Business

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…

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,…