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Latest News Buhari floors Atiku in Adamawa and in Obasanjo’s polling unit Boko Haram stops Governor from voting Drama as officials arrive at polling unit in Abuja with thumb-printed ballot papers Ballot boxes set ablaze in Lagos Political thugs kill 2 brothers, cousin in Rivers INEC extends polling by lost hours Woman stabbed in fight at polling unit in Osun state Card reader fails to accredit Agbaje Onitsha school principal speaks on student stoned to death by classmate Police confirm killing of voter in Kogi Jos voters arrive polling units early with chairs, food INEC ad-hoc staff desert polling centre in Ibadan

 

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CBN injects 268.4m, CNY 46.3m into Forex market

CBN injects 268.4m, CNY 46.3m into Forex market The Central Bank of Nigeria (CBN) on Friday made an intervention of $268.4 million in the retail Secondary Market Intervention Sales (SMIS) and CNY 46.3 million in the spot and short tenored forwards segment of the inter-bank foreign market. This was disclosed by the Director, Corporate Communications Department, Central Bank of...... more

Oil prices fall as US crude output hits 12m bpd

Oil prices fall as US crude output hits 12m bpd Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets. International Brent crude futures were at 66.87 dollars per barrel at 0326 GMT, down...... more

Nigeria hits oil majors with billions in back taxes

Nigeria hits oil majors with billions in back taxes Nigeria has ordered foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy. In a letter sent to the companies earlier this year via a debt-collection...... more

Shell inducts 30 graduates for industry internship

Shell inducts 30 graduates for industry internship Thirty engineering graduates have been inducted to the fifth batch of the Shell Nigeria internship programme, a four-year old scheme designed to help young graduate engineers upscale their skills in readiness for employment in the energy sector. The internship programme, run in collaboration with the Petroleum Technology Association of Nigeria (PETAN),...... more

Bank fined $4.2b for aiding tax dodgers

Bank fined $4.2b for aiding tax dodgers  A Paris court on Wednesday fined Swiss banking giant UBS 3.7 billion Euros ($4.2 billion) for encouraging customers to commit tax fraud. The fine is a record in France where public opinion has grown vocal for crackdowns on tax dodging. Lawyers for the bank, which was convicted of illegally soliciting rich...... more

Zenith Bank earns over N80 billion as trading gains in 2018

Zenith Bank earns over N80 billion as trading gains in 2018 Reliable sources close to Nairametrics indicate tier one lender Zenith Bank could earn close to N100 billion or more as gains from derivatives and treasury bills trading in the 2018 financial year. The bank has consistently made trading gains in the last few years rising from N20 billion in 2016 to...... more

Forex: CBN buoys market with $210m

Forex: CBN buoys market with $210m The Central Bank of Nigeria (CBN) has made a fresh injection of $210 million into the inter-bank foreign exchange market in its determination to boost supply in that sector of the market. Figures released by the Bank on Tuesday indicated that it offered the total sum of $100million to the wholesale...... more

Nigerian equity market loses N196bn

Nigerian equity market loses N196bn The Nigerian Stock Exchange (NSE) on Monday reacted negatively to sudden election postponement, dropping by N196 billion as predicted by financial experts. Specifically, the market capitalisation shed N196 billion or 1.61 per cent to close at N12.004 trillion against N12.200 trillion on Friday, due to the postponement. Also, the All-Share Index...... more

IPMAN reduces fuel price over shift in elections

IPMAN reduces fuel price over shift in elections In order to ease some burden on travellers during the rescheduled elections, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to reduce pump price of petrol. The association has directed its members to cut the price from N145 per litre to N140. A statement by the National...... more

FAAC disburses N270.17bn to FG in January

FAAC disburses N270.17bn to FG in January The Federation Account Allocation Committee (FAAC), disbursed the sum of N270.17 billion to the Federal Government in January, 2019, the National Bureau of Statistics (NBS) has disclosed. The NBS said this in FAAC January, 2019 Disbursement statistics posted on its website. According to the bureau, the states received a total of...... more

Nigerian assets fall as election delay fuels uncertainty

Nigerian assets fall as election delay fuels uncertainty The naira weakened on the forward market on Monday and Nigerian stocks fell as investors worried that delaying elections for a week could lead to a contested result, fuelling uncertainty, analysts said.   Nigeria’s electoral commission over the weekend postponed for one week a presidential election, hours before polls were due...... more

Appropriate reforms in petroleum sector key to Nigeria’s prosperous economy: Civil society activists

Appropriate reforms in petroleum sector key to Nigeria’s prosperous economy: Civil society activists Top civil society activists in Nigeria have reiterated the need for appropriate reforms and right policies to govern, moderate and drive the oil and gas sector in the country for a prosperous economy. The South-West Zone Coordinator of Publish What You Pay (PWYP), Comrade Paul Oma-Chike, said it has become imperative...... more

Made-In-Nigeria Ambassadors vow to change negative perception about local brands

Made-In-Nigeria Ambassadors vow to change negative perception about local brands All is set for Made-In-Nigeria Ambassadors (M-I-NA) 2019 scheduled for the VIP Hall, National Theatre, Iganmu, Lagos, on Friday October 18, 2019. The event will recognise and celebrate the best of Nigeria to the world. According to the Project Coordinator who is also the Managing Director, Addefort Limited, Mr Olabamiji Adeleye,...... more

NPA to partner FG to enhance $15bn trade value at seaports

NPA to partner FG to enhance $15bn trade value at seaports The Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala-Usman has stated that the authority will continue to work with the Federal Government to improve facilities at the nation’s seaports in order to attract more goods and services to the country. Nigerian ports, she stated, are a major gateway into...... more

Britain gives the all-clear to Huawei 5G Network equipment

Britain gives the all-clear to Huawei 5G Network equipment The British government has decided it can mitigate the risks arising from the use of Huawei Technologies Co Ltd in 5G networks, the Financial Times reported on Sunday. The FT cited two sources familiar with the conclusion of Britain’s National Cyber Security Centre (NCSC). The conclusion reached by Britain would “carry...... more

Domestic airlines count losses over election postponement

Domestic airlines count losses over election postponement Domestic airlines are counting losses over the last minute postponement of Saturday’s Presidential and National Assembly Elections by the Independent National Electoral Commission (INEC). INEC’s Chairman, Prof. Mahmood Yakubu, had announced few hours to the commencement of the elections that it would now hold on Feb. 23 due to logistics concerns....... more

Transcorp sets record with Profit After Tax of N20.6bn

Transcorp sets record with Profit After Tax of N20.6bn Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading diversified listed conglomerate, has announced its audited results for the year ended December 31, 2018, with a 94% growth in Profit After Tax (PAT) of N20.6bn in 2018 compared to N10.6 billion in the prior year. The Group recorded an unparalleled improvement within...... more

Ex-ambassador arrested over MTN deal

Ex-ambassador arrested over MTN deal South African police arrested a former ambassador to Iran on corruption charges related to the award of a mobile-phone license to MTN Group Ltd. after it was initially given to Turkcell Iletisim Hizmetleri.   The case has been the subject of legal claims for several years by the Turkish company, which...... more

Amazon cancels plans for headquarters in New York

Amazon cancels plans for headquarters in New York  Online retailer Amazon.com has cancelled plans to build its second headquarters, nicknamed HQ2, in New York City following mounting opposition, the company said in a statement Thursday. The company placed the blame for its decision on some local politicians who were unhappy with the tax incentives it was promised. Amazon said...... more

Dangote’s refinery: New highway coming for oil tankers, says Sanwo-Olu

 Dangote’s refinery: New highway coming for oil tankers, says Sanwo-Olu The All Progressives Congress (APC) governorship candidate in Lagos State, Mr Babajide Sanwo-Olu, has allayed the anxiety being nurtured by residents of Lekki-Epe axis over the imminent traffic gridlock to be brought by the operations of Dangote Refinery at the corridor. To relieve the residents of the burden of gridlock, Sanwo-Olu...... more

Shell, partners sign deal for 300 million cubic feet gas project

Shell, partners sign deal for 300 million cubic feet gas project The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its joint venture partners signed a Final Investment Decision agreement for a 300 million cubic feet of gas on Wednesday in Abuja at a ceremony witnessed by the Managing Director of Total Exploration and Production Nigeria Limited, Mr. Nicholas Terraz and...... more

Konga, Jumia plan $3.2B, $1.5B IPOs

Konga, Jumia plan $3.2B, $1.5B IPOs The Nigerian e-Commerce market is set for exciting times ahead as two major players, Konga and Jumia, are reportedly set for eye-catching listing of their shares on the international market. Konga, arguably Nigeria’s biggest Omni- Channel e-Commerce group, is set for a major listing on either the London Stock Exchange or...... more

Shell to develop $10b Bonga field

Shell to develop $10b Bonga field  Oil giant Shell’s Bonga South West/Aparo (BSWA) deepwater project, located in Oil Mining Lease (OML) 118 in the Niger Delta, is set for development, it was learnt yesterday. This is coming on the heels of the output of 200,000 barrels per day from Egina field operated by Total, which began production...... more

Nigerian economy grows at fastest pace in two years as election nears

Nigerian economy grows at fastest pace in two years as election nears  Nigeria’s economy grew in 2018 at its fastest pace since a recession two years earlier, data showed, just days before a presidential election in which boosting growth has been a major campaign issue. Gross domestic product grew by 1.93 percent last year, up from 0.82 percent in 2017 and just short...... more

Sluggish economy haunts Nigerian president at ballot box

Sluggish economy haunts Nigerian president at ballot box Timi Soleye returned home to Nigeria from the United States to set up a gas logistics business six years ago, encouraged by predictions of growth and an expanding middle class. Three years later, Nigeria plunged into its first recession in a generation following a sharp fall in the price of oil,...... more

Abuja chamber calls for urgent tax reform to grow SMEs

Abuja chamber calls for urgent tax reform to grow SMEs Abuja Chamber of Commerce and Industry (ACCI), has called for urgent  tax reforms to safe Small and Medium Enterprises (SMEs) from demands for tax even before they begin to make profit. Mr Adetokunbo Kayode, President of the chambers made the call in a statement signed by Mr Gena Lubem, the Media...... more

$43m debt: Court to hear contempt application over Etisalat sale Feb 27

$43m debt: Court to hear contempt application over Etisalat sale Feb 27 A Federal High Court in Abuja has warned the Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) against taking further steps in the sale of telecom firm, Etisalat (9mobile). Justice Binta Nyako, who gave the warning, has fixed February 27 to hear a contempt application filed before the...... more

Over 66,000 vehicles registered in FCT in 2018

Over 66,000 vehicles registered in FCT in 2018 A total of 66,324 vehicles were registered by Federal Capital Territory (FCT) Vehicle Inspection Office (VIO) in 2018, according to its quarterly report released to the News Agency of Nigeria (NAN). The Directorate of Road Traffic Services, also known as VIO, in its 2018 report, said the number was accumulated from...... more

Auto industry faces largest series of recalls in history

Auto industry faces largest series of recalls in history Subaru, Tesla, BMW, Volkswagen, Daimler Vans, Mercedes and Ferrari are recalling about 1.7 million vehicles to replace potentially deadly air bag inflators made by Takata Corp. of Japan. The inflators can hurl shrapnel into drivers and passengers. At least 23 people have died from the problem worldwide and hundreds more were...... more

Forex: CBN intervenes with $279.13m, CNY 46.92m

Forex: CBN intervenes with $279.13m, CNY 46.92m The Central Bank of Nigeria (CBN) has again made interventions in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange Market totaling $279.13 million and CNY 46.92. Figures of the sales consummated on Friday revealed that the sum of $279,128,518.66 was injected to meet requests of customers in the...... more

 

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