Business

Group seeks end to neglect of small scale miners

International Institute for Environment and Development says small scale mining can be a force for good just as small scale agriculture.

Dangote still richest in Africa, now worth N2.4trn

Two Nigerian industrialists are on the world’s list of billionaires.

CBN

‘Slow-down’ in Nigeria’s economy may affect businesses hard in 2013- LCCI

The Lagos Chamber of Commerce and Industries seeks cooperation among economic regulators.

Alleged N25.7b theft: Witnesses accuse Atuche, others of forging documents

The ex-Nigerian bank chief is accused of mismanaging banks funds while in office. A former Managing Director of Bank PHB, Francis Atuche, and his wife, Elizabeth, on Monday informed an Ikeja High Court of their intention to file a no-case submission application to the charges preferred against them. Also to file a no-case submission application […]

Signed 2013 budget not available to Nigerians yet

The Budget Office said the 2013 budget would be available next week.

CBN

Nigeria’s credit growth falls sharply in January

Industry and commerce associations lament insufficient credit to grow businesses and high rates. The growth in Nigeria’s credit to private sector has fallen sharply from 56 per cent year on year in January 2012 to 3.3 percent year on year in January 2013. The growth, which persistently fell over the months, stood at 7.8 per […]

At last, President Jonathan signs 2013 budget

The presidency has just released the statement below, saying President Goodluck Jonathan has signed the 2013 Appropriation Bill into law. Read full statement below. _____________________________________________________________________________________ Following consultations and an agreement between the Executive and the Legislature on the 2013 Appropriation Bill, President Goodluck Ebele Jonathan today signed the bill into law. President Jonathan wishes to […]

Unbridled corruption, impunity, poverty, bane of national development, says Babalola

Former Finance Minister says corruption has to be tackled for national development goals to be achieved.

Finally, NNPC responds to controversial $1.6 billion loan

NNPC explains its controversial $1.56 billion syndicated loan.

NEXIM keen on developing borderless ECOWAS markets- MD

Nigerian Export Import Bank, NEXIM, says it is working hard to realise its dream of developing an Economic Community of West African States, ECOWAS, whose markets operate seamless commercial exchanges devoid of trade barriers among members. The Managing Director/ Chief Executive Officer of the Bank, Roberts Orya, said on Thursday at the annual conference of […]

Aig-Imoukhuede

Access Bank dragged to court for withholding customer’s money

The customer accused the Nigerian bank of improper action. Emmanuel Effiong, a civil servant, on Thursday sued Access Bank Plc before the Investments and Securities Tribunal, Abuja, for allegedly detaining his N761,688.00. Also joined in the suit is Security and Exchange Commission. His counsel, A.G. Wilfred, told the tribunal that the amount was improperly and […]

Unbundling of PHCN will stabilise power supply in Nigeria, says Sambo

The Nigeria Vice President made the statement in Abuja on Thursday. The Federal Government said on Thursday that the unbundling of the Power Holding Company of Nigeria (PHCN) would speed up the restructuring of the power sector and ensure stable electricity supply in the country. Vice President Namadi Sambo said this on Thursday at the […]

CBN

Update: ‘Nigerian banks to lobby for review of Central Bank’s directive’ -RenCap

Renaissance Capital, an Investment Bank, has stated that there are possibilities that Nigerian banks may lobby for a review of the Central’s Banks regulatory directive issued on Tuesday. “We expect the bankers’ committee to lobby the Central Bank for a review of these intended changes” Renaissance Capital, RenCap, said in a report analysing the new […]

Non-passage of PIB delays billion dollars investments in Nigeria, oil companies say

Oil companies say the delay in passing the PIB is slowing down the industry. International Oil Companies, IOCs, on Wednesday said the continued delay in passing the Petroleum Industry Bill, PIB, into law is creating uncertainties. The uncertainties delay the take-off of fresh projects worth several billion of dollars that would grow industry capacity and […]

crude oil theft

Sponsors of crude oil theft are in ‘high places’, go after them, Shell tells Jonathan

Instead of gallivanting to European and other foreign countries to seek for help on tackling crude oil theft, the Goodluck Jonathan administration should move against “principalities and powers in high places,” who are the sponsors of crude oil theft, the Managing Director of Shell Petroleum Development Company, SPDC, Mutiu Sunmonu, said in Abuja on Wednesday. […]

CBN

Nigeria’s Central Bank tightens regulations on banks

As part of efforts to entrench risk management in banks, the Central Bank of Nigeria (CBN) on Tuesday said it has reviewed the risk weights assigned to some certain exposures in the banking industry. The banking sector regulatory body said this in a letter with reference number: “BSD/DIR/GEN/LAB/06/003,” dated January 31; a copy of which […]

Jonathan “very worried” about crude oil theft in Niger Delta – Alison-Madueke

Petroleum Minister says efforts to recover funds from illegal bunkering and crude oil theft have commenced. President Goodluck Jonathan is so worried about crude oil theft in the Niger Delta and the billions of naira Nigeria loses by the trade of such crude that he is already seeking foreign assistance to resolve the menace. This […]

BRIGHT-OKOGU-MINISTER-OF-FINANCE-DR-NGOZI-OKONJO-IWEALA-AND-MINISTER-OF-STATE-FOR-FINANCE-DR-LAWAN-NGAMA.jpg

Nigeria’s finances cannot sustain petrol subsidy payment – DG Budget Office

The Budget office boss said this in Abuja on Tuesday

Nigeria moves to recover billions of dollars of stolen crude proceeds

The Federal Government said on Tuesday that it has commenced efforts to recover huge oil revenues laundered abroad by companies involved in the growing incidents of illegal oil bunkering and crude theft in the Niger Delta region. The Minister of Petroleum Resources, Diezani Alison-Madueke said on Tuesday at the opening of the Nigeria Oil and […]

NIMC logo

National Identity Management Commission workers protest sack

The workers claim they were unjustly sacked by the Nigerian agency. Some 1,000 former workers of the National Identity Management Commission (NIMC), on Tuesday protested against their sack, and blocked the entrance into the National Assembly complex. During the protest, many legislators and workers were locked out. At least 4,000 workers of the Commission were […]

Nigeria approves N10bn for Conditional Cash Transfer Scheme

The Minister of Finance made this announcement on Monday.

Nigeria targets 400m tons of gas production annually

The 13th Nigerian Oil and Gas Conference and Exhibition was opened on Monday.

CBN

Nigeria’s inflation falls to single digit, lowest in five years

The Nigerian Statistics Bureau announced the new inflation figure on Monday.

BFIG slams UC RUSAL with N2.8 billion suit; accuses BPE of frustrating ALSCON takeover

A Nigerian agency, BPE, is accused of not obeying a Supreme Court ruling judiciously.

BFIG slams Russia’s UC RUSAL with N2.8billion suit over ALSCON takeover

BFIGroup Corporation, the American-Nigerian consortium recently reinstated by the Supreme Court as the preferred bidder for the Aluminium Smelter Company of Nigeria, ALSCON, Ikot Abasi, Akwa Ibom State, on Friday said it has instituted a N2.8 billion lawsuit against UC RUSAL for damages over the bid for the plant. The suit filed at the Federal […]