News Reports

N370 billion has been paid to ex-PHCN workers, says BPE

“A total of N370 billion has been remitted to the OAGF for payment of the former employees of the defunct PHCN”.

Commission grants license to ExxonMobil to build 575 MW power plant in Akwa Ibom

The latest license brings to three, the multinational oil companies involved in Nigeria’s power projects.

CBN building fire did not destroy records- Spokesperson

Fire gutted the first floor of the CBN building in Lagos.

My traducer, Financial Reporting Council, got N500million from CBN, Sanusi says

The Financial Reporting Council of Nigeria [FRCN], whose report and recommendations President Goodluck Jonathan relied upon to suspend the Governor of the Central Bank of Nigeria, Lamido Sanusi, is a beneficiary of the CBN “intervention” spendings, the suspended CBN chief has said. The FRCN had, in a 13-page report, following its review of the audited […]

Nigerian Government opens bids for ten power generation plants

Forty-two prospective investors pre-qualified for the financial bids.

Text message phone

Shareholders fault NSE, CSCS on X-Alert

Some capital market shareholders have faulted the Nigerian Stock Exchange, NSE, over the introduction of X-Alert in place of Trade Alert without consultations with market stakeholders. They said in separate interviews that the exchange and the Central Clearing Securities System, CSCS, needed to consult with investors before migrating to X-Alert. X-Alert is a new and […]

Nigerian Stock Exchange cuts transaction costs for traders

Nestle topped the losers chart. The Nigerian Stock Exchange, NSE, has commenced the reduction of the cost of its Trade Alert service by about N1.24 billion from March 2014. This reduction is being achieved through the scrapping of the current charge of 0.06 per cent of every trade on the Exchange and an introduction of […]

Nigeria shortlists 42 bidders to purchase 10 power plants

The NCP received 66 proposals.

Segun Aganga

New Auto policy: Nigerian government commences inspection of local assembly plants

More auto companies are taking advantage of the new policy

Guinness tops losers chart as Nigerian Stock Exchange introduces new trade notification system

Access Bank was the most traded stock. The Nigerian Stock Exchange (NSE) has announced that it will discontinue the old trade notification system, Trade Alert, and introduce a fresh notification system known as X-Alert to all its investors in March 2014. Oscar Onyema, Chief Executive Officer, Nigerian Stock Exchange, said the X-Alert is a new […]

Nigeria’s economic indices slip to negative following Sanusi’s suspension

Analysts say Mr. Sanusi’s suspension may scare off investors

Zenith Bank tops most traded shares as Bank Chief is nominated Central Bank Governor

The Managing Director of Zenith Bank, Godwin Emefiele, is to be the next Governor of the Central Bank of Nigeria. Zenith Bank, Thursday, was the most traded shares on the Nigerian Stock Exchange after the bank’s boss was nominated as the next Central Bank Governor. Nigeria’s President, Goodluck Jonathan, Thursday, named the Managing Director of […]

Ex-workers accuse FIRS of unjust termination of appointment

The workers accused the agency of violation of agreement. Some former employees of the Federal Inland Revenue Service, FIRS, have accused the agency of unfairly terminating their appointments last year. In a press conference on Monday in Lagos, the workers said that a “massive” number of them were issued letters of compulsory retirement from service […]

Mainstreet Bank approves N520 million loan to support plantation farmers

Only genuine farmers would benefit from the loan. The Mainstreet Bank of Nigeria Plc said on Thursday that it had approved N520 million to support genuine farmers in developing plantations across Nigeria. Jumoke Odutola, a regional manager of the bank, made this known at a meeting with members of the Nigeria Association of Cooperative Organisation, […]

Nigeria requires N464 trillion for infrastructure development in power sector – Jonathan

The president also said only 55 per cent of Nigeria’s population have access to electricity.

Jonathan convenes confab on financing Nigeria’s power infrastructure

The event will facilitate interaction between new investors and local and international financial institutions

Alleged N4.2 billion Bank PHB fraud: Court adjourns Atuche’s trial indefinitely

Judge awaiting outcome of appeal filed by EFCC

Court orders Union Bank to release N320 million depositors’ fund

The money was deposited in the Union Bank account of a fraudulent company. A Jos High Court on Friday ordered Union Bank Plc to release N320 million funds accruing to investors in a failed investment house in Jos immediately. A High Court Judge, Dakwak Yau, gave the order in a judgement delivered in Jos. The […]

Dana Air

Three months after suspension, Dana Air resumes flight operations

The NCAA carried out an audit of Dana airline.

Vehicle, tyre importers to pay more tariff, Central Bank of Nigeria directs

Vehicle importers will now pay more charges at the ports.

Nigeria lost N797.8bilion to waivers, tax exemptions in 3 years, says Okonjo-Iweala

Minister Okonjo-Iweala says tax waivers and concessions have had negative impacts on the country’s revenue base. The Federal Government lost about N170.74billion to waivers and tax concessions granted to various government and private businesses in different sectors of the economy between 2011 and 2013, the Minister of Finance, Ngozi Okonjo-Iweala, disclosed on Thursday. That disclosure […]

NSE chief says 2014 market projections largely positive

Oscar Onyema says that he is optimistic that Nigeria will get to the emerging markets index. Despite concerns about Nigeria’s political, currency and interest rate risks, the Chief Executive Officer of the Nigerian Stock Exchange, NSE, Oscar Onyema, has said the projections for the Nigerian capital market are largely positive for the year. Speaking on […]

Nigeria’s inflation rate up 8 per cent in December 2013

The rise was as a result of non-food commodities.

Nigeria’s inflation to decline marginally to 7.8 per cent – Report

Financial Derivative Company released its January Economic Bulletin.

Global stocks rise, dollar falls as Fed rate path re-assessed

World stocks rose towards a six-year high on Monday.