Electricity

Electricity: FG, Labour Agree To Cut Price By N10.20 Per Kwh, For 3 Months

The Federal Government and the Organized Labour, on the completion of the two weeks suspension of electricity tariff have resolved to provide tariff relief of N10.20 per kilowatt hour for Nigerians for... Read more »
2020 Half Year States/FCT Internally Generated Revenue

2020 Half Year States/FCT Internally Generated Revenue

The index in Tuesday’s report revealed that the IGR of Lagos State, put at N204 billion, is higher than that of at least 29 states put together. The quartet of Lagos, Rivers,... Read more »
Nigeria loses N7.2tr yearly at ports, says Agbakoba

Nigeria loses N7.2tr yearly at ports, says Agbakoba

A former President of the Nigerian Bar Association (NBA), Olisa Agbakoba (SAN) has disclosed that Nigeria is losing N20b daily at the nation’s ports, which amounts to N7.2tr yearly. He said a... Read more »
Petrol price may drop this month, say marketers

Petrol price may drop this month, say marketers

The pump price of petrol may reduce marginally this month, going by the fall in global crude oil prices, oil marketers said on Sunday. According to them, since the cost of petrol... Read more »
Oil Prices Slump on Trump’s Positive COVID-19 Result

Oil Prices Slump on Trump’s Positive COVID-19 Result

Oil prices slumped by about three per cent yesterday, hours after the President of the United States, Donald Trump announced that he tested positive for COVID-19. Trump tweeted news of his positive... Read more »
FG considers renewable options to resolve power challenges

FG considers renewable options to resolve power challenges

As Nigerians grapple with the recent increase in electricity tariff, the Federal Government, Tuesday, in Abuja, said a coordinated approach is being planned to de-risk and optimize renewable energy investment, especially for... Read more »
First Bank reinforces financial inclusion, disburses N17 billion

First Bank reinforces financial inclusion, disburses N17 billion

First Bank of Nigeria Limited, a leading financial inclusion services provider, recently announced that loans in excess of N17 billion had been disbursed to individuals, across the country. The loan disbursement is carried-out... Read more »
Equities Capitalisation Hits N14trn as Market Sustains Bullish Trading

Equities Capitalisation Hits N14trn as Market Sustains Bullish Trading

The stock market sustained its bullish trend yesterday as buying interest in bellwethers such as Dangote Cement Plc, MTN Nigeria Communications Plc and Guaranty Trust Bank Plc drove indicators to new highs.... Read more »
fertilizer

Nigeria to end fertilizer importation by 2023

Citing the over 33 fertiliser blending plants across the country, currently producing about five million metric tonnes (MT) of fertilizer annually, with many more underway, the Minister of Agriculture, Sabo Nanono, has... Read more »
President Buhari Orders Reduction In Price Of Fertilizer From N5,500 To N5000

President Buhari Orders Reduction In Price Of Fertilizer From N5,500 To N5000

President Muhammadu Buhari has ordered the reduction of the cost of fertilizer from N5,500 to N5,000 naira per bag. The reduction was announced by the Vice Chairman of the National Food Security... Read more »
CBN cuts lending rate, retains others

CBN cuts lending rate, retains others

The Central Bank of Nigeria (CBN), yesterday, lowered the Monetary Policy Rate (MPR) by 100 basis points from 12.5 per cent to 11.5 per cent. It, however, retained the Cash Reserve Ratio... Read more »
NNPC, DSS intervene as NARTO suspends strike till 2021

NNPC, DSS intervene as NARTO suspends strike till 2021

Although the Nigerian National Petroleum Corporation (NNPC) and Department of State Services (DSS) intervention has forestalled the tanker owners warning strike, stakeholders have raised concerns over the policy on haulage of petroleum... Read more »
LIFA Charged On Finding Solution To African Swine Fever Problem

LIFA Charged On Finding Solution To African Swine Fever Problem

The Livestock Industry Foundation for Africa (LIFA), a non-profit organisation whose obejectives are geared towards rural development and transformation amongst rural farmers, has been called upon to collaborate with stakeholders on animal... Read more »
Fraud In Oil Sector Forced FG To Remove Subsidy – Kyari

Fraud In Oil Sector Forced FG To Remove Subsidy – Kyari

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, said yesterday that the federal government removed subsidy on Premium Motor Spirit (PMS) also known as petrol... Read more »
OPEC hinges oil demand recovery on China’s consumption as prices drop

OPEC hinges oil demand recovery on China’s consumption as prices drop

The Organisation of Petroleum Exporting Countries (OPEC) has said oil demand growth in China is currently the only certainty for rebound, with consumption in the country rising through the remainder of 2020,... Read more »
Marketers, Others Back Plans To Make Vehicles Run On Gas

Marketers, Others Back Plans To Make Vehicles Run On Gas

Oil and gas marketers as well as fuel users were on Monday excited at the move by the Federal Government to convert cars and generators in the country to run on gas.The... Read more »
How CBN Can Make Naira Appreciate – World Bank

How CBN Can Make Naira Appreciate – World Bank

World Bank on Monday said the Nigerian central bank needs to step up efforts to ease pressure on the foreign exchange market to meet the high demand for hard currency in the... Read more »
Discos

Discos To Pay For Rejecting Electricity – NERC

The Nigerian Electricity Regulatory Commission has said the power distribution companies will be liable to capacity charge for failure to take their entire load allocation caused by constraints in their networks. NERC... Read more »
Nigeria’s cocoa

Nigeria’s cocoa production falls as Ghana, Côte d’Ivoire enjoy boom

Production of cocoa as cash crop has dropped due to inadequate financing, among other factors. This is despite that cocoa is the nation’s leading cash crop in terms of export and second... Read more »
Nigeria’s Public Debt Stock Rises by N2.38tn in Three Months to N31tn

Nigeria’s Public Debt Stock Rises by N2.38tn in Three Months to N31tn

Nigeria’s total public debt stock increased from N28.628 trillion ($79.303 billion) as at March 31, 2020 to N31.009 trillion ($85.897 Billion) by June 30, 2020, according to latest statistics released by the... Read more »

CBN Replys NESG

The attention of the Central Bank of Nigeria (CBN), has been drawn to a recent press release titled “Matters of Urgent Attention” by the Nigerian Economic Summit Group (NESG), which calls into... Read more »
Fuel, Electricity Price

Fuel, Electricity Price Hikes Will Impact On Family, Nutrition

Traders associations in Abuja have said the recent hike in the two major facilitators of economic activities will greatly impact on the family with serious consequences. National President, Association of Women in... Read more »
Naira strengthens against dollar

Naira strengthens against dollar

The Naira on Thursday gained one point to appreciate against the dollar at the parallel market in Lagos. Akelicious reports that the Naira exchanged at N439 to a dollar at the parallel... Read more »
Polaris Bank

Polaris Bank announces Innocent Ike as Acting MD/CEO

The Board of Polaris Bank Limited and Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, have announced the appointment of Mr Innocent Ike, as the Acting Managing Director/CEO of Polaris Bank Limited,... Read more »
Ecobank Wins African Banker’s Award For Innovation In Financial Services

Ecobank Wins African Banker’s Award For Innovation In Financial Services

The leading pan-African banking group, Ecobank, has announced that it has won the Award for Innovation in Financial Services at the 2020 edition of the prestigious African Banker magazine Awards.  The Awards,... Read more »
CBN to resume forex sales to BDCs, others

CBN to resume forex sales to BDCs, others

The Central Bank of Nigeria (CBN) yesterday, announced that it will commence sales of dollars to Bureau de Change (BDC) operators next week to enable travellers  have more access to foreign exchange  ... Read more »
NSE

NSE halts bullish run, down by 0.10%

The domestic bourse halted its bullish run on Thursday to record first loss in six consecutive trading sessions. Consequently, market capitalisation shed N13 billion to close N13.201 trillion against N13.214 trillion achieved... Read more »
Nigeria losses lots of benefits from non- passage of PIB

Nigeria losses lots of benefits from non- passage of PIB, says PENGASSAN

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has appealed to the Federal Government to ensure urgent passage of the Petroleum Industrial Bill (PIB). Mr Ndukaku Ohaeri, PENGASSAN President, who made... Read more »
Naira Heads To N500 To Dollar At Parallel Market

Naira Heads To N500 To Dollar At Parallel Market

Following the directive by the Central Bank of Nigeria’s (CBN) to authorized dealers to only open Forms M (a  mandatory statutory document to be completed by all importers in Nigeria) for payments... Read more »
nbs

With 6.10% GDP Contraction, Analysts Seek Economic Stabilisation Measures

Analysts yesterday called on the federal government to urgently introduce measures to reflate the economy. With the 6.10 per cent contraction in the GDP for Q2 2020, compared to a growth rate... Read more »
Nigeria’s Gross Domestic Product

Nigeria’s Economy Enters Negative Growth

Nigeria’s Gross Domestic Product (GDP) growth rate contracted by –6.10 per cent in the second quarter of 2020, a report by the National Bureau of Statistics (NBS) said on Monday. Details of the Nigerian... Read more »
NNPC Records $378.42m from Oil, Gas

NNPC Records $378.42m from Oil, Gas Sale in June

This development was coming as NNPC, Akwa Ibom State Government and an American private equity investor have secured investment commitments worth more than $10 billion with the potential to create more than... Read more »

How You Can Make Over 200k With Forsage Per Month

ForSage is a smart contract platform built on an Ethereum Blockchain. It’s a global community that has turned poor people into Millionaires  and the Millionaires into billionaires. What is Forsage in Nigeria... Read more »
SON

SON develops standards for livestock feeds

The Standards Organisation of Nigeria (SON) says it has developed new standards for animal and livestock feeds value chain to support Federal Government efforts in achieving food security. Mr Osita Aboloma, Director-... Read more »
N1.66bn Cases Treated under New Debt Recovery Initiative

CBN: N1.66bn Cases Treated under New Debt Recovery Initiative

The GSI, whose implementation commenced this month, gives banks the power to debit loan and accrued interest due from bank accounts of loan defaulters across the Nigerian banking system. The Nigerian Interbank... Read more »
Japan economy shrinks historic 7.8% in April-June

Japan economy shrinks historic 7.8% in April-June

Japan’s economy shrank a record 7.8 percent in the April-June quarter, the worst contraction in the nation’s modern history, data showed Monday, as the coronavirus deepens the country’s economic woes. The contraction... Read more »
Ikeja Hotel

Ikeja Hotel posts N7.327 billion revenue in 2019

Ikeja Hotel Plc has recorded revenue of N7.327 billion in its 2019 operations, against of N7.249 billion achieved in the corresponding period in 2018. Addressing shareholders at the 43rd yearly general meeting... Read more »
ExxonMobil Gets New MD In Nigeria

ExxonMobil Gets New MD In Nigeria

ExxonMobil has announced the appointment of Richard Laing, as the new chairman and managing director of the company in Nigeria with effect from August 1, 2020. The disclosure was made in a... Read more »

STANBIC IBTC BANK rebuts the Ascon Oil story

The attention of Stanbic IBTC Bank PLC (“the Bank”) has been drawn to a publication by various online media, which purports to indicate that Ascon Oil Limited (“Ascon”) ‘retook possession’ of a... Read more »
Covid-19: Investors lose N2.63tr

Covid-19: Investors lose N2.63tr

The devastating effect of COVID-19 on critical sectors of the economy may shrink profit of quoted companies and negatively impact dividend pay-out by as much as 60 per cent. In Nigeria, lockdowns... Read more »

Nigeria’s Refineries Post ₦406.62 Billion Loss In 2 Years

The four refineries owned by the Federal Government made a total loss of N406.62bn in two years, the latest audited financial statements of the plants have shown. The refineries, which are located... Read more »
Fuel scarcity imminent, as NUPENG begins strike in Lagos Monday

NUPENG embarks on indefinite strike in Lagos over deplorable roads, others

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed petroleum tanker drivers in Lagos State to withdraw services indefinitely from Monday, August 10 over failure of state government to... Read more »
Fuel scarcity imminent, as NUPENG begins strike in Lagos Monday

Fuel scarcity imminent, as NUPENG begins strike in Lagos Monday

Fuel scarcity is imminent, as the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has ordered fuel tanker drivers to withdraw their services in Lagos beginning from Monday. According to the... Read more »
Breaking: Banks owe telecoms operators N17 billion in USSD charges

Breaking: Banks owe telecoms operators N17 billion in USSD charges

Financial Institutions, especially the banks, currently owed telecommunications operators about N17 billion in unpaid Unstructured Supplementary Service Data (USSD) rendered by them on the service providers network platforms. This was made known... Read more »
Petrol prices going up as marketers wait for PPPRA price guideline

Petrol prices going up as marketers wait for PPPRA price guideline

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is awaiting signals from thePetroleum Products Pricing Regulatory Agency (PPPRA) to jack up the pump price of petrol from the present N143.80. IPMAN warned... Read more »
Air Peace, Bristow Lay Off 175 Pilots, Engineers Over Salary

Air Peace, Bristow Lay Off 175 Pilots, Engineers Over Salary

Less than 24 hours after Air Peace disengaged about 75 pilots, another aviation company, Bristow Helicopters has also disengaged over 100 of its pilots and Engineers. On Monday, Air Peace Airline, sacked... Read more »
UBA and nnpc

UBA Leads Consortium To Fund NNPC’s $1.5bn Investment

The United Bank for Africa Plc (UBA) has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 billion Pre-export Finance Facility for the Nigerian... Read more »
Apple

Apple becomes world’s most valuable company

American tech company, Apple has become the most valuable company in the world on Friday after posting blockbuster quarterly earnings that sent shares of the technology company up as much as 7%.... Read more »
MTN Nigeria posts 4.7% decline in profit after tax

MTN Nigeria posts 4.7% decline in profit after tax

MTN Nigeria Plc has recorded a profit after tax of N94.88bn for the half-year ended June 30, 2020 as against N99.537bn reported in 2019, accounting for a drop of 4.7 per cent.... Read more »
FG Signs $1.5bn Prepayment Deal with Oil Traders

FG Signs $1.5bn Prepayment Deal with Oil Traders

The federal government has signed a $1.5 billion prepayment deal with Standard Chartered and backed by oil traders Vitol Group and Matrix Energy. The Nigerian National Petroleum Corporation (NNPC) signed on behalf... Read more »
Nigeria signs $1.5b pre-payment deal with oil traders Vitol, Matrix Energy

Nigeria signs $1.5b pre-payment deal with oil traders Vitol, Matrix Energy

The NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy. It was the first such agreement since the COVID-19... Read more »
Unity Bank, GTB, others lift NSE’s index by N186b

Unity Bank, GTB, others lift NSE’s index by N186b

Following price gains by most blue-chip stocks, especially Unity Bank, and Guaranty Trust Bank (GTB), transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened upbeat yesterday, as market capitalisation... Read more »
FG Announces Closure Of Air Peace Evacuation Flight From UK

FG Announces Closure Of Air Peace Evacuation Flight From UK

The Nigerian High Commission in the UK has announced the closure of Air Peace evacuation flight from UK scheduled for August 8, as all seats on the aircraft are fully booked. The... Read more »
Over 5 Million Nigerian Youths Apply For 400,000 N-Power Jobs, Says Minister

Over 5 Million Nigerian Youths Apply For 400,000 N-Power Jobs, Says Minister

Five million Nigerian youths have so far applied for 400,000 N-Power jobs, with the deadline for the current Batch C online application extended to August 8. The Minister of Humanitarian Affairs, Disaster... Read more »
Naira gains against dollar

Naira gains against dollar

The Naira on Monday gained marginally to the dollar at the Investors and Exporters (I &E) window closing at N389.25 to a dollar as against N389.50 posted on Friday. Trading at the... Read more »
FG: No Political Interference in Fixing Electricity Tariffs

FG: No Political Interference in Fixing Electricity Tariffs

The federal government thursday dismissed insinuations that political consideration was inhibiting it from determining electricity tariffs. It noted that rather, Distribution Companies (Discos) were responsible for setting the tariffs after consultations with... Read more »
FG Targets N18tn in New Revenue Drive

FG Targets N18tn in New Revenue Drive

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government has identified new revenue initiatives that could fetch it between N13 trillion and N18 trillion from... Read more »
GTBank Wins Euromoney Excellence Award For COVID-19 Response

GTBank Wins Euromoney Excellence Award For COVID-19 Response

Guaranty Trust Bank (GTBank) Plc has won the Euromoney Excellence in Leadership Africa Award, a premier award category set up to recognise Banks around the world who are playing pivotal role in... Read more »
AfDB’s N3b lower Anambra irrigation project receives boost

AfDB’s N3b lower Anambra irrigation project receives boost

The Lower Anambra Irrigation project sponsored by the Africa Development Bank (AfDB) under the Agricultural Transformation Agenda support Programme of the Federal Government at Ifite Ogwari, Ayamelum Council Area of the state... Read more »
CBN holds benchmark interest rate at 12.5%

CBN holds benchmark interest rate at 12.5%

The monetary policy committee of the Central Bank of Nigeria (CBN) has announced its decision to retain the monetary policy rate (MPR) at 12.5 percent. Godwin Emefiele, governor of the apex bank,... Read more »