News Reports

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.

Sahara Group director, Tonye Cole

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.

Google Headquarters [Photo Credit: Android Headlines]

EU fines Google $5 billion for breaching competition rules

The commission accused Google of hindering competition and reinforcing its dominant position among search engines.

Nigerian Senate Chambers

Senate to probe $10 billion ‘fraud’ in Nigeria’s oil and gas lease renewal

Senate Committee on Petroleum Resources (Upstream) alleges illegal discounts and rebates are denying government revenue in excess of $10 billion.

Comptroller-General of Nigeria Customs, Hameed Ali

Nigerian Customs must adopt new technologies to secure ports — Comptroller-General

Mr Ali explained that Nigerian ports have been ranked poor by major agencies.

Minister of Trade and Investment, Okechukwu Enelamah

Auto Policy: Dangote Sinotruck to begin local trucks production

About 29 of the 54 licensed auto assembly plants are operational.

BUA Group

New cement factory to provide 12,000 jobs — BUA CEO, Rabiu

He said the $350 million factory will also generate 32 megawatts of electricity.

Chevron converts graduate trainees to ‘casual’ workers, triggering standoff

The workers have been “casualised” for over five years.

Nigeria Stock Exchange (NSE)

NSE: Indicators resume with 0.34% loss

The market capitalisation shed N46 billion to close at N13.499 trillion compared to N13.545 trillion posted on Friday.

Nigerian oil company, Oando. [Photo credit: Guardian Newspaper]

Oando Crisis: London Tribunal asks Tinubu, Boyo to pay Volpi N208 billion

The judgement can be appealed by the businessmen.

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

How to resolve FAAC, NNPC revenue controversy – Finance Commissioners

FIRS records N90 billion revenue shortfall in May and June.