South African retailer Shoprite reported a 15.5 percent jump in half-year profit on Tuesday, buoyed by sales growth in Angola and Nigeria, reassuring investors after a merger with Steinhoff foundered. Shoprite, which mainly sells groceries, has grown rapidly outside its home market with sales in other African countries now accounting for more than a fifth […]
Read More
The Nigeria Government and the Peoples Republic of China have commenced talks on a N900 billion ($4.5b) loan to facilitate the production of agricultural machineries for large scale farming in selected states across the country. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh during a meeting with representative of China-Africa Machinery Corporation (CAMACO), […]
Read More
No fewer than five million refugees were in Africa as at 2016 from 2.6 million in 2011, the World Food Programme (WFP) and the Office of the UN High Commissioner for Refugees (UNHCR) said. The Executive Director of WFP, Ertharin Cousin, and the UN High Commissioner for Refugees, Filippo Grandi, in a joint statement issued […]
Read More
Nigeria Naira plunges to 520 against the United States dollar at the parallel market on Monday as scarcity of the greenback continued to keep the exchange rate in a free fall mode. The naira had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar last Thursday and Tuesday, respectively. Experts said demand for dollar […]
Read More
With the thought of easing up travellers burden on FX, the Central Bank of Nigeria (CBN) has directed all banks to open Foreign Exchange outlets to sell dollars and other hard currencies at major airports. According to a statement signed on Monday by the CBN acting Director of Communications, Mr Isaac Okorafor, the banks are to […]
Read More
The oil and gas industry requires a minimum of $9.06billion funding to meet the nation’s energy requirement, the Head, Energy Research, Ecobank Group, Dolapo Oni has said. Oni said Nigeria needs to attract massive investment to the industry to boost reserves and output. He noted that the Federal Government should encourage operators to optmise production to […]
Read More
Pan African banking and financial services group, United Bank for Africa (UBA) Plc has added yet another award to its growing list of laurels as it emerged Most Innovative Bank of the Year at the Independent Newspapers Awards The award which is a recognition of innovative products and services introduced by the bank in the […]
Read More
Guinness Nigeria Plc has urged its employees, customers and shareholders not to panic over a winding-up lawsuit filed against it by a pharmaceutical company, Pharma-Deko Plc. Pharma-Deko, in a suit it filed before Justice Hadizat Rabiu-Shagari of the Federal High Court in Lagos, claimed that Guinness owed it N175,669,317.99. It is praying the court to […]
Read More
With the economic crisis in the country hitting businesses hard, telecommunication firms are opting for drastic measures to boost revenue, OZIOMA UBABUKOH writes Telecoms companies in the country are hoping to address concerns over revenue loss from international calls and hit a revenue target of N20tn by blocking subscribers from accessing Skype and other Over-the-Top […]
Read More
About 40 fire incidents were recorded in different parts of Lagos State over the weekend, the Commissioner for Special Duties and Intergovernmental Relations, Mr Seye Oladejo, has said. Oladejo disclosed this in an interview with the News Agency of Nigeria (NAN) on Sunday at scene of fire outbreak at a plastic factory in Oshodi. NAN […]
Read More
The Nigerian Stock Exchange (NSE) has issued a circular to stockbrokers warning them against a breach of the extant capital market rules which prohibit brokers from providing any guarantee on quoted shares, or other securities. The circular, obtained by The Nation at the weekend, came on the heels of a guaranteed investment scheme that involved […]
Read More
Due to President Muhammadu Buhari’s success in the 2015 general election, Boko Haram insurgents might have taken over the Presidential Villa in Aso Rock. The Senior Special Assistant (SSA) to the President on Media and Publicity, Garba Shehu has said that President Muhammadu Buhari stated this during an interactive session with Nigeria students and youths […]
Read More
