Business

Prince Arthur Eze glides smoothly on the surface of life’s stormy seas; not as a diver, a mariner or seeker of buried treasure but as a real man in a sea of ciphers. Yes, Arthur Eze has received several Asian offers for his firm Oranto’s…

Shareholders of Dangote Cement, on Wednesday, at the company’s 9th Annual General Meeting (AGM), held in Lagos were full of praise for the Board, Management and staff of the company after approving the dividend payout of N10.50 per 50k…

The United States cut its crude oil imports from Nigeria by 62.08 per cent to 3.92 million barrels in March, the lowest monthly level since February 2016. The latest data from the US Energy Information Administration seen by our…

The value of transactions in the FX Market settled at $14.77billion in May, a decrease of 10.31 percent ($1.70bn) when compared with the value recorded in April ($16.47bn). Liquidity flows via the I&E FX Window increased as the…

A Federal High Court in Abuja has refused a prayer by the Federal Government (FG) for the permanent forfeiture of funds in accounts without commercials banks without Bank Verification Number (BVN). Justice Nnamdi Dimgba, in a…

The Asset Management Corporation of Nigeria (AMCON) says it recovered bad loans worth N731bn, excluding clawbacks, from the start of its operations in 2010 up to December 2017. Assets in form of properties accounted for about 35…

The Nigeria Communication Commission (NCC) is looking to release a new price for data, says Umar Danbatta, executive vice-chairman of the government parastatal. Danbatta made the disclosure on Thursday during his induction as a…

Maikanti Baru, group managing director of Nigerian National Petroleum Corporation (NNPC), says direct-sale-direct-purchase (DSDP) contracts have been extended till December 2018. The agreement allows for sales of crude oil to…

The Central Bank of Nigeria (CBN) has made available the sum of $210million, to meet customers’ requests in various segments of the foreign exchange market. In its desire to meet customers’ needs in the various segments of the…

Nigeria’s information and communication technology (ICT) sector is probably not as big as what is obtainable in Silicon Valley. We do not have the likes of Google, Facebook or Apple with their grandeur and imaginative products.…

In a release sent to the Nigerian Stock Exchange (NSE), Seplat petroleum Plc notified the exchange and the investing community that one of its non-executive directors had sold some of his shares. Companies by law are expected to…

The Supreme Court of Nigeria has ordered Conoil Plc to pay Vitol S.A, a British oil firm, N13.2 billion as money owed for lifting cargoes of refined petroleum products. The case between both parties first started in 2008 and has…

Have you ever wondered how much exactly some of Nigeria’s top CEOs earn per annum? Well, you had best believe that their total annual emoluments range from tens to hundreds of millions. These men (and women) do a lot of work,…

Nigeria’s crude oil, second highest valued in 2017 OPEC reference basket The Minister of State for Petroleum, Dr. Ibe Kachikwu, has directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and…

The much-awaited guidelines for the $2.5billion currency swap deal between the Central Bank of Nigeria (CBN) and The Peoples Bank of China (PBoC) have been unveiled. The deal will widen the trade window for local banks and increase…

One of the year’s most spectacular startup payoffs isn’t in Silicon Valley or China, it’s in Japan. Mercari Inc.’s $3.7 billion coming-out party will deliver a 149-times return to early investor United Inc., which engineered a 300…

The naira will remain stable at both the official and parallel markets, with the rise in foreign reserves to $48 billion and the consistent dollar interventions by the Central Bank of Nigeria (CBN), analysts have said. Analysts at…

The drive to increase financial inclusion among Nigerians has continued to assume an increasing recognition among policymakers and investors. Introducing Tayo Oviosu, the founder and CEO of Paga, a financial mobile payment platform…

•Bankers Committee backs currency swap Importers will pay less if they get Renminbi invoices from Chinese exporters, the Central Bank of Nigeria (CBN)-led Bankers’ Committee said yesterday. Rising from its meeting in Lagos, the…

In an encouraging development, Nigeria’s inflation has eased to 11.6% in May, the lowest level seen in more than two years. With consumer prices slowly edging closer to the Central Bank of Nigeria’s target band of 6%-9%, an interest…

The Central Bank of Nigeria (CBN) has registered an additional 674 foreign exchange dealers, Bureau De Change (BDC) operators between December 31, 2017 and May 30, 2018, according a release from the apex bank. This put the total…

The Nigerian Stock Exchange (NSE) delisted 22 companies between 2016 and 2017 for non-performance and failure to meet the required post-quotation standards. The delisted companies include Cappa and D’Alberto, Intercontinental Bank…

Distributors of petroleum products in Ghana have expressed interest in patronising Dangote Oil Refinery when operations begin. The refinery, which is owned by Aliko Dangote, is expected to begin operations in 2018. The 650,000…

When supermarket owner Baba Acheme first bought a Point of Sale (POS) machine in 2014, the entrepreneur in Mubi — the commercial hub of the northeastern Nigerian state of Adamawa — thought it would help him collect payments for the…