Business

Nigeria’s information and communication technology (ICT) sector is probably not as big as what is obtainable in Silicon Valley. We do not have the likes of Google, Facebook or Apple with their grandeur and imaginative products.…

In a release sent to the Nigerian Stock Exchange (NSE), Seplat petroleum Plc notified the exchange and the investing community that one of its non-executive directors had sold some of his shares. Companies by law are expected to…

The Supreme Court of Nigeria has ordered Conoil Plc to pay Vitol S.A, a British oil firm, N13.2 billion as money owed for lifting cargoes of refined petroleum products. The case between both parties first started in 2008 and has…

Have you ever wondered how much exactly some of Nigeria’s top CEOs earn per annum? Well, you had best believe that their total annual emoluments range from tens to hundreds of millions. These men (and women) do a lot of work,…

Nigeria’s crude oil, second highest valued in 2017 OPEC reference basket The Minister of State for Petroleum, Dr. Ibe Kachikwu, has directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and…

The much-awaited guidelines for the $2.5billion currency swap deal between the Central Bank of Nigeria (CBN) and The Peoples Bank of China (PBoC) have been unveiled. The deal will widen the trade window for local banks and increase…

One of the year’s most spectacular startup payoffs isn’t in Silicon Valley or China, it’s in Japan. Mercari Inc.’s $3.7 billion coming-out party will deliver a 149-times return to early investor United Inc., which engineered a 300…

The naira will remain stable at both the official and parallel markets, with the rise in foreign reserves to $48 billion and the consistent dollar interventions by the Central Bank of Nigeria (CBN), analysts have said. Analysts at…

The drive to increase financial inclusion among Nigerians has continued to assume an increasing recognition among policymakers and investors. Introducing Tayo Oviosu, the founder and CEO of Paga, a financial mobile payment platform…

•Bankers Committee backs currency swap Importers will pay less if they get Renminbi invoices from Chinese exporters, the Central Bank of Nigeria (CBN)-led Bankers’ Committee said yesterday. Rising from its meeting in Lagos, the…

In an encouraging development, Nigeria’s inflation has eased to 11.6% in May, the lowest level seen in more than two years. With consumer prices slowly edging closer to the Central Bank of Nigeria’s target band of 6%-9%, an interest…

The Central Bank of Nigeria (CBN) has registered an additional 674 foreign exchange dealers, Bureau De Change (BDC) operators between December 31, 2017 and May 30, 2018, according a release from the apex bank. This put the total…

The Nigerian Stock Exchange (NSE) delisted 22 companies between 2016 and 2017 for non-performance and failure to meet the required post-quotation standards. The delisted companies include Cappa and D’Alberto, Intercontinental Bank…

Distributors of petroleum products in Ghana have expressed interest in patronising Dangote Oil Refinery when operations begin. The refinery, which is owned by Aliko Dangote, is expected to begin operations in 2018. The 650,000…

When supermarket owner Baba Acheme first bought a Point of Sale (POS) machine in 2014, the entrepreneur in Mubi — the commercial hub of the northeastern Nigerian state of Adamawa — thought it would help him collect payments for the…

Warren Buffet has been known to be one of the greatest investors ever. His prowess in stock picking and value investing earned him the nickname, “the Oracle of Omaha”. When he speaks, the market listens. Buffet has and follows some…

•Second Niger Bridge for completion in four years In line with the decision of the National Economic Council (NEC) headed by Vice President Yemi Osinbajo, the Nigeria Sovereign Investment Authority (NSIA) plans a $650 milion…

The Investors’ and Exporters’ (I&E) Forex Window has attracted to the economy in 13 months $50.73 billion, a report by FSDH Research has shown. Prior to the introduction of the I&E Forex window in April 2017  by the Central…

Nigeria’s newly increased tax on alcohol and tobacco is not targeted at local manufacturing industries, the country’s finance ministry has explained. PREMIUM TIMES reported the new tax rates which commenced on Monday. The finance…

The Central Bank of Nigeria (CBN) has released guidelines for the recently signed bilateral currency swap between the country and China. The new swap agreement will see both banks to among other purposes, make available liquidity in…

The federal executive council has approved two executive orders and five amendment bills to remove value-added tax on residential properties and amend the company income tax law. While briefing state house correspondents on…

The Federal High Court in Lagos on Wednesday convicted First Bank of Nigeria Limited; its chairman, Mrs. Ibukun Awosika; and managing director, Dr. Adesola Adeduntan, of contempt of court. The court dismissed their preliminary…

The Asset Management Corporation of Nigeria (AMCON), says 2018 will be a busy year because it plans to dispose assets like Aero Contractors and Arik Air. In April, AMCON said it is willing to exit the aviation sector if the owners of…

Commercial banks are expected to adopt N360/$ exchange rate in reporting their 2018 financial results, a report from Exotic Capital, a developing market investment bank, has said. The rate contrasts with the N330/$ rate reported by…