Business

The National Bureau of Statistics (NBS) in its sectoral distribution of Value Added Tax (VAT) for the first quarter of 2018 has said that the manufacturing sector generated the highest amount of VAT with N30.14 billion. NBS disclosed…

Goood news: oil prices hit $80 a barrel on Thursday for the first time since November 2014. Bad news: Shell Petroleum Development Company (SPDC) on Thursday declared force majeure on the exports of Nigeria’s major crude oil, the…

The Managing Director, Bank of Industry, Olukayode Pitan, on Tuesday said that the lender had opened discussions with the Small and Medium Enterprise Development Agency of Nigeria and the Nigeria Export and Import Bank to de-risk its…

Nigerian National Petroleum Corporation NNPC has issued a 2-year crude export license to some local and foreign companies. According to Reuters, NNPC has awarded 50 companies with crude export contracts. Out of the total 32 were…

Nigeria’s mutual fund investors are becoming increasingly risk averse as they continue to embrace money market funds inspite of decreasing yield. The yield curve in Nigeria has been trending downwards since the beginning of the year…

The new Companies and Allied Matters Act (CAMA), which was passed into law by the Nigerian senate on Tuesday, will make it possible to register a company from anywhere in the world. Speaking of the passage of the bill, Senate…

Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year’s liberalisation of the currency for foreign investors and steps to tighten liquidity to attract offshore funds. Figures…

The World Bank Group is excited with the growth of Nigeria and expressed satisfaction with the performance of the economy. The commendation was contained in a statement by the bank on Monday, after the conclusion of a visit to…

Oil prices steadied below 3-1/2 year highs yesterday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production. Brent crude…

• NNPC: Repayment of $5.1bn cash call arrears progressing Norwegian oil firm, Statoil, has lost an arbitration dispute to the tune of $1.1 billion against its partners, including Chevron and Petrobras, over the redetermination of shares…

Four Southsouth states are the highest earners from the Federation Account, according to the breakdown of the monthly Federation Account Allocation Committee (FAAC) report for the first quarter of the year. About N593.1billion was…

The Federal Government will invest N72 billion on the 11 Electricity Distribution Companies (DISCOs), towards achieving an uninterrupted power supply in the country. The Minister of State II for Power, Works and Housing, Alhaji…

International credit rating agency, Moody's Investors Service, has explained that merging the naira's various rates anytime soon may weaken the currency and raise fuel prices, which will accelerate inflation. Nigeria's central bank…

Happenings around the world currently and those expected in the foreseeable future give an indication of a continuous rise in crude oil prices. Analysts from Bank of America Merrill Lynch project that the prices could hit $100 per barrel…

The Central Bank of Nigeria (CBN) on Wednesday announced the execution of a $2.5 billion bilateral currency swap agreement with the Peoples Bank of China (PBoC) to boost local currency liquidity in the economy. CBN governor, Godwin…

The National Bureau of Statistics, NBS, says Nigerian economy saw a continuous growth in total Capital Importation into Nigeria in the first quarter of 2018, the fourth consecutive quarterly increase since Q2 2017. It said the total…

Kola Ayeye, former executive chairman of the Asset Management Corporation of Nigeria (AMCON), says savers contribute N300 billion to the income of Nigerian banks annually. Speaking on Thursday at the opening of the Mainland office of…

President Buhari's first meeting with Chinese President Xi Jinping was on September 28, 2015, at the United Nations General Assembly (UNGA) Meeting in New York. Following this, the President participated in the Summit of the Forum on…

The Central Bank of Nigeria (CBN) says customers should demand new naira notes from their respective banks and reject dirty ones. Speaking in an interview with NAN in Lagos on Thursday, Isaac Okorafor, CBN spokesman, said commercial…

On Monday, April 16th, 2018, the share price of Courteville Business Solutions Plc reached its lowest level in five years, closing at ₦0.20 against outstanding shares of 3.55 billion. With this, the company’s market capitalisation stood…

United States President Donald Trump sent the oil markets into turmoil following a confirmation that he was pulling out of the Iran Nuclear Deal. As at Wednesday evening, Brent Crude prices were up 2.5% to $77 per share. As you may…

Ralph Mupita, chief financial officer at MTN Nigeria, says the company hopes to raise N400 billion from its debt issuance when it gets listed on the Nigerian Stock Exchange later in the year. Speaking in a Bloomberg interview, Mupita…

The Eleventh tranche of the FGN Savings Bond has begun. Kindly find the Summary of May 2018 Offer below: 2-Year FGN Savings Bond due May 16, 2020: 9.48% per annum 3-Year FGN Savings Bond due May 16, 2021: 10.48% per annum…

MTN Group, South African telecommunications company, says US President Donald Trump’s decision to pull out of the nuclear accord with Iran may make it difficult to repatriate funds from the country. In a statement released on…