Business

*Currency in circulation drops to N1.96trn The Nigerian economy has continued to improve, while further efforts to address remaining gaps by both the monetary and fiscal authorities have been encouraged by local and international…

The legal battle surrounding one of Nigeria’s most lucrative oil blocks, OPL 245, will shift to Nigeria on Tuesday when a federal high court is billed to hear a case filed by the Human Environmental Development Agenda (HEDA), a civil…

The Federal Government has opened its May savings bonds’ offer, the Debt Management Office (DMO) said on Monday. According to the offer circular obtained from DMO’s website, it offered the two-year bonds at 9.48 per cent and the…

Pan African Financial institution, United Bank for Africa (UBA) has again disrupted the e-payment space with the introduction of Master Pass ‘Quick Response’ (QR) Bot. The revolutionary solution enables the micro, small and medium…

The $2.5 billion (Renminbi 16 billion) Central Bank of Nigeria (CBN) and Peoples Bank of China (PBoC) swap  is expected to reduce currency transaction cost for importers and ease foreign exchange (forex) liquidity pressure in Nigeria, …

Vivo Energy operators of Shell Gas Stations in Africa just floated what the Financial Times considers the biggest IPO in Africa at $2.7 billion. According to Reuters, the company launched with a valuation of nearly 2 billion pounds…

Kellogg has released its Q1 2018 financial statements results. Highlights of the result show an improvement in net sales performance, driven by key business brands across the portfolio. The net sales grew by 4.7% in the quarter…

 Multichoice Nigeria, parent company of DStv, says it may consider the pay-as-you-consume (PAYC) payment option in the future. The proposed pay-as-you-consume pricing scheme allows users pay according to their effective resource…

What took so long and what next? Nigeria first announced that it had signed a bilateral currency swap agreement with China in early April 2016. More than two years later, the deal was finally made official in Beijing on Friday 27th…

West Africa’s infamous Internet scammers have evolved, dropping their impersonations of online love interests, princes and United States soldiers in favour of hijacking corporate emails, costing businesses hundreds of millions of dollars…

The National Pension Commission (PenCom) has put the net asset value of the contributory pension scheme (CPS) at N7.779 trillion as of February 28, just as it said that N54 billion released by the federal government last year would boost…

First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc have been appointed the settlement banks for the $2.5 billion bilateral currency swap agreed between the Central Bank of Nigeria (CBN) and the…

De-United Foods Industries Limited (DUFIL), makers of Indomie noodles, have acquired the food unit of May & Baker Plc, makers of Mimee noodles. In November 2017,  Dangote Food, makers of Dangote noodles, sold two of its…

MTN Nigeria says it added 2.3 million subscribers between January and March 2018 to report a total customer base of 54.5 million. In a statement released on Thursday by Funso Aina, the company’s PR and protocol manager, it said its…

The Minister of State for Petroleum Resources, Ibe Kachikwu, has ordered the Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru; the Director, Department of Petroleum Resources, Modecai Ladan; and Executive…

Nigerians doing business with China will no longer have to worry too much about sourcing for dollars. This is a highlight of the execution of a bilateral currency swap agreement between the Central Bank of Nigeria (CBN) and the…

The Central Bank of Nigeria (CBN), on Wednesday, injected 210 million dollars into the Inter-bank Foreign Exchange Market in continuation of its efforts to sustain liquidity in the market. The acting Director,  Corporate…

The recent Central Bank of Nigeria’s (CBN) announcement that the chairmen and chief executives of any licensed bank who fail to publish their financial statements will face sanction or be removed has put eight banks at risk. Findings by…

No fewer than 31 million customers have been captured in the Bank Verification Number (BVN), the Central Bank of Nigeria (CBN) has said. “As at December 2017, the implementation of the project recorded 31,426,091 registered BVNs and…

A report released by the Central Bank of Nigeria on Monday has shown that 12 of the 15 sub-sectors of the manufacturing sector recorded a growth in April. According to the report, which is called the Purchasing Mangers’ Index for…

The Nigerian Communications Commission (NCC) said it remitted N49.7 billion to the Federal Government in the first quarter of 2018. Tony Ojobo, NCC Director of Public Affairs said in a statement on Thursday that the remittance was in…

Zenith Bank, a Tier one bank, has displaced First Bank as the largest bank in the country in terms of its reported customer deposit. In its first quarter results made available on the Nigerian Stock Exchange website, the bank…

Any bank which fails to publish its annual account 12 months after the financial year end will have its chief executive sacked, the Central Bank of Nigeria (CBN) has directed. Also to be fired is the chairman of such a bank. This…

In a bid to shore up its revenue the Ugandan government is making plans to impose a tax of 100 shillings ($0.03) per day for users of social media in the country. The new tax regime would apply to users of services including Facebook…