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AfDB identifies 14 sites for Agro-Industrial Processing Zones in Nigeria
The African Development Bank (AfDB), says it has identified 14 sites for the proposed Special Agro-Industrial Processing Zones (SAPZs) in Nigeria. Prof. Banji Oyelaran-Oyeyinka,…
Olam Reduces Acquisition Price for Dangote Flour from N130bn to N120bn
Olam International Limited, a Singaporean agro-allied company, which had offered to acquire Dangote Flour Mill (DFM) Plc for N130 billion yesterday announced a reduction of the bid price to N120 billion.DFM had in…
Keystone Bank appoints new Executive Directors
The Board of Directors of Keystone Bank Limited has announced the appointment of three new Executive Directors. This is in line with strategic business intent and corporate…
China Uses Currency as Weapon in Trade War, Rattling Markets
The trade war between the United States and China entered a more dangerous phase on Monday, as Beijing allowed its currency to weaken, Chinese enterprises stopped making new purchases of American farm goods and…
US stocks lose $766billion in hours, worst this year
About $766 billion dollars was wiped out from the market value of US stocks on Monday as the fall in the Chinese Yuan-dollar rate caused jitters in the market. Wall Street’s major…
US labels China currency manipulator as trade war deepens
The US Treasury Department on Monday labelled China a currency manipulator, escalating the U.S.-China trade war. Treasury Secretary Steven Mnuchin designated China a…
Deduct our N49bn debt from the N132bn FG owes us – Bi-Courtney tells AMCON
Bi-Courtney Limited and Roygate Properties Limited, businesses promoted by Wale Babalakin, says the Assets Management Corporation of Nigeria (AMCON) should deduct its N49 billion debt…
Oil states stuck in N1.3trn debt trap
The oil-producing states are the most indebted across the country despite the huge derivation revenue accruing to them, Daily Trust investigations have shown.The oil states have a total domestic debt stock of N1.25…
Huawei ready with Hongmeng OS, to kiss Android goodbye
Huawei could showcase its Hongmeng OS as early as 9 August, according to a report by Global Times. The newspaper, reported at the weekend that the Chinese tech powerhouse is busy…
Nigeria considers new 5% tax for online purchases
The Federal Inland Revenue Service (FIRS) may, from next year, ask banks to charge customers five per cent Value Added Tax for online purchases when using bank cards, its Chairman, Tunde Fowler, has said.Mr…
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…