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Open market price of petrol crashes to N114.53 per litre – PPPRA
The Petroleum Products Pricing Regulatory Agency (PPPRA) said the Open Market price of Premium Motor Spirit( PMS) also known as petrol, in the Nigerian market has dropped to N114.53…
Dangote loses N240b in five hours to coronavirus
Africa’s richest man Aliko Dangote on Wednesday lost more than N240 billion in five hours as the effect of the coronavirus bit harder on the Stock Exchange.…
Africa’s Richest Man to Add Oil to Expanding Business Empire
Aliko Dangote, Africa’s richest man, will begin oil production from two assets he snapped up from Royal Dutch Shell Plc in July, adding a new source of income to a fast expanding business empire that includes cement, flour and sugar…
Saudi leads Gulf as oil prices rebound
Stock markets in the energy-rich Gulf states made a strong rebound in opening trade Tuesday, led by the Saudi bourse which jumped 5.6 percent, as oil prices bounced after heavy losses. Energy giant Aramco, which dominates the Saudi…
Nigeria stands tall amidst the global market chaos
2019 was packed with uncertainty thanks to persistent trade drama, global growth fears and volatile oil prices. Unfavourable global economic conditions left no prisoners…
Port Congestion: NPA Moves to Take over APM Operations
Barring any last-minute development, the Nigerian Ports Authority (NPA) will this week take over the operations of AP Moller Terminals (APMT) after the expiration of the 30-day ultimatum given to…
Coronavirus: £130bn wiped off FTSE 100 in minutes
The FTSE 100 has seen more than £130bn wiped from the value of its constituent companies within minutes, in a renewed coronavirus-linked sell-off. The…
Updated: Oil prices fall to $31 in wake of Saudi price war
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a…
Owners of unoccupied buildings will soon pay taxes – FCT
The federal capital territory administration (FCTA) says it has concluded plans to collect taxes on unoccupied buildings in the territory. Dele Yaro, leader of the FCT ministerial joint…
Nigerians shun PoS transactions over charges
THE volume of electronic payment transactions through Point of Sale (PoS) terminals dropped by 4.83 billion in one month. It dipped from 46.13 billion…
Court bars 23 lottery firms from selling Ghana Games in Nigeria
A Federal High Court sitting in Lagos on Friday granted interlocutory orders restraining Premier Lotto Limited and 22 other lottery outfits in Nigeria from operating and using Ghana…
Nigerians, operators kick as FIRS plans to impose VAT on sports betting
For a while, the sports betting industry in Nigeria has been rife with the news that the Federal Inland Revenue Service (FIRS) had concluded plans to introduce the 7.5% value-added tax to betting activities within the country.…
African airlines face $40 million hit in 2020 from coronavirus
Coronavirus disruption could cost African airlines $40 million in revenue this year, a global industry body said on Wednesday, a potentially devastating hit to often struggling airlines counting on lucrative Chinese routes to fund…
China overtakes Germany as biggest containership nation
China has overtaken Germany as the biggest nation in the container shipping sector in terms of total TEU. “The fact that China would overtake us in this respect was quite foreseeable: for one thing, the simple reason is that…
FIRS targets ₦4trn tax from oil, gas companies
The Federal Inland Revenue Service (FIRS) expects to rake in N4 trillion as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal…
GTBank Releases 2019 Full Year Audited Results, Reports Profit Before Tax of ₦231.7 Billion
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2019, to the Nigerian and London Stock Exchanges. A review…
Obiora assumes duty as CBN Deputy Governor
KINGSLEY Obiora has assumed duty as Deputy Governor of the Central Bank of Nigeria (CBN). He replaces Okwu Nnanna, who left the bank on February 2. Welcoming Obiora on board, the…
The Zero to Hero Story of Abdulsamad Rabiu
Kano-born Rabiu Isyaku Abdulsamad is the head honcho of BUA Group, a business conglomerate with wide influence in Nigeria’s economic and business sector, with a special interest in sugar, cement, ports, real estate,…
Dangote Refinery to employ over 70,000 workers, says CBN
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said Dangote Refinery will employ over 70,000 Nigerians when it begins operation. He said the various policies of the Federal…
Naira falls N413 to dollar at forward market
The naira on Friday depreciated past N400 to dollar at the forward market after Nigeria recorded its first case of coronavirus. The naira was priced much weaker at N413.55 to the dollar in…
Ecobank faults TAT ruling
Ecobank Nigeria has faulted the Tax Appeal Tribunal (TAT) ruling that it pays tax on the N5.54 billion divided declared by the lender in its 2015 financial year. In a statement, the bank…
Subscriber-base increase pushes MTN Nigeria’s revenue to N1.2trn in 2019
MTN Nigeria says it realised N1.2 trillion from voice call, data and value-added services offered to Nigerians. This is compared to the N1.04 trillion recorded in 2018. In its…
Nigeria: Crude oil sales drop over outbreak of coronavirus
Coronavirus disease is taking a toll on the sales of crude as it has dropped drastically due to companies shutdown. The impact is fast telling back home as the sales of Nigeria’s crude oil in the international market has fallen…
Dangote announces take-off date for world biggest fertiliser plant
The Dangote Group on Saturday said its $2 billion Granulated Urea Fertiliser plant, the biggest in the world, located at Ibeju Lekki, Lagos would begin operation in May. Aliko Dangote, President of…