Business

NOT a few financial market experts are shocked by the  banks’ suspension of Bureau de Change (BDC) operations over taxes on turnover volumes. But, many of the BDCs that have faced tougher challenges, including the battle for margin…

Power distribution companies are not only indebted to their counterparts in the electricity generation arm of the sector, they also owe service providers a total of N205.51bn. The service providers in the power sector are the Nigerian…

MultiChoice Nigeria said on Friday it filed an appeal against last Monday’s order of the Federal High Court, Abuja stopping it from increasing subscription rates to its cable television services. But, the Consumer Protection Council…

Two international customers, Benin Republic and Niger, have paid $10.1m to Nigeria to settle their electricity bill.  This was disclosed by the market operator arm of the Transmission Company of Nigeria (TCN) during the August power…

Banks are shutting down Bureau De Change (BDC) accounts over the demand that the operators pay taxes on their transactions turnover, The Nation learnt yesterday. The lenders are writing to BDCs and implementing a ‘Post No Debit’…

The total loans granted by Nigerian banks to the private sector declined from N16 trillion in the first quarter of 2017 to N15.34 trillion in the second quarter of 2018, a difference of N600.60 billion. A report by the National…

Inflation in Nigeria which stubbornly jumped to about 19 per cent in 2017, has continued to trend downward. Clearly, high inflation distorts consumer behaviour. It can also destabilise markets by creating unnecessary shortages.…

The managing director and chief executive officer of Nigeria LNG Limited (NLNG), Tony Attah, over the weekend said the company has generated over N90 billion in revenue to federal government. Attah also said that the NLNG’s planned…

SunTrust Bank has appointed Ayo Babatunde (pictured) as its new chief executive officer effective August 1, 2018. Babatunde, who was the former senior vice president – regional treasurer of Ecobank Nigeria, is replacing Muhammad…

The loans from Deposit Money Banks in Nigeria to the power sector have been put at N726.3bn. According to the Association of Power Generation Companies, the country’s power sector is still faced with stiff liquidity crisis, a development…

The Central Bank of Nigeria (CBN) will be refunding Cash Reserve Ratio (CRR) to banks that fund projects in agriculture and manufacturing sectors, its Director of Banking Supervision, Abdullahi Ahmad, has said. Speaking yesterday at…

All is not well at Setraco Nigeria Limited as its shareholders are currently entangled in a battle over the management of the company. Already, a Federal High Court in Abuja has asked members of minority shareholders, Inu Umoru and Son…

Notore Chemical Industries Plc listed N1.61 billion ordinary shares of N0.50 each at N62.50 per share a few weeks ago on the Nigerian Stock Exchange (NSE). At its listing price, this amounted to a market capitalisation of N100.63…

Key Highlights  Inflation rate stood at 11.14% in July. Inflation rate reduces by 0.09% from June. Inflation rate increased by 1.13% on month-on-month basis. Food inflation stood at 12.85% in July. Core Inflation stood at…

The Naira on Wednesday closed at N362.30 to the dollar at the investors’ window, with investors trading a total of 147.8 million dollars. At the Bureau de Change (BDC) window, the naira was sold at N360 to the dollar, while the Pound…

MTN Nigeria has signed an N200 billion medium-term loan agreement with 12 Nigerian banks. FBN Quest is the facility agent of the loan deal which was signed on Wednesday. According to the company, the loan is to help fund its…

•Southwest leads in financial access NorthEast and Southeast regions have the least access to banking, a report on financial access touch-points released yesterday has shown. With five per cent financial access touch-points for…

The federal government has launched a new initiative to empower two million petty traders between now and the end of 2018. The new initiative called Trader Moni was launched under the Government Enterprise and Empowerment…

The measures introduced by the the Central Bank of Nigeria (CBN) to curb foreign exchange (forex) volatility have helped the naira to regain its stability. COLLINS NWEZE writes that the introduction of the Investors’ & Exporters’…

Commercial banks are revaluing their foreign currency holdings and paying off debts ahead of timeline as dollar liquidity improves, The Nation has learnt. The improvement seen in foreign reserves at $47 billion, regular Central Bank…

The Central Bank of Nigeria (CBN) yesterday injected $327,440,499.50 into the interbank market through Retail Secondary Market Intervention Sales (SMIS). This was in addition to the sale of CNY 69,707,333.39 in the spot and short-tenored…

The oil refinery being built in Lagos by Dangote Group is unlikely to start production until 2022, two years later than the target date. Reuters quoted sources with direct knowledge of the matter as saying this in a report on Friday.…

Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has confirmed huge benefit accruing to the country following the replacement the offshore processing arrangement (OPA) and crude oil swap with the Direct Purchase of…

Duet, a U.K-based private equity company, has acquired a majority interest in AJEast Nigeria, a Nigerian African beverage manufacturer. AJEast launched a manufacturing facility outside Lagos in 2015. The bottling plant produces…