Business

China will extend a total of $60 billion of financing to Africa, Chinese President Xi Jinping announced Monday. The financing will be provided in the form of government assistance as well as investment and financing by financial…

Top executives of BGL Group and its subsidiaries will on Wednesday know their fate, as the Chief Magistrate Court in Wuse Zone 6, Abuja has fixed September 5 for ruling on various applications brought before it over alleged capital…

The Corporate Affairs Commission (CAC) said it was working towards deploying a more robust application to ensure registration of businesses within four to six hours even as it was working towards self-generation of certificates.…

As the fines imposed on four banks by the Central Bank of Nigeria (CBN) and its directive to MTN Nigeria to refund a total of $8.134 billion ovMTNer illegal capital repatriation continue to generate concerns, the Central Bank is being…

Victims of the defunct Savannah Bank have been assured that their funds which have been hanging for years, will be duly returned. The Central Bank of Nigeria (CBN) gave this assurance at the 3rd biennial Bank Customers Summit.…

The Manufacturing Purchasing Managers’ Index (PMI) for August stood at 57.1 index points, indicating further expansion in the manufacturing sector for the 17th consecutive month. The index grew at a faster rate when compared to the…

The illegal repatriation of foreign exchange to South Africa by MTN Nigeria aided by four banks has been contributing to the pressure on the exchange rate in Nigeria, financial experts have told Daily Trust. The repatriation has also…

The venture capital arm of Google-parent company Alphabet is leading a $56 million funding round in SambaNova Systems, a start-up building computer processors and software for artificial intelligence and data analytics. It's the…

Shares belonging to MTN have taken a big knock after sanctions by the Central Bank of Nigeria on allegations that the company illegally repatriated $8.1 billion. Early trading on the Johannesburg Stock Exchange saw the shares drop to…

The Central Bank of Nigeria (CBN), has injected another sum of $210 million into the inter-bank Foreign Exchange Market, in its desire to ensure that forex is available for customers’ needs in various segments of the market.…

"Come, I'll show you what a potential billion dollars looks like," said P.J. Okocha, opening the door of a small, modern house in southern Nigeria to reveal a thousand yam seedlings. "These thousand plants can make three million…

One of the oldest conglomerates in Nigeria, AG Leventis Plc has started the assembling of Volkswagen (VW) trucks in Ibadan, Oyo State. This move is a boost by Nigeria’s National Automotive Policy, which is aimed at encouraging local…

NOT a few financial market experts are shocked by the  banks’ suspension of Bureau de Change (BDC) operations over taxes on turnover volumes. But, many of the BDCs that have faced tougher challenges, including the battle for margin…

Power distribution companies are not only indebted to their counterparts in the electricity generation arm of the sector, they also owe service providers a total of N205.51bn. The service providers in the power sector are the Nigerian…

MultiChoice Nigeria said on Friday it filed an appeal against last Monday’s order of the Federal High Court, Abuja stopping it from increasing subscription rates to its cable television services. But, the Consumer Protection Council…

Two international customers, Benin Republic and Niger, have paid $10.1m to Nigeria to settle their electricity bill.  This was disclosed by the market operator arm of the Transmission Company of Nigeria (TCN) during the August power…

Banks are shutting down Bureau De Change (BDC) accounts over the demand that the operators pay taxes on their transactions turnover, The Nation learnt yesterday. The lenders are writing to BDCs and implementing a ‘Post No Debit’…

The total loans granted by Nigerian banks to the private sector declined from N16 trillion in the first quarter of 2017 to N15.34 trillion in the second quarter of 2018, a difference of N600.60 billion. A report by the National…

Inflation in Nigeria which stubbornly jumped to about 19 per cent in 2017, has continued to trend downward. Clearly, high inflation distorts consumer behaviour. It can also destabilise markets by creating unnecessary shortages.…

The managing director and chief executive officer of Nigeria LNG Limited (NLNG), Tony Attah, over the weekend said the company has generated over N90 billion in revenue to federal government. Attah also said that the NLNG’s planned…

SunTrust Bank has appointed Ayo Babatunde (pictured) as its new chief executive officer effective August 1, 2018. Babatunde, who was the former senior vice president – regional treasurer of Ecobank Nigeria, is replacing Muhammad…

The loans from Deposit Money Banks in Nigeria to the power sector have been put at N726.3bn. According to the Association of Power Generation Companies, the country’s power sector is still faced with stiff liquidity crisis, a development…

The Central Bank of Nigeria (CBN) will be refunding Cash Reserve Ratio (CRR) to banks that fund projects in agriculture and manufacturing sectors, its Director of Banking Supervision, Abdullahi Ahmad, has said. Speaking yesterday at…

All is not well at Setraco Nigeria Limited as its shareholders are currently entangled in a battle over the management of the company. Already, a Federal High Court in Abuja has asked members of minority shareholders, Inu Umoru and Son…