Business and Economy

Enugu State Governor, Rt. Hon. Ifeanyi Ugwuanyi has issued an Executive Order prohibiting the activities of Independent Petroleum Marketers Association of Nigeria (IPMAN) in the State till further notice. The Order which was issued by Gov. Ugwuanyi pursuant to section 48 (1) and (2) of the Public Order Law Cap …

ABUJA The Central Bank of Nigeria (CBN) says it has made another intervention in the retail Secondary Market Intervention Sales (SMIS) to the tune of $2698.71 million in addition to CNY 39.69million in the spot and short tenured forwards segment of the inter-bank foreign market. The Director, Corporate Communications Department …

Zenith Bank Plc has introduced the Zenith Timeless Account, which allows Nigerians aged 55 years and above to enjoy free financial services. The Zenith Timeless Account is a product offering targeted at senior citizens (aged 55 years and above), pensioners, potential and existing retirees, that allows them bank for free …

The Shell Petroleum Development Company of Nigeria Limited (SPDC) on Wednesday said it has spent over N23 bn in development of its host communities in Bayelsa in the past 13 years.  The oil firm noted that the sum has so far been deployed since it adopted the Global Memorandum of …

By Chinyere Joel-Nwokeoma Lagos, July 10, 2019 Airtel Africa shares dropped by 9.99 per cent on the Nigerian Stock Exchange (NSE) on Wednesday, a day after listing, forcing the market indices to close on negative region. Specifically, the stock which opened trading at N399.30 shed N39.90 or 9.99 per cent …

By Chinyere Joel-Nwokeoma/Florence Onuegbu Lagos, July 9, 2019 Airtel Africa Plc on Tuesday listed on the Nigerian Stock Exchange (NSE), promising to build leadership position that would create values to all stakeholders. Mr Segun Ogunsanya, the Chief Executive Officer and Managing Director, Airtel Nigeria, gave the assurance during the listing. …

By Yunus Yusuf Lagos, July 7, 2019 Mr Chukwuemeka Umeh, the Executive Director of Nestoil Group, has said that the country’s gas pipelines are grossly inadequate to move gas around and urged government to invest in gas economy value chain. Umeh made this known in an interview with the News …

By Solomon Asowata Dubai (UAE), July 6, 2019 Nigerian carrier, Air Peace, got a rousing reception at the Sharjah International Airport in the United Arab Emirates (UAE), following an  inaugural flight to commence services to the Middle East nation. The flight departed the Murtala Muhammed International Airport, Ikeja at about …

By Chinyere Joel-Nwokeoma Lagos, July 3, 2019 Fidelity Bank Plc is collaborating with PricewaterhouseCoopers (PwC) to provide funding for Small and Medium Enterprises (SMEs) operating in Nigeria. Mr Nnamdi Okonkwo, Managing Director, Fidelity Bank, said in Lagos on Wednesday that the bank came up with the initiative tagged, ‘SME Funding …

By Edith Ike-Eboh Abuja, July 2,.2019 Aiteo Eastern Exploration and Production Company has called on the Federal Government to put up measures that will help curtail the menace of crude oil theft in the country. Mr Victor Okoronkwo, the Chief Executive Officer of the organisation, made this call at the ongoing …

Leo Okachie Umuahia, June 27, 2019 The Central Bank of Nigeria (CBN) has approved a loan facility for at least 200 maize farmers in Abia under its Anchor Borrower Programme on maize for the 2019 farming season, an official has said. Celsius Agla, the Manager, Development Finance Office of CBN, …

By Lucy Ogalue Abuja, June 26, 2019 The Permanent Secretary, Federal Ministry of Transportation, Mr Sabiu Zakari, says the total contract sum of the Lagos-Ibadan railway project is 1.58 billion dollars as against two billion dollars being insinuated by some media. Zakari made this known in a statement signed by …

Nigeria’s composite e-commerce giant, Konga has crashed prices to celebrate its 7th anniversary. The company has unveiled massive discounts up to 90% on a wide range of products including electronics, mobile phones, tablets, fashion, wine/spirits, home appliances,computers/accessories, Fast Moving Consumer Goods (FMCG) and much more. The Konga 7th Anniversary sale …

By Abubakar Ahmed Gusau, June 24, 2019 A Transition Committee set up by Gov. Bello Matawalle of Zamfara has alleged that the immediate past governor of the state,  Abdulaziz Yari, had misappropriated the sum of N251, 951,849,482.50. This was revealed to journalists on Monday by the Chairman of the Transition …

Kwara State would benefit from the N200bn funds the Central Bank of Nigeria, CBN, has set aside to promote innovative ideas and entrepreneurship, Governor AbdulRahman AbdulRazaq has said. AbdulRazaq said talks have reached an advanced stage for the state to be considered for the funds that would establish innovation hubs …

By Solomon Asowata Lagos, June 22, 2019 The Accident Investigation Bureau (AIB) has dispatched a team to investigate the incident of an Air Peace flight skidding off the runway at Port Harcourt International Airport in Omagwa, Rivers State, on Saturday afternoon. Mr Tunji Oketunbi, General Manager, Public Affairs of AIB, …

The Shell Petroleum Development Company (SPDC) says it has raised some 6,659 entrepreneurs from its gas fields in Bayelsa and Delta from 2003 till date. Mr Igo Weli, General Manager, External Relations at SPDC stated this on Wednesday at a graduation and award ceremony for beneficiaries of the oil firm’s …

The attention of the Central Bank of Nigeria (CBN) has been drawn to the lead story in the BusinessDay newspaper of Monday, June 17, 2019, headlined: “CBN’s life support to FG rises 780% to N8.12trn in 4yrs”. We wish to state categorically that the story is not only false, but an …

ABUJA – The Central Bank of Nigeria (CBN) has again injected the sum of $210 million into the inter-bank Foreign Exchange Market. Figures obtained from the CBN on Tuesday, June 18, 2019, indicated that authorized dealers in the wholesale segment of the market were offered the sum of $100million, while …

FLYING IBOM AIR ✈🚀✈🚀✈🚀✈🚀 Two weeks after it began business, I flew Ibom Air today. I did not plan to. My plan was to fly Air Peace to Abuja and connect a flight out of the country. Scheduled for 12:05, I booked Air Peace in advance about a month ago, …

By Isaiah Eka Uyo, June 14, 2019 The Akwa Ibom Government is waiting for Federal Government’s approval to commence construction works on the Ibaka Deep Seaport project in Mbo Local Government Area of the state. Mr Akan Okon, the immediate past Commissioner for Special Duties and Aviation Development, made this …

Abimbola Johnson The paradox of a federal state with a unitary economic management model has been cited as a major reason why Nigeria is yet to achieve economic diversification despite efforts by successive governments. Dr. Abraham Nwankwo, an economist and former Director General of the Nigeria’s Debt Management Office, DMO, …