Business

Business
Ministers, others seek new approach to stimulating investments in energy
April 14, 2021 1199 870

Stakeholders in the and energy sector have raised concern about Nigeria’s energy outlook, insisting that unless the country addresses critical challenges that limit private sector investment, sustainable energy development may remain a mirag... Read more

Business
BoI records N35.54b profit, assets hit N1.86 trillion
April 13, 2021 2185 1470

The Bank of Industry (BoI) says it recorded a profit after tax of N35.54 billion for the financial year ended Dec. 31, 2020, as its total assets hit N1.86 trillion.   The Managing Director of BoI, Olukayode Pitan, in a statement, yesterday,... Read more

Business
Police dismiss sergeant for attempted murder
April 13, 2021 1878 1280

The Lagos State Police Command has dismissed and prosecuted Sergeant Eze Aiwansoba, attached to the Special Protection Unit (SPU), Base 16, Ikeja, for firing and attempting to kill his girlfriend, Joy Ndubueze, on October 8, 2020, at Salvation Roa... Read more

Business
Age-long patronage crisis threatens insurance survival
April 12, 2021 2877 1925

Decades after the industry took its root, Nigeria’s insurance industry, sadly, stands at less than five per cent penetration. The poor adoption is a big threat to the survival of about 58 insurance firms across the country. Already, about 3... Read more

Business
NB declares N7.51 billion total dividend in 2020
April 12, 2021 2570 1737

Nigerian Breweries (NB) Plc has announced a final dividend of N5.51 billion, translating to 69 kobo per share, bringing the total dividend declared in 2020 to N7.51 billion.   The company had in October 2020 declared an interim dividend of ... Read more

Business
Stock markets stumble into weekend
April 10, 2021 3899 2670

Stock markets largely stumbled Friday with traders taking their foot off the pedal before a much-anticipated earnings season that could give a fresh push to the recent global equities rally.While some countries are having trouble with vaccine prog... Read more

Business
Azman apologises, reshuffles management over safety violations
April 9, 2021 4139 2793

Embattled Azman Air has apologised for its pushback and allegations against the Nigerian Civil Aviation Authority (NCAA) following its suspension for serial safety violations. The airline, though earlier disowned the smear campaign, said the clai... Read more

Business
Hope for Nigeria as Africa awaits 428 new oil, gas projects
April 9, 2021 3666 2437

Over 428 oil and gas projects are expected to be developed in Africa’s oil and gas sector before 2025, a new report said yesterday. Nigeria, regarded as one of the biggest crude oil producers on the continent according to the report, conduc... Read more

Business
NIMASA, NRC, others partner to revive railway foundry
April 8, 2021 4329 2852

The Nigerian Maritime Administration and Safety Agency (NIMASA) in collaboration with Nigerian Railway Corporation (NRC) and the Bayelsa State Government are set to resuscitate the century-old railway foundry in Lagos.   This was revealed w... Read more

Business
Curiosity as AMCON floats new airline from ashes of Arik Air
April 8, 2021 3733 2494

Asset Management Corporation of Nigeria (AMCON) is set to float a new airline, NG Eagle, deploying some of the assets of distressed Arik Air. As at yesterday, two aircraft erstwhile operated by Arik, have been rebranded in the colours of NG Eagle... Read more

Business
Dangote reiterates commitment to agric development
April 7, 2021 4492 2940

Dangote Industries Limited has reiterated its commitment to partnering with various tiers of governments through investment to build a sustainable and inclusive economy for the benefit of all Nigerians. This came as the company announced its part... Read more

Business
Access Bank posts N764.7 billion gross earnings in 2020
April 6, 2021 4838 3190

Amid a harsh operating environment, Access Bank Plc has announced gross earnings of ₦764.7 billion in its 2020 operations, against N666.75 billion recorded in the corresponding period in 2019. The bank’s audited result for 2020 showed gro... Read more

Business
NCAA uncovers N1.54b unpaid levies, safety violations in airline operations
April 6, 2021 4321 2841

The Nigerian Civil Aviation Authority’s (NCAA) has uncovered unpaid levies to the tune of N1.545 billion and several safety violations in the operations of embattled Azman Air.   The preliminary findings, following an audit of the loc... Read more

Business
CIBN takes fresh approach to address skill issues in banks
March 31, 2021 9960 6678

The Chartered Institute of Bankers of Nigeria (CIBN) has unveiled a new Banking Professional Examination and Certification Programme Syllabus as part of its move to prepare the industry for the emerging knowledge challenges in the industry.  ... Read more

Business
‘CBN’s interventions total 3.5% of GDP’
March 30, 2021 9157 6119

The Central Bank of Nigeria (CBN), yesterday, said its cumulative interventions in critical sectors of the economy were over 3.5 per cent of Nigeria’s GDP as at the first quarter of this year. Speaking during the CBN Special Day at the ongo... Read more

Business
Nigeria is better, stronger as one nation, says Buhari
March 30, 2021 8182 5334

Nigeria is better and stronger as one nation, President Muhammadu Buhari said on Monday. He said “despite occasional inter-ethnic tensions in our national history, it seems to me that we have all agreed on one point that, notwithstanding ou... Read more

Business
SEC unveils new rules on commodity trading
March 29, 2021 8969 5736

To ensure a vibrant commodities trading ecosystem, the Securities and Exchange Commission (SEC) has unveiled new rules on warehousing, collateral management, and other requirements.   According to the new rule, every warehouse that stores c... Read more

Business
NAICOM targets June for new guidelines implementation
March 29, 2021 8001 5069

The National Insurance Commission (NAICOM) has fixed June 1, 2021, for the implementation of the industry’s corporate governance guidelines that will take the sector to a greater height. NAICOM, on its website, noted that the guidelines wer... Read more

Business
Bulls maintain dominance as capitalisation rises by N45 billion
March 26, 2021 11023 7158

The bulls maintained dominance on the equity sector of the Nigerian Stock Exchange (NSE) as more blue-chip stocks appreciated, resulting in a gain in market capitalisation by N45 billion.   The All-Share Index (ASI) appreciated by 207.36 ab... Read more

Business
‘Why Fed Govt must build new refineries’
March 26, 2021 9618 6201

The Chief Executive Officer of SAF Petroleum, Aaare  Safiriyu   Kazeem  has urged the Federal Government to deploy resources towards building new refineries in the country. Kazeem spoke against recent hike in pump price of fue... Read more

Business
IMF, JP Morgan list policy options for economic recovery
March 25, 2021 9892 6180

The International Monetary Fund (IMF), JP Morgan and the American Business Council (ABC) have recommended policy options that could aid economic recovery efforts in Nigeria.  According to the financial institutions, policy options for ec... Read more

Business
National economy to ‘slowly’ recover from COVID-19, says BOI
March 25, 2021 9000 5412

The Bank of Industry (BOI) has predicted that the economy would ‘slowly’ recover from the adverse impact of the COVID-19 pandemic. “The economy will recover and as it recovers from the effect of the pandemic, I do see a period o... Read more

Business
Dangote Cement to pay N97b in corporate tax for 2020
March 24, 2021 9914 6127

Africa’s largest cement producer, Dangote Cement Plc, has remained a major contributor to the Nigerian economy, with a tax charge of N97 billion for the financial year ended December 31, 2020, even as it proposed a dividend of N16 per share.... Read more

Business
Finance ministry, CBN deny move to liberalise forex market
March 24, 2021 8812 5129

The Ministry of Finance, Budget and National Planning, yesterday, made a U-turn on the statement credited to the Minister, Mrs. Zainab Ahmed, to the effect that the Federal Government will jettison the Central Bank of Nigeria (CBN)’s officia... Read more

Business
FG plans to commit $3 billion in power sector in 24 months
March 23, 2021 9352 5645

The Federal Government disclosed a plan to commit $3 billion to the power sector in the next two years.   The spending is expected to raise the current 4,900 megawatts (MWs) to at least 7,000MWs.This was disclosed by the Special Adviser to ... Read more

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