News Reports

Pic.4. FAAC meeting concluded in Abuja, FG, States, LGs share N647.39bn

Buhari intervenes on solution for FAAC revenue sharing controversy 

Three tiers of government share N821.9 billion allocation for June.

Central bank of Nigeria (CBN)

CBN provides $340 million, CNY69 million for agric, raw materials

CBN had on July 20 announced the commencement of its intervention in the sale of foreign exchange in Chinese currency.


Stock market upbeat as capitalisation gains N76 billion

The All-Share Index which opened at 36,427.22 rose by 209.75 points or 0.58 per cent to close at 36,636.97.


Nigeria raised N748bn from oil tax, royalty in 2017 – DPR

The revenue represented about 83 per cent of the agency’s target.

Murtala Muhammed International Airport, Lagos

Lagos records highest fare for air travels in June – NBS

Abuja had the highest average fares for road travels within the city and intercity.

Nigeria Air

How Nigeria Air will be financed — Infrastructure Commission

Of about $300 million funding estimate, the government will provide $55 million upfront grant/viability gap funding.

A NIPCO filling station used to illustrate the story on authentic data

Nigerians paid less for petrol, diesel, kerosene in June – NBS

Borno, Kebbi and Sokoto were the states where Nigerians paid the highest average prices for petrol.

From left: Representative of Governor of Oyo State, Prof. Niyi Olowofela; Director, Dangote Group, Halima Aliko-Dangote and representative of Aliko Dangote, Mr Ahamed Manzor; at the University of Ibadan School of Business Eminent Person lecture delivered by Aliko Dangote in Ibadan on Wednesday (25/7/18). 04014/25/7/7/2018/Olayinka Bode-Are/MA/JAU/NAN

Dangote donates N300 million business school to University of Ibadan

The business mogul says his foundation would continue to prioritise education as a means of raising entrepreneurs


NSE: Crucial indices decline further by 0.30%

Forte Oil recorded the highest loss to lead the laggards’ table, dropping by N2.10 to close at N23.10 per share.

Union Bank of Nigeria

Union Bank records half year N11.7 billion profit before tax

The profit before tax indicated an increase of 23 per cent compared to N9.5 billion in the corresponding period of 2017.

Naira notes

Naira gains marginally against dollar at parallel market

The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Tuesday.


Konga to re-launch ‘pay on delivery’

The e-commerce company says it has achieved 97% same-day deliveries.

Someone operating a mobile phone [Photo: IT News Africa]

16,287 telecom subscribers changed network providers in June – NCC

13,203 subscribers ported within the networks in May, showing an increase of 3,084 in June.

Buhari’s minister in N993,000 hotel accommodation double payment mess – Report

The report of the Auditor-General questions double payment for same service.

Central bank of Nigeria (CBN)

CBN plans incentives to boost credits to manufacturing, agric sectors

MPC retains controlling rates for 11th consecutive time.

President Muhammadu Buhari and President of the Republic of Niger, Mahammadou Issoufou witnessing the signing of the Memorandum of Understanding (MoU)

Nigeria signs pipeline, refinery MoU with Niger Republic

The pipeline is to be constructed from Niger to Katsina State where a new refinery would be sited.

World Bank appoints Nigerian into advisory council

Mr Cole is one of the first two Nigerians ever to be appointed to the Council.

Nigeria Stock Exchange

NSE: Indices rise by 0.30% amid Dangote Cement gain

Forte Oil topped the losers’ chart for the day, dropping by N2.70 to close at N25.20 per share.

Babatunde Raji Fashola

Fashola, electricity distribution firms trade blames over poor performance

The Association of Nigerian Electricity Distributors accuses the minister of wasting public funds.

Oil rig

Oil prices fall amid demand concerns

Finance ministers and central bank governors from the world’s 20 biggest economies ended a meeting in Buenos Aires over the weekend.

Minister of Trade and Investment, Okechukwu Enelamah at a skills acquisition and empowerment programme organised by The Everlasting Arms Parish (TEAP) under the Redeemed Christian Church of God (RCCG), Abuja

Why many Nigerian businesses don’t access govt financing — Enelamah

Mr Enelamah speaks at an empowerment programme in Abuja.

Central Bank of Nigeria (CBN)

Nigeria’s Central Bank commences sale of Chinese Yuan

The CBN would receive bids from all authorised dealers.

Mr Innoson Chukwuma, chairman of Innoson Motors.

Innoson heads to Supreme Court as Appeal Court grants GTBank’s new application

Innoson asks GTBank to comply with a previous appellate court order before new motions are entertained.

ExxonMobil used to illustrate the story

Why ExxonMobil sacked spy police officers – Official

The policemen were fired after being initially absorbed.

Mary Uduk, Acting Director-General of SEC 1

SEC advises investors on shares, warns against ponzi schemes

SEC said there was need to properly sensitise investors to guide against money loss.