This came some months after the group was reacquired from Tiger Branded Consumers Goods Plc. The group posted a profit before tax of N2.64bn in the half-year ended June 30, 2016, compared to a loss of N9.55bn posted in the corresponding period of 2015. Dangote Flour Mills consist of Dangote Flour, Dangote Pasta, and Dangote […]
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The reason Nigeria Naira is on a free fall was explained by Godwin Emefiele, the CBN Governor. He said the country’s currency depreciated against the Dollar because the nation has nothing to export except oil. Emefiele disclosed this during a career talk organised for the teenagers of Redeemed Christian Church of God (RCCG) at TEAP school, Abuja. He […]
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The Abuja-Kaduna train service recorded N5 million revenue within the first two weeks of operation, Mr Fidet Ikhiria, Acting Managing Director of Nigerian Railway Corporation (NRC), has said. Ikhiria made this known to reporters while travelling on the train from Abuja to Kaduna on Saturday. The Managing Director of News Agency of Nigeria (NAN), Mr […]
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First Bank of Nigeria at the weekend absolves itself of any involvement in the alleged N11.2 billion fraud at Nigerian Ports Authority (NPA). This came as a response to an online medium, PREMIUM TIMES’s report on Saturday that the new management of the NPA has uncovered an alleged fraud totalling N11.23 billion involving the foremost […]
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By: Dele Adelaja, At about N13.595bn which belongs to the Nigerian Ports Authority (NPA) is held in three commercial banks and the Treasury Single Account (TSA) in the Central Bank of Nigeria (CBN). According to report, Of which about $24.1million (N9.399billion at N390 to a dollar) of the sum was lodged with Heritage Bank. Nothing was said […]
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By: Bisola Adeola, Mr. Demola Banu, a Kwara State Commissioner for Finance, has said the continued depreciation of Naira is negatively affecting banks, other financial institutions and the whole economy at large. He also said it was increasing loan default by bank customers, adding that many micro-finance banks in Nigeria that did not attach loans with securities […]
Read More No fewer than four commercial banks yesterday disbursed the first batch of diaspora inflow-related foreign exchange (forex) to over 350 bureaux de change (BDCs), as directed by the Central Bank of Nigeria (CBN). United Bank for Africa (UBA) Plc, First Bank, Fidelity Bank Plc and Ecobank Nigeria Limited, sold the regulatory $30,000 weekly to each […]
Read More The naira closed at 312 against the dollar on Tuesday in a single interbank market trade of $100,000, Thomson Reuters data showed. The local currency was offered at 313 to the dollar and a total of $3.11m had been traded by 1230 GMT. The local currency closed at 312.50 against the dollar, the FMDQITC website […]
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The African Development Bank (AfDB) has approved a $9million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agric small and medium-sized enterprises (SMEs), according to a statement issued by continental lender yesterday. The statement said FAFIN is a first-generation private equity fund that provides financial, capacity-building and […]
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The Federal Government may investigate the N1 billion power equipment which was abandoned at bonded terminals in Lagos, correspondent has learnt. Their abandonment is believed to have stalled the power projects in some states. According to report, a senior official of the Federal Ministry of Transportation said over 200 containers laden with the equipment belonging to the defunct Power […]
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The total assets under the Contributory Pension Scheme rose from N5.3tn in December last year to N5.729tn at the end of June. The funds, which stood at N4.6tn in December 2014, include the total amount contributed by the subscribers, the investments and profits generated. Figures obtained from the National Pension Commission on Friday showed that […]
Read More The naira plunged to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country. The local currency had closed at 390 against the greenback on Wednesday. After closing at around 378 against the dollar for most part of last week, […]
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