Business

Latest documents obtained from Nigeria’s power System Operator indicated that peak electricity generation crossed the 5,000-megawatt mark last week.According to the SO, a peak power generation of 5,090MW was recorded on April 26, 2018,…

Oando Plc has been selling off assets in the last two years as it embarks on a massive restructuring of its operations and cash flows. Gone are the days where grandiose spending was tolerated especially by Oil companies splurging on the…

The Nigerian Stock Exchange (NSE) has disclosed that Nigeria’s Foreign Portfolio Investment increased by 48.52% in March to ₦132.21 billion; against the ₦83.22 billion recorded in February. This information is contained in a report…

The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. The implementation of the policy starts June 1. Due to absence of set…

Adedayo Thomas, executive director, National Film and Video Censors Board (NFVCB), says 34 cinemas in the country generated over N3 billion in 2017. Thomas made the disclosure on Thursday in Warri during the ‘2018 World Intellectual…

It's the home of English football and one of the most iconic venues in world sport — and it could be about to get a new American owner. The English Football Association confirmed Thursday it has received an offer to buy Wembley…

After drastically reducing its imports of crude oil from Nigeria a few years ago, the United States is now exporting more crude than Africa’s top oil producer. The Energy Information Administration, the statistical arm of the US Energy…

History is often written by champions. Sometimes they rewrite it. But very few champs excite the splendid tribute of a cheer in the wake of their most glorious feats. Alhaji Abdulsamad Rabiu, the Chairman of BUA Group, however, presents…

Commercial banks in the country refunded about ₦654 million which was illegally deducted from accounts linked to the Federal Government of Nigeria. This was disclosed  in the March report of Federal Account Allocation Committee (FAAC)…

Swedish call filtering service Truecaller has announced that it has reached over 100 million daily active users. According to the company, it grew to its current figure from 100-million monthly active users less than a year ago.…

The Federal Inland Revenue Service FIRS says it has generated a total of ₦1.17 trillion in the first quarter of this year from the collection of various taxes against ₦778.19 billion recorded in the corresponding period of 2017.…

UNITED Bank for Africa (UBA), on Monday, endorsed the payment of N22.23 billion final dividend declared by the board for the financial year ended Dec. 31, 2017. The News Agency of Nigeria (NAN) reports that the shareholders gave the…

In continuation of its intervention in the inter-bank sector of the Foreign Exchange market, the Central Bank of Nigeria (CBN) has intervened with another sum of $210million in the forex market to meet the requests of customers. A…

The Chairman, Toyota Nigeria Limited, Chief Michael Ade-Ojo, is set to bow out of active participation in the day-today-running of the auto company when he turns 80 on June 14 this year. He hinted about his retirement in Lagos during the…

US President Donald Trump has accused the Organisation of Petroleum Exporting Countries (OPEC) of “keeping oil prices artificially very high.” In tweet, Trump said the cartel’s pricing cycle “will not be accepted” as there is no…

Germany’s biggest lender Deutsche Bank on Friday admitted to a massive erroneous transfer of €28bn ($34 billion) in a routine operation, more than the entire bank is worth. The unprecedented mistake happened on March 16 when Deutsche…

Oil prices rose on Thursday to their highest since late 2014 as US crude inventories declined after sources told the media top exporter, Saudi Arabia, is seeking to push oil prices higher. Brent Crude Oil futures rallied as high as…

The tussle over the transfer of shares between billionaire businessman, Oba Otudeko, teleco, Airtel Networks Limited, and Adewale Tinubu has shifted to the Federal High Court. In a suit filed by the businessman, he is seeking a $28.7…

The House of Representative has ratified the suspension of the Director-General of the Securities and Exchange Commission, SEC, Mr. Munir Gwarzo, by the Minister of Finance, Mrs. Kemi Adeosun. The House took this decision, after…

In case you didn’t know, Nigeria’s external reserve hit $47 billion on Wednesday, the highest in over 4 years. We had an inkling of this achievement last week when the CBN Governor, Godwin Emefiele revealed the feat despite public…

Barring last minute volte face, founders of one of Nigeria’s energy conglomerates, Sahara Group, would be heading to stock market for listing. This bold move has become imperative in the light of giant strides being undertaken by the…

Jones Onyereri, chairman of the house of representatives committee on banking and currency, says banks may pay as high as N20 million per day as fine for infractions like insider abuse. Speaking to TheCable on the sidelines of the…

The Nigeria Communications Commission (NCC) will not approve the sale of 9mobile to any bidder without technical competence, Umar Danbatta, executive vice-chairman of the commission, said on Monday. Danbatta gave the assurance during…

The Nigerian Stock Exchange on Monday announced that it had migrated Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board. It said the companies applied and met…