Business

Operators meet over skyrocketing cost There are indications that scheduled domestic airlines in the country may have spent over N120 billion on aviation fuel in the last five years. This is coming as airline operators are meeting…

The Nigerian National Petroleum Corporation has said the contract for the award of the over $2.8bn trans-Nigeria gas pipeline project went through a bidding process that was advertised. According to the oil firm, the two consortia,…

Despite several cuts and tweaks to its business model and structure, it appears all is not still well with Jumia. This is because, after two years of pressure and record losses, Jumia said it losses rose beyond forecast for the full…

The National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has declared a dividend of N750 million to its shareholders – the highest in any given year. The…

China’s trade surplus with the United States surged by a fifth in the first three months of the year, rising 19.4 percent year-on-year to $58 billion in January-March, with exports up 14.8 percent and imports 8.9 percent higher.…

Ghana owes a total of $160m for gas supplied to its largest power producer, Volta River Authority, from Nigeria through the West Africa Gas Pipeline, our correspondent has learnt. N-Gas Limited, a company owned by the Nigerian National…

The management of MTN Group is hopeful that its Nigerian subsidiary will finally be listed on the Nigerian Stock Exchange (NSE) before the end of 2018. This comes on the heels of earlier speculations that the telecommunication giant…

The 14 new rice mills being expected in Nigeria in few weeks’ time will attract N250bn worth of investments to the sector, the Federal Government has said. On March 4 this year, The PUNCH reported a statement by the Federal Government…

Teleology Holdings Limited (THL), the preferred bidder for 9mobile Limited, has paid the $50 million unrefundable deposit for its acquisition of the firm. It has 90 days to pay the $450 million balance to seal the deal. 9mobile…

THE FSDH Merchant Bank has projected that March 2018 inflation rate would be around 13.49 percent, a 0.84 percentage point trend down from 14.33 percent recorded in February. The bank disclosed this yesterday during a media…

Oil prices rose more than two per cent on Monday, supported by a rebound in the stock market as trade war between the United States and China eased. Brent crude futures rose  to settle at 68.65 dollars a barrel. Brent prices gained…

Trading on the Nigerian Stock Exchange ended in the red on Monday after President Muhammadu Buhariannounced his re-election bid with large companies ending up as top losers. Unilever, Lafarge, Dangote Cement, Guinness and Dangote…

Shares, financing and banking were the three top economic activities that attracted the bulk of the $47.45 billion foreign exchange inflow to Nigeria in the last four years. Data from the National Bureau of Statistics (NBS) show that…

Africa’s richest man Aliko Dangote has faulted Kenya’s leadership for their greed and persistent failure to place matters of national interest first when it comes to development. Speaking to a renowned Kenyan journalist Jeff…

Benny Peters, the much-talked about oil magnate, is an international deep pocket. Just recently, he was awarded mining license in Congo with a company called Bravura. There is no gainsaying Peters is an inspiration to most of his…

The Securities and Exchange Commission (SEC) has said it is still gathering details on about $1bn share purchase crisis rocking Nigeria’s Unity Bank Plc and United States based Milost Global Inc. The Nigerian Stock Exchange, (NSE)…

As oil prices maintain a sustained recovery averaging $57 per barrel with consequent increase in oil revenue distributed monthly to the federal, states and local governments, the Central Bank of Nigeria (CBN) has warned of the…

The International Air Transport Association (IATA) has linked the rise in air passenger traffic in Africa on what it called the business confidence which has risen sharply in Nigeria over the past 15 months. While business confidence…

The United Bank for Africa, UBA, paid over N75 million on sanctions to various regulatory bodies in the banking sector in 2017, a PREMIUM TIMES analysis of its financial statement for the year ending December 2017 has shown. Checks…

The Lagos State Government says it has released N1.024bn for the payment of pension entitlements of 183 public service retirees under the Contributory Pension Scheme for the month of March. A statement obtained on Thursday noted that…

Nigeria records about N1.4 trillion yearly as under-recovery from its importation and sale of Premium Motor Spirit  at N145 per litre, Petroleum Resources Minister Ibe Kachikwu said yesterday. He spoke at a meeting in Abuja where…

OVER breakfast, United States Ambassador to Nigeria Mr. Stuart Symington has urged Chairman of Forte Oil Plc, Mr. Femi Otedola to partner international business to create more jobs for youths. At Otedola’s Ikoyi, Lagos home, the U.S.…

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has charged local operators in Nigeria’s oil and gas industry to continue to conduct their operations with transparency. This is coming as ExxonMobil affiliates in…

About four power generation plants that are capable of adding 1,262MW of electricity to the power grid are primed to commence operations in the next two months, operators of the facilities have disclosed. It was gathered that three…