South East traders renew call on Buhari for partial border closure

South East Amalgamated Markets Traders Association (SEAMATA) yesterday renewed its appeal on President Muhammadu Buhari to allow only legitimate goods from Nigerian markets to leave the country. Reacting to the closure of... Read more »

Air India becomes first airline to use Taxibot

India’s official carrier Air India on Tuesday became the first airline in the world to use a  Taxibot on an A-320 aircraft with passengers on board, state-run broadcaster ‘All India Radio’ stated.... Read more »

NSE Market Indices Rebound by 0.09%

The Nigerian Stock Exchange (NSE) crucial market indicators rebounded by 0.09 per cent on renewed bargain hunting on some blue chips, after prolonged days of bearish trend. The News Agency of Nigeria... Read more »

Nigeria’s current condition shameful,unacceptable –Anambra farmer

Renowned multipurpose farmer in Anambra State, Prince Ugochukwu Okpalaeke, has said  the failure of a country like Nigeria blessed with abundant resources is shameful and unacceptable. He said he shed tears when he was... Read more »

Govt receives 19 applications for tax holiday

The Federal Government has received 19 applications for tax incentive under the Industrial Development Income Tax Act. The pioneer status is an incentive from the Federal Government which exempts companies from paying... Read more »

Vodacom Scoops Multiple Awards

Vodacom Business Nigeria received multiple awards at the just concluded 3rd Nigeria Tech Innovation and Telecom Awards, which held in Lagos. The awards, according to the organisers – Instinct Wave and the... Read more »

Fuel supply figures: NNPC mulls end to secrecy

The Nigerian National Petroleum Corporation (NNPC) has declared plans to break the 42-year-old jinx of shielding the exact figures of petroleum product supply across the country in secrecy. If done, this will... Read more »

Dollar steady as U.S-China trade talks spur caution

The dollar found support on Tuesday while investors awaited the outcome from crucial Sino-U.S. trade talks in Washington, with many staying cautious as neither side has shown signs of giving ground at... Read more »

NCC makes NIN mandatory for new SIM registration

The Nigerian Communications Commission (NCC) has said that registration of new Subscriber Identity Module (SIM) cards will now require the presentation of the National Identity Number (NIN).NCC, which said the enforcement of... Read more »

DBN Advocates for More Women Entrepreneurs

With Nigeria’s 43.3 per cent unemployment rate, the Development Bank of Nigeria has urged Nigerian women to further sharpen their entrepreneurial skills in order to reduce the rate of unemployment and poverty... Read more »
CBN

CBN raises banks’ LDR to 65%

The Central Bank of Nigeria has raised the Loan to Deposit Ratio of banks to 65 per cent, after the September 30 deadline given to the banks to meet its 60 per... Read more »

World Bank appoints new country director for Nigeria

The World Bank has appointed Shubham Chaudhuri as country director for Nigeria. Chaudhuri joined the Nigeria office on Tuesday, succeeding Rachid Benmessaoud who completed his term as the country director. According to... Read more »

Absence of bid rounds in 12 years worsens revenue — Stakeholders

Except urgent steps are taken, indications are that the country could lose its place as a top oil and gas producer due to decline in crude oil reserves and stagnating production level.... Read more »

Why Vessels Avoid Eastern Ports — NPA Boss

The Nigerian Ports Authority, NPA, has said that the key reasons why vessels avoid using ports at the Eastern flank of the nation’s seaports was due to the level of insecurity on... Read more »

Cashless policy: NANS writes Emefiele, demand reversal within 72 hours

National Association of Nigerian Students (NANS) has joined the list of Nigerians that have condemned the new cashless policy being championed by the Central Bank of Nigeria (CBN). It described the policy... Read more »

GenCos threaten to shut down operations over FG’s 0.75% administrative charge

POWER Generation Companies of Nigeria (GenCos),  at the weekend,  vowed to declare force majeure on their operations  if the Federal Government’s 0.75 per cent administrative  charge is implemented. Nigeria Bulk Electricity Trading (NBET),... Read more »
oil

OML 65: FG targets fresh $6.35bn taxes, royalties

The Federal Government, yesterday, declared its plan to increase royalty and taxes from the oil sector with a fresh $6.35 billion. The government declared this through the Nigerian National Petroleum Corporation (NNPC),... Read more »

Saudi Arabia unveils damage done to its oil facilities

Saudi Arabia on Friday revealed extensive damage to key oil facilities following last Saturday’s aerial strikes that were blamed on Iran, but vowed to quickly restore full production even as regional tensions... Read more »

Deposit Charge Only On Excess Limit – CBN

The Central Bank of Nigeria (CBN) says the charges on deposit and withdrawal on the savings account will be carried out on the excess of the limit it has set. Nigerians have... Read more »

Nigerian Naira Fast Becoming The Weakest Currency In Africa

South Africa: Rand 1= 79 NairaAngola: 1 kwanza = 12 NairaBotswana: 1 Pula = 28 NairaCape Verde: 1 Escudo = 8 NairaAlgeria: 1 Dinar = 12 NairaEgypt: 1 Pound = 35 NairaEritrea:... Read more »

Nigeria Banks begin charges on deposits, withdrawals today

The Central Bank of Nigeria (CBN) has announced that it would begin to charge bank customers making cash deposits and withdrawals from September 19, 2019. In a circular made available to the... Read more »

VAT increase, threat to Nigerian entrepreneurs, says Alakija

Executive vice Chairman of Famfa oil has described the planned increased of the Value Added Tax (VAT) from its current 5 per cent to 7.5 per cent by the federal government as... Read more »

U.S. stocks edge lower as FedEx profit warning drags

U.S. stocks came under pressure on Wednesday after FedEx issued a profit warning, while investors waited for the Federal Reserve’s decision on interest rates in what has been a rocky week for... Read more »

Domestic interest in Nigerian bourse wanes

Domestic transactions in the Nigerian Stock Exchange (NSE) has declined by 66.68 per cent compared with 12 years ago, a year before the great crash of the market. In 2008, investors lost... Read more »

Nigerians To Start Paying For Bank Deposits In 2020

The charges will attract three per cent processing fees for withdrawals and two per cent processing fees for lodgments of amounts above N500,000 for individual accounts. Starting from September 18, 2019, Nigerians... Read more »

FG constitutes inter-agency taskforce on recovery of N5trn AMCON debt

The Federal Government has  inaugurated  an inter-agency committee to speedily resolve the challenges in recovering over N5 trillion Asset Management Corporation of Nigeria (AMCON) debts. Laolu Akande, Senior Special Assistant to the President... Read more »

Inflation Eases To 11.02% In August From 11.08%

The National Bureau of Statistics (NBS) on Tuesday said inflation rate in Nigeria has dropped to 11.02 percent in August 2019 from the 11.08 percent recorded in July 2019. This indicated that... Read more »

NNPC agrees to $2.5bn financing with Chinese lender

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, says NNPC has agreed to $2.5b financing with a Chinese lender for pipeline in Nigeria. Kyari also said that the... Read more »

Dangote shuts Kano tomato plant again

Dangote Tomato plant in Kano has been shut again, six months after it resumed operations from an almost three-year shut down. Reports said the 1,200-ton-a-day tomato-processing factory closed down because it was... Read more »

FG to make N2 trillion in 2020 from increased VAT

When the Value Added Tax (VAT) recently increased to 7.2 per cent is implemented, it is expected to generate not less than N2 trillion into the government coffers in 2020.And going by... Read more »

$9.6bn gas deal: Nigeria goes for broke

Fresh indications emerged, yesterday, that the Federal Government is set to explore a loophole in the controversial $9.6 billion gas contract judgement by a United Kingdom arbitration tribunal. The Federal Government is set... Read more »

LPG usage hit 78,000mt in July – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) says that the utilisation of liquefied petroleum gas (LPG), also known as cooking gas, has risen from 40,000 metric tonnes (MT) in April to 78,000 metric tonnes... Read more »

South Africa likely to miss 1.5% growth target – Minister

because conditions have changed and the country is facing increasing headwinds, Finance Minister, Tito Mboweni, said on Friday. Mboweni told a conference in Johannesburg that the assumptions underlying the forecasts had clearly... Read more »

Next Level. Nigeria’s Total Foreign Trade Rose To N8.603 Trillion

Nigeria’s total trade with its foreign trade partners rose to N8.603 trillion in the second quarter (Q2) of 2019, the National Bureau of Statistics (NBS) has said in its latest report. The... Read more »

RoW, electricity challenges account for 70% of operators’ costs

Challenges posed by hike in Right of Way (RoW) remain unabated as 70 per cent of telecommunications operators’ expenditure currently consumes a bulk of their revenue. The issue was raised on Wednesday... Read more »

NSE market capitalisation rises by N142bn on post-election ruling

The Nigerian Stock Exchange (NSE) on Thursday, posted some positive trends on the back of last Wednesday’s post-election tribunal ruling. Specifically, the market capitalisation rose by N142 billion to close at N13.351 trillion... Read more »

The effect of 7.2% VAT on Nigeria economy

Some financial experts on Thursday said that Value Added Tax (VAT) increment by the Federal Government would further dampen purchasing power of Nigerians. They disclosed this while reacting to the government’s planned... Read more »

Oil prices fall after OPEC+ talks, ECB rate cut

Oil prices fell on Thursday after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed... Read more »

Buhari vows to tackle 77% rise in crude oil theft

President Muhammadu Buhari, has vowed to bring crude oil theft to its kneels by looking at practical solutions to the menace.The President gave the assurance at the ongoing 24th World Energy Congress... Read more »

Invest in agriculture rather than sports betting, group urges youths

The Nigeria Farmers Group and Cooperative Society (NFCGS) on Tuesday urged youths in Nigeria to invest their resources in agriculture rather than in sports betting. Mr Retson Tedheke, the National Coordinator of... Read more »

Mobile network operators’ assets in Nigeria hit N1.95 trillion

Total assets base of mobile operators in Nigeria increased by 130 per cent between 2017, and 2018, hitting N1.95 trillion last year, from N847.97 billion.These assets include all facilities that make communications... Read more »

2019 Abuja Int’l trade fair to feature 45 foreign companies – Chamber

The Abuja Chamber of Commerce and Industry (ACCI) says the forthcoming 2019 Abuja International Trade Fair will feature 45 foreign companies to strengthen businesses, trade and investment opportunities in the country. The... Read more »

NSE opens trading with 0.21%

The Nigerian Stock Exchange (NSE) reopened for the week on Monday still on a bearish trend, amid persistent sell pressure. Specifically, the All-Share Index dipped 56.73 points, representing a decline of 0.21... Read more »
bank

Banks borrowed N1.4trn from CBN in July

Deposit Money Banks (DMBs) in the country borrowed the sum of N1.4 trillion from the Central Bank of Nigeria (CBN) through the Standing Lending Facility (SLF) window in July this year, the... Read more »

CBN to ABCON: Play greater role in BDC sub-sector

The Central Bank of Nigeria (CBN) has advised the Association of Bureaux De Change Operators of Nigeria (ABCON) to play stronger role in the bureaux de change industry by embracing self-regulation. Speaking... Read more »

Revelation of a millionaire fish farmer

A 50-year old civil servant, Mrs Magdalene Suleiman, on Saturday, said she had made millions of naira since she ventured into fish farming eight years ago. Suleiman, who resides at Sabon Tasha... Read more »

MNOs’ investments in base stations hit N1.2trn

Mobile Network Operators (MNOs) in the country have so far invested approximately N1.2 trillion in building Base Trans-receiver Stations (BTS) across the country, New Telegraph has learnt. This covers the cost of the infrastructure... Read more »

NSE reclassifies Oando shares as Low-Priced Stock

The Nigerian Stock Exchange on Thursday announced the reclassification of Oando Plc from Medium Priced Stock to Low Priced Stock. A statement by the Exchange said that the reclassification became effective Thursday.... Read more »

CBN to give N1.5bn loan to Plateau under agric. development scheme

The Central Bank of Nigeria is to give a loan of N1.5 billion to Plateau under the Accelerated Agriculture Development Scheme (AADS). Mr Yusuf Duniya, Branch Controller, CBN Jos, made the disclosure when he led the State... Read more »

Good News For Glo: MTN closes shops in Nigeria

Telecommunications giant, MTN, has announced the closure of all its shops in Nigeria. This may not be unconnected with the threat by some Nigerians to retaliate the Xenophobic attacks on Nigerians in... Read more »

Economy still in bad shape as GDP growth grinds to 1.94%

The nation’s Gross Domestic Product (GDP) lost steam in the second quarter (Q2) of 2019, against expectations and assurances of improved numbers based on acclaimed investments in the economy by the government.Year-on-year,... Read more »

Nigeria’s economic growth slows down in second quarter

Nigeria’s economy grew year-on-year in the second quarter of 2019 by 1.94%, riding on the back of stable oil prices to push the half-year (H1) growth to 2.02%, Nigeria’s bureau of statistics... Read more »

UBA records 21% growth in profit, declares 20k interim dividend

United Bank for Africa Plc has announced its audited half year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from... Read more »

NSE closes last week of August bearish

Activities on the floor of the Nigerian Stock Exchange (NSE) at the weekend finished the last trading week of August on the downswing as the NSE All-Share Index and Market Capitalization both... Read more »

African countries import $50bn worth of food annually–AfDB

The African Development Bank (AfDB), says African countries import nearly 50 billion dollars net of food annually. A statement by AfDB’s Communication and External Relations Department said the bank’s Vice President for... Read more »

Guarantee Trust Bank (GTB) Has Good News For You

Guarantee Trust Bank, GTB, has told its numerous customers with torn or mutilated Naira notes to take such to any of its branch in exchange for clean naira notes. The deadline for... Read more »

NEC: 22m Barrels of Oil Stolen in First Half of 2019

The National Economic Council (NEC) Thursday put the amount of crude oil stolen from Nigeria in the first six months of 2019 at 22 million barrels. A statement from the Nigerian National... Read more »

TraderMoni, MarketMoni beneficiaries doing well – Osinbajo

Vice President Yemi Osinbajo says feedback from the field and testimonies indicate that the TraderMoni and MarketMoni beneficiaries  are doing very well and are paying back their loans.  Osinbajo’s spokesman, Laolu Akande,... Read more »

India, China export N108bn drugs to Nigeria in one year

Pharmaceutical products import to Nigeria has increased from $358.04million to $513.89million (N185billion) or 30.3 per cent within the last one year, New Telegraph has learnt. Its major suppliers of drugs, India and... Read more »

FG targets 85% revenue by 2023

The Federal Government is targeting revenue benchmark of 85 per cent in 2023 compared to 55 per cent realised last year, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has... Read more »