Business

Dana Air

DANA airline cut fares online

Passengers could pay as low as N7, 200 if they book online early.

Kanji Dam to generate 220MW by December 2014

 Power plants across the country are being refurbished.

GTBank dips feet in banking in East Africa

The Nigerian bank acquires majority shares in a Kenyan Bank.

N1.5b tax dispute: FIRS, 44 insurance firms opt for out-of-court settlement

The insurance firms dragged the FIRS to court.

Sterling Bank releases second quarter report

To accelerate US$400 million capital raising program.

Finance experts highlight impact of base effect on Nigeria’s inflation rate

The base effect is the consequence of abnormally high or low levels of inflation.

BPE to collaborate with Water Ministry to review policies

The BPE boss visited the water resources minister. The Bureau of Public Enterprises (BPE) and the Water Resources Ministry are to work together to review the policies, as well as legal and regulatory frameworks in the water sector to ensure that they conform to the reform and transformation agenda of the present administration. The Minister […]

Tony Elumelu

Africa: Invest in Ourselves for Profit and Social Good – Elumelu

When President Barack Obama announced his administration’s US$7 billion ‘Power Africa’initiative in Tanzania this month, Nigerian businessman and philanthropist Tony Elumelu was at his side. His Heirs Holdings investment firm pledged $2.5 billion towards an estimated $9 billion private-sector fund to boost the electrification project.  A few weeks earlier, he stood with Rockefeller Foundation President Judith Rodin in Cape […]

Segun Aganga

Nigeria may mandate production of school uniforms from local fabrics- Minister

The government plans to invest in small businesses.

Procurement Bureau threatens stiff sanctions against erring contractors, suppliers

The Bureau has already sanctioned 13 contractors.

Petrol importers receive N240.5bn so far as subsidy in 2013- Okonjo-Iweala

The minister said another N48 billion was recently paid to importers.

Nigerian government, states, councils share N718.1bn revenue for June

The sum of N7.617 billion was refunded by the Nigerian National Petroleum Corporation (NNPC) as a result of its indebtedness to the Federation Account.

Central Bank to forward account details of ‘dud cheque issuers’ to EFCC

The bank stated this in a circular posted on its website.

Court clears NIMASA of contempt charge, as NLNG agrees to pay disputed levy

Both parties have reached a temporary resolution of the crisis. A Federal High Court sitting in Lagos on Friday cleared the Nigerian Maritime Administration and Safety Agency (NIMASA) of contempt charges brought against it by the Nigerian Liquefied and Natural Gas Limited (NLNG) over the lingering dispute on unpaid statutory levies. The maritime regulatory agency […]

Court clears NIMASA of contempt charge, as NLNG agrees to pay $140m levy

The Federal High Court, sitting in Lagos, on Friday cleared the Nigerian Maritime Administration and Safety Agency (NIMASA) of contempt charges brought against it by the Nigerian Liquefied and Natural Gas Limited (NLNG) in the wake of the lingering dispute over unpaid statutory levies. The maritime regulatory agency had on May 3 triggered a major […]

New downside risks to global growth prospects have emerged – IMF

Stronger global growth will require additional policy action The International Monetary Fund, IMF, has said that global growth is projected to remain subdued at slightly above 3 per cent in 2013, the same as in 2012, as new downside risks to global growth prospects have emerged while old risks remain. The IMF, an organisation of […]

$3bn liabilities hamper NITEL liquidation, says BPE

BPE said it would invite experts to help value NITEL. The Bureau of Public Enterprises on Wednesday said that the planned guided liquidation of the national carrier, the Nigerian Telecommunications Limited (NITEL), is being hampered by over $3 billion (about N480 billion) liabilities. The privatisation agency has however said the proposed liquidation of the moribund […]

Nigeria, China seal pact on financial cooperation to boost economy

President Goodluck Jonathan signed five different agreements with the Chinese president on Wednesday. Nigeria’s President, Goodluck Jonathan and his Chinese counterpart, Xi Jinping, on Wednesday in Beijing supervised the signing of five different agreements aimed at boosting financial, trade, economic, technical and cultural relations between the two countries. These were part of a Framework Agreement […]

NIMASA Logo

Senate wades into NLNG, NIMASA feud, demands immediate resolution

NIMASA claims NLNG owes it a cumulative amount of about $158 million.

‘Businesses may expand investments, plant sizes, in third quarter 2013’- LCCI

The Lagos Chamber stated this in its third quarter report.

Dangote urges Nigerian government to build alternative seaports

The businessman asked government to address smuggling.

atm-machine-nigeria1

Nigerians will use biometric authentication for ATMs, PoS from 2015 – Sanusi

Mr. Sanusi said ATM fraud has reduced by 90 per cent.

crude oil theft

JTF impounds 28 vessels, badges involved in oil theft in Rivers

The Joint Task Force (JTF) in the Niger Delta on Sunday said it had impounded 17 metal badges, 10 vessels and a tug boat laden with crude oil in Rivers. The JTF Commander, Maj.-Gen. Bata Debiro, said this after an assessment tour of JTF’s operational bases in Bonny, Rivers. Mr. Debiro said the arrests were […]

100 local, foreign companies to participate in property exhibition in Lagos

The event will hold from July 11 to 13.

Bunkering crude oil theft

Shell bemoans oil theft, pipeline vandalism

Shell said a pipeline fire was caused by vandals. The Shell Petroleum Development Company of Nigeria Ltd. (SPDC) -operated Joint Venture has bemoaned the crude oil theft activities that led to the recent fire and explosion on the 28’’ Trans Niger Pipeline (TNP). This is contained in a statement issued on Friday by Tony Okonedo, […]