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Marketers Set For Showdown As Customs Impounds Fuel Tankers
Petroleum products marketers under the aegis of Independent Petroleum Marketers Association on Nigeria (IPMAN), Lagos branch has launched a strong protest against the action of the Nigeria Customs Service…
Nigeria sticks to 1.7m barrels daily OPEC quota, says NNPC chief
NIGERIA is currently producing between 1.6 million and -1.7 million barrels per day (bpd) of crude oil, the Chief Operating Officer (COO) of the Nigerian National…
UK financial institution to put $5 billion to work in Nigeria, others
The United Kingdom development finance arm, CDC Group, is set to invest $5 billion in Nigeria and other African countries in a bid to create impact in line…
FCMB, Wakanow Seal Deal On Affordable Travel Package
Customers of First City Monument Bank (FCMB) who plan to travel abroad at highly convenient and affordable arrangements now have the opportunity to do so. This follows a new partnership between the top-rated…
Border closure: Producer vows to crash price of local rice
Paul Santus, Chairman and Chief Executive Officer, Santuscom Agro-Hub Investment Nigeria Limited, producer of Ogoja Rice, has vowed to crash the price of local rice ahead of…
Local rice floods major markets in Nigeria, as frozen food sellers lament low patronage
Locally-produced rice has gained huge momentum, as Nairametrics Research Team found out that various brands of local rice have now flooded major markets in the country. As a result, the…
FG to remove tax exemption on oil companies’ dividends
Dividends paid from the profits of oil companies will no longer be tax-exempt if the finance bill submitted by President Muhammadu Buhari is passed by the national assembly.…
Alibaba’s Singles’ Day sales top $38 billion
After 24 hours of frenzied buying and selling, and weeks of aggressive advertising and promotions before it, the Alibaba Group said today its sales hit another record high on Singles’ Day,…
Nigeria’s Interswitch hits $1billion valuation with Visa investment
Nigeria’s digital payments firm Interswitch said Visa has acquired a minority equity stake in the firm, TechCrunch has reported. “The investment makes Interswitch one of the…
Nigerian banks assets, liabilities hit N39.58 trillion
The total assets and liabilities of commercial banks in Nigeria rose from N37.14tn at the end of November 2018 to N39.58tn as of the end of August 2019. The Central Bank of Nigeria…
Most Expensive Wristwatch In the World, Patek Philippe Grandmaster Chime Sold For N11b In…
The world's most expensive watch, a £24.2million Patek Philippe, has sold in Switzerland at a Christie's charity auction. The Patek Philippe Grandmaster Chime, one of the most complex timepieces ever crafted, was won by a private…
Banks attract $4.74bn foreign investments in six months
Banks attracted a total of $4.74bn foreign investment into the country in the first half of the year.Data obtained from the National Bureau of statistics showed that the amount of investment attracted by 22…
Video: Dangote rice mill springs up in Saminaka, Gov. Bagudu excited
Gov. Atiku Bagudu of Kebbi on Sunday commended Dangote Group for setting up a rice mill in the state, saying it would create employment and boost the economy.…
Customs in astonishing N1 trillion revenue hit
The Nigeria Customs Service (NCS) has generated revenue of about N1.002 trillion from January to September 2019. The data from the Department of Research and Statistics and…
Dangote’s $60m cement plant in Togo
Dangote Industries Limited has signed a business deal with the Government of Togo (GoT) to make phosphate into fertiliser and build a cement factory in the West…
Bonga oil block: NNPC battles firm over N8.14b judgment cash
THE Nigerian National Petroleum Corporation (NNPC) is asking the Supreme Court to review a $22,630,000 (N8, 146, 800,000) damages verdict against it. The apex…
We won’t fund Mambilla power until Nigeria settles legal dispute – China
The Chinese government has asked Nigeria to settle the legal dispute over the $5.8 billion Mambilla power failing which it would not provide the funds for the project. In 2006, the…
Britain’s credit rating slips to negative
Credit ratings agency Moody’s on Saturday downgraded the outlook for Britain’s debt, citing mounting policy challenges amid the Brexit debate. The agency cut the outlook to negative…
Border closure: Ogun rice traders laud federal government’s policy, seek price regulation
Some rice traders at Ota in Ogun on Saturday attributed the current hike in the price of local rice to unregulated activities of middlemen distributing the commodity…
NDIC pays N100bn liquidation dividends
The Nigeria Deposit Insurance Corporation (NDIC) said it had paid over N100 billion as liquidation dividends to depositors of closed Deposit Money Banks (DMBs), in the last 30 years,…
Oil companies weigh options after Buhari’s PSC Act assent
President Muhammadu Buhari earlier in the week signed the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Amendment Bill into law, putting to rest decades of calls for review of the PSC…
Banks’ loan cut slows revenue growth – Report
NIGERIAN banks have continued to face lower margins, increased competition, often encouraged by regulators and cut in loans which have led to drop in revenue, a new report by…
INFOGRAPHICS: Thailand’s rice export to Nigeria’s border countries drops
Rice exports from Thailand to countries that share borders with Nigeria has recorded a decline from 2018 levels. TheCable’s analysis of the data provided on the Thai Rice Exporters…
Border Closure Bites Hard On Rice, Textile Shops In Benin Republic
Investigation by our reporter has revealed that the major textile and rice markets in Cotonou, Benin Republic, have seen a massive decline in patronage following the complete closure of…