News - Business and Economy

Oil Prices Hit Two-Month High Of $53

3 weeks ago /

Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25. U.S. West Texas Intermediate (WTI) futures were up 16 cents or 0.3per...

9mobile Replaces Etisalat’s Logo, Website

1 month ago /

Emerging Markets Telecommunication Services Limited (EMTS), previously trading as ‘Etisalat Nigeria’ on Wednesday officially unveiled its new brand identity, 9mobile, with a new logo and website. The Chief Executive Officer of 9mobile, Mr Boye Olusanya, said at a news conference in Lagos that the new logo was in conformity with the...

 

Our Role In Spending Abacha Loot Was Limited, World Bank Tells SERAP

1 month ago /

President of the World Bank, Jim Yong Kim, has insisted that the global financial institution only played a limited role in the spending of loots recovered from the late Military Head of State, Sani Abacha. The bank was responding to a letter from economic watchdog, Socio-Economic Rights and Accoundtability Project (SERAP)...

Libya, Nigeria May Attend OPEC, Non-OPEC July Meeting

1 month ago /

Libyan and Nigerian officials may attend a joint meeting between OPEC and non-OPEC nations later this month as oil producers look for ways to cap rising production to help support oil prices. Both countries have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global...

Etisalat Terminates Its Management Agreement With Etisalat Nigeria

1 month ago /

Etisalat has terminated its management agreement with its Nigerian arm and has given Etisalat Nigeria three weeks to phase out the brand in the country. The decision of the Abu Dhabi owned telecommunications networks resulted after the failure its $1.7 billion laon talks collapsed. Chief executive of Etisalat International, Hatem Dowidar said...

Asset Declaration Will Boost Nigeria’s Income-to-GDP – Minister

1 month ago /

The Minister of Finance, Mrs. Kemi Adeosun, has explained that the newly launched Voluntary Asset and Income Declaration Scheme (VAIDS), is a credible platform put in place for defaulting Nigerian taxpayers to work out a flexible way to pay their outstanding tax liabilities. Speaking in Abuja after the launch of VAIDS...

Minister Seeks Support On Implementation Of ERGP

1 month ago /

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has solicited the support of the APC and other stakeholders for the full implementation of the Economic Recovery and Growth Plan (ERGP). Udoma made the call in during the presentation of ERGP 2017 to 2020 and the 2017 report, presented...

Why Aisha Buhari Hurried To UK – Fayose

1 month ago /

The Ekiti state governor, Ayodele Fayose has maintained that he president is incapacitated and is surving on life support. The state governor while speaking on the First Lady’s trip to UK noted that Aisha Buhari who was allegedly denied access to the president during her first trip to UK has made...

Forex: Again, CBN Pumps $195m Into Market

1 month ago /

The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange market, has injected the total sum of $195 million into various segments of the inter-bank foreign exchange market. A breakdown of figures released by the CBN on Monday, July 3, 2017,...

CBN Lifts Market By $195m

1 month ago /

The Central Bank of Nigeria (CBN) has lifted the inter-bank market with another round of 195 million dollars. Authorised dealers in the wholesale segment received a 100 million dollar offer from the CBN while the small and medium enterprises as well as invisibles windows received 50 million dollars and 45 million...

World Marks 50th Anniversary Of Automatic Teller Machine, ATM

1 month ago /

The world's first ATM was turned into gold for celebrations of its fiftieth anniversary. To commemorate the anniversary, Barclays transformed the ATM at its Enfield branch into gold, added a commemorative plaque and placed a red carpet in front for its users. The brainchild of Scottish inventor Shepherd-Barron, the first ATM...

France Plans €1billion Investment In Nigeria’s Oil And Gas Industry

1 month ago /

The French government has said that it has set aside about one billion Euros to be invested in the Nigeria oil and gas industry, stating that Nigeria remains her first economic trading partner in Africa. France Ambassador to Nigeria, His Excellency, Denys Gauer, declared this when the Group General Manager, Group...

Banks Shareholders Push For Takeover Of Etisalat

1 month ago /

Some shareholder groups in the nation’s capital market on Tuesday urged Etisalat Nigeria to settle the N1.2 billion debt it owed 13 commercial banks to avoid a takeover. A cross section of the shareholder groups stated this in an interview with the News Agency of Nigeria (NAN) in Lagos on Tuesday. They...

China, Bayelsa Partner To Create More Jobs

2 months ago /

A group of Chinese businessmen have indicated interest to invest in Bayelsa State’s economy, create multiple Job and support the government to further provide opportunities for other businesses in the state to grow. The ‎leader of the delegation, chairman of Wave Investment, and member of the communist party in China, Xue...

Amazon To Acquire Whole Foods For $13.7 Billion

2 months ago /

Amazon.com Inc. will acquire Whole Foods Market Inc. in a $13.7 billion deal, marking the biggest transaction ever for the e-commerce giant as it pushes deeper into groceries.   Amazon will pay $42 a share in cash for the organic-food chain, the companies said on Friday. John Mackey, Whole Foods’ outspoken co-founder...

Central Bank Chief Highlights Benefits Of Movable Assets, Credit Reporting Acts

2 months ago /

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele, at the weekend expressed satisfaction with the Secured Transactions in Movable Assets Act (otherwise known as National Collateral Registry Act) and the Credit Reporting Act, that were recently signed into law by acting President Yemi Osinbajo, saying they would help...

Senate Moves Against CBN Over Financial Recklessness

2 months ago /

The Senate has made a bold move at checkmating alleged recklessness of the Central Bank of Nigeria (CBN) on intervention fund spending on yearly basis.This is as it frowns at the N1.23trillion spent by the Apex Bank in 2015 far exceeding the totality of 5% of CBN total revenue in...

Senate Reads Riot Act To Milk Producers

2 months ago /

The Nigerian Senate President,  Bukola Saraki, has decried the failure of dairy companies in the country to produce milk locally for their operations, warning that the situation where they resort to importation is no longer acceptable.Saraki gave the warning on Wednesday when a delegation from Friesland Campina Group, manufacturers of...

SEC Threatens To De-Register 400 Capital Market Operators

2 months ago /

The Securities and Exchange Commission (SEC) has threatened to revoke the registration of about 400 capital market experts and professionals if they failed to comply with the directive to provide updated information of their companies by July 31, 2017. This was made known in a circular issued by the commission yesterday...

NSE Market Capitalization Increases By ₦76 Billion

2 months ago /

The upward trend continued on the Nigerian Stock Exchange on Wednesday for the second consecutive day with the market capitalisation increasing by N76 billion. The News Agency of Nigeria reports that the market capitalisation which opened at N10.121 trillion, rose by N76 billion or 0.75 per cent, to close at N10.197...


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