Business and Economy

By Lydia Ngwakwe Lagos, Feb. 26, 2021 The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has urged Bank CEOs and other stakeholders to work together to reset the Nigerian economy to achieve massive growth. Emefiele gave the advice at a one-day Special Summit on the Economy, …

By Chijioke Okoronkwo Abuja, Feb. 25, 2020 Vice President Yemi Osinbajo says that the five million homes solar installation plan under the Federal Government’s Economic Sustainability Plan (ESP) will be a game-changer in the renewable energy space. Osinbajo’s spokesman, Laolu Akande, in a statement on Thursday in Abuja, said the …

A Federal High Court in Yenagoa on Thursday, adjourned ‘sine die’ (indefinitely) , a suit against Aiteo Exploration and Production Limited, pending a Court of Appeal ruling on an interlocutory appeal in the substantive suit. Justice Abimbola Awogboro had on March 3, 2020 declined to stay proceedings in the ongoing …

By Harrison Arubu, News Agency of Nigeria (NAN) Unarguably, expectations are high across Africa following the emergence of Dr Ngozi Okonjo-Iweala as Director-General of the World Trade Organisation (WTO). For a continent that has struggled over the years to be relevant in the world market, it is a big deal …

MILO has switched from plastic to paper straws for its Ready-To-Drink (RTD) packs, a first of its kind in Nigeria in the beverage category. With the aim of eliminating 60 metric tons of plastic yearly, Nestlé Nigeria is taking on this bold step to deliver on the company’s global commitment …

The Group Managing Director of Dangote Industries Limited, Olakunle Alake has hinged success of business organisations on the adoption and implementation of effective stakeholders’ management strategies. Speaking on ‘Stakeholder Management: The CEO’s Role’, at the Global CEO-Africa Programme, a collaboration by the Lagos Business School, IESE Business School, Barcelona and …

• Investors, Business Leaders chart new course for Lagos, transmit resolutions to Govt • ‘Lagos is fortunate to be led by visionary Governors’ – El-Rufai The 8th Lagos State Economic Summit (Ehingbeti) has drew to a close Thursday, with the organisers and participants departing with actionable resolutions to chart a …

Aiteo Exploration and Production Company, has claimed that Shell Petroleum Development Company (SPDC) shortchanged it of 1,022,029 barrels of crude while using the Bonny Crude Export Terminal operated by SPDC. According to court records sighted on Thursday, Aiteo, an indigenous oil firm which acquired OML 29 following SPDC’s divestment from …

In spite of the rise in the price of crude oil in the international market, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) in February, 2021. This was disclosed in a press release by the Group General Manager, …

Former Governor of Anambra State, Mr Peter Obi, has congratulated the Founder of United Nigeria Airlines, High Chief Dr Obiora Okonkwo, following the recent successful launch of operations by the airlines. United Nigeria Airlines had, on February 12, 2021, made its inaugural flight from the domestic wing of Murtala Muhammed …

By Rukayat Moisemhe and Florence Onuegbu Lagos, Feb. 16, 2021 Dr Ngozi Okonjo-Iweala, the newly appointed Director-General, World Trade Organisation (WTO) has charged the African continent on the use of e-commerce and value addition processes to engender global competitiveness in world trading. Okonjo-Iweala gave the charge on Tuesday during a …

After an exhaustive nearly two hours of court ruling, a Federal High Court, Lagos Division has finally declined to vacate an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized the properties of barrister and businessman, Jimoh Ibrahim, over an alleged N69.4billion debt. Recall that following the …

The Deputy President of Senate, Senator Ovie Omo-Agege has expressed excitement at the emergence of Dr. Ngozi Okonjo-Iweala as Director-General of the World Trade Organisation (WTO). According to him, her emergence attests to the excellence of the womenfolk in Nigeria across every walk of life. The Deputy President of the …

By Itohan Abara-Laserian Lagos, Feb. 14, 2021 Fidelity Bank Plc says it has successfully issued 10 years N41.21 billion in fixed rate unsecured subordinated bond at 8.5 per cent coupon rate due 2031. Mr Mustapha Chike-Obi, Fidelity Bank Chairman, disclosed this in a statement made available to the News Agency …

The Bureau of Public Enterprises (BPE) will hold an International Investors’ webinar to showcase investment opportunities in four enterprises slated for concession on Tuesday, February 23, 2021. The event will hold at 10am. The facilities are: Tafawa Balewa Trade Fair Complex, Lagos International Trade Fair Complex (LITFC), Calabar Special Economic …

The Department of Petroleum Resources (DPR) has dismissed media reports that it uncovered ‘missing 2 million barrels of crude’ in oil production records by Shell Petroleum Development Company (SPDC) between 2016 and 2018. The DPR described the allegations as false and baseless. The report had alleged that SPDC which was …

By Precious Akutamadu Port Harcourt, Feb.12, 2021 Mr Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), on Friday tasked young Nigerians to engage in constructive engagement that would enable them to plan strategically for economic survival in the country. Wabote made the remarks during …

By Chinyere Joel-Nwokeoma Lagos, Feb. 11, 2021 The Securities and Exchange Commission (SEC) says it will put on hold, admittance into its Regulatory Incubation Framework for Fintech firms, all persons affected by the Central Bank of Nigeria (CBN) crytocurrencies circular. The commission made the disclosure in a statement it issued …

The Senate has mandated its Committees on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market to invite the Governor of Central Bank, Godwin Emefiele, and Securities Exchange Commission over the recent ban of Cryptocurrency transactions in Nigeria by the apex bank. The resolution was reached following …

The Senate on Wednesday confirmed the nominations of Mr. Ahmed Lawan Kuru; and Bello Hassan as Managing Directors of the Asset Management Corporation of Nigerian; and Nigeria Deposit Insurance Corporation, respectively. The confirmation of both nominees followed consideration of two separate reports of the Senate Committee on Banking, Insurance and …

By Kadiri Abdulrahman Abuja, Feb. 10, 2021 The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to, henceforth, accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Cards, as means of identification for financial transactions. The directive was given by Dr Kevin Amugo, Director, Finance …

The Nigeria Oil and Gas Park project promoted by the Nigerian Content Development and Monitoring Board (NCDMB) in Emeyal 1 community in Ogbia Local Government Area of Bayelsa will be ready by fourth quarter of 2022. Mr Simbi Wabote, Executive Secretary of NCDMB who gave the timeline during an assessment …

The private sector-led Coalition Against COVID-19 (CACOVID) has clarified that only the Federal Government, through the National Primary Healthcare Development Agency (NPHCDA) can obtain any COVID-19 vaccine for Nigeria in the ongoing fight against the coronavirus pandemic. The coalition also explained that the process of buying the vaccines through the …

The Nigerian National Petroleum Corporation (NNPC) has called on stakeholders in the oil and gas industry to join in working towards reducing operations cost to achieve the $10 or less per barrel production cost target. A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, …

Minister of Transportation, Rt Hon Chibuike Rotimi Amaechi has hailed President Muhammadu Buhari’s strides in the transportation sector as key to unlocking Nigeria’s economic development potentials. Amaechi said, linking different transportation infrastructure like rails to seaports and roads as is being done by the current administration will quickly drive the …