Business

Senators yesterday approved the payment of over N348 billion outstanding oil subsidy claims to 74 petroleum marketers. The upper chamber gave the approval following its adoption of the interim report of its Committee on Petroleum…

Farmcrowdy, Nigeria’s first and leading digital agriculture platform has won the Digital Business of the Year (2018) award in Africa at the annual Global African Business Awards (GABA) ceremony in Addis Ababa, Ethiopia. Launched in…

The Founder of the Computer Warehouse Group, Mr. Austin Okere, has expressed optimism that fintech companies are likely to take a more prominent role in banking and the financial services space. Okere, said this recently at a forum…

The Nigerian National Petroleum Corporation (NNPC) has commenced a community integration and stakeholders’ engagement to sensitise people in Cross River ahead the planned oil palm-based bio-diesel project. A statement by the NNPC…

The London Court of International Arbitration (LCIA) has ordered two companies owned by the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu and his deputy, Mr. Mofe Boyo, to pay US$680 million (N244.8 billion) to Ansbury…

Last week Nairametrics profiled a crop of young Nigerians, who due to the great works of their parents, currently have seats on the boards of some of the largest companies on the Exchange. For them, having these seats provides them…

As a rule, I don’t get worked up over oil refineries. But the one gradually taking form on 2,500 hectares of swampland outside Lagos, Nigeria’s Mad Max commercial capital, is so big, so audacious and so potentially transformative that…

The Asset Management Corporation of Nigeria (AMCON) has secured a Federal High Court Abuja Division to take over Sigma Apartments owned by Sigma Engineering & Construction Limited over N1 billion debt. The order given by Hon.…

The Federal Inland Revenue Service has announced that it realised a total of N2.5 trillion (N2,529,615,174,601.25) from various taxes from January to June 2018. The amount shows that the service has realised 75% of its total target…

The Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Joseph Nnanna, on Thursday blamed the inability of Deposit Money Banks to lend at single digit interest rate on the attractiveness of treasury bills, an instrument used by…

There have been no buyers for the N182billion assets obtained by the Asset Management Corporation of Nigeria (AMCON) from debt resolution, the organisation said yesterday. AMCON Managing Director Ahmed Kuru, speaking in Lagos at the…

The Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding with the Nigeria Security and Civil Defence Corps (NSCDC) to protect telecom critical national infrastructure. This comes after members of the…

PRESIDENT Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit bill (NFIU) into law, Senior Special Assistant to the President on National Assembly Matters (Senate) Ita Enang said yesterday. Enang, while briefing…

In less than 2 months, Africa's richest man, Aliko Dangote has lost more than $100 million of his net worth. Dangote's fortune dropped by 0.8% to $12.3 billion from the last record of $12.8 billion as at Monday, May 21, 2018,…

The finance sector needs regulatory buffers to strengthen banks’ capacity to withstand shocks, Central Bank of Nigeria (CBN) Deputy Governor Edward Lamtek Adamu, has said. In his personal statement contained in the CBN Communique of…

Banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally, The Nation has learnt. Banks have been encouraging…

The Central Bank of Nigeria (CBN) on Friday directed all banks including microfinance banks, primary mortgage institutions that have agents, Mobile Money Operators (MMOs) and licensed Super Agents to render daily returns through the…

Dangote Cement Plc may carry out the much-awaited listing of its shares in London Stock Exchange after next year’s general election. Edwin Devakumar, Group Executive Director, Dangote Industries Ltd disclosed this during an interview…

Facebook Inc. co-founder Mark Zuckerberg has overtaken Warren Buffett as the world’s third-richest person, further solidifying technology as the most robust creator of wealth. Zuckerberg, who trails only Amazon.com Inc. founder Jeff…

The Nigerian National Petroleum Corporation (NNPC) has paid $1billion out of its $5billion cash call arraers. The Group Managing Director Dr. Maikanti Baru stated this in Abuja while addressing the corporation’s workers via a mail…

The Federal Government, states and local governments earned $3.1 billion as dividends, taxes, fees, levies, remittances and other forms of payments by the Nigeria Liquefied Natural Gas (NLNG) in 2017. The amount was higher than the…

Investors on the Nigerian Stock Exchange are probably used to household names such as Aliko Dangote, Mike Adenuga, Femi Otedola, Segun Agbaje, etc. These are directors of some of the biggest companies on the stock exchange and they are…

Despite opposition by many parties, notably those operating in the telecommunication sector, the Central Bank of Nigeria (CBN) in a circular dated 25th of June 2018, has released guidelines for the collection of a 0.005% levy on…

The Central Bank of Nigeria (CBN) is wooing importers of goods from China to use the Yuan instead of the dollar. The move supports  the bank’s effort to promote naira exchange rate and boost foreign reserves. CBN officials have been…