Business

Oando PLC has successfully completed its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for a total consideration of $783 million. The company confirmed via a press release that…

The Central Bank of Nigeria (CBN)’s latest attempt to shore up the ailing naira by offloading a record amount of dollars…

Over 40% of importers forced out of business, operators claim The burden of overall foreign exchange (FX) volatility and particularly in adopting the spot trading rate in determining import duty assessment may…

BUA Foods Plc has signed a deal with a Turkish milling equipment manufacturer, IMAS to build four new wheat milling factories with a capacity to mill up to 3200 tonnes daily. The company disclosed this in a…

Businesses in Nigeria say they expect the Naira to continue to depreciate in the next three months beginning from July but will begin appreciation after six months. This is according to the Central Bank of…

… Urges President Tinubu to implement directive on crude supplyto Dangote refinery, others The Nigerian Bar…

NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited, has ceased to exist after a court-approved transfer of its ownership and assets to OVH Energy Marketing Limited, a company it claimed…

The Nigerian currency lingers at N1600/$ in the black market on Wednesday morning, despite improved market fundamentals in the country’s FX market and the dollar index trading near its 7-month low. Naira short…

The Federal Government of Nigeria has disclosed the need for specific identification requirements for its latest financial instrument, the Domestic FGN US Dollar Bond. This is according to a Frequent Asked Questions…

In the intricate dance of commerce, where fortunes are won and lost few have pirouetted with as much grace and precision as…

...Economists say subsidy affecting govt revenue President Bola Tinubu’s administration has spent N15. 096 trillion on petrol subsidy in the last 14 months, according to BusinessDay’s calculations. The…

For the first time in three months, Nigerians are experiencing some relief as diesel prices fell in July, easing to N1,379.48 per litre, according to the latest report by the National Bureau of Statistics (NBS). The…

THE Securities and Exchange Commission, SEC has said that the 15 per cent rule for absorption of oversubscription of share offers will not be rigidly applied to the share offers of banks under the banking…

An unending legal battle with some shareholders is threatening for the second straight year to stifle an annual meeting of shareholders of First Bank Holdings, the parent company of Nigeria’s oldest bank. A…

Sayyu Dantata, founder and chief executive officer (CEO) of MRS Oil and Gas, has been identified as one of the individuals behind the importation of petroleum products from Malta. Dantata is the half-brother…

Oil producers, under the aegis of the Independent Petroleum Producers Group(IPPG), have asked regulators to allow the sale of crude to the Dangote Petroleum Refinery and other local refineries to be based on…

Lack of consistency in dollar allocation to the Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN) is stampeding naira recovery, currency traders have submitted. They equally noted that…

The Nigerian National Petroleum Company Limited (NNPCL) has successfully repaid 60% of a $1.036 billion loan that it took in September 2021 to finance the acquisition of a 20% stake in the Dangote Petroleum Refinery and…

The Central Bank of Nigeria (CBN) has reported a 130% surge in remittance inflows, with the figure reaching $553 million in July 2024. This is according to a statement on Tuesday by Hakama Sidi Ali, the CBN acting…

The current leadership of the Central Bank of Nigeria (CBN) seems to be embroiled in a scandal…

The Nigerian government has announced the issuance of a $500 million five-year domestic dollar bond, opening for subscription on August 19, 2024. The bond offers a competitive interest rate of 9.75%, aimed at…

The Naira yesterday depreciated to N1, 600 per dollar in the parallel market from N1,590 per dollar last weekend. However, the Naira appreciated to N1,579.22 per dollar in the Nigerian Autonomous Foreign…

Africa’s biggest telecommunications company, MTN Group, recorded a half-year loss, due to naira devaluation and operational challenges in Sudan. The company reported a loss before tax of nine billion South African…

Insolvent British clothing chain Ted Baker will close its remaining 31 stores in Britain and Ireland, resulting in job losses for more than 500 employees, the administrators said Monday. Ted Baker announced in…