News Reports

UPDATED: Nigeria inflation reaches 19-month high

The inflation in December 2019 hit 11.98 per cent — higher than 11.85 per cent in November.

President Muhammadu Buhari names Kingsley Isitua Obiora, for CBN deputy governor

Buhari names IMF director as CBN deputy governor

He is currently an Alternate Executive Director in the International Monetary Fund (IMF) In Washington DC, United States of America, the presidency said.

File photo of Nigeria's President Muhammadu Buhari at the 56th Ordinary session of the Economic Community of West Africa States (ECOWAS)

ECO crisis deepens as Nigeria, other English-speaking countries condemn French-speaking counterparts

The six countries issued the condemnation at the end of an extraordinary meeting of their ministers of finance and governors of their central banks on Thursday.

The minister of mines and steel development, Olamilekan Adegbite.

Why mining must remain on the exclusive legislative list – Nigerian govt

Mr Adegbite said the federal government is reaching out to the states to create a win-win situation.

President Muhammadu Buhari [Photo: © Presidency]

Reps call Buhari’s transfer of NBET to finance ministry illegal, unconstitutional

Reps say only constitutional amendments can make such reshuffling stand.

Minister of Finance Budget and National Planning, Zainab Ahmed

ECO Controversy: Nigeria, six other English-speaking ECOWAS nations hold crucial meeting

The official said Nigeria had decided not to make any statement that would be “misinterpreted or misunderstood”.

Nigeria Stock Exchange

Profit taking: NSE records first loss in 2020

Trade dropped by 1.18 per cent after 11 days of consecutive uptrend.

President Muhammadu Buhari signing

Buhari signs Finance Bill into law

Nigerians will pay more for specific goods and services that attract VAT this year.

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives at the OPEC headquarters in Vienna, Austria Dec. 6, 2019.

Saudi Energy Minister: We want sustainable oil prices

On January 3, OPEC predicted that oil prices in 2020 will recover smartly from late 2019 levels.

Abubakar Garba, Registrar General of the Corporate Affairs Commission (CAC)

PROFILE: Garba Abubakar, lawyer and ex-special adviser, heads Corporate Affairs Commission

The new Registrar General, who already assumed duties, is from Bauchi State.

Bua-Group-cement-plant-e1441696474535

BUA Cement now listed on Nigerian Stock Exchange

BUA Cement has a combined capital of over N1.2 trillion.

AIRTEL office used to illustrate the story. [PHOTO CREDIT: Stackpreneur]

Airtel launches TV app, video-on-demand

Airtel says the TV app would be a one-stop platform for everything entertainment – live TV, music videos, news, sports and lots more.

Communication mast used to tell the story.

Nigerian Govt Silent As States Hike Telcos’ Right Of Way Charges

About 14 states across the federation have increased their charges on telecom operators.

A cargo ship used to illustrate the story

Oil prices drop amid U.S.-Iran tensions

Brent crude futures prices are used as benchmarks for future oil prices in Africa, Europe and the Middle East.

UBA

Inside details of UBA’s rightsizing exercise affecting hundreds of staff

Many of the affected staff are allegedly officers who have spent between 10 to 13 years in the service of the bank.

Nigerian-Stock-Exchange

NSE All-Share Index records 1.38 per cent growth, amid buying interest in Dangote Cement

The market capitalisation rose by N180 billion to close at N13.199 trillion in contrast with N13.019 trillion on Friday.

Meters on pole-mounted by JEDC

Electricity tariff hike still subject to public consultation — NERC

The commission said if there is going to be an increase in tariff, it will be based on consultations at a public forum.

A transformer used to illustrate the story

Nigerian govt to ‘subsidise’ electricity cost pending new tariffs in April

GENCOs put revenue shortfall (subsidy) at about N1.4 trillion since 2016.

Ghana-Central-Bank. [Photo credit: Independent Newspapers Nigeria]

Why we introduced higher cedi denominations – Bank of Ghana

The Ghanaian apex bank in November 2019 introduced higher denominations of its local currency.

Electricity Meter

Nigerian govt orders 78% hike in electricity tariffs

The new tariffs took effect from January 1, and mandates a consumer who paid N13.34 per kWh before, to pay N21.80 per kWh.

Railway

How Nigeria’s rail sector fared in 2019

Many actions taken by the Jonathan and Buhari administrations are seen as attempts to resuscitate the country’s decaying railway system.

A cargo ship used to illustrate the story

Oil prices jump after U.S. airstrike kills top Iranian general

Brent crude futures jumped 2.9 per cent to $68.16 per barrel during Asian trading hours on Friday.

MTN Nigeria office

Africa’s MTN exits towers businesses in Ghana and Uganda

MTN, Africa’s biggest mobile phone operator refocuses on high-growth markets on the continent and in the Middle East.

Bank queue

Customers decry banks’ non-compliance with CBN’s new guidelines on ATM, other charges

Customers say banks have now devised a means of deducting ATM charges without sending the alert to their customers.

Aliko-Dangote-1062x598

Dangote ends 2019 $4.3 billion richer

Mr Dangote ended the last decade with a net worth of almost $15 billion, according to the Bloomberg Billionaires Index.