Business

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…

The Central Bank has released the Manufacturing Purchasing Managers’ Index (PMI) for the month of March which  stood at 56.7 index points. The expansion indicated a growth in the manufacturing sector for the 12th consecutive month.…

The chairman, House committee on Telecommunications, Hon. Saheed Akinade-Fijabi has threatened that the House of Representatives may be forced to stop the ongoing sale of 9mobile to Teleology Holdings. The lawmaker raised the alarm…

The Securities and Exchange Commission has explained reasons for the delay in Oando’s audit, citing disagreements between shareholders of Oando Plc and the management team, as well as lawsuits filed by both against SEC. According to…

Dangote Sugar today released its FY 2017 results. Revenue increased from N169 billion in 2016 to N204 billion in 2017. Profit before tax increased massively from N19.6 billion in 2016 to N53 billion in 2017. Profit after tax also moved…

The Accountant-General of the Federation, Ahmed Idris, has revealed that total revenue of ₦8.9 trillion from Ministries, Departments and Agencies MDAs of government has been recorded by the Federal Government since the commencement of…

Dangote Flour Mills yesterday released its financial statements for the year ended December 2017. Revenue increased from ₦105 billion in 2016 to ₦125 billion in 2017. Profit before tax rose massively from ₦11.8 billion in 2016 to ₦22.4…

Two global oil traders, Vitol and Glencore, are in talks to financially back Nigerian firms racing to buy assets owned by Brazil’s Petrobras valued at up to $2bn, several sources familiar with the matter have said. Cash is being lined up…

Former President Olusegun Obasanjo has decried the failure of President Muhammadu Buhari to sign the Africa Continental Free Trade Area agreement, expressing hope that he will change his mind before it is too late.Obasanjo poured out…

Banks borrowed N27.46 trillion from the Central Bank of Nigeria (CBN) in six months, according to the apex bank’s half year report on financial sector performances released yesterday. The 2017 half-year Financial Markets Activity…

Body of Bank Chief Executive Officers (CEOs) on Tuesday set a three-year target of 60 million new customers for all the lenders. The Chairman of Body of Banks CEOs, Herbert Wigwe, said the target is in line with the Central Bank of…

Access Bank held its conference call and as expected provided insights into its N34.4 billion net provisioning for 2017. They also provided some interesting explanations for their derivatives income which helped boost non-interest…

Social Media users have criticized a new Heineken Ad that suggests racist undertones. Heineken is brewed, marketed and sold in Nigeria by Nigeria Breweries Plc. In the ad (see below) a bartender can be seen sliding a Heineken beer to…

Ajaokuta Steel Company Limited in Kogi state Nigeria, the second largest in Africa and 12th largest iron ore in the world has not only been under lock and key, but has remained a big centre for massive looting and wastage of the…

Milost Global Inc., a New York private equity firm, yesterday terminated a $1 billion equity and debt deal meant to grant it 60 per cent stake in Unity Bank Plc. In a statement, the management of Milost said it had analysed all its…

•Why we keep funds outside TSA — NNPCThe Federal Government has commenced negotiations with all service providers on the Treasury Single Account in a bid to reduce the cost of running the policy.The Accountant-General of the Federation,…

This is exchange rate for March 26, 2018 courtesy Guardian Nigeria and powered by Zenith. However, it's worthy of note that this could possibly change after today.

The University of Lagos, UNILAG, would soon set up conventional and standard locally-built refineries to boost the nation’s refinery capacity, according to the Vice-Chancellor, Professor Oluwatoyin Ogundipe. The institution’s…

Pan African businessman Tony Elumelu has lots to smile about this year as he could earn over a billion Naira as dividends from quoted companies for the 2017 financial year. Here is a breakdown of his estimated earnings from each firm…

Trading activities in Nigeria’s Fixed Income and Currencies (FIC) markets in February enjoyed a boost as investors, mostly banks, increased their stake by N860 billion. Transaction turnover for February increased to N12.56 trillion,…

Exporters of non-oil products in the country earned the sum of $2.34bn (N714bn) in the 2017 fiscal period, data obtained from the Central Bank of Nigeria revealed. The amount is contained in the CBN economic report, which was obtained by…

You can now transfer money from debit card to debit card without the stress of handling cash or complex bank shortcodes. The service was launched on Friday by PaySend in its new partnership with Access Bank. “We are delighted to…