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Oil flows from Ubima Marginal Field 55 years after
The Ubima Marginal Field in Oil Mining Lease (OML) 17 in Ikwerre Local Government Area of Rivers State has produced first oil in more than 10 years, its operators, All Grace Energy…
Merchants dump PoS, inactive terminals hit 131,201
Some retailers using Point of Sales terminals to receive payments have abandoned the device and reverted to cash payments, investigation has shown.Some of them who spoke with our correspondent said the decision…
OPay gets central bank’s approval for international money transfer services
OPay, a provider of payment, a ride-hailing company, food delivery and loan services firm, has been granted approval by the Central Bank of Nigeria (CBN) to commence…
Air Peace signs $212.6 million Embraer pact
Air Peace has signed a contract for the purchase of three additional Embraer 195-E2s regional jets valued at $212.6 million. The deal, according the airline’s spokesman,…
Subsidy on petrol now N18.68 per litre – PPPRA
The current open market price for Premium Motor Spirit, popularly known as petrol is N163.68 per litre, the Petroleum Products Pricing Regulatory Agency stated on Monday.…
Nigerians abandon 4m bank accounts in one year
INACTIVE bank accounts rose by four million or 10 percent to 45 million in one year period ending October 31, 2019 from 41 million as at same period of 2018.Financial Vanguard analysis of industry…
BREAKING: Inflation hits 11.61% — highest in 18 months
The consumer price index, which measures inflation, rose to 11.61% in October, data released by the National Bureau of Statistics (NBS) has shown. This is an increase of…
Border closure and ‘FX43’: A strategic combination
THE dual policies of border closure and the earlier exclusion of 43 items (FX43) from the Interbank Foreign Exchange Market by the Central Bank of Nigeria, CBN, are a strategic combination aimed at plugging…
Big Brother Naija overview: The business, lessons and realities
ROTIMI IGE writes about how the recently concluded Big Brother Naija season 4 Pepper Dem shaped and sustained conversations around the world for 99 days, became an investor’s hub, and ultimately a veritable…
CBN injects $341.75m, ¥14.7m into retail forex market
Central Bank of Nigeria (CBN), has intervened in the Retail Secondary Market Intervention Sales (SMIS), to the tune of $341.75 million in addition to ¥14.7 million in the spot and short-tenored forwards segment…
Seyi Tinubu acquires Sim Shagaya’s advertising company, E-Motion
Seyi Tinubu has acquired advertising company, E-Motion Advertising, founded by Sim Shagaya. Tinubu, an industry player in outdoor advertising, acquired E-Motion…
Petrol importation drops by 512 million litres in 3 months
Petrol importation in Nigeria drops by 512 million litres between June and September, this was disclosed in the latest National Bureau of Statistics (NBS) Petroleum…
Lagos rice mill to produce 650 bags of rice per hour
The Lagos State government has said that the Imota rice mill, when completed, will produce 650 bags of 50kg rice per hour. The Special Adviser to the Governor on…
Apple Inc. now bigger than Chevron, ExxonMobil, ConocoPhillips combined
Apple is now valued more than the entire US energy sector, according to analysts at Bank of America Merrill Lynch. The tech giant closed Thursday with a $1.17 trillion…
Central bank stabilises naira with $25.68 billion in eight months
The Central Bank of Nigeria injected about $25.68bn to stabilise the nation’s currency in the foreign exchange market between January and August this year. The $25.68bn was…
Nigeria, Benin, Niger set up committee on border reopening
Nigeria, the Republic of Benin and Niger, have established a joint border patrol team comprising the Police, Customs, Immigration of the tripartite countries to…
Senate seeks tax holiday for agriculture, mining investors
The Senate on Thursday urged the Federal Government grant tax holidays to investors in the solid minerals sector to enhance investment. It…
Ernst & Young, CBN, NDIC push for AMCON’s liquidation
Ernst & Young, (multinational financial advisory firm), the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) are pushing to end the operation…
NSE: Investors gain N246bn
Nigerian stock market rose 1.91 per cent to a five-week high yesterday, boosted by demand for stocks in banking and other blue chip firms.The index, which is down 16 per cent so far this year, firmed up to a…
Why I flew 15 hours just to visit Nigeria – Jack Ma
Jack Ma, co-founder of Alibaba, Chinese e-commerce company, led a team of investors from his country to Nigeria on Thursday. Speaking when he met with Vice-President Yemi…
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…