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BAD NEWS: US shale oil runs Nigeria’s crude out of market
Nigerian crude has suffered its slowest sales of the year in August, traders said, as U.S. exports of competing light, sweet grades flood traditional markets in Europe and Asia. It is…
Zenith Bank boss Jim Ovia loses $64m
Jim Ovia, founder and chairman of Zenith Bank has lost close to $64 million in paper net worth over the last 6 months as the stock price of his bank shed 33% in value within that period,…
Apple offers $1m reward to anyone who can hack an iPhone
Apple, American multinational tech company, is offering the sum of $1 million to anyone who can hack into their iPhones and tell the company how they did it. The iOS bug bounty was announced by…
Nigeria sells the cheapest petrol in West Africa — recipe for smuggling – Report
The Nigerian government has been subsidising the price of petrol for decades. This has ensured that petrol has remained cheap and affordable for citizens of Africa’s most populous…
Dangote Refinery suffers supply hiccups… Completion shifted till 2020
Africa’s largest oil refinery will not be finished until the end of 2020 due to problems importing steel and other equipment, executives at Dangote, which is building the facility in Lagos said.…
We’ve disbursed N9.6 billion to MSMEs – Fidelity Bank
Fidelity Bank Plc says it has disbursed N9.6 billion to Micro-Small and Medium Enterprises (MSMEs), from the Development Bank of Nigeria (DBN) fund being administered by…
EFCC Vows To Recover N5trn Debts
To lessen the burden on AMCON, the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has vowed to assist the corporation to recover the…
India Increases Crude Oil Demand From Nigeria
India has increased crude oil demand from Nigeria after it stopped imports from sanction-hit Iran as new data from the country’s commerce ministry showed that New Delhi has…
Outrage as China ships used vehicles to Nigeria
Automakers, dealers and other stakeholders have expressed anger over China’s resolve to push its used vehicles to Nigeria and other global markets as a strategy to shore up its income from automobile.Although no…
Investors await interim dividends of major banks
Investors have stepped up demand for shares of the largest banks amidst expectations that the lenders will declare interim dividends on their half-year results. Four leading…
Zimbabwe legalises growing of hemp
Zimbabwe will change its laws to allow farmers to grow industrial hemp for export, cabinet ministers said on Tuesday, adding that the government saw the plant as a future substitute for tobacco,…
Berger Paints Opens New Colour World in Ikoyi
Berger Paints Nigeria Plc., one of Nigeria’s leading manufacturers of paints and allied coatings has opened a new Colour World outlet at Awolowo way, Ikoyi, Lagos as part of its commitment to meet the…
FCMB Introduces Revamped Agro-Commodity Trade Finance Facility to Boost Agriculture
Leading financial services provider, First City Monument Bank (FCMB), has introduced an enhanced agro-commodity trade finance facility for agribusiness operators. The…
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…