Business

The federal government has disclosed its plan of conveying petroleum products to various parts of the country by rail. In early 2016, Rotimi Amaechi, minister of transportation, had said rail transportation of petroleum products to…

Banks’ average daily loan requests from the Central Bank of Nigeria (CBN) stands at N216.34 billion due to the apex banks’s tough monetary policy, according to a CBN’s Financial Market Department Annual Activity Report.…

IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company. The company said it acquired 70 per cent of Century…

An economist, Dr Chijioke Ekechukwu, says the naira will gain strength against the dollar when the Nigeria -China currency swap takes effect. Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry,  expressed the…

Visa said on Friday that a “service disruption’’ had hit its payment system, leaving some businesses unable to process purchases by its cardholders. The extent and cause of the outage are unclear. “We are currently experiencing a…

The Central Bank of Nigeria (CBN) says it has paid over N24bn to gas suppliers and released another fund to electricity distribution companies (DisCos) for the purchase of 704,928 electricity meters. The apex bank said it also…

The Central Bank of Nigeria (CBN) says it resisted strong pressures to float the naira in order to save the country during the period of economic recession. Isaac Okoroafor, spokesman of the apex bank, made the remark on Wednesday at…

Billionaire businessman Femi Otedola recently posted a video of him and Aliko Dangote on an inspection tour of the ongoing construction of Dangote refinery in Epe on Democracy day. From the video, you can tell that appreciable work…

The total market value of all companies trading on the Nigerian Stock Exchange fell below the N14tn mark on Wednesday, for the first time since January 8, 2018. With no trading on Tuesday, which was declared as a public holiday to mark…

Capital market operators on Tuesday urged the federal government to focus more on infrastructure development to boost local employment and consolidate the achievements of the past three years. The operators stated this in separate…

The international oil benchmark, Brent crude, on Tuesday continued its biggest losing streak since February, falling below $75 per barrel. The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump…

The Central Bank of Nigeria on Monday announced the increase in the sale of foreign exchange to licensed Bureau de Change operators. According to a circular issued by the Acting Director, Trade and Exchange Department, CBN, Mrs. Onyinye…

Bureaux de Change (BDCs) operators yesterday rejected Central Bank of Nigeria’s (CBN’s) directive that operators make at least three dollar purchases weekly or be sanctioned. The apex had also threatened to punish banks that fail to…

The Nigerian Stock Exchange (NSE), in January this year, moved the minimum price floor from N0.50 to N0.10, and several penny stocks, mostly from the insurance space, soon fell to this price point. Perhaps in response to pressure from…

The Federal Government Enterprise and Empowerment Programme (GEEP) MarketMoni interest-free loan scheme has now successfully reached over 300,000 beneficiaries in all 36 states of Nigeria, and the Federal Capital City, as at May 2018.…

Major Oil Marketers Association of Nigeria (MOMAN) says the non-payment of their N650 billion subsidy claims made retrenchment necessary. The association told NAN on Saturday that the federal government’s failure to pay the claims…

The prices of imported goods might increase after companies like Maersk and Mediterranean Shipping Company, have announced a hike in rates. Both companies attributed the increased rates to increased bunker fuel prices which are a…

• Asks banks to access dollars from CBN thrice a week Nigerians travel-ling overseas can now heave a sigh of relief following the release of new Central Bank of Nigeria (CBN) directives that make it much easier for people in this…

On a hot April morning, workers are furiously cleaning a decorative fountain in front of the executive office of Nigeria’s largest steel complex. An onsite power plant is being repaired by electricians. Others around the 39-year-old…

Nigerians Banks have expressed reservations at 9 Mobile’s ability to remain viable post-acquisition by Teleology. Banks are concerned of the sustainability of 9 Mobile post-acquisition due to its huge debts, low margins, reducing…

No fewer than 350,000 small businesses have benefited from the Federal Government’s interest-free loans, it was learnt yesterday. The beneficiaries of Federal Government Enterprise and Empowerment Programme (GEEP) MarketMoni scheme…

Analysts at Renaissance Capital (Rencap) believe Nigeria’s slowing inflation rate will not hit single digit by the end of 2018. In a report made available to National Daily, Rencap said Nigeria’s inflation rate will close in 2018 at…

With election spending looming and the late passage of the 2018 budget, the Central Bank of Nigeria (CBN) has vowed to monitor and control spending in the coming months to save the economy from the adverse consequences of expansionary…

The monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has again retained interest rate at 14 percent, the country’s highest in 10 years. The committee has maintained this decision for 22 consecutive months. In July…