals who were reportedly drawn into the Russia–Ukraine conflict. According to a statement from the presidency, 15 of the 17 South African men who were allegedly misled into joining Russian-linked mercenary groups have either returned home or are in the process of doing so. Four arrived back in South Africa last week, while 11 others are expected shortly. Two individuals remain in Russia. In November, the South African government revealed it had received distress calls from the men, who said they were trapped in the Donbas region of eastern Ukraine after being lured with promises that reportedly turned out to be false. ...

Reaction as Lagos Govt Raises BRT Fares By 13%

23Feb

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Business

Reaction as Lagos Govt Raises BRT Fares By 13%

The Lagos State Government has approved a 13 per cent increase in fares for services operating under its Bus Reform Initiative. The adjustment affects the Bus Rapid Transit (BRT) network and other regulated bus routes across the state. Governor Babajide Sanwo-Olu gave the approval following strong appeals from transport operators, who cited rising operational costs and prevailing economic challenges as major obstacles to sustaining smooth service delivery. In a statement issued by the Lagos Metropolitan Area Transport Authority (LAMATA), the agency announced that the revised fares will take effect from Monday, March 2, 2026. According to LAMATA, the increase is intended to cushion the impact of current economic pressures on transport operators and ensure continued service effic...

Trump announces temporary 10% Global tariff after they were struck down by Supreme Court

21Feb

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Business

Trump announces temporary 10% Global tariff after they were struck down by Supreme Court

US President Donald Trump on Friday unveiled a temporary 10% global tariff set to last 150 days, replacing emergency trade duties that were recently struck down by the Supreme Court of the United States. Trump said the new measure would be implemented under Section 122 of the Trade Act of 1974 and would apply in addition to existing tariffs. The provision allows the president to impose duties of up to 15% for 150 days to address significant balance-of-payments concerns, without requiring lengthy investigations or procedural hurdles. The move follows the Supreme Court’s decision invalidating Trump’s sweeping global tariffs issued under the International Emergency Economic Powers Act, ruling that he had exceeded his authority under that statute. Speaking at a White Hou...

JUST IN : Dangote Refinery slashes petrol price to N774 per litre

10Feb

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Business

JUST IN : Dangote Refinery slashes petrol price to N774 per litre

Dangote Petroleum Refinery has reduced its Premium Motor Spirit gantry price by N25 per litre, lowering its ex-depot rate from N799 to N774 per litre in what industry analysts describe as a strategic price recalibration amid evolving market dynamics in 2026. The refinery communicated the price adjustment to marketers on Tuesday, noting that the new rate takes immediate effect. In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE stated, “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.” Checks by The PUNCH on petroleumprice.ng on Tuesday confirmed that the revised price had been reflected on industry pricing platforms. The refinery also informed marketers that its ...

CAC Cautions Banks Over Dormant Firms, Refers 263 Companies to EFCC

10Feb

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Business

CAC Cautions Banks Over Dormant Firms, Refers 263 Companies to EFCC

The Corporate Affairs Commission (CAC) has issued a warning to commercial banks against permitting inactive or non-compliant companies to carry out financial transactions. The commission disclosed that it has forwarded 263 illegally registered companies to the Economic and Financial Crimes Commission (EFCC) for investigation and possible prosecution. Speaking at an event in Abuja to mark the CAC’s 35th anniversary, the Registrar-General and Chief Executive Officer of the commission, Hussaini Ishaq Magaji (SAN), revealed that 248 of the firms were fraudulently added to the CAC database, while 15 others were later uncovered and referred to the EFCC. “In the year under review, we submitted a list of 248 fake company registrations to the EFCC. These entities were illegally inserted in...

NAFDAC seizes 10m doses of fake malaria drugs, N3b cosmetics in Lagos

10Feb

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Business

NAFDAC seizes 10m doses of fake malaria drugs, N3b cosmetics in Lagos

The National Agency for Food and Drug Administration and Control (NAFDAC) has seized more than 10 million doses of counterfeit malaria medicines and cosmetic products valued at about N3 billion at the Trade Fair Market in Lagos. This was disclosed by Director of Investigation and Enforcement, Dr. Martin Iluyomade, during a media briefing in Apapa. Iluyomade, who is also Chairman of the Federal Task Force on Counterfeit and Fake Drugs and Unwholesome Processed Foods, said the operation followed credible intelligence received on February 3. He said the seized items included fake anti-malaria drugs and injections used for cerebral malaria, antibiotics, Postinor, and Analgin, an analgesic banned in Nigeria for nearly 15 years, among other products. According to him, eight truckloads of fake ...

Nigerian stock market begins week bullish as investors gain N1.4trn

10Feb

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Business

Nigerian stock market begins week bullish as investors gain N1.4trn

The Nigerian stock market opened the week on a bullish trajectory on Monday, with investors recording gains of N1.424 trillion. Market capitalization rose by 1.29 percent to close at N111.658 trillion, up from an opening figure of N110.234 trillion, reflecting a N1.424 trillion increase. Similarly, the Nigerian Exchange Limited (NGX) All-Share Index advanced by 1.29 percent, gaining 2,218.73 points to settle at 173,946.22 from 171,727.49. As a result, the market’s year-to-date return improved to 11.78 percent, while market breadth closed positive with 59 gainers against 26 losers. The rally was driven by strong demand for large- and mid-cap stocks such as CAP, Daar Communications, May & Baker, RT Briscoe, and Zichis Agro Allied Industries, alongside 54 other advancing equit...

UPDATE : NAFDAC denies b@nning Amoxicillin in Nigeria

9Feb

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Business

UPDATE : NAFDAC denies b@nning Amoxicillin in Nigeria

The National Agency for Food and Drug Administration and Control (NAFDAC) has denied reports claiming it has secretly banned the antibiotic, Amoxicillin, in Nigeria. In a public notice shared on its social media handles on Monday, February 9, NAFDAC stated that the claim is entirely false. The agency clarified that while it routinely issues targeted safety alerts and recalls for specific substandard or affected batches of medicines, there is no blanket ban on Amoxicillin. “NAFDAC has not banned Amoxicillin in Nigeria, either secretly or openly. As a responsible regulatory authority, the Agency publicly notifies Nigerians of any regulatory actions through official channels,” the statement read. The agency emphasised that its safety communications, including Recalls, Safety Alerts...