The Board of Directors of Oando Plc has received approval from shareholders for a N80bn Rights Issue. The shareholders also approved the partial divestment of the firm’s midstream and upstream services businesses as was done with its downstream business in order to attract substantial capital to fuel its growth initiatives. Oando, which is Nigeria’s largest […]
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Nigeria is said to be losing billions of naira to illegal cross border trade daily. A report released yesterday by the Chatham House titled: “Nigeria’s booming borders: The drivers and consequences of unrecorded trade,” stated that the country suffers economic losses as a result of obstacles that impede trading through formal channels. “Nigeria’s context of […]
Read More The Ambassador and Head of the European Union Delegation to Nigeria, Mr. Michel Arrion, on Monday said that a lot of investors from Europe were currently worried about Nigeria’s investment climate. Arrion stated this during a meeting with the Executive Secretary, Nigerian Investment Promotion Commission, Mrs. Uju Baba. A statement from the commission said Arrion […]
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The Department of Petroleum Resources (DPR) said it has sanctioned about 99 filling stations for committing various offences and taking undue advantage of consumers in view of the prevailing fuel scarcity. The DPR in a statement, noted that some of the retail outlets aside being shut, were fined more than N100,000 for selling above government […]
Read More The Federal Executive Council (FEC) presided by President Muhammadu Buhari (GCFR) on Today approved N6 trillion expenditure for 2016 Budget under the Medium Term Expenditure Framework (MTEF). The FEC after three hours meeting approved the three-year MTEF. The Minister of Budget and National Planning, Senator Udoma Udo Udoma, spoke with State House correspondents at the […]
Read More The naira persisted in its recent decline against the United States dollar in the unofficial market at the weekend, dropping to N251 per dollar from N247 last Thursday and N222 in the same period last month, according to currency traders. Forex dealers attributed the naira’s fall to the Central Bank of Nigeria’s (CBN) suspension of […]
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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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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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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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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 […]
Read More 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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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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