Business

Sanction: MTN To Down Size Workforce By 50%

Unless major mobile telephone operator MTN Nigeria secures a reasonable reduction in the recent N1.04 trillion fine slammed on it by the Nigerian government, the company is mulling a considerable downsizing of its work force by a whooping 50% reduction to be able to remain in business, it was gathered at the weekend. Insider sources […]

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Bua Group Restates Commitment to Infrastructure Growth

Group Executive Director for BUA Group, Kabiru Rabiu has said that the demand for cement will henceforth be driven by massive building of infrastructure and commercial or residential housing development, stating that cement price will remain stable in the short-term and gradually drop in the medium term. Speaking at an investor conference recently, Rabiu said […]

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2016 Budget To Address Six Pillars, 25 Priority Areas

Indications emerged at the weekend that the Nigerian government has identified six sectorial pillars and 25 priority areas for the 2016 budget. Consequently, all ministries, departments and agencies (MDAs) have been directed to ensure that their programmes and projects for the 2016 fiscal year are keyed into the priority areas identified by government. The six […]

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Ireland Plans Massive Investment in Nigeria in Four Years

Republic of Ireland has hinted of plans to expand its investment portfolio in Nigeria in the next four years. Giving this assurance was the Irish Minister for Agriculture, Food and the Marine, Simon Conveney. He spoke in Lagos when he led a delegation of Irish businessmen on a trade mission to Nigeria. The Irish minister […]

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NEPC to Raise Non-oil Exports To N691bn

The Nigeria Export Promotion Council is planning to increase the country’s earnings from non-oil exports by 30 per cent over the next four years. Non-oil export earnings, according to figures obtained from the NEPC, stood at $2.7bn (N531bn) as of December 2014 and a 30 per cent increase will see the figure rise to $3.51bn […]

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Would Anyone Want To Buy Yahoo

What is it about Yahoo that makes it worth buying? The company is said to be exploring a sale of some of its most important properties, which aren’t growing as quickly as some investors have hoped despite a years-long effort by chief executive Marissa Mayer to engineer a revival of the Internet giant’s brand. Now, […]

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After Iran pledges Output Boost OPEC Fails To Agree Production Ceiling

OPEC members failed to agree an oil production ceiling today, at a meeting that ended in bitterness, after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions. Friday’s developments set up the fractious cartel for more price wars in an already heavily oversupplied market. […]

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S’Africa minister speaks on MTN’s Nigeria fine

Mobile network MTN [JSE:MTN] hasn’t yet asked South Africa’s department of telecommunications and postal services for help in regards to its multi-billion dollar fine in Nigeria. This was according to Minister Siyabonga Cwele in an interview with Fin24. MTN announced on October 26 that the Nigerian Communications Commission (NCC) had fined it $5.2bn for failing […]

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Reps Set To Probe Nitel, Mtel Sale

The House of Representatives is to open fresh investigation into the sale of the Nigerian Telecommunication Limited (NITEL) and its mobile subsidiary, Mobile Telecommunication (Mtel). The House said the process leading to the sale of the two national carriers for $252million to a consortium named NATCOM, was flawed. They also said the two national carriers […]

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Naira down to N246 in Unofficial Market

The Nigeria naira, on Thursday, fell 1.22 per cent against the dollar on the unofficial market as 1,700 bureaux de change (BDC) operators failed to get dollar supply at the Central Bank of Nigeria (CBN) sale due to incomplete documentation. The naira was quoted at 246 against the dollar on the unofficial market, weaker than […]

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Nigeria’s economic growth rate dips by 182% – LCCI

Owing to uncertainties in the nation’s business climate, the economic growth rate in the last one year has further declined by 182 per cent, the Lagos Chamber of Commerce and Industry (LCCI), has said. President of LCCI, Alhaji Remi Bello, stated this in Lagos on Thursday during the chamber’s Annual General Meeting, saying the last […]

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NPA to Sack 5,000 Workers Before Xmas

The management of the Nigerian Ports Authority (NPA) is set to lay off 5,000 tally clerks and onboard security men from the port sector before Christmas and New Year. However, the National Association of Stevedoring Companies (NASC) yesterday said that 10 stevedoring companies would be involved. Speaking on the development, the President of the association, […]

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