Business

The Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, exchanging at N358 to the dollar. The News Agency of Nigeria reported that the naira had exchanged at N358.2…

President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation to take over the operatorship of the entire Oil Mining Lease 11 from Shell Petroleum Development Company.According to a letter from State…

About N11.59 billion was remitted as independent revenue into the Consolidated Revenue Fund (CRF) in 2017, a report by the Fiscal Responsibility Commission (FRC) said.The 2017 Annual Reports and Audited Accounts of the…

The Central Bank of Nigeria (CBN) yesterday disclosed that the country’s Balance of Payment improved by a surplus of $2.80 million in the fourth quarter 2018, from $4.54 million recorded in the third quarter of same year.The CBN…

South Africa’s rising debt trajectory will make it difficult to weather a significant global economic downturn, the central bank deputy governor said. Deputy governor Kuben Naidoo said on Wednesday in…

The Economic Council of West African States (ECOWAS) says the regional bloc will adopt a single currency starting with selected states in 2020. The revelation was made on Monday at an ECOWAS seminar…

The National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to invest a minimum of 60 per cent of their funds on projects within Nigeria. The revised regulation on investment…

MTN Group Chief Executive Officer (CEO) Rob Shuter yesterday faulted the demand for $2 billion cash by the Office of the Attorney-General of the Federation (OAGF). It accused AGF Abubakar Malami, of…

The 11 electricity Distribution Companies (DisCos) owe Generation Companies (GenCos) N348.503 billion as outstanding debt for energy delivered to their networks in the first 10 months of 2018, Daily Trust reports. The level by the…

MTN Group reported 56.8 per cent growth in profit before tax for the financial year ended December 2018 and confirmed its plans to list on the Nigerian Stock Exchange latest June this year.The listing, according to the telecoms…

Nigeria potentially faces the largest financial liability in its history, and a hedge fund is coming to collect. The legal and political drama involves a deal between the country and a tiny natural gas…

...as firm misses coupon payment of N4.5bn...States' borrowing costs set to rise Visionscape’s bond payment default has some consequences for its guarantor, the Lagos State government, and companies…

The Central Bank of Nigeria (CBN) is targeting to have Microfinance Bank branches in all the 774 local governments of the country. The capital base of the new NIRSAL Microfinance Bank will initially be N5 billion…

Foreign and local economic experts have said President Muhammadu Buhari should put at the top of his second-term agenda the removal of petrol subsidy as well as the reduction of interest rates in a bid to stimulate investments…

The Central Bank of Nigeria on Tuesday announced the restrictions of sale of foreign exchange to importers of textiles and other clothing materials.The CBN Governor, Mr Godwin Emefiele, said this in Abuja during a meeting with…

The Federal Inland Revenue Service (FIRS), said it generated N12.62 trillion revenue from tax in the last three years. FIRS said this in a document on its achievements, a copy of which was made available to the…

Last week’s announcement of election results saw the All Progressives Congress (APC) of President Muhammadu Buhari retain the presidency, defeating the challenge from the Peoples Democratic Party (PDP) of Atiku…

A newly discovered computer malware — Winpot — could be used by cybercriminals to automatically withdraw customers’ money from Automated Teller Machines, ATMs. The discovery was made by the global cybersecurity…

The National Bureau of Statistics (NBS) said the country recorded a total trade value of N32.26 trillion year-on-year in 2018, representing 39.3 per cent increase over the corresponding period in 2017. The trade…

Just since December 2018, central banks have collectively injected as much as $500 billion of liquidity to stabilize economic conditions. The U.S. Federal Reserve has put interest rate increases on hold and is contemplating a halt…

Stakeholders in the Nigerian oil and gas sector says the re-election of President Muhammadu Buhari is good omen for the oil and gas sector.Some of the stakeholders including staff of the Nigerian National Petroleum Corporation…

The Nigerian stock market appreciated by 3.8 per cent in the month of February compared with a decline in January. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose from 30,557.20 to close at 31,721.76 while market…

The Supreme Court of Nigeria has affirmed the judgement of a Federal High Court sitting in Lagos, Southwest Nigeria that ordered Stanbic IBTC bank Plc to pay one of its customers, Mr Patrick Akinkuotu and his company Long Term…

Aliko Dangote, is now the world’s 64th richest person after gaining $5.8bn in one day and his total net worth rising to $16.6bn. The Africa’s richest man’s wealth fell from $10.5bn at the end of last year to a low of $9.63bn on…