Business

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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2016 Budget: Budget Ministry MDAs partner on Inputs

In a move to provide further technical support aimed at improving the quality of inputs into the preparation of the 2016 budget, the Ministry of Budget and National Planning has commenced bilateral meetings with Ministries, Departments and Agencies (MDAs). This development was disclosed Thursday through a statement issued by the Ministry’s Assistant Director incharge of […]

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MTN Nigeria CEO Resigns As FG Slashes Fine To N674b

The South African telecommunication giant MTN has announced the resignation of the head of its Nigerian operations, Michael Ikpoki and the head of Regulatory and Corporate Affairs, Akinwale Goodluck. “They are replaced by Ferdi Moolman as MTN Nigeria CEO and Amina Oyagbola as its head of Regulatory and Corporate Affairs. Mr Moolman was previously COO […]

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Foreign Reserves Drop Below $30B

The nation’s foreign reserves dropped to below $30 billion for the first time in five months, putting more pressure on the Central Bank of Nigeria’s (CBN’s) bid to defend the Naira and avoid devaluation. Gross reserves slipped to $29.92 billion on November 30, the first time they have fallen below $30 billion since July 13, […]

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NCC Cuts MTN Fine To $3.4bn

The Nigerian Communications Commission has cut a fine imposed on MTN Group by more than a third to $3.4 billion and gave the South African mobile phone operator until the end of the year to pay it, the company said on Thursday. The NCC handed Africa’s biggest mobile phone company the penalty in October after […]

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IPMAN Urges Members To Sell Petrol At N87

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members to sell petrol at the official pump price of N87 per litre. IPMAN also advised its members to stop patronising private depot owners selling above official rate of N77.66 per litre. It urged the government to direct private depots to make the product […]

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Okonjo-Iweala: I Have No Hand in $2.1bn Arms Deal

Former coordinating minister of the economy and minister of finance under Goodluck Jonathan administration, Dr Ngozi Okonjo-Iweala has said she has no hand in the arms purchase deals facilitated by the former National Security Adviser, Sambo Dasuki. Nkwonjo-Iweala dismissed the allegations by the Edo state governor, Adams Oshiomhole who accused her of participating in the […]

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Nigeria Spends N2.02trn On Rice, Palm oil, Maize Importations in 3 Years

It has been revealed that Nigeria spent N2.02 trillion ($9,196,382,607) to import five agricultural commodities in the last three years despite moves by the Federal Government to stop food imports. The commodities include wheat, rice, maize, sugar and palm oil. Imports data gathered from the Nigerian Ports Authority’s (NPA) shipping position and Index Mundi revealed […]

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Nigeria’s Largest Power Plant Owed N40b

Nigeria’s largest power plant, Egbin Power Plc, said it is owed more than N40 billion ($202 million) and is facing persistent gas supply shortages despite boosting capacity, highlighting continuing challenges in ending daily blackouts since private companies took over the state utilities two years ago. Its Chief Executive Officer Dallas Peavey Jr. said the generating […]

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Stock Market Hits 3-year Low on Persistent Bear Run

The persistent decline of stock prices on the Nigerian bourse sent the market to a three-year low on Monday as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) went down by 0.84 per cent to be at 27,385.69. The market has recorded a month-to-date and year-to-date decline of 6.1 per cent and 20.3 per cent […]

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