Business and Economy

Fidelity Bank Plc, one of Nigeria’s most capitalized financial institutions has released its third quarter result for the period ended September 30, 2015 posting an increase of 11.0 percent and 1.8 percent in its gross earnings and profit respectively. This is as Gross earnings grew from N96.0 billion in the …

The development of indigenous manpower for the oil and gas industry received a boost last Friday as 40 engineering and geosciences graduates passed out from a one-year internship programme organised by the Shell Petroleum Development Company of Nigeria (SPDC) operated Joint Venture and Petroleum Technology Association of Nigeria (PETAN), a …

The Comptroller-General of Nigeria Customs Service, Colonel Hameed Ali (rtd), has approved the appointment of six acting Deputy Comptrollers-General of Customs in the ongoing re organisation of the Service. The six Officers are moving from the rank of Assistant Comptrollers-General, to occupy the positions of Deputy Comptrollers-General in acting capacity. …

Arik Air, West Africa’s largest carrier has launched a customized air travel insurance aimed at taking passengers flying experience to a new level. The new air travel insurance enables a passenger to enjoy a customized domestic travel insurance on Arik Air with only N1, 000.00. All a passenger needs do …

In line with the change mantra pervading the corporate and political landscape in Nigeria, Union Bank of Nigeria Plc (Union Bank) has unveiled a new brand identity. The refreshed brand which was unveiled at a spectacular launch event in Onikan Stadium, Lagos this week, is in line with Union Bank’s …

Top industry players graced the one year anniversary celebration of the Air Peace Limited marked with fanfare at the Sheraton Hotels and Towers, recently. The event which drew notable figures from all sectors was highlighted by the cutting of the One year anniversary cake by the Chairman/CEO, Air Peace Ltd, …

Arik Air, West and Central Africa’s largest airline, has increased frequency on the Lagos to Douala via Cotonou route from four to six weekly flights. The new schedule which took effect on October 11, 2015 is aimed at further enhancing connectivity in the West Coast. The flights from Lagos to …

The restructuring of the short-term bank loans of 23 states into long-term Federal Government of Nigeria, FGN, Bonds by the Debt Management Office, DMO, has ended with loans totaling N575.516 billion for all the affected states restructured into 20-year Bonds. According to a release by the DMO titled ‘ Final …

The Central Bank of Nigeria (CBN) has stated that Letters of Credit established before the date of the June 23, 2015 circular that restricted access to forex for 41 items, can now be paid from the interbank forex market. The CBN stated this in a circular dated October 23, 2015, …

The Director General of the Debt Management Office, Dr. Abraham Nwankwo, has said the online news platform is a critical component of the development of the country. He said over 55 per cent of what happens to a nation’s economy is about perception. He said since that perception is largely …

The Nigerian National Petroleum Corporation (NNPC), Thursday, embarked on the public harvesting of technical bids submitted by a total of 91 companies consisting largely of indigenous vessel owners vying to secure contract for the provision of Coastal and Bunkering Vessel Services for the operations of the Pipelines and Products Marketing …

Telecommunication network, Etisalat, has called on Small and Medium Enterprises (SMEs) and startup businesses in the country to embrace the electronic commerce model of business to boost their capacity and efficiency. Head of Enterprise Marketing, Etisalat Nigeria, Bidemi Ladipo made this call while speaking on the ‘Role of Mobile Penetration …

With the release of the fourth generation Optima in April, Kia has continued to revolutionize and advance its line up of luxurious midsize sedans. The new Optima’s prowess embodies the growth and progress of Kia Motors as an influential and innovative automobile manufacturer. Today, let’s take a look at the …

  About 5000 people in Oloibiri area of Bayelsa State have benefitted from a health outreach organised by the Shell Petroleum Development Company of Nigeria Ltd (SPDC) Joint Venture in furtherance of its Health-in-Motion campaign. Working closely with the Bayelsa State Government, Ogbia Local Government Council and other partners, SPDC …

The Acting Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Haruna Baba Jauro has reiterated the Agency’s commitment to collaborate with the Nigerian Custom Service, NCS, to ensure seamless trade facilitation in Nigeria. According to a statement by Hajia Lami Tumaka, Head of Public Relations of NIMASA, …

The Nigerian Maritime Administration and Safety Agency (NIMASA) has denied reports that it defended a maritime security agreement with former commander of the Movement for the Emancipation of the Niger Delta (MEND), Mr Government Ekpemupolo, (Tompolo) during its meeting with the Chief of the Naval Staff, Vice Admiral Ibok-Ete Ibas, …

In line with its earlier pledge to open up the books of the Nigerian National Petroleum Corporation, NNPC for public scrutiny, the Management of the national oil Corporation under the leadership of Dr. Ibe Kachikwu over the weekend commenced the monthly publication of its provisional financial and operational reports. A …

Governor Aminu Tambuwal of Sokoto State has said that the state government will engage in massive dry season farming in order to tackle food shortage and mitigate the effect of this year’s flood which destroyed farmlands in different parts of the state. As part of measure to actualise the plan, …

Royal Dutch Shell has asked ship owners exporting its Nigerian oil to sign a “letter of comfort” (LoC) to guarantee it is not stolen, according to an email from the company.. In July, Nigerian National Petroleum Corporation (NNPC) banned more than 100 tankers from Nigeria’s waters, citing a directive from …

Managing Director of Nigerian Ports Authority (NPA) Mallam Habib Abdulahi has called for the provision of adequate port infrastructure by the Federal Government and the private sector to facilitate export activities through the nation’s seaports. Abdulahi, also pointed out that other factors which might be extraneous to the Authority are …

The Chief of Army Staff (COAS), Lt. General Tukur Buratai has commended Management of the Nigerian Maritime Administration and Safety Agency (NIMASA) for its efforts in combating sea piracy and other criminal activities on Nigeria’s water ways. General Buratai who said this when the Acting  Director General of NIMASA, Mr. …

By MUHAMMAD TUDUNWADA, KANO The President of the Harmonized Traders Union, Dr Bature Abdulaziz, has drawn the attention of the new boss of the Nigerian Customs Service, NCS, Col. Hamid Ali, to the continuing illegal smuggling of contraband goods by some dubious persons through some porous borders in the northern …

Shell Nigeria Exploration and Production Company Ltd (SNEPCo) has announced the start-up of production from the Bonga Phase 3 project. Andrew Brown, Shell’s Upstream International Director, said: “This new start up is another important milestone for Bonga, adding valuable new production to this major facility.” Bonga Phase 3 is an …

The Debt Management Office (DMO) has helped to facilitate bailout for 23 states of the federation by working out an arrangement under which their domestic debts were restructured for repayment over a much longer period. Director General of DMO, Dr. Abraham Nwankwo, disclosed this on Friday while speaking at a …