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Latest News Many injured, goods worth millions of naira destroyed as Hausa, Yoruba clash in Lagos Okowa condemns attack on Ekweremadu, urges Germany not to spare perpetrators Makinde appoints ex-police chief Fatai Owoseni Special Adviser on Security Matters MASSOB faults IPOB over attack on Ekweremadu, says Igbo leaders not responsible for non-actualisation of Biafra Ekweremadu’s attack: Identify the culprits, Senate president tells German authorities Migrant Fulani causing problem in Nigeria – Miyetti Allah Nine confirmed dead in attack on mourners in Benue Tomorrow's strike will be total, comprehensive – Varsity workers Reorder Nigeria to avert strife, Nwabueze group tells Buhari 2021: We won’t zone Anambra governorship – PDP Three killed, seven injured in soccer riot South East PDP calls for arrest of Ekweremadu’s attackers

 

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NNPC awards 2019/2020 DSDP contract to 15 firms

NNPC awards 2019/2020 DSDP contract to 15 firms The Nigerian National Petroleum Coeporation (NNPC) says 15 companies have emerged winners of the Direct Sales and Direct Purchase (DSDP) of Crude oil contract for 2019/2020. The corporation disclosed this in a statement issued by its spokesman, Mr Ndu Ughamadu, in Abuja, on Sunday. He said that the announcement was in...... more

Lagos Ports not congested: Operators

Lagos Ports not congested: Operators The Seaport Terminal Operators Association of Nigeria (STOAN) says the Lagos Port Complex, Apapa and the Tin-Can Island Port Complex are not congested. Mr Bolaji Akinola, spokesperson of the association, said this in a statement in Lagos on Sunday. Akinola said that both ports were operating at less than 70 per...... more

Africa Development Bank says risks to growth 'increasing by the day'

Africa Development Bank says risks to growth 'increasing by the day' The U.S.-China trade war and uncertainty over Brexit pose risks to Africa's economic prospects that are "increasing by the day," the head of the African Development Bank (AfDB) told Reuters. The trade dispute between the world's two largest economies has roiled global markets and unnerved investors as it stretches into its...... more

More economic woes loom over mounting debt

More economic woes loom over mounting debt With a British court on Friday ruling that Nigeria should pay $9 billion (N3.24 trillion) to Process and Industrial Developments Ltd. (P&ID) for failing to honour a contract, Nigeria’s debt profile has spiraled to N28.187 trillion. Although the government has expressed its desire to appeal the ruling, unless it is overturned,...... more

Fidelity Bank reinforces commitment to digital technology, adopts open banking

Fidelity Bank reinforces commitment to digital technology, adopts open banking Consistent with its commitment to the adoption of innovative digital technology to drive its retail strategy, reduce cost and improve revenue and returns, Fidelity Bank has signed a Memorandum of Understanding with Open Technology Foundation (OTF) for the adoption of a standard Application Programming Interface (API) for its operations as a...... more

Gas deal: FG to appeal British court’s ruling over seizing of $9bn

Gas deal: FG to appeal British court’s ruling over seizing of $9bn The Federal Government has said that it would appeal Friday’s ruling of a British court ordering that about nine billion dollars ($9bn) worth of its assets be seized by the Process and Industrial Development Limited following a breach in contract. According to the Solicitor-General of the Federation and Permanent Secretary, Federal...... more

Zinox partners EdVigor to revolutionise education in Nigeria

Zinox partners EdVigor to revolutionise education in Nigeria Sub-Saharan Africa’s technology giant, Zinox Technologies Ltd. has underlined its commitment towards improving the standard of education in the country. To this end, Zinox has partnered with EdVigor, an outreach of Harvard-trained resource experts versed in the development of learning curriculum to host a teacher empowerment workshop for beneficiaries in the...... more

UBA partners LCCI for 2019 Lagos International Trade Fair, promises customers 20% discount on registration

UBA partners LCCI for 2019 Lagos International Trade Fair, promises customers 20% discount on registration Pan-African financial services institution, United Bank for Africa (UBA) Plc, and the Lagos Chamber of Commerce and Industry (LCCI), have partnered to organise the 2019 edition of the Lagos International Trade Fair. The Fair, which holds between November 1 and 10, 2019, is the 33rd edition and is expected to provide...... more

CBN to disburse lower currencies to microfinance banks

CBN to disburse lower currencies to microfinance banks The Central Bank of Nigeria (CBN) has released guidelines for the disbursement of lower denominations of the naira through microfinance banks (MFBs) across the country.   A circular issued by the Director, Currency Operations Department of the Bank, Mrs. Patricia Eleje, in Abuja on Thursday, August 15, 2019, indicated that all microfinance...... more

SEED, EdFin Microfinance Bank sign groundbreaking pact to support private schools with access to finance, quality assessment, training

SEED, EdFin Microfinance Bank sign groundbreaking pact to support private schools with access to finance, quality assessment, training To help overcome the obstacles that lack of required resources to improve the infrastructure for teaching and learning, a groundbreaking partnership signing agreement took place on Wednesday, August 14, 2019 between Sustainable Education and Enterprise Development (SEED) and EdFin Microfinance Bank. Affordable private schools in Lagos can now benefit from SEED’s...... more

Insecurity: Abattoirs close for business in Enugu

Insecurity: Abattoirs close for business in Enugu Abattoirs in Enugu State were on Wednesday, closed down for business in compliance with a directive by the Enugu State Amalgamated Market Traders Association (ESAMATA) and Enugu State Butchers Association (ESBA). Also closed for business in the state was the perishable goods dealers’ shops, especially tomatoes. The directive followed a decision...... more

Buhari’s directive on food imports illegal, will worsen suffering, says CSJ

Buhari’s directive on food imports illegal, will worsen suffering, says CSJ Tuesday’s directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) not to allocate foreign exchange to food importers is not only illegal but one that is capable of worsening the suffering of the majority of Nigerians, a leading civil society organisation (CSO), Centre for Social Justice (CSJ), has...... more

Housing deficit: Shelter Afrique to invest $180m in Nigeria

Housing deficit: Shelter Afrique to invest $180m in Nigeria Shelter Afrique, an NGO, is to invest 180 million dollars in five years toward addressing Nigeria’s housing deficit, Mr Andrew Chimphondah, its Managing Director, said in Abuja. Chimphondah told the News Agency of Nigeria (NAN), that the investment period would span from 2019 to 2024. He said that Nigeria was a...... more

Nasarawa State to generate 1,000 megawatts from coal

Nasarawa State to generate 1,000 megawatts from coal Nasarawa State governor, Abdullahi Sule has said his administration is finalising arrangements with a private electricity firm, General Electric (GE), towards generating 1000 megawatts from coal reserves in Obi Local Government Area. He disclosed this while flagging off the construction of a 2 kilometer solar powered streetlights in Obi Local Government...... more

CBN injects $280.04m, CNY 28.3m into Forex market

CBN injects $280.04m, CNY 28.3m into Forex market The Retail Secondary Market Intervention Sales (SMIS) has received a boost of $280.04 million from the Central Bank of Nigeria (CBN), which also injected the sum of CNY 28.3 million in the spot and short tenored forwards segment of the inter-bank foreign market. The latest interventions in the inter-bank foreign exchange...... more

Nigeria naira weakens on falling oil prices, lower bond yields

Nigeria naira weakens on falling oil prices, lower bond yields Nigerian naira weakened to 364 per dollar on Friday, from a quote of 363.50 its previous day as falling oil prices worsened liquidity woes on the currency market, traders said. The dollar shortage was initially caused by a slowdown of foreign inflows after local debt market yields declined. The naira broke...... more

Dangote refinery to be delayed until end of 2020

Dangote refinery to be delayed until end of 2020 A huge oil refinery being built in Nigeria by Africa’s richest man is unlikely to start production until 2022, two years later than the target date, sources with direct knowledge of the matter said. The 650,000 barrel per day (bpd) refinery near Lagos, set to be Africa’s biggest, is expected to...... more

Court slams N100m damages on foreign textile firm for unauthorised use of rival’s name

Court slams N100m damages on foreign textile firm for unauthorised use of rival’s name A Kano High Court, presided by Justice Ibrahim Musa Muhammed has ordered the agent of  Changyi Yuanxiang,  a foreign textile firm to pay N100 million as compensation to Nigerian firm, RAS Textile Limited. In a judgement delivered July 30, 2019, the court slammed the defendant for unlawful and unauthorised use of...... more

Inter-Bank Forex Market: CBN intervenes with $210m

Inter-Bank Forex Market: CBN intervenes with $210m The Nigerian inter-bank foreign exchange market received another boost of $210 million from the Central Bank of Nigeria (CBN), following transactions concluded on Tuesday, August 6, 2019. Figures obtained from the CBN on Tuesday indicated that the Bank offered $100 million to authorised dealers in the wholesale sector of the market,...... more

FG to review revenue sharing: States, LGs to get more

FG to review revenue sharing: States, LGs to get more The Federal Government says it will set up a committee in the coming week to review the revenue sharing formula for Federal, States and Local Governments due to current economic realities. The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Elias Mbam disclosed this to newsmen in Abuja on Tuesday,...... more

LASAA suspends firm's licence over indecent advertisement

LASAA suspends firm's licence over indecent advertisement The Lagos State Signage & Advertisement Agency(LASAA) has suspended, pending final investigation, the practicing Licence of an advertising firm, Provision Media System Limited, over indecent advertisement around the Lekki/Ikoyi toll gate. A statement signed by the Managing Director of LASAA, Mr. Mobolaji Sanusi, on Saturday, said the unregistered mobile advertising truck...... more

MTN Nigeria asks tribunal to rule on tax treatment of $1bn fine

MTN Nigeria asks tribunal to rule on tax treatment of $1bn fine MTN Nigeria has asked a Nigerian tax tribunal to rule on whether the company should pay corporate tax on a 330 billion Naira ($1.1 billion) fine, a spokesman for the telecom company said. MTN Nigeria, part of South Africa’s MTN Group, was originally fined 1.04 trillion Naira for failing to deactivate...... more

UBA makes 20 more customer-millionaires, doles out N30m in 3rd Draw of UBA Wise Savers Promo

UBA makes 20 more customer-millionaires, doles out N30m in 3rd Draw of UBA Wise Savers Promo  Pan-African financial institution, United Bank for Africa (UBA) Plc, has again rewarded another 20 customers who emerged winners in the third quarterly draw of the UBA Wise Savers Promo, winning N1.5 million each, bringing the total amount won so far by 60 customers to N90 million. The electronic raffle draw, which...... more

Nigerian stocks drop to lowest in more than two years

Nigerian stocks drop to lowest in more than two years Nigerian stocks fell to their lowest level in more than two years on Thursday after shares in the banking sector and Dangote Cement declined. The main share index fell 0.1%, down for the third session to 27,690 points, a level last seen in May 2017, reports Reuters.... more

Kwara to partner AfDB on infrastructure devt, women empowerment •Governor set to meet with Chinese investors

Kwara to partner AfDB on infrastructure devt, women empowerment •Governor set to meet with Chinese investors The Kwara State Government has opened talks with the African Development Bank (AfDB) on various areas of partnership, including road construction, small and medium scale enterprises with focus on women empowerment, energy, and agro-processing. The proposed partnership is the outcome of a meeting Governor AbdulRahman AbdulRazaq held with the AfDB team...... more

CBN boosts Forex market with $210 million

CBN boosts Forex market with $210 million In its last intervention for the month of July, the Central Bank of Nigeria (CBN) has injected the sum of $210 million into the inter-bank Foreign Exchange Market. Figures obtained from the CBN on Tuesday, July 30, 2019, indicated that authorised dealers in the wholesale sector of the market received $100...... more

Nigeria equities lose N63bn amid self-pressure

Nigeria equities lose N63bn amid self-pressure Trading on the Nigeria’s bourse returned to negative territory on Tuesday, with crucial market indices dropping by 0.46 per cent following loses in 20 stocks. Specifically, the All-Share Index (ASI) decreased by 129.79 points, representing a loss of 0.46 per cent to close at 27,820.57 against 27,950.36 posted on Monday. Also,...... more

Osinbajo demands capacity building opportunities for young entrepreneurs

Osinbajo demands capacity building opportunities for young entrepreneurs The Nigerian Vice-President, Professor Yemi Osinbajo, has called for the creation of opportunities of capacity building for young entrepreneurs in Nigeria and the African continent. He made the call in his remarks at the Tony Elumelu Foundation (TEF) Forum which held on Saturday, in Abuja. Professor Osinbajo noted that on the...... more

CBN injects $284.2m, CNY36m into Forex market

CBN injects $284.2m, CNY36m into Forex market The Central Bank of Nigeria (CBN), in the latest round of mediation in the inter-bank foreign exchange market, has injected the sum of $284.2 million in the retail Secondary Market Intervention Sales (SMIS). This is in addition to CNY36.0 million in the spot and short-tenured forwards segment of the inter-bank foreign...... more

MTN leads gainers’ chart amid N2.95 interim dividend

MTN leads gainers’ chart amid N2.95 interim dividend MTN Plc led the gainers’ chart on Friday with N2, due to investors’ reactions to N2.95 interim dividend declared by the company for six months ended June 30, 2019. The News Agency of Nigeria (NAN) reports that the company released its unaudited result for the six months ended June 30 and...... more

 

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