Business

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…

Notore Chemical Industries Plc listed N1.61 billion ordinary shares of N0.50 each at N62.50 per share a few weeks ago on the Nigerian Stock Exchange (NSE). At its listing price, this amounted to a market capitalisation of N100.63…

Key Highlights  Inflation rate stood at 11.14% in July. Inflation rate reduces by 0.09% from June. Inflation rate increased by 1.13% on month-on-month basis. Food inflation stood at 12.85% in July. Core Inflation stood at…

The Naira on Wednesday closed at N362.30 to the dollar at the investors’ window, with investors trading a total of 147.8 million dollars. At the Bureau de Change (BDC) window, the naira was sold at N360 to the dollar, while the Pound…

MTN Nigeria has signed an N200 billion medium-term loan agreement with 12 Nigerian banks. FBN Quest is the facility agent of the loan deal which was signed on Wednesday. According to the company, the loan is to help fund its…

•Southwest leads in financial access NorthEast and Southeast regions have the least access to banking, a report on financial access touch-points released yesterday has shown. With five per cent financial access touch-points for…

The federal government has launched a new initiative to empower two million petty traders between now and the end of 2018. The new initiative called Trader Moni was launched under the Government Enterprise and Empowerment…

The measures introduced by the the Central Bank of Nigeria (CBN) to curb foreign exchange (forex) volatility have helped the naira to regain its stability. COLLINS NWEZE writes that the introduction of the Investors’ & Exporters’…

Commercial banks are revaluing their foreign currency holdings and paying off debts ahead of timeline as dollar liquidity improves, The Nation has learnt. The improvement seen in foreign reserves at $47 billion, regular Central Bank…

The Central Bank of Nigeria (CBN) yesterday injected $327,440,499.50 into the interbank market through Retail Secondary Market Intervention Sales (SMIS). This was in addition to the sale of CNY 69,707,333.39 in the spot and short-tenored…

The oil refinery being built in Lagos by Dangote Group is unlikely to start production until 2022, two years later than the target date. Reuters quoted sources with direct knowledge of the matter as saying this in a report on Friday.…

Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has confirmed huge benefit accruing to the country following the replacement the offshore processing arrangement (OPA) and crude oil swap with the Direct Purchase of…

Duet, a U.K-based private equity company, has acquired a majority interest in AJEast Nigeria, a Nigerian African beverage manufacturer. AJEast launched a manufacturing facility outside Lagos in 2015. The bottling plant produces…

Some shareholders of Etisalat (now 9Mobile) have cautioned against the sale of the firm in view of a pending case before the Federal High Court in Abuja. The Central Bank of Nigeria (CBN) and others are involved in a negotiation to…

The Executive Vice Chairman of the Nigerian Communications Commission (NCC),  Prof Umar Garba Danbatta, has said that MTN must list on Nigeria’s stock exchange on or before May 2019 as contained in the agreement over the 2015 fine…

Guaranty Trust Bank plc has released its audited financial results for the period ended June 30, 2018 to the Nigerian and London Stock Exchanges. A review of the results shows positive performance across all financial indices,…

The Central Bank of Nigeria (CBN) on Tuesday said it injected $210million into the inter-bank foreign exchange market to ensure availability of foreign exchange. The intervention is also to help meet customers’ requests in various…

Oil prices rose on Tuesday as the U.S. reintroduced sanctions against major crude exporter, Iran, tightening global markets. Meanwhile, heatwave across Europe and other areas pushes oil up. Sweet Brent crude oil futures were at…

The Nigerian Securities and Exchange Commission (SEC) has proposed new rules to serve as guide to nominees companies operating in the country. In the document posted on its website on August 3, 2018 titled ‘Exposure of Sundry Amendments…

The Nigerian Stock Exchange (NSE) on Monday announced the suspension on trading in the shares of oil marketing firm, Conoil Plc. The suspension was disclosed in a circular signed by Godstime Iwenekhai, head, listings regulation…

Four hundred thousand farmers have so far been supported financially and technically to grow 12 crops under the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria (CBN). The initiative, operated through the Nigeria…

The Department of Petroleum Resources (DPR) generated over N747 billion from the issuance of licences/ granting of approval and royalties paid by oil and gas companies operating in the country among others for the federal government of…

Nigeria is poised to become the third largest exporter of gas worldwide, once the Nigeria Liquefied Natural Gas (NLNG) Train-7 plant kicks off in December, the company said Saturday. Tayo Ogini, NLNG general manager, production, made…

Nigeria has become the latest African country to step up its bid to adopt Chinese yuan as a reserve currency. Two months after agreeing a three-year $2.5 billion currency swap with China to boost its reserves and aid trade between both…