Business

Africa’s biggest grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years. The Cape Town-based retailer has started a formal process to consider the…

•Heavy consumers to pay exit fees as NERC releases new rules Ten out of the 11 electricity distribution companies (Discos) in Nigeria’s power sector have said that they will take part in a planned…

Deposit Money Banks on August 1 commenced the implementation of the Central Bank of Nigeria’s Global Standing Instruction which allows them to recover outstanding debts of debtors from other…

Banks’ loans to customers were priced between 15.01 per cent and 30.70 per cent in the first quarter of this year, the Central Bank of Nigeria (CBN) has disclosed. The lenders…

The Bank of Industry (BOI) disbursed N234 billion to 10,145 micro, small and medium enterprises in 2019. This was disclosed at the bank’s 60th annual general meeting that held virtually in…

The owner of British Airways has announced a £3.8 billion loss and warned that passenger numbers will not recover until 2023 after plummeting by 93 per cent during the pandemic. Parent company IAG…

Leading fertiliser and agro-allied company in Africa, Notore Chemical Industries Plc, has posted a six per cent revenue growth, showing gross revenue of  N17.4 billion and operating income…

The NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy. It was the first such agreement since the COVID-19…

Revenue generated from value-added tax increased by 8.45 percent from the N600.9 billion realised in half-year 2019 to N651.7 billion in 2020. According to the sectoral distribution on…

…URGE COMPANY TO TARGET MORE MARKETS    Shareholders of NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited have expressed satisfaction at the performance of the company but…

Just as crypto investors and traders have been cashing in on the recent bullish run in the crypto market, BTC thieves moved about 3,897 BTC in 7 transactions within an hour. The…

The UK's debt is now worth more than its economy after the government borrowed a record amount in May. The £55.2bn figure was nine times higher than in May last year and the highest since records began in 1993. The borrowing…

COMMERCIAL banks have written off N1.9 trillion bad loans from their books in the last four years, a report by Agusto & Co, a credit rating agency has said. This was contained in the…

          Business owners who use of point of sale systems, as well as those who run lotto shops and kiosks around Agbado/Oke-Odo local council developemt area (LCDA) in Lagos state, have been asked to pay a weekly levy of N600 to…

Despite fears being expressed in some quarters that the Asset Management Corporation Nigeria (AMCON) may not be able to recover its over N5trillion debt stocks, from available…

After a dramatic first quarter which ended with the declaration of a nationwide lockdown, Nigeria’s billionaires and entrepreneurs entered Q2 2020 uncertain of what the…

A steady decline in the dollar has accelerated in recent weeks, as a resurgent coronavirus outbreak in the United States and improving economic prospects abroad sour investors on the currency. The buck is down 8% from its highs of…

Nigeria’s southeastern Cross River state is setting up a 4-billion naira ($10-million) cocoa-processing plant to start operations in August and target the export market, an official said. Cross River, which accounts for about 30%…

Block makers and artisans who are major users of cement have endorsed the ongoing Dangote Cement bag of goodies season 2 promo. The building sector professionals drawn from different…

First, a Milestone Moment! Nigeria has produced, for the first time ever, in June 2020, artisanally-mined gold that has been processed and refined according to the London Bullion Market Association (LBMA) standards required for…

Nigerian Banks increased their total loans to the Nigerian economy by N3.3 trillion in June 2020. This is according to information contained in the monetary policy communique of the…

Access Bank Plc on Monday announced the completion of the acquisition of Transnational Bank (Kenya) Plc. The bank, in a notice to the investing public and the Nigerian Stock Exchange, noted  that the acquisition followed the receipt…

The value of transactions done across Point of Sale (PoS) channels in Nigeria increased from N1.14 trillion recorded between January and May 2019 to N1.64 trillion…

The monetary policy committee of the Central Bank of Nigeria (CBN) has announced its decision to retain the monetary policy rate (MPR) at 12.5 percent. Godwin Emefiele, governor of the apex bank,…