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Business
Dangote refinery to generate $11 billion per annum
Aliko Dangote, the President of Dangote Group, has disclosed that Dangote Petroleum Refinery will create $11 billion per annum market for Nigerian crude. The Africa’s richest man said the Nigerian crude was specifically designed!-->!-->!-->!-->!-->!-->!-->…
AMCON seeks buyers for Polaris Bank
The Asset Management Corporation of Nigeria (AMCON) is seeking new investors to take over nationalised lender, Polaris Bank after elections next month. It is also taking stock of the bank’s assets ahead of the sale, its!-->!-->!-->!-->!-->…
$200m Scandal: Reps declines to reinstate contract of Atiku’s Intels
The House of Representatives on Tuesday rejected the recommendation of its committee that the Nigerian Ports Authority (NPA) reinstates its contract with Intels, a logistics maritime operator. The House said the company which!-->!-->!-->!-->!-->!-->!-->…
No dollars to import rice, cement, chicken, others, CBN insists
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Tuesday said the bank’s policy to restrict importers of some 42 items from accessing foreign exchange was the right call of action. Emefiele made this known in!-->!-->!-->!-->!-->!-->!-->…
Atiku’s monetary agenda will lead to perdition, says Emefiele
Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has warned the Peoples Democratic Party’s (PDP) presidential flag bearer’s suggestion the exchange rate should be free float is recipe for disaster that will surely!-->!-->!-->!-->!-->…
BREAKING: Council of state approves N27,000 as new minimum wage
The National Council of State has approved N27,000 as the minimum wage for the country. The council approved the amount at its meeting in Abuja on Tuesday. Following the Council’s approval, a minimum wage bill is expected to!-->!-->!-->!-->!-->!-->!-->!-->!-->…
Oil price hits $62.70, $2.70 in excess of budget benchmark
For the first time in 2019, the price of oil has risen from $60.00 to $62.70 per barrel as Organisation of Petroleum Exporting Countries, OPEC, intensifies efforts to withdraw excess oil from the volatile market. Specifically,!-->!-->!-->!-->!-->!-->!-->…
Dangote fertilizer plant to begin operations in April
…Refinery starts Q1, 2020 as CBN intervenes with N125bn The Central Bank of Nigeria (CBN) said at the weekend that it has supported Dangote’s $11 billion Refinery and Petrochemical plant with N125 billion as at the end of 2018!-->!-->!-->!-->!-->!-->!-->…
CBN will soon start sourcing forex from Dangote Group – Emefiele
The Central Bank of Nigeria (CBN) says it will start sourcing foreign exchange from Dangote Group as soon as the latter’s refinery and fertilizer projects begin operations. Speaking during the weekend during a tour of the!-->!-->!-->!-->!-->!-->!-->…
Ceecon Oil Boss, Chima Anyaso, In Trouble Over N2Billion Fraud
*How He Forged Total Letter Head To Defraud GTB… He never knew that so large a fortune could have so short a lease. When he did, he had been mowed to rubble by the wheels of vanity. As you read, the truth dawns on Chima Anyaso,!-->!-->!-->!-->!-->!-->!-->…
FG to review revenue sharing formula over minimum wage
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!-->!-->!-->!-->!-->!-->!-->…
Mixed reactions trail Otedola’s move to buyout Forte Oil upstream, power firm
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 invests in £2bn Swedish fintech company
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!-->!-->!-->!-->!-->!-->!-->…
After two years on the market, manager says investors are showing keen interest in Arik
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!-->!-->!-->!-->!-->!-->!-->!-->!-->!-->…
Otedola to acquire Forte Oil upstream, power firm
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),!-->!-->!-->!-->!-->!-->!-->!-->!-->!-->…
Inflation maintains upward trend, hits 11.44%
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…
FG borrows N6.16tn from N8.499tn pension fund
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…
Aceess Bank gets CBN, SEC’s approval to acquire Diamond Bank
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…
Banks ‘will not charge’ interest on oil marketers’ 18-month subsidy debt
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…
11 companies indicate interest to run Ajaokuta steel
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…
Nigeria, other African economies to grow 3.8% – IMF
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 refinery receives RFCC’s regenerator; begins equipment installation
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…
First Bank MD’s thoughts on the Access/Diamond Merger
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…
Petrol: As Nigeria battles with N145, Zimbabwe sells N1,204 per litre
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…