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Latest News Access Bank slammed with N200m suit over unlawful account freeze Herdsmen launch another attack in Adamawa, leave 3 dead 2019: Daura youths to purchase nomination forms for Buhari, Masari Ekiti promotes 18 Vice Principals Handshake across the Niger: Ohanaeze lambasts Presidential Spokesman Femi Adeshina Kaduna teachers’ recruitment: 27,639 shortlisted for oral interview Court affirms SERAP’s right to stop ‘double pay’ for ex-governors, seek recovery of over N40bn Fire razes 50 shops, 30 containers of fish in Kano MOSOP rejects call for an Ogoni General Assembly Trump floats ‘nuclear option’ to end shutdown Ugwuanyi commissions state-constructed 103 Battalion Army Barracks road 14 foreigners killed as gunmen storm Afghan hotel

 

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DMO releases FGN Bond issuance calendar for Q1, 2018

DMO releases FGN Bond issuance calendar for Q1, 2018 The Debt Management Office released the FGN Bond Issuance Calendar for Q1, 2018 on Wednesday. According to the DMO, the Calendar is intended to enable investors plan their investment activities for the quarter as well as raise funds for the Government. The FGN Bonds have a wide range of investors, both...... more

Apple to pay $38bn in taxes and add 20,000 jobs in the U.S.

Apple to pay $38bn in taxes and add 20,000 jobs in the U.S. Apple just made a bunch of big promises to the American economy. The company said Wednesday that it will pay $38 billion in taxes on cash it has been keeping overseas. It also pledged to create 20,000 jobs and invest $30 billion in U.S. facilities over the next five years. The...... more

Alheri denies owing FG N27.2b over fibre optic agreement

Alheri denies owing FG N27.2b over fibre optic agreement The Management of Alheri Engineering Company Limited has vehemently denied owing Federal Government $75.5 million (about N27.18 billion) over fibre optic agreement. In a statement released by the company on Monday, the company described the accusation as wrong and fallacious and assured its customers that the story is “…not only untrue...... more

FG aims to raise N110b at bond auction

 FG aims to raise N110b at bond auction Nigeria plans to raise N110 billion by selling sovereign bonds with maturities of five and 10 years on January 24, the Debt Management Office (DMO) said on Wednesday. The debt office said it would raise N50 billion with the five-year bond and N60 billion with the 10-year paper, using the Dutch...... more

Bauchi Fertiliser Company set to take over northern market

Bauchi Fertiliser Company set to take over northern market Back to life Bauchi Fertiliser Company has set into a motion a mechanism to dominate the market in the 19 northern states. The Executive Chairman of the company, Bappa Aliyu Misau (Sarkin Yamma Misau), disclosed this on Tuesday while conducting journalists round the company’s expansive premises located at the Industrial Estate...... more

Crackdown fear weakens Bitcoin

 Crackdown fear weakens Bitcoin Fears grew of a regulatory crackdown has forced the Bitcoin to slid as much as 14 per cent on Tuesday to hit a four-week low below $12,000. The fear was fuelled with reports that South Korea was planning to ban trading in cryptocurrencies. South Korean news website Yonhap reported that Finance...... more

CBN injects $210m into forex market

CBN injects $210m into forex market The Central Bank of Nigeria (CBN) has injected another $210 million into the inter-bank Foreign Exchange Market to meet customers’ requests in various segments of the market. Figures obtained from the Bank on Monday indicate that the CBN offered $100 million to authorised dealers in the wholesale segment of the market,...... more

UK’s second biggest construction company collapses

 UK’s second biggest construction company collapses Construction giant Carillion has gone into liquidation, threatening thousands of jobs. The move came after talks between the firm, its lenders and the government failed to reach a deal to save the UK’s second biggest construction company. Carillion ran into trouble after losing money on big contracts and running up huge...... more

Sale of 9mobile to go ahead despite court ruling: Receiver-manager

Sale of 9mobile to go ahead despite court ruling: Receiver-manager United Capital Trustees Limited, the receiver-manager appointed by the consortium of 13 banks which lent 9mobile (formerly Etisalat Nigeria) $1.2 billion, has said it will appeal the ruling of the Federal High Court in Lagos which nullified the appointment of an interim board for the telecoms firm. An official of United...... more

IPMAN demands demolition of 2,000 filling stations nationwide

IPMAN demands demolition of 2,000 filling stations nationwide The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advocated immediate demolition of over 2,000 identified illegal filling stations operating across the country, to check the persistent scarcity of petroleum products. The Chairman of Board of Trustees of IPMAN, Alhaji Aminu Abdulkadir, gave the suggestion when he fielded questions from State...... more

Nigerian stocks climb to 9-year high

Nigerian stocks climb to 9-year high Nigerian stocks climbed to a nine-year high on Friday before edging down as some investors chose to lock in their profits. The equity market gained more than one percent during the day, but was down 0.33 percent at the close of business below 43,000 points. Stocks have gained strongly in January,...... more

CBN boosts forex market with $262.5m

CBN boosts forex market with $262.5m In its first Retail Secondary Market Intervention Sales for the year, the Central Bank of Nigeria (CBN) on Friday intervened in the inter-bank Foreign Exchange Market with the total sum of $262,500,000. Data received from the CBN on Friday revealed that the sum was in favour of the agricultural, airlines, petroleum...... more

Stock Exchange suspends trading on Seven-Up shares

Stock Exchange suspends trading on Seven-Up shares Nigeria’s bourse has suspended the shares of Seven-Up Bottling Co. following a takeover bid from majority shareholder Affelka to minority holders, the stock exchange said on Friday. Seven-Up shareholders have passed a resolution to back the takeover bid by Affelka which will see the company delisted from the bourse, the exchange...... more

Dangote’s fortune shoots up by $100m as Africa’s billionaires get richer

  Dangote’s fortune shoots up by $100m as Africa’s billionaires get richer Buoyed by rising stock markets and commodity prices, Africa’s billionaires are collectively wealthier than a year ago. The 23 billionaires that Forbes found in Africa – up from 21 billionaires last year – are worth a combined $75.4 billion, compared to $70 billion in January 2017. The richest African, for the...... more

NSE market capitalisation up N88bn

NSE market capitalisation up N88bn Activities on the Nigerian Stock Exchange on Friday sustained the positive slide with the market capitalisation appreciating further by N88 billion, amid gains by blue chips. The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N13.763 trillion rose by N88 billion or 0.64 percent to close...... more

Mine dispute: BUA condemns Edo State Government’s arrest of staff

Mine dispute: BUA condemns Edo State Government’s arrest of staff BUA International Limited has condemned the arrest of its staff by the Edo State Government and security agencies at the disputed Obu mine site yesterday. Edo State Governor, Mr. Godwin Obaseki, and security agencies comprising men of the Nigerian Army, the Police, Nigeria Security and Civil Defense Corps (NSCDC), Department of...... more

‘Yudala will be Africa’s first profitable e-commerce company’

‘Yudala will be Africa’s first profitable e-commerce company’ Prince Nnamdi Ekeh, Vice President of Yudala, pioneer online and offline e-commerce outfit, has disclosed that the company is set to hit a path of profitability by 2020, thereby making it the first e-commerce company in Africa to return profits within its first five years of operations. Cornered by the media...... more

Petrol Scarcity: Presidency summons stakeholders

Petrol Scarcity: Presidency summons stakeholders Presidency on Tuesday in Abuja summoned critical stakeholders in the nation’s oil sector and the leadership of security agencies in the country to end the scarcity of petrol in the country. The News Agency of Nigeria (NAN) reports that the meeting, presided by the Chief of Staff to the President, Alhaji...... more

We won’t rest until Nigeria becomes a food exporting country again — Buhari

  We won’t rest until Nigeria becomes a food exporting country again — Buhari President Muhammadu Buhari on Friday in Abuja said his administration would not rest in continually reviewing and strengthening ongoing reforms in the agricultural sector until Nigeria regains its pride of place as a food exporting country. Receiving the All Progressives Congress (APC) family from Kebbi State at the Presidential Villa, the...... more

MTN assigns $231m shareholder loan to African phone tower group

   MTN assigns $231m shareholder loan to African phone tower group MTN Group, Africa’s biggest mobile phone operator, said on Thursday it had assigned a $231 million shareholder loan to phone tower group, IHS Holding Limited, impacting its 2017 profits. MTN, which returned to profit in the first half of its financial year in the absence of one-off charges related to a...... more

Afreximbank, ICD sign $100m financing agreement for SMEs

  Afreximbank, ICD sign $100m financing agreement for SMEs  The African Export-Import Bank (Afreximbank) says it has signed a $100 million financing agreement with the Islamic Corporation for the Development of the Private sector (ICD) to promote Small and Medium Enterprises (SMEs) in Shari’ah-compliant countries. A statement by the bank on Wednesday in Lagos said that the facility being provided by ICD...... more

NSE market indices drop by 1.64% after Christmas holidays

NSE market indices drop by 1.64% after Christmas holidays Activities re-opened on the Nigerian Stock Exchange on bearish note on Wednesday after the long holidays with the indices dropping by 1.64 per cent. The News Agency of Nigeria (NAN) reports that the market capitalisation shed N225 billion or 1.64 per cent to close at N13.483 trillion from the N13.708 trillion...... more

Oyo govt. locks up more than 200 shops over N62,000 rent

Oyo govt. locks up more than 200 shops over N62,000 rent More than 200 lock up shops at Scout Camp market, Ibadan have so far been padlocked by the Oyo state government over the failure of 371 shops’ owners to pay their annual rent and service charge amounting to N62,000. The exercise carried out by officials of the Oyo state Ministry of...... more

Our depots are empty, petroleum marketers cry out

Our depots are empty, petroleum marketers cry out The Depot and Petroleum Products Marketers Association (DAPPMA) on Tuesday expressed concern over the inability of the Nigerian National Petroleum Corporation (NNPC) to send petrol to its members’ depots. In a statement in Lagos, DAPPMA’s Executive Secretary, Mr Olufemi Adewole urged NNPC to help the association so as to alleviate the suffering...... more

Firm denies Bayelsa Government’s allegation of tax evasion, heads for court

Firm denies Bayelsa Government’s allegation of tax evasion, heads for court The Azikel Group, an indigenous sand dredging firm, has denied the allegation against it by Bayelsa State Government that it owed the state N30 million unremitted pay-as-you-earn tax. Dr Azibapu Eruani, the President of Azikel Group, on Thursday in Yenagoa said that the allegation was false and had no substance of...... more

Africa to dominate new global work force by 2030 – IMF Boss

Africa to dominate new global work force by 2030 – IMF Boss Ms Christine Lagarde, the Managing Director, International Monetary Fund (IMF) says by 2030, over half of new workers entering the global labour force will come from Africa. A statement obtained from the Economic Commission for Africa’s (ECA) website on Tuesday said Lagarde made the prediction at a special event hosted by...... more

Forex Market gets another $210m boost from CBN

  Forex Market gets another $210m boost from CBN  The interbank window of Nigeria’s Foreign Exchange market on Tuesday received yet another boost of $210 million from the Central Bank of Nigeria (CBN). According to figures obtained from the bank, Tuesday’s interventions were for the Wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market. The Acting Director,...... more

Active telecoms subscribers in Nigeria hits 141m

  Active telecoms subscribers in Nigeria hits 141m The Nigerian Communications Commission (NCC) says that it recorded 140,766,653 active subscribers of the telecommunication networks in October as against 139,905,213 in September. The telecommunications regulatory agency disclosed this in its Monthly Subscriber/Operator Data that was available on its website on Tuesday. The News Agency of Nigeria (NAN) reports that the...... more

Top 5 business risks for West Africa

Top 5 business risks for West Africa Militancy and political uncertainty remain key risks for businesses in West Africa 2018, according to specialist global risk consultancy Control Risks in their annual political and security risk forecast ‘RiskMap’ released on Monday. It identified the following as the key risks facing businesses in West Africa in 2018: Terrorism and militancy:...... more

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

 

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