Business

The Federal Government yesterday resolved to engage governors of the 36 states of the federation and the Council of State in a review of the nation’s federal allocation sharing formula.The review is part of demands by the…

Shareholders and Capital Market Operators yesterday expressed mixed reactions to moves by Mr Femi Otedola, Forte Oil Plc chairman, to buyout the company’s upstream and power assets. They said this in separate interviews with the…

Snoop Dogg's venture firm Casa Verde Capital mainly invests in cannabis-related companies US rapper Snoop Dogg has bought a stake in financial technology company Klarna Bank. The Swedish start-up, which was valued at $2.5bn…

Oluseye Opasanya (SAN), the receiver-manager of Arik Air, says local and foreign investors are showing a keen interest in the airline. Arik Air, which was overtaken by the Asset Management Corporation of Nigeria…

Femi Otedola, chairman of Forte Oil Plc, has expressed interest in buying assets in the company’s upstream and power generating businesses. The decision was made known in a notice sent to the Nigerian Stock Exchange (NSE),…

The consumer price index, (CPI) which measures inflation increased by 11.44 percent (year-on-year) in December 2018. According to the December 2018 CPI/Inflation report released by the National Bureau of…

The total pension assets under the Contributory Pension Scheme rose to N8.49tn as of the end of November 2018 financial period, latest figures obtained from the National Pension Commission on Tuesday revealed.The pension…

Access Bank and Diamond Bank Plc have obtained approval in principle from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) on proposed merger plans.Mr Victor Etuokwu, Access Bank Executive…

Deposit money banks in the country will not receive interest on loans linked to petrol subsidy taken by oil marketers between June 2017 and December 2018. Olufemi Adewole, executive secretary of Depot and…

Abubakar Bwari, the Minister of State, Mines and Steel Development, said that 11 companies have indicated interest to operate the Ajaokuta Steel Company. Mr Bwari announced this while giving a three-year account…

The economies of Nigeria and other sub-Saharan Africa countries will be home to several of the world’s fastest-growing economies this year, the International Monetary Fund (IMF) said yesterday. The region, it said,…

Dangote Oil Refining Company (DORC) Limited says it has taken delivery of one of the major components of its refinery equipment; the regenerator for the Residual Fluid Catalytic cracker. Fluid catalytic cracking…

Managing Director/CEO of First Bank of Nigeria Adesola Adeduntan sees the merger plans between Access Bank and Diamond Bank Plc as a welcome development. The move in his view is part of a consolidation wave that…

A massive hike of 240 per cent in the prices of petrol and diesel goes into effect today in Zimbabwe. Petrol was selling for 1.32 dollars (N481) per litre before Sunday’s hike. Now, it will be sold at $3.31 per…

Becoming an entrepreneur extraordinaire is not mere lip service; it takes consistent effort and focus to grow from just being an entrepreneur with interest in a particular business to becoming a respected and renowned…

Chinese telecom giant Huawei has fired a Chinese employee who was arrested in Poland over espionage allegations, saying he had harmed the company’s global reputation, a state-run newspaper said Saturday.Wang Weijing was arrested…

For the second year in a row, the Lagos State economy received a major, unprecedented boost in the entertainment, hospitality and creative sectors in four weeks of the yuletide season, Commissioner for Tourism, Arts…

Former UN Ambassador Nikki Haley and US President Donald Trump’s daughter and adviser Ivanka are among possible US candidates to replace outgoing World Bank President Jim Yong Kim, The Financial Times reported…

Apple Inc. is planning to release three new iPhone models again this fall, including a successor to the struggling XR, the lower priced 2018 device with a liquid-crystal display that has fallen short of Apple’s sales…

The $2.5 billion Ibom Deep Seaport, a public-private partnership (PPP) project would come to reality on or before April 2019. Speaking at the High-Level Stakeholders Retreat on Public-Private Partnership (PPP),…

ONE of Nigeria’s leading telecoms company, 9mobile on Thursday announced that it has made progress without assistance from Mr Adrian wood or his Teleology Holdings. According to a statement made available to…

World Bank has put the estimated growth rate for Nigeria’s economy in 2019 at 2.2 percent with its forecast oil price at average $67 per barrel for the current year and next year, down $2 from its projections last June. The bank…

The Lagos Inland Revenue Service (LIRS) has directed employers to deduct capital gains tax (CGT) from any sum paid to employees on termination of their services. According to a notice released by the tax agency,…

President Muhammadu Buhari has confirmed the readiness of the Nigerian government to enter into “negotiations for salary review” for all the workers who are already earning above the proposed minimum wage of N30,000…