Oil Prices Surge
... as revised IEA outlook suggests tighter market Oil prices rose on Thursday as the International Energy Agency predicted a tighter market in 2024 and raised its view on oil demand growth t
Niger Republic Eyes April For First Oil Export
The groundbreaking Niger-Benin pipeline, with a capacity of 110,000 barrels per day (b/d), has been completed. This pipeline is expected to boost Niger's crude production fivefold, transforming it int
Goldman Sachs Estimates Naira To Appreciate To N12
Global investment bank, Goldman Sachs has forecasted that the Naira will appreciate to N1200 per US dollar in twelve months. Goldman Sachs analysts, Andrew Matheny and Bojosi Morule disclosed
Power: FG May Revoke DISCOs Licenses Over Poor Ele
The Federal Government issued a warning on Wednesday, indicating that power Distribution Companies are at risk of having their licenses revoked due to ongoing issues with inadequate power supply natio
Meta: Users Of Facebook, Instagram Logged Out
Users of social media platforms Facebook and Instagram have been logged out of the mediums following an outage around 3:30 pm on Tuesday. On Facebook, users were logged out of the platform wi
Binance: Traders Are Traceable, Crypto Expert Repl
The President of the Stakeholders in Blockchain Technology Association of Nigeria, Obinna Iwuno, has disclosed that traders on cryptocurrency trading platform, Binance are not anonymous, adding they c
CELESTINE EBUBEOGU: HOW TIGER FOODS NOURISHES THE
THE MAKING OF THE INDUSTRIALIST - ?The Tiger Foods Story; Part 2. Circumstances based on personal idiosyncrasies and contingencies prevented us from furthering our education at the university
Okafor: Americans Want Him For Building Solar Powe
This is the interesting tale of Anthony Okafor, an auto engineering graduate of Nnamdi Azikiwe University who is currently playing so big in the renewable energy, solar and auto industry sectors. &nb
S10B Fine: You Lied, We Will Pay Nothing To You -
Binance Holdings Ltd said on Friday that it was not in any talks with the Nigerian government about potentially paying up to $10 billion in fines, contradicting a government spokesman’s statemen
Revert To Old Price, Or Else - Tinubu Warns Cement
President Bola Ahmed Tinubu has directed cement companies in Nigeria to revert to old prices amid the hike in the cost of the commodity. David Umahi, the Minister of Works, disclosed this on
Urum Kalu Eke Rejects Tinubu’s CBN Board Job
A nominee for membership of the Central Bank of Nigeria (CBN) Board of Directors, Urum Eke, has turned down President Bola Tinubu’s appointment to continue serving at the World Bank. Ek
First In Nigeria: Abians Celebrates 48 Hours Of Un
Residents of Aba, Abia State are celebrating 48 hours of uninterrupted power supply following the installation of the Geometric Power Plant. Since one out of four turbines at the plant was sw
Expatriate Workers To Start Paying Annual Levy In
Nigeria has imposed a mandatory annual levy for organisations employing expatriate workers, requiring them to pay $15,000 (£12,000) for a director and $10,000 for other employees. The m
NNPCL Uncovered 84 Illegal Refineries, 66 Insertio
The Nigeria National Petroleum Company Limited (NNPCL) says 84 illegal refineries and 66 illegal connections have been discovered in the past week in the Niger Delta region. In a tweet on the
DOLLARS: CBN HAS STARTED TO TAKE CONTROL
I am happy to observe that the Central Bank of Nigeria, CBN, has started to take control and do the needful to rein in the criminals and saboteurs and forex speculators. I am particularly happy to not
EEDC SUCCESSFULLY MIGRATES TO ITS NEW VENDING SYST
…CUSTOMERS CAN NOW UPGRADE THEIR METERS The Enugu Electricity Distribution Company PLC (EEDC) has migrated to its new vending system, SuperEdge, following a successful rollover on Satu
CELESTINE EBUBEOGU: HOW TIGER NOURISHES THE WORLD
The Making of The Industrialist - Part 1 In the wake of our father's sudden death in 1992, Celestine Ebubeogu returned from abroad and made the difficult decision to stay back in Nigeria, for
Cement Price Wahala: Help Us Judge This Matter
One of my friends just called me with a business issue that requires urgent attention. He said he paid for 100 bags of cement to a dealer in December last year at N5,200 per bag (N520,000), with an ag
Survival Strategy For The Present Economic Hardshi
Nigerians are indeed groaning over the current economic hardship in the country. The country is under the clutches of unprecedented economic hardship where the citizens are struggling to survive. &nb
HERBERT WIGWE: SO, BANKS COULD HAVE, \"UNKNOWN UNG
One thing, believed to be common with unknown gunmen, was their less regard or value for life. Always associated with having no consideration for life. Not attaching any importance to life. T
Wigwe: US Authorities gives report
… Rain, wintry weather responsible for crash United States authorities on Sunday said preliminary reports suggest that a wintry weather condition was among the factors that con
British Airways, Lufthansa shun Kaduna over Abuja
British Airways and Lufthansa Airlines have joined the list of foreign airlines rejecting the option of flying into Kaduna Airport during the six weeks of runway repair of the Nnamdi Azikiwe I
Naira crash set to all time low of 350/ USD
Naira crash set to all time low of 350/ USD The sharp and steady depreciation of the Naira at the inter-bank foreign exchange market in the last one week has forced the Central Bank of Nigeria,
Investors lose N17bn as bears continue rampage
Investors lose N17bn as bears continue rampage Investors in the Nigerian Stock Exchange, NSE, last week lost N17 billion as bears continue to tighten grip in the market. At the close of trading
SAVANNAH BANK: An ordeal of a Nigerian Financial I
SAVANNAH BANK: An ordeal of a Nigerian Financial Institution Savannah Bank license was withdrawn in February 2002 in a decision many saw as politically motivated due to difference between the maj
It’s official… naira now Africaâ€
It’s official… naira now Africa’s worst performing currency of 2016 The Nigerian naira took a dive on Thursday at both parallel and official markets, becoming the worst perform
Insurance firms need to recapitalise— Adeos
Insurance firms need to recapitalise— Adeosun NINE years after the last recapitalisation exercise in the nation’s insurance industry, the Minister of Finance, Mrs. Kemi Adeosun, yeste
Otedola, Adenuga’s firms, 3 others lose N26
Otedola, Adenuga’s firms, 3 others lose N265.4 b in 6 months …Investors regain N314.74 bn as stock market value hits N10.2 trn in June …Shareholders decry neglect of r
Airlines now free to fix fares, other charges â
Airlines now free to fix fares, other charges – NCAA The Nigerian Civil Aviation Authority says all airlines’ tariffs for services rendered, which include fares, rates, add-on charges
Firms spent N97.9bn on advertisements in 2015 â
Firms spent N97.9bn on advertisements in 2015 – Report Despite the economic crunch of 2015, the total advertising spend in the country rose to N97.9bn last year, according to the 2015 Media
Mahama blames sabotage in Nigeria for Ghanaâ€
Mahama blames sabotage in Nigeria for Ghana’s electricity shortfalls The president of Ghana, John Mahama yesterday explained that the intermittent power outage experienced in his country wa
CBN clears Nigerian Banks, says none is in distres
CBN clears Nigerian Banks, says none is in distress Nigeria’s Central Bank has given the local banks clean bill of health, as it declared Wednesday night that none of them is in
Skye Bank’s new GMD explains CBN action, as
Skye Bank’s new GMD explains CBN action, assures customers of funds safety Abiru spoke after taking over from his predecessor, Timothy Oguntayo The new Group Managing Director/Chief Execut
Nigeria's oil minister replaced as state oil compa
Nigeria's oil minister replaced as state oil company boss Nigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group managing director of state oil company NNPC
Stop selling tickets in foreign currencies â€
Stop selling tickets in foreign currencies – NCAA warns airlines The Nigerian Civil Aviation Authority (NCAA) has warned all airlines selling flight tickets in foreign currencies in Nigeria
BREAKING: CBN takes over Skye Bank
BREAKING: CBN takes over Skye Bank The Central Bank of Nigeria, CBN, has taken over one of the nation’s commercial banks, Skye Bank pending when a buyer is found. This was after it dissolve
Oando records N4.1b net profit in three months
Oando records N4.1b net profit in three months Oando Plc’s operational reports and audited financial statements indicate that the leading indigenous energy group recorded a net profit
Edo registers 50,000 farmers for CBN loan
Edo registers 50,000 farmers for CBN loan The Edo State government has screened and registered no fewer than 50,000 farmers for the Central Bank of Nigeria loan in the 2016 cropping season. Mr A
CBN empowers 1,500 youths with N2.5b entrepreneurs
CBN empowers 1,500 youths with N2.5b entrepreneurship loan Emefiele said entrepreneurship among Nigerian youths had been hindered by low capacity and funding, which has made many of them opt for
FIRS Seals Ifeanyi Ubah's Capital Oil For Evading
FIRS Seals Ifeanyi Ubah's Capital Oil For Evading Tax The Federal Inland Revenue Service (FIRS) on Monday shut down tax defaulting companies in Lagos State and Imo State. In Lagos, the premises
How to acquire landed property with little or no m
How to acquire landed property with little or no money The simplest and easiest method of buying properties is to pay cash. The seller is happy and you are happy. There is no need for extra paper
Oil production rises as unions meet FG over strike
Oil production rises as unions meet FG over strike threat Nigeria’s oil production has risen to 1.9m barrels a day (b/d) and should rise to 2.2m by July end if pipeline repairs are complete
FG to fast-track strategies to ease doing business
FG to fast-track strategies to ease doing business in Nigeria, Buhari assures President Muhammadu Buhari, Monday reassured that the Federal Government would fast-track the impleme
100 Bank Debtors Owe N953bn – AMCON
100 Bank Debtors Owe N953bn – AMCON the list of 100 chronic bank debtors released by Assets Management Corporation of Nigeria (AMCON) shows that they owe a total of N953.43 billion. Last w
Sterling Bank Introduces Flexible Work Conditions
Sterling Bank Introduces Flexible Work Conditions for Staff Sterling Bank Plc said it has come up with a policy to promote work-life balance among its staff as it continues to strive to build a g
Pound falls further in Asian trading on Monday
Pound falls further in Asian trading on Monday The pound has fallen sharply in trading in Asia on Monday, adding to Friday's record one-day decline. Sterling was trading at $1.3365, down almost
Africa's richest man has a big plan to fix one of
Africa's richest man has a big plan to fix one of Nigeria's biggest problems Africa's richest man, Aliko Dangote, plans to launch Nigeria's first private crude oil refinery by 2019 while almost d
Activities of Niger Delta militants reduced FGâ
Activities of Niger Delta militants reduced FG’s revenue by N16.2bn in May – Minister of Finance, Adeosun Finance Minister, Kemi Adeosun, has declared that activities of the Niger Del
Shares and pound plunge on Leave vote
Shares and pound plunge on Leave vote The London stock market has plunged more than 8% in the wake of the UK's vote to leave the EU. In the opening minutes of trade, the FTSE 100 index fell more
Lifeline for non-oil exporters
Lifeline for non-oil exporters For long, access to low interest credit remained a pain in the neck for operators in the non-oil export business. Because of declining export credit, most of them c
Stocks gain N242bn, naira appreciates at interbank
Stocks gain N242bn, naira appreciates at interbank Nigerian stocks sustained its positive bearing yesterday as trading activities by investors yielded N242 billion gain at the close of the market.
Nigeria naira ends with first daily gain since peg
Nigeria naira ends with first daily gain since peg ditched Nigeria's naira firmed to close at 281.50 to the dollar on Wednesday, its first daily gain since the central bank ditched its 16-month o
Revenue rises by N24bn as FG, states, LGs share N3
Revenue rises by N24bn as FG, states, LGs share N305bn in May Revenue accruing to the federal, states and local governments went up significantly in May 2016 by N23.628 bn. Following this, the f
Nigerian naira devalues 23 percent after currency
Nigerian naira devalues 23 percent after currency peg ends Nigeria's naira devalued 22.7 percent against the U.S. dollar on Monday as interbank market trading began following the removal of a cen
Why MTN’s N1.04tr fine was cut to N330b, by
Why MTN’s N1.04tr fine was cut to N330b, by minister The Presidency and the Senate are heading for a showdown over the reduction of the N1.04 trillion fine imposed on MTN Nigeria first
As CBN Unchains Forex Market
As CBN Unchains Forex Market Finally, the Central Bank of Nigeria (CBN), has done the needful in the foreign exchange market, but not before some companies have collapsed, a few relocated, and wo
Nigeria’s foreign debt rises by $7.18bn in
Nigeria’s foreign debt rises by $7.18bn in 10 years Ten years after Nigeria’s historic exit from the Paris Club of Creditors, the country’s external debt balance has climbed to
BREAKING…CENTRAL BANK ANNOUNCES NEW FOREIGN
BREAKING…CENTRAL BANK ANNOUNCES NEW FOREIGN EXCHANGE POLICY The Central Bank of Nigeria (CBN) has officially announced a new foreign exchange policy and has listed some implications of the
Banks to limit daily withdrawals to N10,000 per da
Banks to limit daily withdrawals to N10,000 per day The Banks have asked the CBN to limit daily withdrawals to N10,000 per day from what I have just read. I don't know what these guys smoke befor
Nigeria FX confusion persists, damaging investor,
Nigeria FX confusion persists, damaging investor, business sentiment A two-week silence from Nigeria's government and central bank on further details or even a timescale for naira liberalisation