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Business
14 rice mills to attract N250bn investment – FG
The 14 new rice mills being expected in Nigeria in few weeks’ time will attract N250bn worth of investments to the sector, the Federal Government has said.
On March 4 this year, The PUNCH reported a statement by the Federal Government…
Teleology gets 90 days to pay $450m for 9mobile
Teleology Holdings Limited (THL), the preferred bidder for 9mobile Limited, has paid the $50 million unrefundable deposit for its acquisition of the firm.
It has 90 days to pay the $450 million balance to seal the deal.
9mobile…
FSDH projects inflation rate decline to 13.49% in March
THE FSDH Merchant Bank has projected that March 2018 inflation rate would be around 13.49 percent, a 0.84 percentage point trend down from 14.33 percent recorded in February.
The bank disclosed this yesterday during a media…
Oil rises to $68.65 as stock market rebounds
Oil prices rose more than two per cent on Monday, supported by a rebound in the stock market as trade war between the United States and China eased.
Brent crude futures rose to settle at 68.65 dollars a barrel. Brent prices gained…
ANALYSIS: NSE loses N150bn after re-election news — but is Buhari to blame?
Trading on the Nigerian Stock Exchange ended in the red on Monday after President Muhammadu Buhariannounced his re-election bid with large companies ending up as top losers.
Unilever, Lafarge, Dangote Cement, Guinness and Dangote…
Shares, banking, others attracted $47.45bn forex in 4yrs
Shares, financing and banking were the three top economic activities that attracted the bulk of the $47.45 billion foreign exchange inflow to Nigeria in the last four years.
Data from the National Bureau of Statistics (NBS) show that…
Kenyans more corrupt than Nigerians – Aliko Dangote
Africa’s richest man Aliko Dangote has faulted Kenya’s leadership for their greed and persistent failure to place matters of national interest first when it comes to development.
Speaking to a renowned Kenyan journalist Jeff…
From Ghana to Congo…AITEO Boss, Benny Peters, Invades Congo, Lands Plum Mining Contracts In DRC
Benny Peters, the much-talked about oil magnate, is an international deep pocket. Just recently, he was awarded mining license in Congo with a company called Bravura. There is no gainsaying Peters is an inspiration to most of his…
We are gathering details on Milost, Unity Bank saga – SEC
The Securities and Exchange Commission (SEC) has said it is still gathering details on about $1bn share purchase crisis rocking Nigeria’s Unity Bank Plc and United States based Milost Global Inc.
The Nigerian Stock Exchange, (NSE)…
Save now for the ‘rainy day’ – CBN tells FG, States
As oil prices maintain a sustained recovery averaging $57 per barrel with consequent increase in oil revenue distributed monthly to the federal, states and local governments, the Central Bank of Nigeria (CBN) has warned of the…
Business confidence has risen sharply in Nigeria – IATA
The International Air Transport Association (IATA) has linked the rise in air passenger traffic in Africa on what it called the business confidence which has risen sharply in Nigeria over the past 15 months.
While business confidence…
UBA fined over N75 million for unauthorised charges
The United Bank for Africa, UBA, paid over N75 million on sanctions to various regulatory bodies in the banking sector in 2017, a PREMIUM TIMES analysis of its financial statement for the year ending December 2017 has shown.
Checks…
Lagos pays N1bn to retirees
The Lagos State Government says it has released N1.024bn for the payment of pension entitlements of 183 public service retirees under the Contributory Pension Scheme for the month of March.
A statement obtained on Thursday noted that…
Petrol import loss hits N1.4tr
Nigeria records about N1.4 trillion yearly as under-recovery from its importation and sale of Premium Motor Spirit at N145 per litre, Petroleum Resources Minister Ibe Kachikwu said yesterday.
He spoke at a meeting in Abuja where…
US, UK envoys, Otedola hold talks on economy
OVER breakfast, United States Ambassador to Nigeria Mr. Stuart Symington has urged Chairman of Forte Oil Plc, Mr. Femi Otedola to partner international business to create more jobs for youths. At Otedola’s Ikoyi, Lagos home, the U.S.…
Kachikwu Harps on Transparency as Oando Inaugurates $150m Head Office
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has charged local operators in Nigeria’s oil and gas industry to continue to conduct their operations with transparency.
This is coming as ExxonMobil affiliates in…
Four power plants begin operations in two months
About four power generation plants that are capable of adding 1,262MW of electricity to the power grid are primed to commence operations in the next two months, operators of the facilities have disclosed.
It was gathered that three…
Nigeria’s Purchasing Managers’ Index PMI expands in March
The Central Bank has released the Manufacturing Purchasing Managers’ Index (PMI) for the month of March which stood at 56.7 index points.
The expansion indicated a growth in the manufacturing sector for the 12th consecutive month.…
9mobile Acquisition: NCC, CBN officials claim ‘no knowledge’ of who Teleology’s paid $50million to
The chairman, House committee on Telecommunications, Hon. Saheed Akinade-Fijabi has threatened that the House of Representatives may be forced to stop the ongoing sale of 9mobile to Teleology Holdings.
The lawmaker raised the alarm…
SEC explains delay in Oando’s audit
The Securities and Exchange Commission has explained reasons for the delay in Oando’s audit, citing disagreements between shareholders of Oando Plc and the management team, as well as lawsuits filed by both against SEC.
According to…
Dangote Sugar rakes in N204 billion as FY 2017 revenue
Dangote Sugar today released its FY 2017 results. Revenue increased from N169 billion in 2016 to N204 billion in 2017. Profit before tax increased massively from N19.6 billion in 2016 to N53 billion in 2017. Profit after tax also moved…
System Specs owed over ₦10billion as TSA inflow hits ₦8.9 trillion
The Accountant-General of the Federation, Ahmed Idris, has revealed that total revenue of ₦8.9 trillion from Ministries, Departments and Agencies MDAs of government has been recorded by the Federal Government since the commencement of…
Dangote Flour Mills records ₦125 billion as FY 2017 revenue
Dangote Flour Mills yesterday released its financial statements for the year ended December 2017. Revenue increased from ₦105 billion in 2016 to ₦125 billion in 2017. Profit before tax rose massively from ₦11.8 billion in 2016 to ₦22.4…
Nigerian oil firms to acquire Petrobras assets
Two global oil traders, Vitol and Glencore, are in talks to financially back Nigerian firms racing to buy assets owned by Brazil’s Petrobras valued at up to $2bn, several sources familiar with the matter have said.
Cash is being lined up…