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Tuesday 18th December 2018,
Hope for Nigeria

Nigerians to buy N448 billion worth of private jets this year

The Nigerian Aviation industry continues to enjoy a boom according to Khadar Mattar, the Regional Vice-President, Sales, Middle East, Africa and Turkey, Bombardier Business Aircraft. Mattar made this known on Monday while speaking on the sidelines of Nigerian Economic Summit organised [...]

April 2, 2014 Business, Technology

NNPC Puts Nigeria’s Undiscovered Gas Potential at 600TCF

The Nigerian National Petroleum Corporation (NNPC) has said that in addition to Nigeria’s proven natural gas reserves of 182 trillion cubic feet (TCF), about 600 thousand cubic feet of undiscovered gas potential is still available for her to tap from. [...]

April 1, 2014 Power

PPMC Targets 500,000mt of Cooking Gas in 2014

The Managing Director of Pipelines Products and Marketing Company (PPMC), Mr. Haruna Momoh, said the subsidiary of the Nigerian National Petroleum Corporation (NNPC) is targeting to supply 500, 000 metric tonnes of Liquefied Petroleum Gas (LPG), or cooking gas by [...]

April 1, 2014 Economy

BPE Remits N370bn to Settle Defunct PHCN Employees

The Bureau of Public Enterprises (BPE) has remitted to the Office of the Account General of the Federation (OAGF) a total of N370 billion for payment of the former employees of the defunct Power Holding Company of Nigeria (PHCN). The [...]

April 1, 2014 Economy

FG Plans Regional Power Hub with TCN’s Ongoing Expansion Plans

The federal government has disclosed its plans to leverage on the ongoing electricity transmission plans of the Transmission Company of Nigeria (TCN) to transform Nigeria into a regional power hub where members of the Economic Community of West African States [...]

April 1, 2014 Economy

Nigeria Intensifies Arrangements for Nuclear Power Development

Nigeria is stepping up preparations for effective regulation of its planned nuclear power generation from nuclear sources. The country’s first nuclear power generation unit is expected to provide about 1200 megawatts (MW) and it is originally scheduled to come on [...]

April 1, 2014 Economy, Power

Policymakers, Stakeholders to Brainstorm on Food and Nutrition

A three-day conference, which began yesterday in Kigali, Rwanda, is gathering more than 275 high-level stakeholders from government, business and civil society from around the world to brainstorm on how to get highly nutritious food crops across to people in [...]

April 1, 2014 Economy, Health issues

Private Investor to Employ 15,000 in Edo through Farming

A Private Investor, Festrut Conglomerate is set to establish a farm, covering 100 hectares of land at Uzebba, Edo State that will provide about 15,000 employment opportunities for the people of the state. Chairman and Chief Executive Officer of the [...]

April 1, 2014 Agriculture, Economy

FG Abandons Cassava, Wheat Composite Flour Policy

Having faced stiff resistance from strong interest groups in the wheat importing and processing industry, it has learnt that the federal government may have abandoned the cassava inclusion policy and are allowing it to die quietly. The policy, which was [...]

April 1, 2014 Agriculture, Economy

Marginal Field Operators Groan Under Harsh Tax Regimes

Nigerian indigenous companies producing some of the 24 marginal fields awarded by the federal government in 2003 are groaning under harsh fiscal regimes imposed by the tax authorities, which was contrary to the agreement reached between the operators and the [...]

April 1, 2014 Economy

Oil Marketers Threaten Nationwide Strike over Shut Down of NIPCO

Some oil marketers yesterday threatened to embark on an industrial action following the shutdown of Nigerian Independent Petroleum Company (NIPCO) by the National Union of Petroleum and Natural Gas Workers (NUPENG). According to the News Agency of Nigeria (NAN), NUPENG [...]

April 1, 2014 Economy

May Exports: Nigeria to Lose Position of Largest Oil Producer in Africa

Oil theft looks set to push Nigeria off its spot as top African crude oil exporter in May and exports could fall to their lowest since records began in 2009, data have shown. Nigerian exports in May are set to [...]

April 1, 2014 Business, Oil & Gas

ICPC Docks Edo Majority Leader for Alleged Tax Fraud

These are not the best of times for the Edo State House of Assembly Majority Leader, Hon. Phillip Shaibu, as the state High Court in Benin City, has fixed April 14 for his arraignment for allegedly forging a tax clearance [...]

April 1, 2014 Economy

$1.69m Fraud: Court Denies Ajudua Bail

An Ikeja High Court yesterday refused to grant bail to a one-time Lagos socialite, Fred Ajudua. Ajudua is standing trial for allegedly defrauding two Dutch businessmen the sum of $1.69 million. Justice Kudirat Jose denied him bail on the ground [...]

April 1, 2014 Economy

SWF Posts N505.6m Income in 15 Months

The Nigeria Sovereign Investment Authority (NSIA) which is responsible for the management of Nigerian Sovereign Wealth Fund (SWF) has reported a total income of N505.694 million for the 15 months which ended December 2013. According to the results audited by [...]

April 1, 2014 Business

Zenith Bank Announces Peter Amangbo GMD/CEO Designate

Following the confirmation of Mr. Godwin Emefiele as the next Governor of the Central Bank of Nigeria (CBN), the Board of Directors of Zenith Bank Plc has approved the appointment of Mr. Peter Amangbo as the Managing Director/CEO-designate, effective June [...]

April 1, 2014 Economy

SAP Africa Partners Nosmay to Deliver Cloud Services in West Africa

SAP, the global market leader in enterprise application software, is proud to announce its first Managed Cloud as a Service (MCaaS) partnership in Ghana with Nosmay Company Limited. MCaaS is SAP’s latest partnering business model that gives solution providers complete [...]

March 31, 2014 Business

Nigeria Set for FAA Category One Safety Status Re-assessment

With the arrival of the US Federal Aviation Administration (FAA) at the weekend to begin the reassessment of the nation’s aviation industry today, the Nigerian Civil Aviation Authority of Nigeria (NCAA) and other aviation agencies have expressed readiness for the [...]

March 31, 2014 Economy

Agusto & Co Limited Takes Credit Rating to Rwanda

As part of  its growth and expansion strategy, Nigeria's  foremost rating agency, Agusto & Co has extended its brand to Rwanda where it has organised a credit rating seminar for senior and top management executives. Having obtained a credit ratings [...]

March 31, 2014 Africa

Diamond Bank Records N32 Billion Profit

Diamond Bank Plc has declared a profit before tax (PBT) of N32.1 billion for the financial year ended December 31, 2013. A statement from the bank at the weekend said the financial results represent a sustainable growth in profitability over [...]

March 31, 2014 Business

Take Decisive Stand on Privatisation of Refineries, NECA Tells Government

Nigeria Employers’ Consultative Association (NECA) has called on the federal government to take a decisive stand on the privatisation of the nation’s refineries, describing government’s continued involvement in the running of the refineries as economic waste. Director General of NECA, [...]

March 31, 2014 Economy

FG Sets to Slash Price of Mobile Phones

The Federal Government has assured Nigerians that it would begin the process of reducing the cost of Internet-enabled mobile phones, so as to enable more Nigerians have access to the internet. The Minister of Communications Technology, Mrs. Omobola Johnson, gave [...]

March 31, 2014 Business

Madagascar Officials Understudy HASAL MFB’s Micro Financing Model

Top officials of the Ministry of Finance of Madagascar have visited HASAL Microfinance Bank Limited, one of the leading MFBs spearheading grassroots financial inclusion drive in the country, to understudy the bank's  operational model with a view to using the [...]

March 31, 2014 Economy, Finance

UBA’s Loan Book Rises 42% to N973bn

United Bank for Africa (UBA) Plc grew its loan book by 42 per cent to N937 billion for the year ended December 31, 2013, from N659 billion in 2012. The bank attributed the growth to several big ticket transactions carried [...]

March 31, 2014 Economy

NAHCO’s Shareholders Get N443m Dividend

Shareholders of Nigerian Aviation Handling Company Plc (Nahco aviance)  are to share N443 million for the year ended December 31, 2013. The audited results of the company showed growth in revenue and profit. Consequently, the directors recommended a dividend, which [...]

March 31, 2014 Business

NLC Kicks against Privatisation, Commercialisation of Refineries, NTA, FRCN, Others

The Nigeria Labour Congress (NLC) has  cautioned against the proposed the Bureau of Public Enterprises (BPE) to privatise the refineries with an accusation that the government is determined to hastily sell off public properties to its cronies under the guise [...]

March 31, 2014 Business

UN: Failure to Provide Electricity is Violation of Right to Health

  The United Nations has declared that the failure of the federal government to provide basic needs of the people of the country, such as electricity, amounts to a violation of their right to health. The Joint Letter of Concern [...]

March 31, 2014 Power

Nigeria Forces W’Africa to Decline Endorsement of EU Trade Deal

As the European Union at the weekend made another spirited effort to close the Economic Partnership Agreement (EPA) with West Africa, Nigeria again threw a clog in the wheel and prevented its smaller West African neighbours from accepting  EU's terms [...]

March 31, 2014 Business

Banks’ Reserves with CBN Hit N3.7 Trillion

The total amount of Deposit Money Banks’ (DMBs’) reserves with the Central Bank of Nigeria (CBN) stood at N3.7 trillion at the end of February, 2014, the central bank has said. According to the latest central bank money and credit [...]

March 31, 2014 Business

Zambia to Host Chinese Investors

ZAMBIA will this week host a high-level investment and trade seminar for Zambian and Chinese firms at one of the Multi Facility Economic Zones (MFEZs) in Lusaka. The forum, dubbed Zambia China Jilin Investment and Trade Seminar, which will be [...]

March 31, 2014 Africa, Business