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Business
FG renews 25 oil block licences, approves 16 field development plans
The Department of Petroleum Resources (DPR) says the federal government approved the renewal of 25 oil block licenses and approved 16 new field development plans. NAN reports that the information was made available in the DPR report…
Dangote’s latest move on Arsenal deal
Africa’s richest man, Aliko Dangote has put a timeline on his goal of buying Arsenal, following a report that Alisher Usmanov is exploring a sale of his 30 percent stake,National Daily gathered. The Financial Times reported on…
NAICOM raises minimum capital for insurance firms by 200%
The National Insurance Commission (NAICOM) has raised the minimum capital requirement for insurance firms operating in the country by 200%. According to Mohammed Kari, commissioner for insurance, the implementation of risk-based…
CBN plans real sector single digit borrowing
To encourage banks to give credit to the real sector of the economy, at single digit rates, the Central Bank of Nigeria (CBN), has offered to complement the banks. Speaking yesterday after the end the Monetary Policy Committee (MPC)…
Oando crisis: Tinubu, Boyo in straitjackets over debts
It will take a miracle for CEO of Oando Plc, Wale Tinubu, and his deputy, Mofe Boyo to wriggle of their present ordeal unscathed following debt crisis that is threatening their positions in the company. The recent decision by a London…
Federal government to sell Yola DisCo, two power plants in fresh privatisation exercise
Nigeria will attempt to re-sell the Yola Electricity Distribution Company (Disco), which was returned to it in 2015 by a core investor after declaring a force majeure on its operation of the network, as well as two gas power generation…
NERC approves 15 additional firms for meter finance, installation
The Nigerian Electricity Regulatory Commission (NERC) has approved 15 additional firms to participate in the distribution and installation of prepaid meters. An updated list of July 19 showed that NERC added 15 companies to…
Breweries run out of bottles as Germans drink beers to quench thirst
Soaring temperatures in Germany’s ongoing summer heatwave have seen so many drinkers reach for a cold beer that breweries are running out of bottles and crates. “This is an industry-wide drama,” Niklas Other, publisher of the…
BREAKING: CBN holds monetary policy rate at 14%
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day…
Prices rose at slowest pace in June – NBS
The National Bureau of Statistics, NBS, yesterday said that Nigeria’s consumer prices in June rose at the slowest pace in two and half years. In a report, the NBS revealed that the annual consumer inflation rate was 11.2 percent…
How NNPC forces marketers to sell petrol at cheaper rate – Baru
You seem to have successfully ended fuel scarcity in Nigeria and assured Nigerians that such things will not happen again under your watch. What are the strategies you’re putting in place? I must start by thanking President…
Peugeot, Dangote seal N3.5bn deal to produce cars in Kaduna
The French car maker, PSA Peugeot Citroen, has signed a N3.5 billion deal with Aliko Dangote to set up an assembling plant in Kaduna . The deal also includes five northern states, Kaduna, Jigawa, Kebbi, Katsina and Kano as partners.…
We must prepare, inflation will start increasing from August – Rewane
Bismarck Rewane, economic analyst and chief executive officer of Financial Derivatives Company, says consumers must prepare for rising inflation from August 2018. Speaking on a programme on Channels TV on Monday, Rewane said there…
We are losing N48 per unit over non-review of tariff – Discos
The Association of Nigerian Electricity Distributors (ANED) says electricity distribution companies (DisCos) lose an average of N48 per kilowatt hour (KWH) of power as a result of the non-review of tariff. ANED said the lack of…
Police to support Eko Disco on debt recovery
The management of Eko Electricity Distribution Company said that the Lagos State Police Command promised to support the company to boost its revenue generation through debts recovery. Mr Godwin Idemudia, General Manager, Corporate…
We’re Not Involved in Establishment of National Carrier, AMCON Clarifies
To publish names of recalcitrant debtors this week Corporation’s Amended Act to be ready before December The Asset Management Corporation of Nigeria (AMCON) has dismissed insinuations that it is planning to use the assets of…
Elumelu may buy Shell’s oil assets – Report
Tony Elumelu, chairman of Heir Holdings, is planning to buy two oil mining licenses operated by Shell Plc. Bloomberg reports that the licenses might be sold for $2 billion. Apart from oil mining licenses 11 and 17, Shell will also…
MTN lost N12bn in four days of picketing by NLC
Investigation has revealed that MTN Nigeria lost over N12 billion in the four days that the Nigerian Labour Congress, NLC, allegedly interrupted its operations while picketing the company. National Daily gathered that the telecom…
CBN Directs Banks to Bid for First Chinese Yuan Auction
The Central Bank of Nigeria (CBN) yesterday commenced its intervention in the sale of foreign exchange in Chinese Yuan (CNY), signaling the consummation of the bilateral currency swap agreement it signed with the People’s Bank of China on…
FAAC gives in to pressure, disburses N668bn from federation account
Civil servants across the country can now heave a sigh of relief after the Federation Accounts and Allocation Committee (FAAC) reached a compromise to release N668.898 billion to the three tiers of government for the month of May,…
Nigeria Sells Yuan For First Time as It Deepens China Ties
*Central bank conducts first auction of renminbi on Friday *Nigeria signed $2.4 billion currency swap with China in May The Central Bank of Nigeria sold yuan for the first time as it looks to boost commerce between China and…
Nigeria’s billionaires lose over N500 billion to stock market dip
Nairametrics began an in-depth coverage of the billionaire investors in Nigeria’s capital market in May 2018. Since then, the stock market has slid. Year to date, the Nigerian Stock Exchange (NSE) All-Share Index is down 3.35%. We…
Customs Apapa command generates N176.7bn in six months
The Apapa Area 1 Command of the Nigeria Customs Service said it generated N176.75 billion in the first half of 2018, an increase from the N165.74 billion it generated during the same period in 2017. The command’s Spokesman, Mrs…
Who Will Save The George Hotel Ikoyi From Desperate Prostitutes?
*Why Rich Patrons Are Having Panic Attacks Nicely stacked ladies with the morals of alley cats whistling at men, over-dressed and over made-up babes playing at hookers. Skimpily clad nubile creatures who‘ll give a vicar impish ideas…