Business

The Portuguese hotel group, Pestana, announced on Wednesday that they will open a new hotel in Paris with Cristiano Ronaldo’s name, Pestana CR7 Hotel, in which they have invested €60 million. The hotel is set to potentially open in 2021.…

International oil benchmark, Brent crude, extended its gains on Wednesday, trading near a two-month high as shrinking oil inventories pointed to an increasingly tight global market. The upturn in oil prices come as the United States’…

Apple has just become the first company to be valued at $1 trillion, which is triumphant or depressing depending on how you look at it. The company was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976, and went…

The Federal Government, through the Ministry of Transportation, has urged Japan to follow in the footsteps of their Chinese counterpart, and partner Nigeria on concessioning loans. Rotimi Amaechi, Minister of Transport, stated this when…

A judge, Nnamdi Dimgba, in Abuja has rejected an appeal by Multichoice Nigeria against an interim order prohibiting any increase in its DStv or GOtv subscription rates. Multichoice Nigeria had on August 24 filed an appeal against…

Chinese e-commerce giant Alibaba and Russian technology group Mail.ru on Tuesday said they would launch a joint e-commerce venture in Russia and former Soviet countries. The deal comes as e-commerce is developing rapidly in Russia…

Federal, states and local governments shared N3.95 trillion from the Federation Account within the first half of this year. The disbursements made by the Federation Accounts Allocation Committee (FAAC) represented an increase of 41%…

The high cost of baking ingredients may push bread prices up, bakers have warned. The Premium Bread Makers Association of Nigeria gave this warning on Monday at a press briefing in Lagos. “The challenges we face as a result of…

The Nigerian Electricity Regulatory Commission (NERC) has ordered electricity distribution companies to refund monies paid by persons who did not receive meters under the scrapped Credited Advanced Payment for Metering Initiative…

…Definite hearing commences October 2 A Wuse Magistrate Court in Abuja has dismissed all applications brought before it by BGL Plc and her subsidiaries objecting to their trial before the court. Chief Magistrate, Chinyere…

Forbes has ranked Nigeria 3rd best in Africa in terms of “investor protection”. Rwanda and South Africa were rated above Nigeria on the African continent. A total of  153 countries were surveyed. The American business magazine…

…Group CEO assures of amicable settlement MTN Nigeria Monday said in order to protect its assets and shareholder rights within the confines of the law, it  has approached the Federal High Court for injunctive relief to restrain the…

…To abolish stop and search for vehicle particulars Edo State Internally Generated Revenue (IGR) has hit an average of N2bn monthly from N1.55bn in 2016 when Governor Godwin Obaseki was sworn-in. This represent 25 percent growth…

With a crash in the value of bitcoin last week, Nigerians are pulling back to cut down on their losses in the cryptocurrency market as their stake in the market declined dropping to N1.09 billion as against N1.51 billion which it was at…

Tunde Fowler, chairman of Federal Inland Revenue Service (FIRS), says the service will soon go after the bank accounts of defaulting taxpayers who are billonaires. Fowler, who disclosed this at a stakeholders’ meeting in Lagos, said…

The presidency said yesterday that the President Muhammadu Buhari administration would intensify efforts to empower Nigerians economically, as it continues to launch the TraderMoni N10,000 collateral free loans for petty traders. The…

Tier two lender, Diamond Bank Plc has confirmed that the sum of N250 million has been deducted from its account with the Central Bank of Nigeria (CBN). The bank sent a notice to the Nigerian Stock Exchange (NSE) after trading hours…

Heads of State, Governments and delegations from 52 African countries, including Nigeria and the People’s, Republic of China met in Beijing, under the auspices of the Forum on China and Africa Cooperation (FOCAC). The tri-annual…

Recently calculated total exports to Nigeria from China amounted to about $75 billion while on the Nigerian side, total export to China was about $9.6 billion. This took the total trade volume between the two countries, as at July…

The Central Bank of Nigeria, on Friday, injected the sum $303.91m into the interbank retail Secondary Market Intervention Sales segment of the foreign exchange market. The CBN said in a statement that it also sold CNY 46.58m in the spot…

The Central Bank of Nigeria (CBN) says the alleged deduction of N1.886 billion fine from Stanbic IBTC Bank’s account was in done in national interest. An official of CBN, who pleaded anonymity while confirming this to NAN in Lagos,…

Stanbic IBTC Ventures Limited says it has surrendered its license as a ventures capital manager. In a notice sent to the Nigerian Stock Exchange on Friday, the company said it surrendered the license voluntarily. A ventures…

Three customers of Bet9ja have petitioned the National Lottery Regulatory Commission, claiming the betting company had not paid the over N3m stake owed them. A correspondent of the News Agency of Nigeria (NAN), who obtained a copy of…

…generates N3.5tn from taxes in eight months The Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, said on Thursday that the government would sell properties built and developed in corporate names across the country on…