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 »
Oil Communities Demand Return of NDDC to Presidency

Oil Communities Demand Return of NDDC to Presidency

By Emmanuel Addeh Oil-bearing communities yesterday demanded the return of the Niger Delta Development Commission (NDDC) to the presidency for proper supervision, rather than leaving it under the Ministry of Niger Delta... Read more »
Nigeria to Lose N720bn to Power Sector’s Inefficiency

Nigeria to Lose N720bn to Power Sector’s Inefficiency

By Emmanuel Addeh With an average daily loss of N2 billion to inadequate power infrastructure in the country, the Nigerian economy will be deprived of about N720 billion in 2020, an analysis... Read more »
Cinema operators lament N22.5 billion lockdown losses

Cinema operators lament N22.5 billion lockdown losses

With airlines now operating, Nigerian cinema exhibitors, distributors and employees have sent an urgent save-our-soul (SOS) message to the Federal Government, and President Muhammadu Buhari, urging them to speedily open the theatrical... Read more »
FG loses N10.4b yearly to stalled silos concession

FG loses N10.4b yearly to stalled silos concession

About N10.4b yearly concession fee and share profit might have been lost by the Federal Government in the last one year, due to the non-release of the 19 Silo Complexes concessioned in 2019. Checks revealed... Read more »
NNPC Spends ₦10 Billion On Refineries In April

NNPC Spends ₦10 Billion On Refineries In April

Despite not processing petroleum products for years, the federal government has continued to spend hugely on the nation’s three petroleum refineries. NNPC, in a full report of its operations for April 2020,... Read more »
Governments Urged to Support SMEs

Governments Urged to Support SMEs

Governments across all levels have been urged to intensify efforts to save small and medium sized enterprises (SMEs) in the country. This, is because SMEs are generally vulnerable as they have little... Read more »
Keystone Bank Empowers MSMEs

Keystone Bank Empowers MSMEs

Keystone Bank Limited said it has recently concluded a 5-day capacity building initiative for micro, small and medium sized enterprises (MSMEs) in the country on the need to increase online presence and... Read more »
Dangote Cement To Create 1,085 Millionaires In 4 Months

Dangote Cement To Create 1,085 Millionaires In 4 Months

To reward consumers and improve the livelihoods of its consumers around Nigeria, Dangote Cement Plc yesterday unveiled plans to produce an astonishing nine millionaires daily in its new Spell and Win ‘Bag... Read more »
Nigeria Loses N2.5trn To Fraud Annually – SfAFP

Nigeria Loses N2.5trn To Fraud Annually – SfAFP

The Society for Forensic Accounting and Fraud Prevention (SfAFP) has revealed that Nigeria loses N2.5 trillion annually to fraud and corruption, stating that African continent lost almost 25 per cent of its... Read more »
Apple Inc. upturns EU’s €13b tax ticket

Apple Inc. upturns EU’s €13b tax ticket

Apple Inc. has been handed a reprieve by Europe’s second-highest court over the 13 billion Euros (15 billion dollars) in Irish back taxes. The court gave its ruling today, dealing a blow... Read more »
Nigeria Earned $206bn From Oil In Five Years – OPEC

Nigeria Earned $206bn From Oil In Five Years – OPEC

Nigeria, Africa’s top oil producer, generated $206.06bn in revenue from crude oil exports in the last five years, the Organisation of Petroleum Exporting Countries has said. OPEC, in its 2020 Annual Statistical... Read more »
Nigeria’s Public Debt Stock Hits N28.63tn

Nigeria’s Public Debt Stock Hits N28.63tn

Nigeria’s total public debt portfolio, all the states and the federal government inclusive, stood at N28.63 trillion as at March 31 this year. According to the Nigerian Domestic and Foreign Debt Q1... Read more »
NNPC Records 19% Gas To Power Supply Increase

NNPC Records 19% Gas To Power Supply Increase

The Nigerian National Petroleum Corporation (NNPC) yesterday in Abuja announced an increase of 19.14 per cent in the average daily natural gas supply to power plants. This translates to 788 million standard... Read more »
NSE: Stanbic, 11 Others Facilitate N597.4bn Transactions In 6 Months

NSE: Stanbic, 11 Others Facilitate N597.4bn Transactions In 6 Months

Stanbic IBTC Stockbrokers Limited, EFG Hermes Nigeria Limited and 10 other brokers on the Nigerian Stock Exchange (NSE) facilitated N597.441 billion transaction in the first six months of the year despite the... Read more »
Access Bank Moves To Acquire Zambian Bank

Access Bank Moves To Acquire Zambian Bank

Access Bank Plc has notified shareholders of moves by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Capmont Capital. In a notice published on the Nigeria Stock Exchange website,... Read more »
FG Grants TV/Radio Stations 60% Debt Forgiveness

FG Grants TV/Radio Stations 60% Debt Forgiveness

The federal government has granted 60 percent debt forgiveness for all debtor broadcast stations in the country, applying only to functional licenced terrestrial radio and television stations. The criterion for enjoying the... Read more »
OPS Backs CBN on Exchange Rates’ Unification

OPS Backs CBN on Exchange Rates’ Unification

The Organised Private Sector (OPS) has commended the recent step by the Central Bank of Nigeria (CBN) towards unifying the exchange rate by adjusting the rate at the official Secondary Market Intervention... Read more »
Nigeria gets 2021 deadline to stop dirty fuel imports

Nigeria gets 2021 deadline to stop dirty fuel imports

The Federal Government may have up till 2021 to stop the importation of dirty fuel into the country. The indication came on the heels of a recent report by international resource watchdog,... Read more »
Farmers seek exclusion of ‘impostors’ in CBN’s zero-interest scheme

Farmers seek exclusion of ‘impostors’ in CBN’s zero-interest scheme

Nigerian farmers and agricultural scientists have warned that ‘political farmers’ should not be permitted to hijack the Central Bank of Nigeria’s (CBN’s) ‘Agric for Food and Jobs Plan (AFJP)’ and the zero-interest... Read more »
Fidelity Bank Appoints Mustapha Chike-Obi As New Board Chairman

Fidelity Bank Appoints Mustapha Chike-Obi As New Board Chairman

Fidelity Bank Plc has announced that two of its Board members: Mr. Ernest Ebi (MFR) who has been serving as Chairman, Board of Directors and Mr. Seni Adetu who has been serving... Read more »
N240bn Debt: AMCON Takes Over Assets Of Pan Ocean Group

N240bn Debt: AMCON Takes Over Assets Of Pan Ocean Group

A Federal High Court headed over by Hon. Justice A.M. Liman has ordered the Asset Management Corporation of Nigeria (AMCON) and its assignee to take over all the assets of Pan Ocean... Read more »
Nigeria Records Trade Deficit Of N139bn In Q1 2020

Nigeria Records Trade Deficit Of N139bn In Q1 2020

Total trade in Nigeria declined by 17.94 per cent to N8.304 billion in Q1 2020 compared to Q4 2019. The decline was driven by a drop in both total imports and export... Read more »
Zenith Bank tops in Nigeria by Tier-1 capital

Zenith Bank tops in Nigeria by Tier-1 capital

Zenith Bank Plc has emerged as number one Bank in Nigeria by Tier-one Capital in the 2020 Top 1,000 World Bank Ranking, published by The Banker Magazine. The bank, in a statement on... Read more »
Breaking: FG Increases Price Of Fuel

Breaking: FG Increases Price Of Fuel

The Petroleum Products Pricing Regulatory Agency has announced a new price band of N140.80 to N143.80 per litre for Premium Motor Spirit, also known as petrol. The PPPRA, in a circular dated... Read more »
Access Bank Launches *901*911# Self-Service USSD To Curb Fraud

Access Bank Launches *901*911# Self-Service USSD To Curb Fraud

Furthering its commitment to safeguard the investments and savings of customers, Africa’s largest retail bank, Access Bank PLC, has introduced 901911#. The USSD code allows customers deactivate their USSD profile once their mobile devices... Read more »
FG Set to Review Petrol Pricing Template

FG Set to Review Petrol Pricing Template

The federal government yesterday indicated that it was reviewing the current pricing template for petrol, which was last adjusted four years ago, in order to reduce the alleged exploitation of Nigerians by... Read more »
Access Bank To Refund Stamp Duty Deductions

Access Bank To Refund Stamp Duty Deductions

Access Bank of Nigeria has offered to pay stamp duty charge for February to April on behalf of its customers following Saturday and Sunday deduction saga which has led aggrieved customers to... Read more »

Property for Sale in UK – Buy Properties in UK

Great opportunity is here! You can buy houses in UK. We can arrange for mortages if you raise 30% deposit. You don’t have to live in the UK or be citizens. Free... Read more »
Nigeria Faces Worst Recession In 40 Years – World Bank

Nigeria Faces Worst Recession In 40 Years – World Bank

The collapse in crude oil prices , coupled with the COVID- 19 pandemic, is expected to “ plunge the Nigerian economy into a severe recession, the worst since the 1980 s ”... Read more »
CBN Vows To Steer Economy Away From Recession

CBN Vows To Steer Economy Away From Recession

The Central Bank of Nigeria (CBN) says the governor, Godwin Emefiele, and his team at the Bank will not be deterred in their effort to steer the Nigerian economy away from the... Read more »
Nigeria’s Economic Growth To Decline By -5.4 % In 2020 – IMF

Nigeria’s Economic Growth To Decline By -5.4 % In 2020 – IMF

The International Monetary Fund (IMF) has predicted that Nigerian economy would contrast by -5.4 percent in 2020, but it predicts marginal recovery for 2021 at 2.6 percent. IMF chief economist and director... Read more »
NNPC gives figures of natural gas produced in March

NNPC gives figures of natural gas produced in March

The Nigerian National Petroleum Corporation (NNPC) says 218.37 Billion Cubic Feet (BCF) of natural gas was produced in March 2020, translating to an average daily production of 7493.65 Million Standard Cubic Feet... Read more »
What New Digital Economy Will Do For Nigeria – FG

What New Digital Economy Will Do For Nigeria – FG

The Federal Government of Nigeria says a new five-year strategic plan on digital economy will actualise how telecoms and ICT can create thousands of jobs across the country. The Nigerian Communications Commission... Read more »
400,000 farmers to get N500 billion interest-free loans

400,000 farmers to get N500 billion interest-free loans

The first batch of 400,000 farmers are to  benefit from the N500 billion  Federal Government zero-interest financing project for smallscale farmers under the Agric for Food and Job Plan scheme from next... Read more »
Enugu State Govt Grants Tax Relief to Residents

Enugu State Govt Grants Tax Relief to Residents

In furtherance of his administration’s efforts in cushioning the effect of the COVID-19 pandemic on residents of Enugu State, Governor Ifeanyi Ugwuanyi has granted tax relief and incentive to taxpayers in the... Read more »
Jumia Made Sustainable Impact On Nigeria SMEs

Jumia Made Sustainable Impact On Nigeria SMEs

The chief executive officer, Jumia Nigeria, Massimiliano Spalazzi, has said that Jumia has contributed to the growth and capacity building of small and medium scale enterprises (SMEs) in Nigeria since inception, especially... Read more »
FG Re-constitutes The Board Of NBET

FG Re-constitutes The Board Of NBET

The federal government of Nigeria has inaugurated the Board of Nigerian Bulk Electricity Trading Company (NBET). The inauguration of the re-constituted Board of NBET which took place in Abuja yesterday, was necessitated... Read more »
GenCos Get New Board Chairman

GenCos Get New Board Chairman

The Association of Power Generation Companies (APGC), an umbrella body of the generating companies (GenCos), has announced the appointment of Mr Omatseyin Akene Ayida as the chairman, Board of Trustees of the... Read more »
Dangote Cement Sustains 54,000 Jobs In 4 African Countries

Dangote Cement Sustains 54,000 Jobs In 4 African Countries

Despite the challenging economic situation in 2019, Dangote Cement Plc has been able to sustain 54,000 jobs in four African countries, where the company has its operations. The countries are: Nigeria, Ethiopia,... Read more »
NNPC: 2018 Audited Financial Statement, New Paradigm For National Corporation

NNPC: 2018 Audited Financial Statement, New Paradigm For National Corporation

The recent publication of the audited financial account of Nigerian National Petroleum Corporation (NNPC), the first time, 45 years after it commenced operation is a tonic that will change the prospect of... Read more »