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Manufacturers seek patent for generator that does not use fuel or gas

Manufacturers seek patent for generator that does not use fuel or gas Two Nigerian technicians who recently announced the manufacturing of a power generating set that runs without fuel or gas have launched a quest for a patent for the product. Gabriel Obinna and Moses Ezeilegbunam, both indigenes of Ekwulobia, Aguata Council Area of Anambra State, showcased their product at the premises of...... more

Security operatives, NNPC team discover 144 trucks of hoarded fuel

Security operatives, NNPC team discover 144 trucks of hoarded fuel Security agents and Nigerian National Petroleum Corporation (NNPC) monitoring team have discovered 144 trucks of petrol not streamed by some marketers in Kano. The NNPC Group General Manager, Public Affairs Division, Ndu Ughamadu, made this known in a statement in Abuja on Friday. Ughamadu stated that the team was set up...... more

Tax: Bayelsa revenue board seals firm, Federal Poly’s liaison office

Tax: Bayelsa revenue board seals firm, Federal Poly’s liaison office Bayelsa Board of Internal Revenue (BIR) has sealed the liaison office of Federal Polytechnic, Ekeowe and the premises of Azikel Group over alleged non-remittance of tax deducted from staff salaries. Mr Ramsey Omukoro, Technical Adviser to Bayelsa BIR, told journalists in Yenagoa on Friday that the state government took the action...... more

Oil firms get 2-week ultimatum to remit $250m to FG

Oil firms get 2-week ultimatum to remit $250m to FG The House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit US$250 million oil royalty to Federal Government’s coffers. Jerigbe Agom, Chairman of the committee, gave the ultimatum at the ongoing sitting over unremitted funds in the industry. According...... more

FG to revive refineries by 2019 — Kachikwu

FG to revive refineries by 2019 — Kachikwu The Federal Government has revealed plans to resuscitate refineries in the country and return them to a fully functional condition by 2019. Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said this on Wednesday in Abuja shortly after the Federal Executive Meeting. He said that apart from giving the kiss...... more

INVESTIGATION: How financial gap, non-enabling business environment ruin Nigeria’s MSMEs

INVESTIGATION: How financial gap, non-enabling business environment ruin Nigeria’s MSMEs There is a massive financial gap and non-enabling business environment between the government, MSMEs and SMEs. ODIMEGWU ONWUMERE unearths that this is affecting the country’s GDP and many of the small business holders lack access to Micro, Small and Medium Enterprises Development Fund; four years after the Federal Government launched the...... more

BOI, Unity Bank in court over N150m loan

BOI, Unity Bank in court over N150m loan Bank of Industry (BOI) and the Unity Bank Plc on Tuesday were at the Federal Capital Territory Court, over non performance of N150 million loan granted to Valentino Project Limited. by BOI. In 2012, Valentino Project Limited had secured a loan of N150 million for the construction of water treatment factory...... more

Nigeria signs Joint Declaration on Economic Cooperation with European Free Trade Association

Nigeria signs Joint Declaration on Economic Cooperation with European Free Trade Association Nigeria on Tuesday signed a joint declaration on Economic Cooperation with the European Free Trade Association (EFTA) in Buenos Aires, Argentina, on the sidelines of the World Trade Organisation (WTO) 11th Ministerial Conference. It also represented Africa at the Ministerial Conference through its position as Vice-Chair of the conference. Meanwhile, members...... more

FG’s priority is to create better environment for investments — Udoma

FG’s priority is to create better environment for investments — Udoma Budget and National Planning Minister, Senator Udoma Udo Udoma has told a delegation of French businessmen that Nigeria’s priority was to create a better environment for businesses to thrive, as the country is focused on expanding the productive base of the economy. While receiving the delegation, which was accompanied by the...... more

NPA dispels rumours of secret employment interviews

NPA dispels rumours of secret employment interviews The Nigerian Ports Authority on Tuesday dismissed a report in the yesterday’s edition of Daily Sun with the headline, “NPA commences secret staff recruitment” The report insinuated that NPA has embarked on some secret recruitment against directives by President Muhammadu Buhari that Ministries, Departments and Agencies (MDAs) of government should embargo...... more

Fidelity Bank pioneers tax payments, revenue collection with Instant Banking Solution

Fidelity Bank pioneers tax payments, revenue collection with Instant Banking Solution As part of deliberate efforts to change the face of service and create total customer experience in the financial services industry, Fidelity Bank has deployed a ground breaking solution for the collection of internally generated revenue (IGR) in Lagos State. Working in conjunction with the state government, Fidelity Bank developed the...... more

NSE market capitalisation loses N120b, amid sell pressure

NSE market capitalisation loses N120b, amid sell pressure Trading opened on the Nigerian Stock Exchange (NSE) for the week on Monday on a negative note with the market capitalisation shedding N120 billion amid profit taking. The News Agency of Nigeria (NAN) reports that market capitalisation, which opened at N13.672 trillion, lost N120 billion or 0.89 per cent to close...... more

Oil prices drop on increased US drilling activity

Oil prices drop on increased US drilling activity Oil prices fell on Monday as last week’s rise in the U.S. rig count pointed to a further increase in American production that could undermine OPEC-led efforts to tighten markets. A statement by Kuwait’s oil minister that OPEC and other oil producers will study before June next year the possibility of...... more

Airtel’s plot to become Nigeria’s largest network

Airtel’s plot to become Nigeria’s largest network  Bharti Airtel Ltd. told analysts that it is interested in acquiring Nigeria’s 9mobile, according to Goldman Sachs. If the Sunil Mittal-led telecom firm buys 9mobile, it will become the number one operator in Nigeria, Goldman Sachs added in the report based on an analyst meet arranged by the company. Bharti Airtel...... more

CBN revives N500bn Export Stimulation Fund

CBN revives N500bn Export Stimulation Fund  In its bid to diversify the country’s economy away from oil, in line with the Federal Government’s economic plan, the Central Bank of Nigeria (CBN) has announced a revamp of the N500 billion Export Stimulation Fund for the promotion of non-oil exports in the country using the Anchor Borrowers’ Programme model. ...... more

The best smartphones of 2017

The best smartphones of 2017  It’s been quite a year to say the least, but at least it’s nearly over. And so now is the perfect time to reflect on the single most important issue of 2017: the best smartphones of the year. Our most recent trip around the Sun brought an incredible array of top-notch...... more

Shell woos global innovators to fix Nigeria’s energy sector

Shell woos global innovators to fix Nigeria’s energy sector Shell Petroleum Development Company (SPDC) is assembling some of the best global innovators to find solutions to energy challenges in Nigeria. SPDC’s General Manager External Relations, Igo Weli made this known at the start of “Make the Future Accelerator” programme organised by the company in Port Harcourt on Saturday. He said...... more

CBN floods forex market with $303.9m ahead of Yuletide •Sets aside $229.89m for raw materials and machinery

CBN floods forex market with $303.9m ahead of Yuletide •Sets aside $229.89m for raw materials and machinery The Central Bank of Nigeria on Friday closed the market for the week with sale of $303.9 million in the foreign exchange market. Breakdown of the total sales indicates that much priority was given to the real sector of the economy with the sale of 75 percent of the day’s sales...... more

CBN to continue supporting financial service penetration — Emefiele

CBN to continue supporting financial service penetration — Emefiele  The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Saturday said that the bank would continue to support measures that would deepen penetration of financial services in the country. Emefiele said while delivering a welcome address at the 9th annual Bankers Committee Retreat in Lagos. According to...... more

Family moves to take over 7-Up

Family moves to take over 7-Up Nigeria’s Seven-Up Bottling Company will hold a meeting of shareholders in January to approve a bid by majority investor Affelka to buy out minorities in a 19.33 billion naira ($61.5 mln) takeover. Affelka, the investment firm of the Lebanese El-Khalil family, would not vote at the Jan. 11 meeting which has...... more

Banks’ €18bn at risk as accounting scandal takes heavy toll on retail giants Steinhoff

Banks’ €18bn at risk as accounting scandal takes heavy toll on retail giants Steinhoff  US and European banks, some of which are due to meet with Steinhoff International Holdings on December 19, are among creditors with billions in exposure to the global retailer whose asset value has plummeted amid an accounting scandal. Total exposure to lenders and other creditors was almost €18bn ($21bn) as of...... more

Emefiele tasks implementing agencies on 2020 Financial System Strategy

Emefiele tasks implementing agencies on 2020 Financial System Strategy  The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has tasked implementing Agencies collaborating with the CBN on the Financial System Strategy (FSS2020) to do more in ensuring that Nigeria meets the set strategic vision of being the safest and most diversified financial system among emerging markets supporting the real...... more

Fitch cuts Nigeria’s 2017 GDP growth forecast

Fitch cuts Nigeria’s 2017 GDP growth forecast  Fitch has cut its 2017 economic growth forecast for Nigeria to 1 percent from 1.5 percent, the ratings agency said on Friday. Nigeria returned to growth in the second quarter of 2017 after shrinking by 1.5 pct in 2016 but the recovery has been fragile because oil revenues remain depressed and...... more

Nigeria hosts Sub-Saharan Africa’s largest tank farm

Nigeria hosts Sub-Saharan Africa’s largest tank farm  Petrolex Oil & Gas Limited, Africa’s emerging indigenous energy giant, is set to launch its ultra-modern tank farm facility on 12, December 2017, at Ibefun, Ogun State, as part of Petrolex Mega Oil City, planned to revolutionise the Nigerian oil and gas landscape. A first of its kind in sub-Saharan Africa,...... more

SEC to go ahead with forensic audit of Oando

SEC to go ahead with forensic audit of Oando Nigeria’s Securities and Exchange Commission (SEC) plans to go ahead with a forensic audit of oil company Oando Plc, it said in a statement late on Tuesday, despite the suspension of the commission’s director. The finance minister suspended SEC Director General Mounir Gwarzo last week over allegations of financial impropriety, a...... more

Defective product risk an increasing peril for companies: Allianz

Defective product risk an increasing peril for companies: Allianz  A faulty pedal causes a car to inadvertently accelerate. An outbreak of contaminated peanuts results in a 25% industry-wide reduction in sales. Each of these incidents triggered major product recalls, resulting in billion dollar losses. Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased...... more

US lawyers investigate MultiChoice

US lawyers investigate MultiChoice Naspers’s hopes of a speedy resolution to the high-profile controversy around payments its 80% subsidiary MultiChoice made to SABC and ANN7 were dealt a hefty blow on Tuesday when a US law firm, specialising in class actions, announced it was investigating the company. Pomerantz issued a statement in New York saying...... more

Elumelu wins Dwight D. Eisenhower Global Entrepreneurship Award

Elumelu wins Dwight D. Eisenhower Global Entrepreneurship Award The Business Council for International Understanding (BCIU), a non-profit U.S Business association dedicated to forging relationships and promoting dialogue between business and government communities across the globe, today presented the prestigious Dwight D. Eisenhower Global Entrepreneurship Award to both Tony O. Elumelu and Bill Marriott, Chairman, Marriott International Inc. The award...... more

Lagos pledges support for investors

Lagos pledges support for investors The Lagos State Government has pledged to provide support for existing investors in the State by creating an environment conducive for business to thrive. The Special Adviser, Office of Overseas Affairs and Investments, Professor Ademola Abass, made the statement during a recent courtesy call on Mercedes-Benz Nigeria, in appreciation of the...... more

Barclays Bank begins divestment from Africa

Barclays Bank begins divestment from Africa Barclays will sell a 7 percent stake in Johannesburg-based Barclays Africa Group on December 5, the British bank said on Friday, the latest and likely last in a series of such sales as it ends more than 90 years as a major presence on the continent. Barclays said after the sale...... more

 

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