Business

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…

Some shareholders of Etisalat (now 9Mobile) have cautioned against the sale of the firm in view of a pending case before the Federal High Court in Abuja. The Central Bank of Nigeria (CBN) and others are involved in a negotiation to…

The Executive Vice Chairman of the Nigerian Communications Commission (NCC),  Prof Umar Garba Danbatta, has said that MTN must list on Nigeria’s stock exchange on or before May 2019 as contained in the agreement over the 2015 fine…

Guaranty Trust Bank plc has released its audited financial results for the period ended June 30, 2018 to the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all financial indices,…

The Central Bank of Nigeria (CBN) on Tuesday said it injected $210million into the inter-bank foreign exchange market to ensure availability of foreign exchange. The intervention is also to help meet customers’ requests in various…

Oil prices rose on Tuesday as the U.S. reintroduced sanctions against major crude exporter, Iran, tightening global markets. Meanwhile, heatwave across Europe and other areas pushes oil up. Sweet Brent crude oil futures were at…

The Nigerian Securities and Exchange Commission (SEC) has proposed new rules to serve as guide to nominees companies operating in the country. In the document posted on its website on August 3, 2018 titled ‘Exposure of Sundry Amendments…

The Nigerian Stock Exchange (NSE) on Monday announced the suspension on trading in the shares of oil marketing firm, Conoil Plc. The suspension was disclosed in a circular signed by Godstime Iwenekhai, head, listings regulation…

Four hundred thousand farmers have so far been supported financially and technically to grow 12 crops under the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN). The initiative, operated through the Nigeria…

The Department of Petroleum Resources (DPR) generated over N747 billion from the issuance of licences/ granting of approval and royalties paid by oil and gas companies operating in the country among others for the federal government of…

Nigeria is poised to become the third largest exporter of gas worldwide, once the Nigeria Liquefied Natural Gas (NLNG) Train-7 plant kicks off in December, the company said Saturday. Tayo Ogini, NLNG general manager, production, made…

Nigeria has become the latest African country to step up its bid to adopt Chinese yuan as a reserve currency. Two months after agreeing a three-year $2.5 billion currency swap with China to boost its reserves and aid trade between both…

July was another encouraging trading month for the Nigerian economy, thanks to the stabilizing macroeconomic environment. Annual inflation eased for the seventeenth consecutive month, while positive core economic metrics pointed to…

The market capitalisation of the Nigerian Stock Exchange (NSE) appreciated on Thursday by N128 billion following the listing of Notore Chemical Industries Plc shares. The company listed on the exchange by introduction of a total of…

Apple Inc. shares rose 2.8 percent on Thursday, making the consumer technology giant the first U.S.-based company to be valued at $1 trillion, Bloomberg News reports. The iPhone maker’s market capitalization briefly passed $1…

The Blockchain technology has offered to make access to petroleum products in Nigeria affordable and seamless using its digital assets. Briefing newsmen in Lagos yesterday, the Country Director, Chuta Chimezie, said the technology,…

Crude oil prices dropped by over one per cent wednesday with the global benchmark crude, Brent slumping by $1.7 or 1.2 per cent, while the United States crude declined by $1.07 or 1.7 per cent after data showed that the United States’…

The Transmission Company of Nigeria (TCN) has received approval from the federal government to manage the N72 billion proposed investment in electricity distribution companies (DisCos). Usman Mohammed, managing director of TCN, made…

WhatsApp on Wednesday said it will start charging businesses for sending marketing and customer service messages, as the messaging platform faces slowing usage and revenue growth. Messages from businesses will be charged at a fixed…

The Central Bank of Nigeria (CBN) has set a five-year timeline for banks to keep physical cheque presented to them by customers after which the instrument may be disposed. This is contained in the Nigerian Bankers’ Clearing System…

THESE are not the best of times for the power sector. The sector has been swimming in troubled water in the past few months. It was initially between the electricity Distribution Companies (DisCos) and customers, who complain of…