Investors who put their life savings in Union Homes, a subsidiary of Union Bank, have raised the alarm that their savings in the mortgage company are no longer secured. Most of the investors who reacted to an earlier story in [...]
Senate yesterday, passed the Pension Reform Act with a prescription of a 10-year jail term for pension thieves. The new Act officially accommodates employees of private firms in the contributory pension scheme. The passage of the bill automatically repealed the [...]
Following the rebasing of the country’s Gross Domestic Product which had increased the rating of the Nigerian economy to the largest in Africa and 26th globally, the Federal Government has directed the Federal Inland Revenue Service to increase the country’s [...]
A new government proposal could see farmworkers getting half of the farms that they work on, according to a report by Rapport. The proposal would see half of all commercial farms being expropriated and handed over to the farmworkers, the Rapport said. The [...]
The rand held broadly steady against the major currencies in late trade on Monday amid a lack of fresh drivers. “It (the rand) is close to an important juncture, namely the possibility of breaking its three-year-old down(ward) trend versus the [...]
The South African economy needs to undergo a significant structural change if it is to create jobs and employment, Trade and Industry Minister Dr Rob Davies said on Monday. The minister was speaking at the launch of the sixth iteration [...]
Economic data show a South African economy in a “difficult” situation and it is up to policy makers to “listen” and “act” on the figures, says Statistician-General Pali Lehohla. Statistics SA has released a string of economic data which has [...]
The Federal Government has dispelled media reports that it entered into an agreement to import electricity from the Democratic Republic of Congo. Speaking, the Minister of Power, Prof. Chinedu Nebo, said no agreement had been entered into or signed. Nebo [...]
South Africa can benefit from a healthy Nigerian economy, the SA Chamber of Commerce and Industry said. On Sunday, Nigeria overtook South Africa as Africa’s largest economy after its government rebased the country’s gross domestic product. Sacci CEO Neren Rau [...]
BY EMMA UJAH, FRANKLIN ALLI & NAOMI UZOR The World Bank, yesterday, reacted to the $510 billion Gross Domestic Product, GDP, announced by the Federal Government on Sunday, challenging the government to ensure that the figure translates to better living standards [...]
Coscharis Motors says it is ready to establish an assembly plant in Lagos in conjunction with a Chinese firm for the production of over 14,000 vehicles every year. It said the Chinese firm, JiangSu Yoylong Automobile, had agreed to serve [...]
Deposit Money Banks will need to dedicate about 22,000 of their employees to the biometric registration exercise of their customers, sources close to the project have said. According to the officials working on the project, over 20 DMBs in the [...]
The trade volume between Nigeria and Belgium is now worth about €300m, the Nigerian Ambassador to Belgium, Felix Awanbor, has said. He said this on the sidelines of the just-concluded Fourth European Union-Africa Summit in Brussels, Belgium on Saturday. Awanbor, [...]
A drop in interest rate will assist manufacturers and other operators in Nigeria to grow the economy. This is the consensus of the Organised Private Sector, OPS, and other economic operators in the country. At the moment, interest rates range between [...]
In an effort towards expanding its gas infrastructure assets in the country, Seven Energy International Limited and its wholly-owned subsidiary, Accugas Limited, have closed a $170 million 5.5-year medium-term acquisition facility deal with Ecobank Nigeria Limited and FBN Bank (UK) [...]
The naira, on Friday, firmed up against the US dollar at the Nigeria Inter-bank Foreign Exchange (NIFEX) market following the intervention of the Central Bank of Nigeria (CBN) through the sale of foreign exchange to the tune of $654.545 million [...]
Nigeria’s foreign exchange (forex) reserves decreased by $5billion in three months (90 days) according to statistics from the Central Bank of Nigeria (CBN). The forex dropped month-on-month to $37.85 billion ($37,851,940,115.7) as of April 2, compared to N43.50billion ($43,505,064,558) on [...]
As part of the measures to restore confidence in the power industry and ensure that Nigerians begin to enjoy stable electricity supply, the Licensed Electrical Contractors Association of Nigeria (LECAN) is set to partner the Electricity Management Services (EMS). The [...]
Stakeholders have questioned the Nigerian Stock Exchange’s (NSE) ability to protect minority shareholders of listed companies on the Nigerian bourse. This call was made by the Chairman of Progressive Shareholders Association of Nigeria, Boniface Okezie, at the Investors’ Clinic organised [...]
A leading indigenous and independent upstream oil and gas company in Nigeria, Seplat Petroleum Development Company, has concluded plans to enlist its shares on the floor of the Nigerian Stock Exchange and London Stock Exchange respectively. The price at which [...]
THE Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has admitted that the downstream oil sector must be deregulated for Nigeria to move forward. The union, however, declared that such deregulation could not take place until, and unless some [...]
The Federal Government has issued a two-month ultimatum to contractors of power distribution projects to complete their contracts, otherwise, they will face sanctions. The Vice-President, Namadi Sambo, gave the ultimatum at a meeting with the transmission and distribution companies [...]
As part of efforts to attain the universal health coverage in the country, the Federal Government is to introduce Herbal Medicine, as a course of study in Nigerian universities. To this end, the Joint Admissions and Matriculation Board (JAMB) will [...]
Nigeria has surpassed South Africa as Africa’s biggest economy, rebased gross domestic product (GDP) figures from authorities showed Sunday. The biggest oil producer in Africa climbed to the 26th largest economy in the world, according to the statistics announced by Minister of Finance and [...]
Abeokuta Private Nature Park welcomes you to experience the ambiance and serenity of Nature. Abeokuta is a Heritage, Health and Eco-Tourist Attraction located in Dean’s Valley Westmoreland. The Park was officially opened on January 5th, 2003 by the Nigerian High [...]
* Likely to overtake South Africa as continent’s top economy * Move seen as positive for investment in Nigeria * Won’t change poverty, infrastructure woes By Chijioke Ohuocha LAGOS, April 4 (Reuters) – Nigeria will rebase its GDP on Sunday, the [...]
Governor Adams Oshiomhole yesterday led other participants in a 12-kilometre road walk in Benin City tagged “Walk for Life”, assuring that the exercise will be a monthly exercise. Oshiomhole who flagged off the exercise at the Samuel Ogbemudia Stadium, said [...]
The National Union of Petroleum and Natural Gas Workers (NUPENG), on Friday said it had re-opened the Nigeria Petroleum Company (NIPCO), following government’s intervention in its leadership crisis. NUPENG’s President, Mr Igwe Achese, announced this at a news conference in [...]
Oando PLC, Nigeria’s leading indigenous energy group with a current market capitalisation of over $1 billion, has completed the sale of its East Horizon Gas Company (EHGC) subsidiary, for $250 Million to Seven Energy Limited. EHGC was originally set up [...]
The Academic Staff Union of Universities (ASUU), LASU chapter has declared a trade dispute and given the institution a 21-day ultimatum to meet its demands. This was contained in the union’s bulletin entitled: “Declaration of a Trade Dispute” dated April 1 and [...]
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