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We’ll steer Nigeria away from recession – CBN
The Central Bank of Nigeria on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19. It said this was in spite of the push by some vested…
Groups decry exclusion from 2020 marginal oil field bid round
The exclusion of the Nigerian Civil Society Groups from the forthcoming 2020 marginal oil fields bid round processes has prompted them to condemn their alienation. Recalled the…
Nigeria records N124.77b trade deficit in Q1
Nigeria recorded a trade deficit of N125.77billion in the First Quarter(Q1) of 2020, the National Bureau of Statistics (NBS) has disclosed. Its report titled “Commodity price indices…
Venezuelan oil tankers with 18.1m barrels stuck at sea
Sixteen Venezuelan oil tankers carrying 18.1 million barrels of oil are stuck at sea as global refiners shun the crude to avoid falling foul of U.S. sanctions, industry sources said.…
World Bank approves $750m loan for Nigeria’s power sector
The World Bank has approved $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO), to improve electricity…
SEC orders September deadline for new rules on mutual funds
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has set a deadline of September 30, for compliance with new rules on collective investment schemes…
Investors shun bank shares despite N260 billion Q1 profit
• Over 65% of stocks undervalued • Banks trade at a discount • Operators blame capital flight, task govt on patronage Nigeria’s investment climate, especially that of…
Dangote cement boosts 54,000 jobs in four African countries
PRESIDENT of Dangote Group, Aliko Dangote has said that despite the challenging economic situation in 2019, Dangote cement was able to sustain 54,000 jobs in four African countries, where the…
AMCON ‘demolishes ex-British Governor-Generals’ Lagos residences
A Federal High Court sitting in Lagos on Friday heard that the Assets Management Corporation of Nigeria has sold and demolished the former Lagos residences of British…
Lloyd’s of London, Bank of England apologise for roles in slavery
The Lloyd’s of London insurance market apologised on Thursday for its “shameful” role in the 18th and 19th Century Atlantic slave trade and pledged to fund opportunities for black and ethnic…
Huawei’s chief accuses U.S. of giving Canadian court ‘misleading’ evidence
Huawei executive Meng Wanzhou has accused the United States of providing a “grossly inaccurate and misleading” summary of evidence to the Canadian court hearing her extradition case. She argued that…
Coronavirus: Bank pumps £100bn into UK economy to aid recovery
The Bank of England will pump an extra £100bn into the UK economy to help fight the "unprecedented" coronavirus-induced downturn. Bank policymakers voted 8-1 to increase the size of its…
Orange, biggest telco in France, plans entry into Nigeria
Orange, the largest telecommunications operator in France, says it is making plans to expand its operations to Nigeria and South Africa. Stéphane Richard, Orange CEO, told Les Echos newspaper that the company believes it would…
Netflix to support black creators, business owners with $5 million
American streaming platform, Netflix said it will donate $5 million to organizations dedicated to creating opportunities for Black creators, Black youth, and…
Dangote Owns the Obu-Okpella Mines
… As FG declares BUA’s mining leases non-existent The Management of Dangote Group on Monday denied the claim by the BUA Group to the mining sites in Obu, Okpella, Edo State,…
Nigeria’s collective investment funds rise to N1.32trn
Total net asset of collective investment schemes and funds in Nigeria has risen to N1.322 trillion, according to latest records provided by Nigeria’s apex capital market…
Airlines’ losses may exceed $84bn – IATA
Airlines are expected to lose $84.3 billion this year, the International Air Transport Association (IATA) said at the weekend. The global airlines’ regulator said revenue will fall by 50…
COVID-19: Banks battle new wave of non-performing loans
Banks are literally quaking under the COVID-19 headwinds as the portfolio of non-performing loans continue to rise at an all-time high, reportsIBRAHIM…
Saudi Aramco buys petrochem giant SABIC for $69.1bn
Saudi Aramco has acquired 70 per cent shares of Saudi Basic Industries Corp (SABIC) for $69.1 billion. The acquisition was done in four special transactions on Sunday.…
Investors Oversubscribe N150bn Third Sovereign Sukuk
The Debt Management Office (DMO) has disclosed that the third Sovereign Sukuk for which it recently offered N150 billion to investors posted a very impressive level of…
NIPC approves three-year tax holiday for eight companies
The Nigerian Investment Promotion Commission (NIPC) approved the pioneer status applications of eight companies in the first quarter of 2020. This is according to NIPC first quarter report released…
Dangote Refinery has new rival in $20bn Chinese plant
Billed to be the world’s biggest single-refinery train at 650,000 barrels per day capacity (bpd), the Dangote Petroleum Refinery could meet Nigeria’s,…
Confusion over bid rounds for 57 oil fields
• DPR assures investors of fairness • N’ Delta demands right of first refusal About 57 marginal fields being auctioned by the Federal Government, may end up in the wrong hands or…
ZoomInfo founders become billionaires
ZoomInfo’s three-day stock surge has turned founders Henry Schuck and Kirk Brown into billionaires. According to Bloomberg, the business-intelligence company’s stock price…