Business

Innocent Chukwuma, the Chairman of Innoson Motors Ltd, on Wednesday in Lagos failed to appear for his scheduled arraignment for the sixth time over alleged fraud. Innoson was scheduled to appear before a new judge, Justice Olusola…

Oil prices rose on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and slumping Asian markets kept a lid on gains. Brent crude oil futures LCOc1 were at 77.87 dollars per…

President Muhammadu Buhari has written to the Nigerian Senate, seeking confirmation of Folashodun Shonubi as the deputy governor of the Central Bank of Nigeria (CBN). Mr Buhari had in…

The Central Bank of Nigeria (CBN) says the current state of the nation’s foreign reserves can support 16 months of imports. According to the Balance of Payments report released on the apex bank’s website, the nation’s foreign…

The Nigerian National Petroleum Corporation (NNPC), says the NNPC, First E&P and Schlumberger $724 million oil financing deal will enable Nigeria earn $5.60 billion in taxes and royalty. A statement by NNPC’s spokesperson, Ndu…

Bank debtors who are owing N5.4 trillion are set to lose their assets. They have failed to honour their promises to pay, the Assets Management Company of Nigeria (AMCON) said yesterday. AMCON Managing Director and Chief Executive…

The Central Bank of Nigeria on Saturday directed all commercial banks to resolve disputes arising from use of Unstructured Supplementary Service Data (USSD) channel within three days. Dipo Fatokun, CBN’s Director, Banking and…

When people cannot qualify for an unsecured personal loan, they opt for a secured loan. Sometimes it is more beneficial to choose a secured loan. That way, you can easily get approved when trying to take out a loan. Since you do not…

The Financial Reporting Council of Nigeria (FRC) says all companies in the country must adhere to the new version of the code of corporate governance. Daniel Asapokhai, chief executive officer, FRC, made the disclosure at the first…

The Asset Management Corporation of Nigeria (AMCON) says 350 Nigerians are responsible for more than 80 percent of the N5.4 trillion debt portfolio of the company. Ahmed Kuru, managing director of AMCON, disclosed this in an…

Dangote Cement Plc says it is planning to raise N150 billion by issuing commercial papers on FMDQ. In a statement released by the company to the Nigerian Stock Exchange on Wednesday, the company said the capital raising will either…

The Federal Government has disbursed a total of N158.74 billion to electricity distribution companies (DISCOs), electricity generation companies (GENCOs), gas companies (GASCOs) and service providers under the CBN-Nigerian Electricity…

Following the political crisis in Guinea Bissau, the Central Bank of Nigeria (CBN) has ordered banks to disclose all existing accounts, including business interests or relations linked to the 19 persons which it said had been placed on…

Airtel and 9mobile, mobile network operators in the country, have opposed the transfer of an 800MHz from Visafone Communications to MTN Nigeria. Speaking in Abuja on Monday at a public inquiry organised by the Nigerian Communications…

The Nigerian Communications Commission (NCC) yesterday halted moves by South African mobile giant MTN to acquire the only surviving Code Division Multiple Access (CDMA) operator, Visafone. It said the acquisition cannot be done…

Vice-President Yemi Osinbajo has said the Federal Government is including technology start-ups and businesses in the list of businesses eligible for tax holidays. Osinbajo spoke in Lagos while inaugurating Vibranium Valley, a hub for…

Six commercial banks have made payments totaling N155.45 billion into the sinking fund of Asset Management Corporation of Nigeria (AMCON) within three years, the News Agency of Nigeria (NAN), reports. NAN reports that Access Bank,…

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…