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Business
South African firm asks court to wind up Bi-Courtney
A South African firm Aurecon AMEI Limited and its Nigerian affiliate Aurecon Consulting Engineers Nigeria Limited have asked a Federal High Court in Lagos to wind up…
Nigeria’s e-Payment Transactions Hit N17.3tn in September – Report
The total value of transactions in the country through electronic payment (e-Payment) channels, which included Point of Sale (PoS), the Automated Clearing House (ACH) and the Nigeria…
NNPC engages marketers over gas for vehicles
The Nigerian National Petroleum Corporation (NNPC) has engaged petroleum products, marketers, on the sale of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) for fueling power…
CBN directs banks to comply with SWIFT universal payment confirmations
The Central Bank of Nigeria (CBN), has directed all banks operating in the country to always observe strict compliance with SWIFT Universal Confirmation Requirements. The directive…
Police step into HealthPlus, Alta Semper feud
The Federal Criminal Investigation Department (FCID) of the Nigeria Police has invited Mrs. Olubukunola George, founder of pharmaceutical retail firm, HealthPlus, the subject of an…
‘Take phone out of Trump’s hand, he’s ‘going to blow up the economy’…
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans…
Nigerian firm Erojim to make shoes, uniform for military, 2 factories coming
A Nigerian Company, Erojim Investments Ltd, which has the approval of the Buhari administration will manufacture locally all military and paramilitary garments and footwear…
Shipping firms, airlines breach CBN dollar rule
Shipping and airline companies have been depriving Nigeria of the much-needed dollar earnings by not remitting export proceeds, the Central Bank of Nigeria (CBN) said on Wednesday. The apex…
Virus wipes N939bn off wealth of Nigeria’s biggest firms’ shareholders, but a recovery is on
The biggest shareholders of Nigeria’s 30 largest firms lost a whopping sum of N939 billion combined in the first half of 2020 as the COVID-19 pandemic took a toll on the equities…
YouTube announces $100m ‘Black Voices Fund’ for Nigerian artists, creators
YouTube on Thursday announced that artists and creators from Nigeria could apply for grants from its global 100 million dollar Black Voices Fund. Alex Okosi, Managing Director,…
Remittances to Africa shrinks by $18billion due to COVID – ECA report
The COVID-19 pandemic is projected to cost the African continent $18 billion in remittances, the United Nations Economic Commission for Africa (UNECA) has said. A new report launched…
Cigarette sales could end in 10 years: Philip Morris CEO
Philip Morris International Inc’s CEO Andre Calantzopoulos has projected that cigarette sales could end between the next 10-15 years. He spoke at a recent virtual Concordia…
Worries over $2b forex demand backlog
Fitch Ratings has expressed concerns about the state of the naira and rising forex demand backlog estimated at $2 billion. The forex demand backlog stood at $1…
Oil subsidy removal: Domestic refinery owners applaud Buhari
The Domestic Refinery Owners Association of Nigeria (DROAN), have thrown their weight behind the Federal Government’s removal of oil subsidy in the country. The National Chairman of the…
Chevron to sack 25% of Nigerian workforce
TWENTY five per cent of jobs are on the line at Chevron Nigeria Limited in what the company yesterday described as a review of its manpower requirements in the light of the changing…
Foreign air traffic shows no signs of recovery
• IATA downgrades 2020 forecasts About a month after international flight operations resumed in Nigeria and other countries, air traffic is not showing signs of recovery, suggesting global traveller apathy…
HealthPlus Saga: “UK Equity Firm May Have Run Out of Funds” – Insiders
Contrary to reports in some sections of the media, the raging ownership dispute between pharmaceutical retail chain, HealthPlus, and its private equity partner, United Kingdom’s Alta Semper Capital, may be as a…
Trump’s coronavirus hits US stocks, oil prices
U.S. stock futures and oil prices fell on Friday after President Donald Trump said he and his wife had tested positive for the coronavirus, weeks ahead of elections. Futures…
Access Bank to become holding company; moves into South African market
Access Bank Plc on Tuesday announced that it has received the Central Bank of Nigeria’s approval-in-principle for the bank’s restructuring to a holding company (“HoldCo”). The proposed HoldCo structure would enable the…
40 per cent of bank deposits in dollars
HIGH networth Nigerians now prefer to save their cash in dollars, a report has shown. The Coronation Research in a survey discovered that dollar deposits constitute 40 per cent of banking sector deposits. Many…
HealthPlus Saga: Lawyers battle equity firm over plan to remove CEO
Lawyers to HealthPlus, the pharmaceutical retail firm at the centre of a running hostile takeover drama, have stated that Alta Semper Capital, a British foreign private equity firm (PEF), lacks the power to…
BREAKING: Sterling Bank gets nod to convert to holdco
Sterling Bank Plc has received Central Bank of Nigeria (CBN)’s approval-in-principle to restructure from a stand-alone commercial bank to a holding company (holdco). A…
Firm fined $18m for inflating sales figures
Luxury automaker, BMW will pay a fine $18 million to settle allegations that it inflated its monthly sales numbers for five straight years in United States. The Securities and Exchange…
With FG Paying Cost of Funds, It’s Impossible to Reimburse INTELS $2.7bn – Bala-Usman
A few years ago, the Nigerian Ports Authority on behalf of the federal government entered into an agreement with a sister company of INTELS Nigeria, Deep Offshore Limited to build 200 metres of the berth at Onne port,…