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Monday 24th September 2018,
Hope for Nigeria

Seplat listing boosts NSE market capitalisation by $1.9bn

The successful listing via Initial Public Offering of Seplat Petroleum Development Company on the Nigerian Stock Exchange has boosted the market capitalisation of the listed equities by $1.9bn. The Chief Executive Officer, NSE, Mr. Oscar Onyema, said this in Lagos [...]

April 15, 2014 Oil & Gas

GE, Partners to Double Power Generation to 10,000MW

President and Chief Executive Officer, GE Power and Water, Mr. Stephen Bolze   By Kunle Aderinokun General Electric has said it is working with the federal government and some generation companies to raising the power level from the current 5,000 [...]

April 14, 2014 Power
World Bank formulate social security programme for Nigeria

IMF, World Bank formulate social security programme for Nigeria

Pool $700m to upgrade electricity transmission infrastructure • Assist in tracking illicit financial flows from Africa NIGERIANS, particularly those at the lowest and lower rungs of the social ladder in the country, are soon to begin to count their blessings [...]

April 14, 2014 International

Nigeria Pays $10m to Ghana for Failure to Meet Gas Supply Agreement

By Chika Amanze-Nwachuku with agency report The federal government has paid $10 million to Ghana as compensation for Nigeria’s failure to meet the gas supply agreement it entered with the latter. Under the agreement signed in 1999,  Nigeria was required [...]

April 14, 2014 Oil & Gas

Rebased GDP Has Exposed Nigeria to Global Investors

Ndubuisi Francis in Washington DC, USA The rebasing of Nigeria’s Gross Domestic Product (GDP), which placed the country as Africa’s largest economy, has exposed its investment potentials to the world, the Chief Economist (Africa Region) of the World Bank, Francisco [...]

April 14, 2014 Economy
Nigeria to be among 15 largest economies by 2050 with GDP of $4.5 trillion

Moody’s – Nigeria to be among 15 largest economies by 2050 with GDP of $4.5 trillion

Ratings agency Moody’s published a statement last week on Nigeria’s rebased GDP of $510 billion, which it estimates would surge to $4.5 trillion by 2050. Moody’s which has a Ba3 stable rating on Nigeria said that the rebasing exercise was [...]

April 14, 2014 Business, Economy

Fitch Ratings: Nigeria’s Economic Fundamentals Remain Strong, Says Rewane

By Festus Akanbi The stable outlook assigned to Nigeria’s long-term foreign and local currency Issuer Default Ratings (IDR) by Fitch Ratings on Friday has been defended by economists who described the latest report as a fair reflection of improvement in [...]

April 14, 2014 General

Minister Signs $18.3bn FCT Housing Agreement

The Minister of Federal Capital Territory, Sen. Bala Mohammed, said the city’s authorities had given 1,264.8 hectares of land to an investor for a housing programme. Mohammed said that the land was located at Kuje, on the Airport Road in [...]

April 14, 2014 Economy

CBN Raises Supply of Lower Naira Denomination

As a result of complaints of scarcity of lower denomination naira across the country, the Central Bank of Nigeria (CBN),  yesterday indicated that it had increased the supply of banknotes to deposit money banks (DMBs). The central bank explained that [...]

April 14, 2014 Economy, Finance

NERC Moves to Sanction Electricity Distribution Companies over Exorbitant Bills

Apparently worried that consumers of electricity in Nigeria are increasingly paying more for darkness, the Nigerian Electricity Regulatory Commission (NERC) will today approve the enforcement of a regulation that stipulates financial fines against any electricity distribution company (Disco) that imposes [...]

April 14, 2014 Power

Nigerian Economy And The Rebased GDP

After a recent statistical re-benchmarking of our economy from the prism of 46 broad sectors, Nigeria’s Gross Domestic Product (GDP) is now estimated at $510 billion. And following the exercise (last carried out in 1990), which received the accolades of the International Monetary Fund, World Bank and African Development [...]

April 14, 2014 Economy

Equities Market Gains N119bn on Sustained Rally

The Nigerian equities market added N119 billion to close at N12.554 trillion last week as renewed investor confidence was sustained, spurring further bargain hunting. Having closed the first quarter (Q1) with a decline of 6.3 per cent, the market had [...]

April 14, 2014 Economy

Fashola meets high powered French business delegation, restates flexibility to investment proposals

On the sidelines of the just concluded, hugely successful Lagos Economic Summit, (EHINGBETI 2014), Lagos State Governor, Mr Babatunde Fashola (SAN) on Thursday met with a high powered French business delegation under the aegis of MEDEF International whose members made [...]

April 14, 2014 Economy

Sterilisation of Public Sector Fund

Deposit Mobilisation Yields Dividends Stung by the increasingly tight monetary policy measures of the Central Bank of Nigeria, which manifested in the hike in cash reserve requirement for banks and the sterilisation of a huge public sector funds, a number [...]

April 14, 2014 Economy

Lingering gas supply issues undermine efforts to power Lagos

The city of 20 million plus people probably accounts for up to 20 percent of the economic activity taking place in Nigeria, meaning it has a nominal GDP of roughly $100 billion or a fifth of Nigeria’s rebased output of [...]

April 14, 2014 Oil & Gas

Rice Production to Boost Nation’s GDP by $9bn, Says Adesina

Rice Production to Boost Nation’s GDP by $9bn, Says Adesina – Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has projected that when new investments on facilities for rice production and processing become fully operational, the staple food rice [...]

April 11, 2014 Agriculture, Economy

5 Persons Including Pregnant Woman Die of Electrocution in Lagos

5 Persons Including Pregnant Woman Die of Electrocution in Lagos – On Thursday, five persons including a pregnant woman, identified only as Mrs. Ameh, and her three-year-old daughter were killed by a live wire in Oworonshoki area of Lagos State. Others who [...]

April 11, 2014 Environmental issues

Too much time on Facebook leads to negative body images in women

Too much time on Facebook leads to negative body images in women – The researchers were able to predict how often women felt negatively about their own bodies after looking at someone else's photos or posts, and how often women [...]

April 11, 2014 Health issues, International

FEC Okays Draft Bill to Ban Smoking – Tribune

FEC Okays Draft Bill to Ban Smoking – Tribune – THE Federal Executive Council (FEC), on Wednesday, approved a draft Tobacco Bill 2014 which prescribes N50,000 fine or six months imprisonment or both for people who smoke cigarette in areas designated as non-smoking zones. [...]

April 11, 2014 Health issues

Samaritan’s Purse in Liberia hoping to help curb Ebola virus

Samaritan's Purse in Liberia hoping to help curb Ebola virus- A Calgary-based, humanitarian organization says an outbreak of the deadly Ebola virus is spreading rapidly in West Africa. Samaritan's Purse sent a team to the front lines in an effort [...]

April 11, 2014 Health issues

Chevron, YPF ramp up Argentina shale investment

Chevron, YPF ramp up Argentina shale investment – US oil giant Chevron and state-controlled YPF unveiled plans to spend another $1.6 billion to develop Argentina's Vaca Muerta shale formation for oil and gas projects. The investment comes on top of [...]

April 11, 2014 International

Nigeria’s Diamond Bank Q1 profit up 6 pct to 9.24 bln naira

Nigeria's Diamond Bank Q1 profit up 6 pct to 9.24 bln naira – LAGOS, April 10 (Reuters) – Nigeria's Diamond Bank said on Thursday first quarter pretax profit jumped 6 percent to 9.24 billion naira ($56.74 million), compared with 8.73 billion [...]

April 11, 2014 Economy

FIFA ranking: Eagles move up to 45th position

FIFA ranking: Eagles move up to 45th position – Nigeria’s downward slide in the monthly FIFA ranking has taken a positive turn as the country moved up two places to 45 after the latest rankings were released on Thursday. Obviously, [...]

April 11, 2014 Sports

Brazil 2014: Adidas unveils new products

Brazil 2014: Adidas unveils new products – With the FIFA World Cup around the corner, Adidas, the official 2014 FIFA World Cup partner, has teamed up with its retail strategic partner, Mopheth Sport Nigeria Ltd, to make its latest football. [...]

April 11, 2014 Sports

Glo pledges support to NSC

Glo pledges support to NSC – Sports development in Nigeria got a major boost Thursday when leading communications outfit, Globacom visited new sports minister Tamuno Danagogo in his office in Abuja and declared their commitment to continue their sponsorship of [...]

April 11, 2014 Sports

Global economic recovery too slow –IMF

Global economic recovery too slow –IMF – Despite a projected 3.6 per cent growth for the global economy presented in its 2014 World Economic Outlook, the International Monetary Fund (IMF), Wednesday, expressed concern over the trend of recovery and growth [...]

April 11, 2014 Economy

MTN offers subscribers alternative power solution

Following the outcome of a research that close to 90 per cent of Nigerians do not have access to power, MTN has partnered with some foreign firms to provide affordable alternative to electricity supply called ‘Mobile Electricity Solution’. The companies [...]

April 11, 2014 Economy, Power

Diamond Bank partners MoneyGram on money transfer

Diamond Bank partners MoneyGram on money transfer – Diamond Bank Plc has entered into a strategic partnership with MoneyGram International for the provision of money transfer services. At the signing ceremony in Lagos, its Executive Director, Retail Banking, Mr. Uzoma [...]

April 11, 2014 Business

As Nigeria grows, so does inequality among rich and poor

WHAT matters more: the size of the pie or how many mouths it has to feed? It depends whether you’re eating pies or selling them. Most of Nigeria’s 170-million people live below the poverty line, so many complained that they [...]

April 11, 2014 General

Towards sustaining Niger’s health sector successes

THE adage that health is wealth finds a conspicuous place in the heart of Niger State, that has continuously shown interest for development of the health sector through an effective implementation of the health policy in the state. It is, [...]

April 10, 2014 Health issues