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Business
Cashless policy: Regulators, business community set for nationwide rollout
Baring any last minute disruptions in the implementation guidelines, Nigeria’s cashless Policy piloted by the Central Bank of Nigeria (CBN) would go live nationwide…
CBN says N500bn debit to banks not fine, but refundable
The Central Bank of Nigeria (CBN) has clarified that the N499.1 billion which it debited some banks for failing to meet its 60 percent minimum Loan to Deposit Ratio (LDR) is not a fine but would be refunded…
CBN defends naira with $8.28b forex sales
THE Central Bank of Nigeria (CBN) defended the naira with $8.28 billion through its direct intervention within the first six months of this year, according to its half year report.…
GSM tax: MTN, Glo, Airtel, 9mobile subscribers, others to pay extra N261bn
Telecom subscribers in the country are likely to pay an additional N261.18bn on voice calls, short message service and data in one year if the Senate passes the proposed…
No one deserves to be a billionaire – Mark Zuckerberg
Mark Zuckerberg, US tech entrepreneur and CEO of Facebook, says he doesn’t think billionaires should exist, adding that in reality, “no-one deserves to have that much money”. The…
Nigeria to hold oil licensing rounds in 2020 — 13 years after the last
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday disclosed that the federal government plans to conduct oil blocks bid rounds in 2020.This comes amid growing concerns about…
Rise of backyard farming
Along with fresh fruits and vegetables, mini livestock, backyard farms are providing jobs, start-up programmes, knowledge and social connections, DANIEL ESSIET…
‘Our farmers should make money from their sweat’ — Oshiomhole backs closure of borders
Adams Oshiomhole, national chairman of the All Progressives Congress (APC), says the Nigeria Customs Service (NCS) made a good decision in closing the country’s borders. Speaking in…
Investment in mutual funds grows to N817bn
Total investment in mutual funds has grown to N817.25bn as of September 20, 2019.Data obtained from the Securities and Exchange Commission on Thursday showed the value of mutual funds increased by 31.48 per…
Wife replaces TY Danjuma as May & Baker chairman
Daisy Danjuma, a former senator, has been announced as the new chairman of May & Baker Plc. According to a notice sent to the Nigerian Stock Exchange (NSE), the 67-year-old…
Customs raking in N5.8bn daily since border closure – Hameed Ali
Hameed Ali, comptroller general of the Nigeria Customs Service, says the agency has been generating an average revenue between N4.7bn and N5.8bn daily since the borders were closed.…
FG hands over National Theatre to CBN, banks for establishment of creative industry park
The Federal Government has handed over the National Theatre to the Central Bank of Nigeria (CBN) and the Bankers Committee for the development of creative industry Park. Godwin Emefiele,…
Non-Performing loans hit 4-year low as Banks recover N496 billion
Non-Performing loans in Nigerian banks dropped to a record N1.44 trillion in the second quarter of 2019. This is reflected in the banking sector report released by the National…
Is NPA Boss, Hadiza Bala Waging A Personal Vendetta Against BUA Boss, Abdul Samad Rabiu?
If the Nigeria Port Authority is a woodland of commerce, then Hadiza Bala Usman is the Queen of the jungle. This is because she runs the federal agency like a forest of unequal…
Dangote eyes $30b revenue
ALIKO Dangote, the richest man in Africa, who is building one of the world’s biggest refineries in Lagos, in addition to investments in gas and petrochemical plants, said he expects…
BREAKING: Rivers acquires Shell stakes in Ogoni
Rivers government has acquired Shell Petroleum Development Company (SPDC) 45% stake in the Oil Mining Lease 11 in Eleme and other parts of Ogoni land in the state. Governor Nyesom…
How forex restriction, border closure could unlock N1trn for farmers
Despite the vast agricultural potential, Nigeria is a net food importer, with the vast majority of people engaged in agriculture operating at subsistence level.The country spends an average of US $22 billion (₦7.92…
From Militant to Farmer: The Inspiring Story Of Reston Tadheke
On Saturday, 28 September, I visited a farm initiative by a young Nigerian in Keffi, Nasarawa State. I couldn’t belief what I saw. Reston Tedheke’s story is…
Benin counts the cost after Nigeria shutters border
Dozens of baskets brimming with newly-picked tomatoes gently rot in the sticky heat, becoming the latest casualty in a bout of trade tension between Benin and Nigeria. On August 19,…
P&ID Gives Nigeria Condition To Negotiate $9.6bn Award
Following the ruling of the UK court on Thursday, Process and Industrial Developments Limited (P&ID) on Sunday gave Nigeria condition for negotiating the $9.6 billion awarded in its favour.The UK court had on…
How to recover N270b debt from DisCos, by TCN
The Transmission Company of Nigeria (TCN) has written a letter to the Minister of Power, Sale Mamman, on how to compel the electricity distribution companies (DisCos)…
Volkswagen hires Cadillac boss
Volkswagen has hired an executive who once ran Cadillac and Infiniti to help oversee its North American operations. The German carmaker said that Johan de Nysschen will become Chief…
We’ve enjoyed huge patronage from Buhari administration – Innoson
Innoson Group of Companies Nigeria limited on Sunday said it has enjoyed huge patronage and support from the President Muhammadu Buhari-led administration. Chairman of the group,…
Border closure: Traders lose N15billion, says Igbo group
The Ndigbo Unity Forum (NUF), a pan-Igbo socio-political group, claimed that traders have lost about N15 billion since Nigerian authorities shut the borders with neighbouring countries.…