Business

Tony Elumelu, chairman of Heir Holdings, is planning to buy two oil mining licenses operated by Shell Plc. Bloomberg reports that the licenses might be sold for $2 billion. Apart from oil mining licenses 11 and 17, Shell will also…

Investigation has revealed  that MTN Nigeria  lost over N12 billion in the four days that the Nigerian Labour Congress, NLC, allegedly interrupted its operations while  picketing  the company. National Daily gathered that the telecom…

The Central Bank of Nigeria (CBN) yesterday commenced its intervention in the sale of foreign exchange in Chinese Yuan (CNY), signaling the consummation of the bilateral currency swap agreement it signed with the People’s Bank of China on…

Civil servants across the country can now heave a sigh of relief after the Federation Accounts and Allocation Committee (FAAC) reached a compromise to release N668.898 billion to the three tiers of government for the month of May,…

*Central bank conducts first auction of renminbi on Friday *Nigeria signed $2.4 billion currency swap with China in May The Central Bank of Nigeria sold yuan for the first time as it looks to boost commerce between China and…

Nairametrics began an in-depth coverage of the billionaire investors in Nigeria’s capital market in May 2018. Since then, the stock market has slid. Year to date, the Nigerian Stock Exchange (NSE) All-Share Index is down 3.35%. We…

The Apapa Area 1 Command of the Nigeria Customs Service said it generated N176.75 billion in the first half of 2018, an increase from the N165.74 billion it generated during the same period in 2017. The command’s Spokesman, Mrs…

*Why Rich Patrons Are Having Panic Attacks Nicely stacked ladies with the morals of alley cats whistling at men, over-dressed and over made-up babes playing at hookers. Skimpily clad nubile creatures who‘ll give a vicar impish ideas…

United States of America’s companies operating in Nigeria invested $1.3bn in the economy in 2017, a survey by the American Business Council has shown. The investment, according to the council, generated over N2.6tn revenue for the 74…

Senators yesterday approved the payment of over N348 billion outstanding oil subsidy claims to 74 petroleum marketers. The upper chamber gave the approval following its adoption of the interim report of its Committee on Petroleum…

Farmcrowdy, Nigeria’s first and leading digital agriculture platform has won the Digital Business of the Year (2018) award in Africa at the annual Global African Business Awards (GABA) ceremony in Addis Ababa, Ethiopia. Launched in…

The Founder of the Computer Warehouse Group, Mr. Austin Okere, has expressed optimism that fintech companies are likely to take a more prominent role in banking and the financial services space. Okere, said this recently at a forum…

The Nigerian National Petroleum Corporation (NNPC) has commenced a community integration and stakeholders’ engagement to sensitise people in Cross River ahead the planned oil palm-based bio-diesel project. A statement by the NNPC…

The London Court of International Arbitration (LCIA) has ordered two companies owned by the Chief Executive Officer of Oando Plc, Mr. Wale Tinubu and his deputy, Mr. Mofe Boyo, to pay US$680 million (N244.8 billion) to Ansbury…

Last week Nairametrics profiled a crop of young Nigerians, who due to the great works of their parents, currently have seats on the boards of some of the largest companies on the Exchange. For them, having these seats provides them…

As a rule, I don’t get worked up over oil refineries. But the one gradually taking form on 2,500 hectares of swampland outside Lagos, Nigeria’s Mad Max commercial capital, is so big, so audacious and so potentially transformative that…

The Asset Management Corporation of Nigeria (AMCON) has secured a Federal High Court Abuja Division to take over Sigma Apartments owned by Sigma Engineering & Construction Limited over N1 billion debt. The order given by Hon.…

The Federal Inland Revenue Service has announced that it realised a total of N2.5 trillion (N2,529,615,174,601.25) from various taxes from January to June 2018. The amount shows that the service has realised 75% of its total target…

The Deputy Governor, Economic Policy, Central Bank of Nigeria, Dr Joseph Nnanna, on Thursday blamed the inability of Deposit Money Banks to lend at single digit interest rate on the attractiveness of treasury bills, an instrument used by…

There have been no buyers for the N182billion assets obtained by the Asset Management Corporation of Nigeria (AMCON) from debt resolution, the organisation said yesterday. AMCON Managing Director Ahmed Kuru, speaking in Lagos at the…

The Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding with the Nigeria Security and Civil Defence Corps (NSCDC) to protect telecom critical national infrastructure. This comes after members of the…

PRESIDENT Muhammadu Buhari has signed the Nigerian Financial Intelligence Unit bill (NFIU) into law, Senior Special Assistant to the President on National Assembly Matters (Senate) Ita Enang said yesterday. Enang, while briefing…

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…