Business

Survey shows Nigeria’s business confidence index decline in 4th quarter

The BCI fell from 24 per cent to 17 per cent.

N10.9b fraud: Ex-Finbank chiefs have case to answer, Lagos court rules

Justice Lateefat Okunnu refused to discharge the ex-FinBank chiefs.

FG approves establishment of transformer assembly plant in Nigeria – Official

The head of the National Agency for Science and Engineering Infrastructure stated this. The National Agency for Science and Engineering Infrastructure (NASENI) said the Federal Government has approved the establishment of a local transformer assembly plant, to address the nation’s epileptic power supply. The Executive Vice Chairman of the agency, Mohammed Haruna, announced this on […]

NNPC refutes owing FAAC N2.3 trillion

The Corporation said it has paid all its dues. The management of the Nigeria National Petroleum Corporation, NNPC, on Sunday refuted a statement credited to Governor Adams Oshiomhole of Edo that the Corporation owes the Federation Account about N2.3 trillion. This is contained in a statement issued in Abuja by the Acting Group General Manager, […]

CAC staff suspend strike, to resume work Monday

The CAC staff had gone on strike on Friday. Staff of the Corporate Affairs Commission (CAC) on Sunday suspended their strike over non-payment of an agreed 35 per cent salary increase by the commission. The suspension followed agreements reached by the CAC management and the workers under the aegis of Amalgamated Union of Public Corporations, […]

Nigerian stock exchange report Friday, 04 October 2013: Guinness tops losers chart

Nigerian Breweries topped gainers chart after Monday’s transaction on the Nigerian stock exchange trading floor, gaining N3.60, at the close of the day’s transactions. The firm’s share price rose from N169.40 to N173.00. It was followed by Mobil, which gained N3.05 closing at N110.05 up from N107.00. FO was third on the top five chart, […]

Why Corporate Affairs Commission workers commenced indefinite strike- Union leaders

The junior staff are protesting the wide disparity in salary structure.

EFCC arraigns 12 suspected oil thieves

Six others were arrested by the Navy.

Corporate Affairs Commission, CAC, staff embark on strike over pay

The workers shutdown their offices.

New owners of Nigeria’s electricity companies can abandon unwanted projects- Official

The new investors have been handed the licences of the PHCN successor companies.

Work resumes at PHCN offices as workers insist on payment of entitlement

FG insists it has paid severance benefits of nearly all PHCN workers.

Nigerian stock exchange report Wednesday, 02 October 2013: Nestle tops gainers chart

Nestle topped gainers chart after Wednesday’s transaction on the Nigerian stock exchange trading floor, gaining N8.47, at the close of the day’s transactions. The firm’s share price rose from N990.03 to N998.50. It was followed by Nigerian Breweries, which gained N3.00 closing at N168.00 up from N165.00. UACN was third on the top five chart, […]

Analysts laud Nigeria Central Bank for re-introducing Retail Dutch Auction

 The Central Bank has moved from the Wholesale Dutch Auction to the Retail Dutch Auction.

World Bank, IFC to mobilise private sector investments in Nigeria’s power sector

The World Bank recently unfolded its Energy Business Plan for Nigeria. The World Bank Group on Tuesday restated its commitment to continue to support the Nigerian Government’s efforts to mobilise private sector investments in the newly privatised power distribution companies. ‪The Group, through one of its affiliate agencies, the International Finance Corporation (IFC), recently unfolded […]

Nigeria Central Bank bans importation of ‘unapproved’ foreign currency

The Central Bank is taking measures to protect the Naira. The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval. This was contained in a statement signed by CBN Director of Corporate Communications, Ugochukwu Okoroafor, on Tuesday in Abuja. It said that the move was sequel to the […]

NNPC debunks allegations of shortfall in remitted revenue

A federal lawmaker said NNPC did not remit N320 billion to federation account. The Nigeria National Petroleum Corporation, NNPC, has debunked allegations by the Chairman of the House of Representatives Committee on Finance, Abdulmumin Jibrin, that the corporation had not remitted over N320 billion to the Federation Accounts Allocation Committee. This is contained in a […]

Nigerian stock exchange report Monday, 30 September 2013: Guinness tops gainers chart

Guinness topped gainers chart after Monday’s transaction on the Nigerian stock exchange trading floor, gaining N12.70, at the close of the day’s transactions. The firm’s share price rose from N254.00 to N266.70. It was followed by FO, which gained N1.69 closing at N37.39 up from N35.70. Nigerian Breweries was third on the top five chart, […]

‘Nigeria’s operating environment for businesses has been difficult’- LCCI

The chamber said Nigeria has also recorded some successes.

Nigeria is not bankrupt – Jonathan

President Goodluck Jonathan in Abuja on Sunday debunked insinuations in certain quarters that Nigeria is insolvent, saying Nigeria is neither broke nor bankrupt. The President, who stated this during his Presidential Media Chat, said “the claim that Nigeria is broke is politically motivated.” He explained that the misunderstanding between the Federal and States’ Ministries of Finance […]

How VP Sambo, BPE DG unilaterally awarded Enugu DISCO to Emeka Offor

Documents show how the BPE and the Vice President Namadi Sambo-led NCP violated privatisation guidelines to hand over Enugu Disco to Emeka Offor’s Interstate Electric.

Nigeria Central Bank releases names of 20 sanctioned Bureau De Change operators

The CBN said it has also invited the EFCC to investigate the offences.

CBN

Increased money laundering: Nigeria Central Bank suspends Wholesale Dutch Auction

Recipients of Western Union, Money Gram transfers are now to be paid in Naira.