Business

De-United Foods Industries Limited (DUFIL), makers of Indomie noodles, have acquired the food unit of May & Baker Plc, makers of Mimee noodles. In November 2017,  Dangote Food, makers of Dangote noodles, sold two of its…

MTN Nigeria says it added 2.3 million subscribers between January and March 2018 to report a total customer base of 54.5 million. In a statement released on Thursday by Funso Aina, the company’s PR and protocol manager, it said its…

The Minister of State for Petroleum Resources, Ibe Kachikwu, has ordered the Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru; the Director, Department of Petroleum Resources, Modecai Ladan; and Executive…

Nigerians doing business with China will no longer have to worry too much about sourcing for dollars. This is a highlight of the execution of a bilateral currency swap agreement between the Central Bank of Nigeria (CBN) and the…

The Central Bank of Nigeria (CBN), on Wednesday, injected 210 million dollars into the Inter-bank Foreign Exchange Market in continuation of its efforts to sustain liquidity in the market. The acting Director,  Corporate…

The recent Central Bank of Nigeria’s (CBN) announcement that the chairmen and chief executives of any licensed bank who fail to publish their financial statements will face sanction or be removed has put eight banks at risk. Findings by…

No fewer than 31 million customers have been captured in the Bank Verification Number (BVN), the Central Bank of Nigeria (CBN) has said. “As at December 2017, the implementation of the project recorded 31,426,091 registered BVNs and…

A report released by the Central Bank of Nigeria on Monday has shown that 12 of the 15 sub-sectors of the manufacturing sector recorded a growth in April. According to the report, which is called the Purchasing Mangers’ Index for…

The Nigerian Communications Commission (NCC) said it remitted N49.7 billion to the Federal Government in the first quarter of 2018. Tony Ojobo, NCC Director of Public Affairs said in a statement on Thursday that the remittance was in…

Zenith Bank, a Tier one bank, has displaced First Bank as the largest bank in the country in terms of its reported customer deposit. In its first quarter results made available on the Nigerian Stock Exchange website, the bank…

Any bank which fails to publish its annual account 12 months after the financial year end will have its chief executive sacked, the Central Bank of Nigeria (CBN) has directed. Also to be fired is the chairman of such a bank. This…

In a bid to shore up its revenue the Ugandan government is making plans to impose a tax of 100 shillings ($0.03) per day for users of social media in the country. The new tax regime would apply to users of services including Facebook…

About 20 months after JP Morgan, the largest financial services holding company in the United States and world’s fifth largest bank, delisted Nigerian bonds from its Government Bond Index-Emerging Market (GBI-EM), the managers of the…

Latest documents obtained from Nigeria’s power System Operator indicated that peak electricity generation crossed the 5,000-megawatt mark last week.According to the SO, a peak power generation of 5,090MW was recorded on April 26, 2018,…

Oando Plc has been selling off assets in the last two years as it embarks on a massive restructuring of its operations and cash flows. Gone are the days where grandiose spending was tolerated especially by Oil companies splurging on the…

The Nigerian Stock Exchange (NSE) has disclosed that Nigeria’s Foreign Portfolio Investment increased by 48.52% in March to ₦132.21 billion; against the ₦83.22 billion recorded in February. This information is contained in a report…

The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. The implementation of the policy starts June 1. Due to absence of set…

Adedayo Thomas, executive director, National Film and Video Censors Board (NFVCB), says 34 cinemas in the country generated over N3 billion in 2017. Thomas made the disclosure on Thursday in Warri during the ‘2018 World Intellectual…

It's the home of English football and one of the most iconic venues in world sport — and it could be about to get a new American owner. The English Football Association confirmed Thursday it has received an offer to buy Wembley…

After drastically reducing its imports of crude oil from Nigeria a few years ago, the United States is now exporting more crude than Africa’s top oil producer. The Energy Information Administration, the statistical arm of the US Energy…

History is often written by champions. Sometimes they rewrite it. But very few champs excite the splendid tribute of a cheer in the wake of their most glorious feats. Alhaji Abdulsamad Rabiu, the Chairman of BUA Group, however, presents…

Commercial banks in the country refunded about ₦654 million which was illegally deducted from accounts linked to the Federal Government of Nigeria. This was disclosed  in the March report of Federal Account Allocation Committee (FAAC)…

Swedish call filtering service Truecaller has announced that it has reached over 100 million daily active users. According to the company, it grew to its current figure from 100-million monthly active users less than a year ago.…

The Federal Inland Revenue Service FIRS says it has generated a total of ₦1.17 trillion in the first quarter of this year from the collection of various taxes against ₦778.19 billion recorded in the corresponding period of 2017.…