Business

In less than 2 months, Africa's richest man, Aliko Dangote has lost more than $100 million of his net worth. Dangote's fortune dropped by 0.8% to $12.3 billion from the last record of $12.8 billion as at Monday, May 21, 2018,…

The finance sector needs regulatory buffers to strengthen banks’ capacity to withstand shocks, Central Bank of Nigeria (CBN) Deputy Governor Edward Lamtek Adamu, has said. In his personal statement contained in the CBN Communique of…

Banks have suspended all cash withdrawals from overseas Automated Teller Machines (ATMs), except for customers whose cards are linked to domiciliary accounts funded locally, The Nation has learnt. Banks have been encouraging…

The Central Bank of Nigeria (CBN) on Friday directed all banks including microfinance banks, primary mortgage institutions that have agents, Mobile Money Operators (MMOs) and licensed Super Agents to render daily returns through the…

Dangote Cement Plc may carry out the much-awaited listing of its shares in London Stock Exchange after next year’s general election. Edwin Devakumar, Group Executive Director, Dangote Industries Ltd disclosed this during an interview…

Facebook Inc. co-founder Mark Zuckerberg has overtaken Warren Buffett as the world’s third-richest person, further solidifying technology as the most robust creator of wealth. Zuckerberg, who trails only Amazon.com Inc. founder Jeff…

The Nigerian National Petroleum Corporation (NNPC) has paid $1billion out of its $5billion cash call arraers. The Group Managing Director Dr. Maikanti Baru stated this in Abuja while addressing the corporation’s workers via a mail…

The Federal Government, states and local governments earned $3.1 billion as dividends, taxes, fees, levies, remittances and other forms of payments by the Nigeria Liquefied Natural Gas (NLNG) in 2017. The amount was higher than the…

Investors on the Nigerian Stock Exchange are probably used to household names such as Aliko Dangote, Mike Adenuga, Femi Otedola, Segun Agbaje, etc. These are directors of some of the biggest companies on the stock exchange and they are…

Despite opposition by many parties, notably those operating in the telecommunication sector, the Central Bank of Nigeria (CBN) in a circular dated 25th of June 2018, has released guidelines for the collection of a 0.005% levy on…

The Central Bank of Nigeria (CBN) is wooing importers of goods from China to use the Yuan instead of the dollar. The move supports  the bank’s effort to promote naira exchange rate and boost foreign reserves. CBN officials have been…

Innocent Chukwuma, the Chairman of Innoson Motors Ltd, on Wednesday in Lagos failed to appear for his scheduled arraignment for the sixth time over alleged fraud. Innoson was scheduled to appear before a new judge, Justice Olusola…

Oil prices rose on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and slumping Asian markets kept a lid on gains. Brent crude oil futures LCOc1 were at 77.87 dollars per…

President Muhammadu Buhari has written to the Nigerian Senate, seeking confirmation of Folashodun Shonubi as the deputy governor of the Central Bank of Nigeria (CBN). Mr Buhari had in…

The Central Bank of Nigeria (CBN) says the current state of the nation’s foreign reserves can support 16 months of imports. According to the Balance of Payments report released on the apex bank’s website, the nation’s foreign…

The Nigerian National Petroleum Corporation (NNPC), says the NNPC, First E&P and Schlumberger $724 million oil financing deal will enable Nigeria earn $5.60 billion in taxes and royalty. A statement by NNPC’s spokesperson, Ndu…

Bank debtors who are owing N5.4 trillion are set to lose their assets. They have failed to honour their promises to pay, the Assets Management Company of Nigeria (AMCON) said yesterday. AMCON Managing Director and Chief Executive…

The Central Bank of Nigeria on Saturday directed all commercial banks to resolve disputes arising from use of Unstructured Supplementary Service Data (USSD) channel within three days. Dipo Fatokun, CBN’s Director, Banking and…

When people cannot qualify for an unsecured personal loan, they opt for a secured loan. Sometimes it is more beneficial to choose a secured loan. That way, you can easily get approved when trying to take out a loan. Since you do not…

The Financial Reporting Council of Nigeria (FRC) says all companies in the country must adhere to the new version of the code of corporate governance. Daniel Asapokhai, chief executive officer, FRC, made the disclosure at the first…

The Asset Management Corporation of Nigeria (AMCON) says 350 Nigerians are responsible for more than 80 percent of the N5.4 trillion debt portfolio of the company. Ahmed Kuru, managing director of AMCON, disclosed this in an…

Dangote Cement Plc says it is planning to raise N150 billion by issuing commercial papers on FMDQ. In a statement released by the company to the Nigerian Stock Exchange on Wednesday, the company said the capital raising will either…

The Federal Government has disbursed a total of N158.74 billion to electricity distribution companies (DISCOs), electricity generation companies (GENCOs), gas companies (GASCOs) and service providers under the CBN-Nigerian Electricity…

Following the political crisis in Guinea Bissau, the Central Bank of Nigeria (CBN) has ordered banks to disclose all existing accounts, including business interests or relations linked to the 19 persons which it said had been placed on…