Business

Presco’s plantation expansion, processing to end 2020

Presco Nigeria Plc has announced that its strategic expansion activities in oil palm plantation and processing facilities would be completed next year. Addressing shareholders during...

Analysts hopeful of changes in MTN board

Dr. Ernest Ndukwe •Say it heralds good tidings for telco transformation Industry experts have said the overhaul of the Board of Directors of MTN Nigeria Plc,...

Persistent sell pressure drags index further by 0.4 per cent

Following persistent sell pressures in the shares of some bellwethers, transactions on the trading floor of the Nigerian Stock Exchange (NSE), continued southward, yesterday,...

Combating dumping post-AfCFTA challenging without presence at ports, says SON

Although the Standards Organisation of Nigeria (SON) has expressed readiness for the imminent implications of Nigeria’s signature to the African Continental Free Trade Area...

Canadian government supports Cross River youths with N4.1b

Piqued at the rate of unemployment in the country, the Canadian Government through the Global Affairs Canada (GAC), has provided about $15million (Canadian Dollar)...

‘Ministers, lawmakers among AMCON’s N5.5 trillion debtors’

The Managing Director, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has disclosed that political officeholders including ministers and lawmakers (names withheld), are among...

Nigeria’s fight against cybercrimes ranked 57th globally

Cyber secutity •Cost may reach $2 trillion by year end Nigeria’s campaign against the menace of cybercrimes in the country have been ranked 57th out of the...

Oil price outlook supporting Nigeria’s growth, says IMF

The International Monetary Fund (IMF) has said that despite its reversal of Nigeria’s growth forecast, a positive oil price outlook will support the country’s...

Reconstituted NTPIC will boost non-oil revenue, says Fowler

The Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler, has declared that the reconstitution of the National Tax Policy Implementation Committee (NTPIC), will lead to...

Customs, NAFDAC destroy over N14bn smuggled drugs

Destruction flagoff of Tramadol and other harmful substances; a collaboration between NAFDAC and Customs. Photo: TWITTER/NAFDAC The Nigeria Customs Service (NCS), has destroyed about 58...

Nissan quarterly net profit plunges, 12,500 job cuts planned

Crisis-hit Japanese automaker Nissan said Thursday it would cut 12,500 jobs and announced a plunge in quarterly net profit as it struggles with weak...

‘How to tackle challenges of local sugar production’

The Group Executive Director, BUA Group, Kabiru Rabiu, has given insights on how to tackle the challenges mitigating against the growth of the Sugar...

NNPC targets $10.2b earnings from financing deal for OML 13

• Collaborates with Budget Office on fiscal framework Nigerian National Petroleum Corporation (NNPC’s) resolve to increase the nation’s crude oil reserves and daily oil production...

Boeing reports $2.9 bn loss in 2Q, biggest quarterly loss ever

Boeing reported a second-quarter loss of $2.9 billion Wednesday as the grounding of 737 MAX following two deadly crashes continues to weigh on the...

Importation: Nigeria’s steel plants producing less than 200,000 tonnes yearly

Manufacturers raise alarm over looming job losses  The Basic Metal, Iron and Steel and Fabricated Metal Products Sectoral Group of the Manufacturers Association of Nigeria...

Dangote Cement promo triggers upsurge in demand

The on-going Dangote Cement’s, Bag of Goodies Promo, which promises to reward 21 million consumers nationwide, has ramped up demand for the product in...

FRC, ACCA hinge economic growth on adherence to codes

The Financial Reporting Council of Nigeria (FRC), and the Association of Chartered Certified Accountant (ACCA), have stressed the need for stakeholders to ensure up-to-date...

NNPC, Shell mull oil reserves increase, closer ties

Nigerian National Petroleum Corporation (NNPC), and its joint venture partner, Shell Petroleum Development Company (SPDC), have expressed commitment to grow existing business relationship aimed...

NSE Premium Board outperforms index in H1, hits N7.6 trillion

The Nigerian Stock Exchange (NSE) Premium Board outperformed the All-share index in the first half of the year (H1), as its market capitalisation rose...

Customs rakes in N4 billion in Seme border

Seme Area Command of the Nigeria Customs Service (NCS), said it generated about N4.4 billion from January till date, and represents 65 per cent...

Bargain-hunting ahead of H1 earnings triggers stock market recovery

• As index rises by 1.2%  After several weeks of persistent bearish trend, the Nigerian stock market rebounded yesterday, amid bargain-hunting in bellwether stocks, as...

InfraCos to access N65b broadband subsidy

• NCC seeks approval for more funding from Presidency • New North Central InfraCo to emerge in August Infrastructure Companies (infraCos) expected to drive broadband penetration...

Shareholders of Ikeja Hotel seek dividend payment

•Applaud new management on restructuring  Shareholders of Ikeja Hotel Plc have berated the old management for non-payment of dividend for five years, urging the new...

Stock market sustains sliding profile, down by N54 billion

Following price losses suffered by many blue chip stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened bearish on Monday,...

Insurance stocks stagnate under harsh environment, low patronage

The nation’s insurance industry has not fared too well under prevailing harsh operating environment and low patronage even as the share prices on the...

FG, Sterling Bank, others partner on renewable energy for 340,000 SMEs

The Federal Government, Sterling Bank, and Virtus Energy Solutions Limited, yesterday partnered to enhance power production for small businesses in the country. The project aims...

Fowler lauds JTB’s new tax scheme, hopeful of returns

Chairman of the Joint Tax Board (JTB), Babatunde Fowler, has stated that the Tax Identification Number (TIN) Registration System and Consolidated National Taxpayers Database...

FMDQ weekly report

Commentary on the Foreign Exchange (FX) market with data for the week-ended July 19, 2019. ▪ The Central Bank of Nigeria (CBN) intervened through its...

NIDF delivers over 55% total returns to investors

The Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) has marked its second anniversary, delivering over 55 per cent of returns to unitholders during...

ASHON urges investors to seek advice from stockbrokers

The Association of Securities Dealing Houses of Nigeria (ASHON) has renewed calls on equity investors to seek the advice of professional stockbrokers in their...

‘How policy inconsistency kills aviation industry’

Perennial inconsistency in government policies has been blamed for stagnation in the aviation industry. Experts, who spoke in Lagos, at the 23rd League of Airports...

How campaign against waste saved N46b in 2019 budget

A joint campaign against wasteful and frivolous items and appropriations that have become routine in the national budget, led by Centre for Social Justice...

Total, partners, stake N900 million in infrastructure development in north

Total Upstream Companies in Nigeria, and its partners, including Nigeria National Petroleum Corporation (NNPC), Petrobras, Sapetro and Cnooc, have invested N900 million to address...

Oxfam urges criminalisation of illicit financial flows enablers

•Ranks Nigeria tax system as unfair Oxfam, a confederation of 20 independent charitable organizations focusing on the alleviation of global poverty, has called on the...

Experts canvass infrastructure finance through capital market

Financial experts have underscored the need for government to work out modalities on how to boost investment in infrastructure through the creation of activities...

Fidelity Bank, others train 100 MSMEs in Kano

•Set to unlock non-oil export potential Fidelity Bank Plc is training over 100 small and medium enterprises (SMEs), at the eighth edition of the Export...

Stakeholders explore AI, big data to check energy challenges at NAICE

Preparatory to the 2019 edition of the Nigeria Annual International Conference and Exhibition (NAICE), stakeholders have expressed optimism of unveiling solutions to recurring issues...

Investors lose N145 billion in three days of bearish trading

The bears have continued to strengthen their hold on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks joined the...

‘Why foreign airlines retain 80% air traffic share in Nigeria, others’

Murtala Airport Lagos •Ethiopian Airlines makes another bid for local operations •It is an insult on Nigeria, says stakeholders The absence of a functional national carrier in...

MAN outlines safeguards for post-AfCFTA ratification

Local manufacturers have outlined some of the pre-conditions and safeguards given to the Federal Government as part of measures to maximise the potential benefits...

Customs charged to urgently evacuate overtime cargoes in Lagos ports

• 17 fuel-laden vessels, others waiting to berth  To decongest the terminals, the Nigeria Customs Service (NCS), has been urged to urgently evacuate overtime cargoes...

CRFFN harps on professionalism in freight forwarding

For Nigeria to achieve a rapid and sustainable progress in freight forwarding, the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has...

First Bank reiterates commitment to children with special needs

First Bank of Nigeria Limited has reiterated its commitment to impact the lives of the less privileged and children living with disabilities across the...

Access Bank wins Karlsruhe sustainable finance award

Access Bank, has emerged winner of the 2019 Karlsruhe Sustainable Finance Awards for ‘Outstanding Business Sustainability Achievement’. The award is in recognition of the Bank’s...

‘Infrastructure deficit may cost Nigeria $878 billion by 2040’

It has been projected that government’s continued neglect of the nation’s infrastructural development would lead amount to a huge deficit of $878 billion by...

Sterling Bank to unveil initiative, trains paramilitary on financial plan

Upholding its commitment to creating social good for communities across the country, Sterling Bank has trained serving members of the armed forces and paramilitary...

DPR reiterates zero tolerance to infractions, lifts Petrocam’s sanctions

The Department of Petroleum Resources (DPR), yesterday, reiterated its stance about non-tolerance of acts of infractions from licensed operators, even as it lifted the...

Why Nigeria, others should explore export, PPP to check debt vulnerabilities

Rising indebtedness may be a global phenomenon, but the debt levels of developing countries are amplifying their economic vulnerability, the United Nations Conference on...

Association urges stricter border control to check smuggling, others

The National Palm Produce Association of Nigeria has called on the Federal Government to closely monitor its borders with neighbouring countries to check rising...

First Bank unveils Visa multi currency card

First Bank of Nigeria Limited, has introduced the Visa Multi-Currency Card, an All-in One-Card, in a move to link all of four currencies namely;...

Solving Nigeria’s beef problem

You can kill a cow in Argentina and have the beef eaten in Europe. That is, the beef can travel around 13,000 km from...

NESG worried about rising population, unveils new corporate identity

The Nigerian Economic Summit Group (NESG) has unveiled and launched its new corporate identity, in line with its mandate of promoting and championing the...

Banks, Fintechs, telcos under investigation for data privacy breaches

The National Information Technology Development Agency (NITDA), is currently investigating some Nigerian banks, financial technology companies (Fintechs), and telecommunications companies (telcos) for alleged breach...

Rescuing data challenge at PenCom with technology

The current registration system at the National Pension Commission (PenCom) is limiting its potential. Of course, with the new initiatives aimed at enhancing the...

Rally Trade alleges lack of rules for online forex trading

An international online broker, Rally Trade, has said there is no regulation for online Foreign Exchange (Forex) trading in Nigeria, hence online brokers have...

FCMB partners firm to boost foreign education

Provides Support for Customers Aspiring to Study Abroad First City Monument Bank (FCMB) in partnership with MOD Education, organized a two-day training on International...

Seplat to increase shareholders’ value with $700 million gas investment

As part of efforts to increase shareholders’ return on investment, Seplat Development Company Plc has announced plans to accelerate the development of its $700...

Experts seek enforcement of estimated N1 trillion housing insurance

Experts in the insurance sector have said that the compulsory housing insurance policies in the country if enforced, would be valued at over N1trillion,...

‘Insurance industry rebranding campaign to benefit corporate organisations, individuals’

The Director-General, Nigerian Insurers Association(NIA) Yetunde Ilori, in this interview with BANKOLE ORIMISAN, speaks on the ongoing rebranding campaign in the insurance sector aimed...

Insurer, LASPARK seal pact on green Lagos

AXA Mansard has said it is a partnership with the Lagos State government through the Lagos State Parks and Gardens Agency (LASPARK) as they...

OAK makes pension more accessible

OAK Pensions Limited says it will continue to make pension more accessible to the grassroots, so as to enable the formal and informal workers...

Persistent free fall in share prices drags index further by 2.41%

The sustained bearish sentiment, leading to selloffs in the most capitalized stocks, continued to take tolls on the benchmark All-Share Index (ASI) of the...

Insurer renews commitment to youth empowerment with financial literacy campaign

AXA Mansard, a global player in insurance and asset management has strengthened its commitment to empowering youths across Nigeria, with its just-concluded financial literacy...

Bank renews commitment for wealth creation, sustainability

Ecobank Nigeria has pledged commitment to the advancement of ideas that would lead to wealth creation and its sustainability through several generations. Besides, the bank...

Access Bank wins international award

Access Bank Plc. has emerged winner of the 2019 GBA Women’s Market Champion Impact Award for its efforts towards providing opportunities for women. Organised by...

Osinbajo to declare APBN annual summit open

As part of its contribution to building the nation’s economy, the Association of Professional Bodies of Nigeria (APBN) has said it has concluded plans...

Tributes, emotions as former NNPC GMD, Maikanti Baru, says goodbye

Dr. Baru (right) decorating the new NNPC GMD Kyari Gaining access into the NNPC Towers, Abuja on this day was tough; it was obvious something...

Maryann Emike Alegieuno: Seven-year-old author

Little Maryann Emike Alegieuno has done something good at her age. The seven-year-old is leaving a lasting legacy and passing on moral lessons, as...

Sobering 2020 outlook for Nigeria, others as production output rises

Organisation of the Petroleum exporting Countries (OPEC’s efforts to boost oil prices look set to become even more challenging next year, with increasing competition...

Textile industry can create 2 million jobs, save $4bn, says CBN

•Urges security agencies, paramilitary to patronise sector To reposition the Nigerian economy and make it self-reliant, the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele,...

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