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Business
Under 40 children of billionaires sitting on the boards of mega quoted companies (2)
Last week Nairametrics profiled a crop of young Nigerians, who due to the great works of their parents, currently have seats on the boards of some of the largest companies on the Exchange. For them, having these seats provides them…
Aliko Dangote, Africa’s richest man, on his ‘crazy’ $12bn project
As a rule, I don’t get worked up over oil refineries. But the one gradually taking form on 2,500 hectares of swampland outside Lagos, Nigeria’s Mad Max commercial capital, is so big, so audacious and so potentially transformative that…
AMCON takes over Sigma Apartments over N1 billion debt
The Asset Management Corporation of Nigeria (AMCON) has secured a Federal High Court Abuja Division to take over Sigma Apartments owned by Sigma Engineering & Construction Limited over N1 billion debt. The order given by Hon.…
FIRS six-month revenue increases 42% to N2.5 trillion
The Federal Inland Revenue Service has announced that it realised a total of N2.5 trillion (N2,529,615,174,601.25) from various taxes from January to June 2018. The amount shows that the service has realised 75% of its total target…
Why banks aren’t lending at single digit interest rate – CBN
The Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Joseph Nnanna, on Thursday blamed the inability of Deposit Money Banks to lend at single digit interest rate on the attractiveness of treasury bills, an instrument used by…
Buyers shun AMCON’s N182b assets
There have been no buyers for the N182billion assets obtained by the Asset Management Corporation of Nigeria (AMCON) from debt resolution, the organisation said yesterday. AMCON Managing Director Ahmed Kuru, speaking in Lagos at the…
NCC intervenes in MTN vs NLC issues
The Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding with the Nigeria Security and Civil Defence Corps (NSCDC) to protect telecom critical national infrastructure. This comes after members of the…
EFCC loses control of NFIU to CBN as Buhari signs Bill
PRESIDENT Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit bill (NFIU) into law, Senior Special Assistant to the President on National Assembly Matters (Senate) Ita Enang said yesterday. Enang, while briefing…
Africa’s richest man has lost over $100 million of his net worth in less than 2 months
In less than 2 months, Africa's richest man, Aliko Dangote has lost more than $100 million of his net worth. Dangote's fortune dropped by 0.8% to $12.3 billion from the last record of $12.8 billion as at Monday, May 21, 2018,…
CBN seeks buffers to strengthen banks’ capacity
The finance sector needs regulatory buffers to strengthen banks’ capacity to withstand shocks, Central Bank of Nigeria (CBN) Deputy Governor Edward Lamtek Adamu, has said. In his personal statement contained in the CBN Communique of…
Banks stop cash withdrawal from overseas ATMs
Banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally, The Nation has learnt. Banks have been encouraging…
CBN directs banks, others to pay returns through NIBSS
The Central Bank of Nigeria (CBN) on Friday directed all banks including microfinance banks, primary mortgage institutions that have agents, Mobile Money Operators (MMOs) and licensed Super Agents to render daily returns through the…
Dangote Cement to get London listing after Nigeria’s election
Dangote Cement Plc may carry out the much-awaited listing of its shares in London Stock Exchange after next year’s general election. Edwin Devakumar, Group Executive Director, Dangote Industries Ltd disclosed this during an interview…
Zuckerberg Overtakes Buffett as World’s Third-Richest Person
Facebook Inc. co-founder Mark Zuckerberg has overtaken Warren Buffett as the world’s third-richest person, further solidifying technology as the most robust creator of wealth. Zuckerberg, who trails only Amazon.com Inc. founder Jeff…
NNPC pays $1b out of $5b cash call, says Baru
The Nigerian National Petroleum Corporation (NNPC) has paid $1billion out of its $5billion cash call arraers. The Group Managing Director Dr. Maikanti Baru stated this in Abuja while addressing the corporation’s workers via a mail…
FG, states, others earned $3.1bn from NLNG in 2017
The Federal Government, states and local governments earned $3.1 billion as dividends, taxes, fees, levies, remittances and other forms of payments by the Nigeria Liquefied Natural Gas (NLNG) in 2017. The amount was higher than the…
Under 40 children of billionaires, sitting on the boards of mega quoted companies
Investors on the Nigerian Stock Exchange are probably used to household names such as Aliko Dangote, Mike Adenuga, Femi Otedola, Segun Agbaje, etc. These are directors of some of the biggest companies on the stock exchange and they are…
CBN to begin collection of Cybersecurity levy this month
Despite opposition by many parties, notably those operating in the telecommunication sector, the Central Bank of Nigeria (CBN) in a circular dated 25th of June 2018, has released guidelines for the collection of a 0.005% levy on…
CBN woos importers for Chinese currency
The Central Bank of Nigeria (CBN) is wooing importers of goods from China to use the Yuan instead of the dollar. The move supports the bank’s effort to promote naira exchange rate and boost foreign reserves. CBN officials have been…
For the sixth time, Innoson fails to appear in court
Innocent Chukwuma, the Chairman of Innoson Motors Ltd, on Wednesday in Lagos failed to appear for his scheduled arraignment for the sixth time over alleged fraud. Innoson was scheduled to appear before a new judge, Justice Olusola…
Oil prices rise after Libya declares force majeure on some supplies
Oil prices rose on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and slumping Asian markets kept a lid on gains. Brent crude oil futures LCOc1 were at 77.87 dollars per…
Buhari writes Senate, seeks confirmation of Folashodun Shonubi as CBN Deputy Governor
President Muhammadu Buhari has written to the Nigerian Senate, seeking confirmation of Folashodun Shonubi as the deputy governor of the Central Bank of Nigeria (CBN). Mr Buhari had in…
Foreign reserves can fund 16 months of imports – CBN
The Central Bank of Nigeria (CBN) says the current state of the nation’s foreign reserves can support 16 months of imports. According to the Balance of Payments report released on the apex bank’s website, the nation’s foreign…
Nigeria to earn $5.60 billion in taxes from Schlumberger deal — Baru
The Nigerian National Petroleum Corporation (NNPC), says the NNPC, First E&P and Schlumberger $724 million oil financing deal will enable Nigeria earn $5.60 billion in taxes and royalty. A statement by NNPC’s spokesperson, Ndu…