Business and Economy

The banking sub-sector drove activities at Thursday’s trading on the floor of the Nigerian Stock Exchange (NSE) while accounting for 163.14 million shares valued N777.21 million achieved in 1,367 deals. This is even as equities transactions closed in an upward trend as the market indices improved marginally by 0.29 per cent. …

In a novel move to instill transparency and probity in the award of the annual Crude Oil Term Contract, the Nigerian National Petroleum Corporation, NNPC, on Thursday mapped out measures to execute the 2015/2016 award of contract to companies for the evacuation of Nigeria’s crude oil equity from the various …

In line with the global recognition of the effectiveness of Nigeria’s Debt Management Office (DMO), the World Bank (WB) has requested the DMO to host a delegation of Kenyan Officials from that country’s Central Bank, Capital Market Authority, and National Treasury & Debt Management Office on a Study Tour of …

Access Bank Plc, the full service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa and the UK, has released its audited results for the first half ended 30 June 2015, showing positive growth in financial indices. The Group recorded a strong performance in the first six months …

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Ibe Kachikwu has hinted that the Corporation may settle for the option of community based policing to protect the vast artery of oil and gas pipeline network across the country. Speaking while receiving Ambassador Perry John Calderwood the …

Mr. Haruna Baba Jauro has been appointed the Acting Director General/Chief Executive Officer of the Nigerian Maritime Administration and Safety Agency (NIMASA). His appointment was communicated through a letter issued by the Federal Ministry of Transport. According to Isichei Osamgbi, NIMASA’s Deputy Director/Head Public Relations, in a press statement made …

By Eze Onyekpere Nigeria has abundant reserves of associated and non-associated gas estimated in excess of 187 trillion (standard) cubic feet (Tcf). Though Nigeria is ranked 7th in terms of proven natural gas reserves in the world, geological experts hold the view that more gas can still be found; potentially …

Barrister Calistus Nwabueze Obi has taken over as the Acting Director General/Chief Executive Officer of the Nigerian Maritime Administration and Safety Agency (NIMASA) following the handing over by Dr. Ziakede Patrick Akpobolokemi as directed by the Federal Government. Barrister Obi who until this appointment was the Executive Director, Maritime Labour …

In fulfillment of its promise to reward customer loyalty and encourage a savings culture among Nigerians, Sterling Bank Plc at the weekend rewarded 40 customers in the New Sterling Plus Cash Reward Scheme. The customers were selected via an electronic raffle draw and winners emerged from various parts of the …

State governments in the country have been issued bonds worth over N600 billion to fund infrastructure development in the past 10 years. Making the disclosure while releasing statistics in Lagos, the Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo, explained that the amount was raised between 2005 and …

Moody’s Investors Service, an accomplished and highly respected international ratings agency has further confirmed the resilience of Sterling Bank in Nigeria’s competitive banking sector by assigning a Local and Foreign Currency Issuer and Deposit Ratings of B2 with stable outlook. The Agency in a release made available to newsmen in …

A total of 27 partnerships have been agreed by Nigerian and British companies under the auspices of the annual Nigeria-UK engagement programme sponsored by the Shell Nigeria Exploration and Production Company Limited (SNEPCo). The partnerships cover a wide range of oil and gas activities including engineering, maintenance, fabrication and support …

As one of the pioneers of digital banking in the Nigeria, Access Bank Plc has moved a step further with the introduction of a new multi-banking payment solution, called; PayWithCapture. PayWithCapture is a mobile payment solution that permits customers to make payments by scanning a merchant’s pre-generated QR-Code using the …

Zenith Bank, Wednesday, emerged the most traded equity on the floor of the Nigerian Stock Exchange (NSE), on a day the market capitalisation of the exchange lost N119 billion due to profit taking embarked upon by investors. Zenith Bank which traded 48.39 million shares worth N920.39 million, was followed by …

The issue of deregulation of petrol (PMS) price seems inevitable, as well as the deregulation of the refining business in Nigeria. However, we need to be clear on what the challenges are and how we go about deregulating the entire downstream petroleum sector. Recently, the NNPC spokesman Mr Ohi Alegbe …

The Debt Management Office (DMO) says it plans to raise N70 billion worth of bonds in two categories on July 15. The DMO, in its bond circular posted on its Website on Tuesday, said the two categories include a 20-year and a five-year bonds. It said it would issue N30 …

The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has kicked off the second phase of its grassroots campaign against crude oil theft and illegal oil refining activities in Ogoni land. The first phase of the campaign in 2014 reached over 7,000 community people from Eleme, Gokana, Khana, and Tai …

The attention of the Central Bank of Nigeria (CBN) has been drawn to your recent article titled “Toothpick Alert” in the print edition of The Economist Magazine of July 4th 2015. First, the article seems to ignore the fact that the exchange rate is simply a price that is essentially …

By Sam Okey Mbonu, Washington, DC Background He or she who stays silent in the face of evil, shall sooner or later have evil visited upon them; and he or she who holds his or her people down, stays down. The world needs to understand the mind of the Nigerian …

  The naira plunged in informal trading, Wednesday, as importers sought alternative sources for dollars after the Central Bank of Nigeria (CBN) stopped foreign-currency funding for some imports. The currency declined to 230 per dollar from 226, Tuesday, Aminu Gwadabe, president of the Association of Bureaux de Change of Nigeria, …

Nigeria’s external debt stock profile stood at 9.4 billion dollars on March 31, 2015, the Debt Management Office (DMO) has said. The information is contained on DMO’s website, showing the country’s debt stock profile on Monday. The figure shows a decrease of about 300 million dollars from 9.7 billion dollars …

The Authorised Distributors of Mercedes-Benz in the Federal Republic of Nigeria, Weststar Associates Limited appointed Tetralog Nigeria Limited in September 2011, adding them to the list of authorised dealers in Nigeria. Since then the company has been going from strength to strength. Tetralog was incorporated into the automobile distribution and …

Shell Nigeria’s Afam VI Power Plant in Rivers State has delivered over 20million Megawatt-hour (MWh) of electricity into the Nigerian grid between its inauguration in 2008 and June 2015, thereby consolidating its position as a leading contributor to the country’s grid generation. The operations at Afam VI plant have also …

  The Lagos Office of the Shell Petroleum Development Company, last Monday, played host to a delegation from the United Kingdom Trade and Investment led by Director, UKTI, Mr. Chris Maskell accompanied by Senior Trade Development Manager, Mr. Idowu Babalola. The delegation was received at the Lagos Office by Managing …

A new product from Nigeria’s total information and communications technology solutions provider, Globacom, will assist Muslims in their prayers especially during this month of Ramadan. Called Glo Adhan, the new offer is a specially designed Caller Ring Back Tune which alerts Muslims about prayers times and is meant to enable …