News Reports

Oil barge used to illustrate the story. [Photo credit: Myanmar Business Today]

Oil prices rise, head for weekly gain

Brent crude was up 14 cents, or 0.3 per cent at $45.10 by 0043 GMT.

Anya Duroha [PHOTO CREDIT: novambl.com]

Nova Bank wants to partner in financing Nigeria’s economic recovery – MD

Mr Duroha said the bank was looking at the prospect of creating medium to long term loans with tenor ranging between three and five years for industries like agriculture, telecoms and healthcare, where clear opportunities exist to tap into.

Apapa Port

Maritime agencies plan 24-hour operation in Nigerian ports

“We are looking at the workability of 24-hour port services to ease the pressure on our ports in terms of congestion.”

The e-Auction Portal of the Customs Service

Customs resume e-auction amid complaints of inability to access portal

Prospective participants are expected to possess a Tax Identification Number among other requirements

NOVA Merchant Bank. [PHOTO CREDIT: Official LinkedIn account of the bank]

NOVA Merchant Bank’s N10bn bond oversubscribed by 300% -official

Bank says oversubscription was in spite of the havoc of the new coronavirus pandemic on the economy.

US Dollars used to illustrate the story

Dollar slips as yields dive on recovery worries

A hardening perception that the U.S. recovery is lagging Europe has buttressed the euro.

Nestlé Nigeria Milo plant in Ogun State [PHOTO CREDIT: Nestlé Central & West Africa]

Nestlé Nigeria appoints new MD

The new MD takes over from Mauricio Alarcon who has been appointed as the Market Head of Nestlé Central and West Africa Region comprising 25 countries with head office in Ghana

Crude Oil pipelines

Oil prices fall over rising coronavirus infections

Denting fuel demand, cities from Manila to Melbourne are tightening lockdowns to battle new infections

BUA’s Kalambaina Cement plant in Sokoto

BUA Cement records N34.8 half-year profit, 12.7% revenue increase

This was contained in a filing to the Nigerian Stock Exchange.

AIICO INSURANCE PLC BUILDING [PHOTO CREDIT: AIICO on LinkedIn]

AIICO Insurance Gross Written Premium hits N31.9bn

The N31.9 billion recorded by AIICO as of June signifies a 26 per cent increase, compared to N25.4 billion recorded in comparative period of 2019.

Shoprite, Wuse zone 5, Abuja.

Shoprite’s shares appreciate amid plans to sell Nigerian subsidiary

In recent years, Africa’s top supermarket has been reviewing its long-term options in Africa.

Shoprite, Lugbe expressway Abuja.

Shoprite to pull out of Nigeria

While the company’s total sales of merchandise may be on the rise, it is struggling outside South Africa.

Central bank of Nigeria (CBN)

EXPLAINER: CBN’s new GSI Policy: What bank customers need to know

The GSI policy will facilitate improved credit repayment culture in the country and reduce non-performing loans.

NNPC Towers

NNPC to sue Mexican firm over alleged stolen 48m barrels of crude

The NNPC described the allegations as “diversionary tactics in furtherance of the scheme to fleece Nigeria”.

Shell reports falling profit amid oil price slump

Malabu Scandal: Shell ‘writes down’ OPL 245 licence

The oil giant on Thursday listed the controversial licence for an offshore oilfield in Nigeria, which it holds alongside Eni, as parts of its writedowns.

Akinwumi Adesina, President African Development Bank. [PHOTO CREDIT: Official Facebook page of Mr Adesina]

AfDB Board reacts to report of High-Level Panel clearing Akinwunmi Adesina

The High-Level Panel had concurred with the bank’s Ethics Committee in respect of all allegations against Mr Adesina.

Polaris bank

Polaris Bank partners Facebook to build capacity for SMEs

The bank explained that this move is intended to equip Small and Medium-scale Enterprises (SMEs) who are focused on leveraging social media tools to drive business and sales.

Corporate Affairs Commission (CAC) Head Office

No going back on deregistration of Ohaneze Ndigbo, Arewa socio-cultural groups – CAC

Mr Abubakar said, henceforth, requests for registration by socio-cultural groups and organisations would not be granted by the CAC without a certificate of security screening and clearance of their Board of Trustees members.

A Bureau De Change, BDCs, operator

Naira strengthens marginally to dollar at I&E window

The Naira gained marginally to the dollar at the Investors and Exporters (I &E) window closing at N389.25 to a dollar as against N389.50 posted on Friday.

NOVA Mechant Bank

NOVA Merchant Bank’s debut N10bn Bond oversubscribed by 300%

The transaction represents NOVA’s first bond issuance in the debt market and was oversubscribed by 300 per cent.

President Muhammadu Buhari receives the locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative.

How gold mining can enhance Nigeria’s economy

Experts say husbanding resources in the mining sector would create millions of jobs and diversify foreign exchange earnings

5G Network: NCC

NCC begins implementation of framework for Telecom Industry

The commission said it is committed to the creation of an enabling environment for competition among operators in the industry.

A Maize Farm [PHOTO CREDIT: AgroNewsNigeria]

CBN’s Maize Import Ban Ill-timed, May Cripple Poultry Sector – Don

The scholar said the apex bank’s decision to ban maize importation was too abrupt, urging the CBN to reverse the decision.

Naira notes used to illustrate market trading

Nigeria Records Highest Inflation In 26 Months

Inflation in Nigeria has been on the rise since August 2019 when the country shut its land borders with its neighbours to curb smuggling.

Central Bank of Nigeria (CBN)

How CBN’s non-interest intervention credits will deepen financial inclusion in Nigeria — NSCIA

NSCIA praises CBN for non-interest intervention credits, says move will deepen financial inclusion.