Business News

BDC Directors Reiterate Commitment To Exchange Rate Stability

Bureaux De Change (BDC) directors have reiterated commitment to ensuring stable exchange rate and sound corporate governance practices. This was part of resolutions made at the end of a meeting of BDC Directors organised by the Association of Bureaux De Change Operators of Nigeria (ABCON) in Lagos, recently. The BDC directors also expressed support for …

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Bitcoin Drops Under $30,000 For First Time In Five Months

Bitcoin fell underneath $30,000 on Tuesday for the first time in five months, hit by concerns over China’s ongoing crackdown on the world’s most popular cryptocurrency. At about 1230 GMT, bitcoin sank nine percent to as low as $29,624, attaining a level last seen in January, with analysts citing Chinese efforts to crack down on …

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Filling Stations Shut In Suleja As IPMAN Begins Strike

Fuel scarcity hit Suleja town, Niger State, on Monday as the Petroleum Marketers Association of Nigeria (IPMAN) embarked on strike. IPMAN alleged that the strike was a result of extortion and demand for daily transaction records from filling stations by the DPR officials. However, the Head of Public Affairs of DPR, Paul Osu, in a …

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SEC Dismisses MBA Capital’s Registration Rumour

The Securities and Exchange Commission (SEC) has dispelled insinuations in some quarters that MBA Capital and Trading Limited is now a registered capital market operator with the Commission. This was contained in a statement by SEC management in Abuja on Monday. The commission noted that its attention was drawn to a publication in one of …

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Heritage Bank Staff Besiege Andy Uba’s Abuja Residence Over ‘Unpaid Loan’

Some workers of Heritage Bank Plc on Monday besieged the residence of Andy Uba, a former senator from Anambra state, over a loan they said he owes the financial institution. The staff of the bank, who were seen with placards, gathered in front of his residence in Abuja, asking the politician to pay the purported …

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$430m Enugu–Cameroon Highway Project To Be Completed This Year — AfDB

The African Development Bank (AfDB) says the 430 million dollars highway project linking Enugu to Bamenda in Cameroon will be completed this year. The bank, in a statement issued on Monday, said that it was part of its investments in West Africa which currently stood at 16 billion dollars. The statement quoted the President of …

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UAE Makes U-Turn, Reinstates Ban On Nigerian Flights

Barely 48 hours after announcing resumption of flights to Nigeria, Emirates, the UAE flag carrier, has again announced indefinite suspension of flights to Nigeria. The UAE authorities had initially fixed Wednesday, June 23, 2021, for resumption of flights to Nigeria. But in a statement on its website on Monday, the airline said, “In line with …

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Gombe, Sokoto Top Ease Of Doing Business, Anambra 7th, Ondo 8th, Lagos 20th [FULL LIST]

Three states in the North – Gombe, Sokoto and Jigawa – have taken the trophy, emerging tops on Nigeria’s subnational ease of doing business survey. The survey conducted by the Presidential Enabling Business Environment Council chaired by Vice President, Prof- Yemi Osinbajo, also saw Zamfara, Taraba and Delta emerging tops from behind. According to the …

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Nigeria’s Solid Minerals Revenue Increases To N79.9bn -NEITI

Nigeria recorded an increase in revenue from its solid minerals sector in 2019 as it earned N79.96bn from the industry during the period, data released on Sunday by the Nigeria Extractive Industries Transparency Initiative showed. Figures from NEITI’s 2019 Audit Report of the Solid Minerals Sector showed that the N79.96bn accruals to the federation and …

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Nigeria Earned $997.1bn From Oil Sales In 27 Years – OPEC

The Organisation of Petroleum Exporting Countries (OPEC), has disclosed that Nigeria earned $997.1 billion in 27 years (1990-2017) from the sale of crude oil. OPEC is a permanent intergovernmental organisation of 13 oil-exporting countries which was founded in 1960. It coordinates and unifies the petroleum policies of these member countries, in addition to protecting their …

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Corporate Affairs Commission (CAC) Dismisses Alleged N6.5bn Fraud

The Corporate Affairs Commission (CAC) has denied claims of alleged N6.542 billion fraud and other allegations by the Nigeria Labour Congress (NLC). A statement by the Director, Public Affairs, Duke Ukaga, traced the reported allegations to ‘figment of imagination’ of the Amalgamated Union of Public Corporation, Civil Service Technical and Recreational Services Employees (AUPCTRE) which …

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Nigeria May Earn N462bn From EMT Levy In 2021 – World Bank

The World Bank has said Nigeria is likely to make N462bn the electronic money transfer levy as a source of stable revenue in 2021. The multilateral institution said this in its ‘Resilience through Reforms’ report. According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act …

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NGX Suspends Trading in GTBank’s Shares Ahead of HoldCo Listing

The Nigerian Exchange (NGX) Limited last Friday placed full trading suspension on the shares of Guaranty Trust Bank(GTBank) Plc. According to the NGX, the suspension was necessary to prevent trading in the shares of the bank in preparation for the eventual delisting of GTBank to pave way for the listing of the holding company(Holdco), Guaranty …

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Govt, Operators Move to End $2bn Aircraft Maintenance Capital Flight

Nigerian Civil Aviation Authority, NCAA *Initiative to help Nigeria conserve forex As part of efforts to end the huge capital flight spent on maintenance of aircraft overseas put at $2 billion annually, some operators in the aviation industry and the Akwa Ibom State government have taken steps towards developing maintenance facilities in Nigeria. In the …

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Rainy Season: Prepare For Severe Air Turbulence, Nimet Warns Airlines

The Nigerian Meteorological Agency on Friday cautioned pilots to be ready to manage severe turbulence as the onset of the rainy season had commenced in many locations across the country. It said adverse weather activities associated with the onset period included high intensity storm within a short duration of time, high turbulence that may damage …

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Consolidated Revenue Fund Overdrawn By N2.48tr, Says Auditor-General

*Faults claim N3.2trn transferred to fund 2018 recurrent budget*N84.702 billion invested in moribund companies The Auditor General of the Federation has queried alleged unsubstantiated transfer of N3.627 trillion from government coffers to entities to fund recurrent expenditure in the 2018 financial year. He also said the Consolidated Revenue Fund was overdrawn to the tune N2.483 …

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NPA Probe: Panel Seeks Inputs From Staff, Stakeholders

The 11-man panel investigating the remittance activities of the Nigerian Ports Authority from 2016 to May 2021 has called on staff and the general public for their contribution through a memorandum in the ongoing probe. The Secretary of the Administrative Panel of Inquiry, Gabriel Fan, made the call in a public notice signed on behalf …

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