News Reports

Nigeria's ministry of finance building

TSA: Nigerian govt hires firms to audit funds withheld by banks

The federal government has lost over N70 billion in the possession of various commercial banks since 2004, says an official.


Naira falls against dollar

The Nigerian currency lost one point to exchange at N368.

Heritage Bank

Heritage Bank staff protest ‘non-payment of N486.8 million loan’ by NIGCOMSAT

The protesters said they suspected that funds may have been misappropriated


South Africa’s Standard Bank lifts first-half profit by 11 per cent

Shares in the company rose as much as 2.5 per cent shortly after the market opened.

NNPC Headquarters, Abuja [Photo Credit: Thisday]

‎Nigeria announces reduction of cost of production of crude to $23

The reduction, the corporation said, represents a 70.5 per cent fall.

MTN Nigeria office

SEC in discussion with MTN over listing on Nigerian Stock Exchange – Official

The discussion has been on for two months.

Arik Air. (Photo Credit: Punch)

Lagos to record decline in airline reservations – Study

Decline linked to crash of naira in 2016

Apple (Photo:

Apple plans to sell $1.96 billion in bonds in Canada – Report

Apple’s size and brand name allows the company to borrow cheaply.

GT Bank [Photot: LogBaby}

GTB makes profit before tax of N101 billion in six months

The report showed that the profit represented a growth of 18 per cent.

Central bank of Nigeria

CBN injects $364 million into inter-bank Forex market

The CBN offered $100 million to authorised dealers in the wholesale window.


Chevron, ExxonMobil, 10 others top NEITI compliance ranking

65 agencies were graded in the exercise.

Naira Notes

Nigeria to auction N135 billion bonds August 23 – DMO

Nigeria issues sovereign bonds monthly to support the local bond market.


Naira dips further against dollar

Naira had been strong for two weeks.

The World Bank

How poor implementation of Nigeria job-creation projects delayed $160m World Bank grant

The grant was approved o help increase growth and employment in Kaduna, Kano, Lagos, Jigawa and Cross River States.

Zenith Bank [Photo Credit:]

Zenith Bank posts N75.32 billion profit in 6 months

The bank also declares 25k interim dividend.

Central bank of Nigeria

Nigeria foreign reserves reach $31.22 billion, first time in 2 years

The CBN is believed to have injected a cumulative sum of $3.61 billion between February and April 2017.

Acting President Yemi Osinbajo; Chief of Staff Abba Kyari; Head of Civil Service; Mrs. Winifred Oyo-Ita during the Federal Executive Council Meeting held at the Council Chamber of the State House in Abuja. 26th April 2017. Photo by: Novo Isioro

Economists react to Nigerian govt’s decision to grant tax breaks to 27 industries

The Nigerian government recently granted 27 additional industries and products pioneer status to enjoy tax break.

Naira Notes

Naira sustains gain at parallel market

The pound sterling and the Euro closed at N477 and N428 to the naira, respectively.

Acting President Yemi Osinbajo during the swearing ceremony of the new ministers (Alh. Shehu Hassan and Prof. Stephen Ocheni) at FEC meeting, State House, Abuja. 26th July 2017. Photos: NOVO ISIORO.

Nigeria approves 2018-2020 MTEF, sets oil benchmark at $45 per barrel

Targets seven per cent growth in the economy by 2020

ExxonMobil Nigeria [Photo: The News Nigeria]

Mobil Nigeria changes name to 11 Plc

“This is sequel to the resolution passed by the company’s shareholders at its Annual General Meeting.”

His Excellency Vice President Prof. Yemi Osinbajo with Chief of Staff to the President, Mallam Abba Kyari shortly before the commencement of the FEC Meeting at the Council Chambers, State House, Abuja. 3rd May 2017. NOVO ISIORO.

EXCLUSIVE: Nigerian govt clarifies 27 businesses to enjoy tax break under pioneer status

“The pioneer status actually applies to those involved in their first year of business or operations.”

Addax Petroleum [Photo: Africa Oil & Gas reports]

Addax Petroleum closing three offices

Senior executives were recently arrested for corruption in Nigeria.

NNPC Headquarters, Abuja [Photo Credit: Thisday]

Our four major investments to increase Nigeria’s revenue by $30 billion – NNPC

The investments will speed up the prevailing post Cash-Call exit era, says the corporation

Central bank of Nigeria

CBN boosts Forex market with $195 million

“The invisible segment was offered $45 million intervention.”

Crude oil extraction [Photo credit: Bloomberg]

Nigeria’s crude production stands at 2.35 million barrels per day – NNPC

The figure includes condensates which account for about 400,000 barrels per day.