Business

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…

The International Air Transport Association (IATA) says Nigeria has repatriated the $600 million belonging to international airlines that were trapped in the country due to foreign exchange shortages. Alexandre de Juniac, IATA…

Crude oil prices slipped yesterday as United States production hit a record high, while the Organisation of Petroleum Exporting Countries (OPEC) considered boosting supply. Global benchmark, Brent crude oil lost $1.26 a barrel, or 1.6…

........Operators say move will harmonise rates The Central Bank of Nigeria (CBN) has approved an upward review of the trading margin available to operators of Bureau de Change (BDC) in the country. The BDC operators are now to…

The federal government has disclosed its plan of conveying petroleum products to various parts of the country by rail. In early 2016, Rotimi Amaechi, minister of transportation, had said rail transportation of petroleum products to…

Banks’ average daily loan requests from the Central Bank of Nigeria (CBN) stands at N216.34 billion due to the apex banks’s tough monetary policy, according to a CBN’s Financial Market Department Annual Activity Report.…

IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company. The company said it acquired 70 per cent of Century…

An economist, Dr Chijioke Ekechukwu, says the naira will gain strength against the dollar when the Nigeria -China currency swap takes effect. Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry,  expressed the…

Visa said on Friday that a “service disruption’’ had hit its payment system, leaving some businesses unable to process purchases by its cardholders. The extent and cause of the outage are unclear. “We are currently experiencing a…

The Central Bank of Nigeria (CBN) says it has paid over N24bn to gas suppliers and released another fund to electricity distribution companies (DisCos) for the purchase of 704,928 electricity meters. The apex bank said it also…

The Central Bank of Nigeria (CBN) says it resisted strong pressures to float the naira in order to save the country during the period of economic recession. Isaac Okoroafor, spokesman of the apex bank, made the remark on Wednesday at…

Billionaire businessman Femi Otedola recently posted a video of him and Aliko Dangote on an inspection tour of the ongoing construction of Dangote refinery in Epe on Democracy day. From the video, you can tell that appreciable work…

The total market value of all companies trading on the Nigerian Stock Exchange fell below the N14tn mark on Wednesday, for the first time since January 8, 2018. With no trading on Tuesday, which was declared as a public holiday to mark…

Capital market operators on Tuesday urged the federal government to focus more on infrastructure development to boost local employment and consolidate the achievements of the past three years. The operators stated this in separate…

The international oil benchmark, Brent crude, on Tuesday continued its biggest losing streak since February, falling below $75 per barrel. The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump…

The Central Bank of Nigeria on Monday announced the increase in the sale of foreign exchange to licensed Bureau de Change operators. According to a circular issued by the Acting Director, Trade and Exchange Department, CBN, Mrs. Onyinye…