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9 banks scale CBN’s dividend hurdle, 4 fail
DIVIDEND pay-out in banks rose 12.6 percent for their financial year ended December 2018 despite the dividend restriction policy introduced by the Central Bank of Nigeria, CBN. About nine banks scaled the CBN hurdle…
Oriental Energy announces oil discovery in Ebok Deep (OML 67)
NIGERIA’s leading marginal field operator, Oriental Energy Resources Limited, OERL, has confirmed oil discovery in two deep prospects that were identified during extensive subsurface studies in its offshore Ebok…
N3.6bn debt: AMCON takes over steel firm
Asset Management Corporation of Nigeria, AMCON, said weekend it had taken over Bao Yao Futurlex Iron & Steel Company Limited in Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State, due to…
Dangote Dedicates 53% Of Refinery Capacity To Petrol
The Dangote Group says upon completion of its refinery, it will dedicate 53 per cent of the capacity to the production of petrol. This translates to dedicating 344,500 barrels of…
Federal government plans to establish more dry ports
The Director General (DG) Infrastructural Concession Regulatory Commission (ICRC), Mr Chidi Izuwah, says the Federal Government is committed to establishing more dry ports in the…
MTN Deducted Tax From 2015 Fine, Claims Nigeria Tax Agency
MTN Nigeria Communications LTD has been accused by Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), of deducting tax from the N330 billion fine it paid to the Nigerian…
PMI shows growth in manufacturing sector – CBN
The Central Bank of Nigeria (CBN) report shows that Purchasing Managers Index (PMI) stood at 57.6 index points n July, indicating expansion in the manufacturing…
Nigeria Stock Exchange Delists Shares Of First Aluminium
The Nigerian Stock Exchange has delisted the issued share capital of First Aluminium Nigeria from its official list following the company’s request for voluntary delisting. Godstime Iwenekhai,…
Huawei’s profit soars despite Trump ban
Huawei has announced a 23.2 percent growth in revenue in the first half year, despite the hostile moves by President Donald Trump. The company declared first-half revenue of 401.3 billion yuan…
China begins export of used cars to Nigeria
China has commenced the export of used cars to Africa, Asia and Europe, with Nigeria one of the destinations for the first batch of 300 cars.The country’s Ministry of Commerce had, in a statement, announced that it had…
CBN injects $210m into forex market
The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market after the transactions on Tuesday, July 30.The bank’s Director, Corporate Communications…
Maersk, Catamaran clash over Ibadan container traffic
THERE are indications that the city of Ibadan, Oyo State, would be hosting two Inland Container Depots, ICDs, as two maritime big players (Maersk and Catamaran) square up over cargo traffic in the South West link. The…
FULL LIST: Ifeanyi Ubah, Jimoh Ibrahim, Kashamu… 20 people holding AMCON’s biggest debts
Vice President Yemi Osinbajo, on Tuesday, set up a task force with a mandate to devise a strategy to recover the N5 trillion owed to the Assets Management Corporation of Nigeria (AMCON).…
Photos: China’s Sinopec ships world’s largest atmospheric tower to Dangote Refinery
China Petrochemical Corporation (Sinopec Group) has disclosed that it is shipping to Dangote Refinery in Lekki Lagos, the world’s largest atmospheric tower. The tower has left a wharf in…
Debtor! GLO Owes MTN 5-yr N10b Interconnection Fee, Connection Breaks Down Between Subscribers Of…
Subscribers of two telecommunication giants: MTN and GLO are in for a hard time as connectivity between the two lines have broken down, no thanks to a whopping N10 billion the Mike Adenuga led GLO…
Hacker Busted After Gaining Access To 100 million Capital One Credit Card Applications And Accounts
United States bank Capital One said a hacker gained access to more than 100 million credit card applications earlier this month. The compromised data included some Social Security…
Nigerian traders in Ghana lament shops’ closure
Nigerian traders in Ghana have decried the frequent closure of their shops by Ghanaian nationals in disregard for the Economic Community of West African States (ECOWAS) free trade treaty. The…
Farmers groan as Chinese firm grabs land in northern Nigeria
In parts of northern Nigeria, particularly in Kano and Jigawa States, a Chinese man known by the locals as Mr Lee is as popular as Aliko Dangote, Africa’s richest man.Mr Lee’s chain of industries is known…
Agric: Canada splashes $15m on 10,000 Nigerian farmers
In its bid to boost agriculture and encourage entrepreneurship, the Canadian government has supported 10,000 Nigerians, mostly from Cross River State, with $15 million (Canadian). …
Oando records six per cent increase in turnover
Oando PLC has recorded N7.2 billion profit-after-tax (PAT) for this year’s six months ended June 30. The oil giant, whose operation was grounded by the Securities and Exchange Commission (SEC)…
Experts commend central bank’s policy on forex restriction for milk importation
Economic experts have lauded the Central Bank of Nigeria (CBN) on its plan to put forex restriction on imported dairy products to the country. Some economic experts who spoke with the…
Disney’s Aladdin Hits $1 Billion At Global Box Office
The live-action remake of the 1992 animated classic, which stars Will Smith, Mena Massoud and Naomi Scott, has already made $343 million in the United States alone. Highlighting the success of the…
Nigerians spend over N359 billion on MTN airtime in 6 months
Yesterday, MTN Nigeria Plc released its Q2 2019 financial results, a breakdown of which shows how the leading telco made money in the past six months. Of specific interest is the…
Some interests targeting our milk import policy – CBN
The Central Bank of Nigeria (CBN), said, Friday day, that some people were working against its intention to restrict foreign exchange to milk importers in the country.According to the bank, the decision to encourage…