10 Best Airlines in the World Revealed: Air New Zealand No. 1 on Overall Service

February 6, 2017, 9:37 pm 0

Annual Airline Excellence and Top 10 awards announced by AirlineRatings Air New Zealand, Qantas and Singapore Airlines named top three airlines  Etihad wins best first cl....

Kenyan Businessman Wins Sh37.5bn Tender to Build Gas Plant in Mozambique

February 3, 2017, 3:12 am 0

IN SUMMARY Mr Kariuki’s firm GL Africa Energy, which is based in the UK, will build and operate the 250 megawatt gas-powered plant in ....

Government Blocks Emirates’ Third Daily Flight to Kenya

January 26, 2017, 4:52 pm 0

The government has withdrawn commercial aviation rights for Emirates Airlines to operate a third daily flight to Kenya. The transport ministry says the government intends to review the existing Bilateral Air Serv....

Microsoft and Ecobank to Drive Digital Transformation in Africa

January 23, 2017, 8:49 pm 0

Microsoft, the leading platform and productivity company for the mobile-first, cloud-first world and Ecobank Transnational Incorporated, parent company of pan-African banking group Ecobank today signed a memorandum of understanding (MOU) to comple....

Heritage Bank Sacks 400 Staff, Still More To Go

January 16, 2017, 10:58 pm 0

Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December. Investigations by the News Agency of Nigeria, NAN, published on Monday, January 16, 2017 indicated that more workers are pencilled for sack....

Nigeria's Refineries Resume Production of Kerosene, Diesel

January 12, 2017, 1:38 am 0

The Nigerian National Petroleum Corporation’s three refineries in Kaduna, Port Harcourt and Warri have resumed production of Automotive Gas Oil (AGO) and Dual Purpose Kerosene (DPK), otherwis....

Impose 150 % Special Levy On Tobacco Products, ERA/FoEN Tells FG

January 10, 2017, 2:27 pm 0

The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has urged the federal government to immediately impose a minimum of 150 percent sp....

Arik Airline Passengers Stranded In Kaduna Airport For 4 Days

January 8, 2017, 4:37 am 0

Several passengers, including children, were stranded at Kaduna International Airport since on Tuesday, January 3, 2017 following the failure of Arik Airlines to airlift them as scheduled. Some of the disappointed passengers made the com....

Nigeria Spends N30.5bn Spent Importing Honey from China Annually – Ogbeh

December 20, 2016, 9:37 pm 0

The country spends N30.5bn every year to import honey from China, the Federal Government has said. It also stated that some of the imported products were not real honey as they often come out after careful analysis as sugar syrup. T....

Banks Need To Rescue The Economy- CBN Governor

December 9, 2016, 9:02 pm 0

The Central Bank of Nigeria has urged  Deposit Money Banks in the country to work towards salvaging the distressed economy as the role of returning it to normalcy remains their responsibility owing to their financial intermediation activities tha....

Telecom Rates: We have been Reducing Tariffs Since 2007- MTN CEO

December 6, 2016, 8:06 pm 0

Despite the macroeconomic challenges facing telecoms operators, tariff has consistently crashed by 67 per cent since 2007. This is according to the Chief Executive Officer of MTN Nigeria, Mr. Ferdinand Moolman,Moolman, made this disclosu....

We Are Not Responsible For Allocating Dollars- CBN

December 4, 2016, 9:08 pm 0

The Central Bank of Nigeria says it is not the one responsible for the allocation of  United States dollars as  the bank has set up an interbank foreign exchange market for anyone interested in buying the greenback through Deposit Money Banks.....

Operators Protest Against NCC’s Suspension of Data Tariff Hike

December 1, 2016, 9:45 pm 0

Telecommunications operators have kicked against the suspension of the new data tariff floor recently approved by the Nigerian Telecommunications Commission (NCC), which would have increased charges for data services offered by the firms had NCC a....

NNPC Rehabilitates Gas Pipeline Supplying Northern Industries

November 27, 2016, 7:39 pm 0

The Nigerian National Petroleum Corporation on Sunday said it would complete the Ajaokuta-Abuja-Kaduna-Kano gas pipeline in order to drive energy supply projects needed to power industries in the northern part of the country, particularly those in....

Oil price may fall to $44 per barrel - Kachikwu

November 26, 2016, 11:04 pm 0

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said crude oil price may fall to $44 per barrel if the Organisation of Petroleum Exporting Countries fails to reach a consensus this week. The Federal Government has pr....

Naira Falls to 470 To One Dollar Amid Fresh Scarcity

November 25, 2016, 12:42 am 0

The naira fell to 470 naira  on Thursday, after exchanging for  465  naira on Wednesday, as fresh dollar scarcity hit the official and parallel foreign exchange markets. The local currency had appreciated to around 450 after security ....

Dollar Hoarders To Go To Jail- FG

November 20, 2016, 8:25 pm 0

The Federal Government has proposed an amendment to the Foreign-Exchange Act to enable the imprisonment of anyone who holds foreign currencies, especially the dollar, for more than 30 days. This is the latest measure the government and t....

CBN Refutes Rumours Of Heritage Bank In Distress , Says Bank In Good Financial Health

November 16, 2016, 1:27 am 0

The Central Bank of Nigeria, CBN, has refuted claims that Heritage Bank, a regional financial institution, is in distress. The CBN in a statement issued on Tuesday, November 15, 2016 in Abuja and signed by Isaac Okorafor, the spokesperso....

Nigeria Signs Investment Protection Agreement With Singapore

November 4, 2016, 10:30 pm 0

The Federal Government has signed an Investment Promotion and Protection Agreement with the government of Singapore. The development was confirmed on Friday in a statement issued by the Strategic Communications Adviser to the Minister of....

Restore Stability in Stock Market, Obasanjo Tells SEC

November 3, 2016, 3:45 pm 0

Former President Olusegun Obasanjo on Thursday told the leadership of the Securities and Exchange Commission (SEC) to work hard and ensure that stability, credibility and transparency are restored in the country's stock market. ....

Naira Sells For 470 As Dollar Scarcity Continues

October 31, 2016, 9:45 pm 0

The naira closed flat at 470 against the United States dollar on Monday, the same level it recorded on Friday. The naira had plunged to 470 on Wednesday, down from 455 on Tuesday as fresh dollar shortage hit the official and parallel for....

Reccesion: Passenger Traffic Drops in Airports By Nine Percent

October 30, 2016, 11:53 pm 0

The harsh economic climate that the country is currently experiencing has made the aviation sector to record a decline of nine per cent in activities in the second quarter of this year, according to figures published by the National Bureau of Stat....

Federal Executive Council Approves N30 billion Intervention Fund for Mining 

October 22, 2016, 1:13 am 0

Okays Plans to Concession Railway Rehabilitation to G.E. As G.E. Seeks 25 Years to Recover Investment The Federal Executive Council (FEC) has approved the sum of N30 billion as interventi....

FIRS seals oil servicing firms for tax evasion

October 18, 2016, 11:55 pm 0

The Federal Inland Revenue Service, Tuesday sealed the premises of two oil servicing companies for evading tax worth over N500m in Uvwie Local Government Area of Delta State. The companies, Bredero Pipelines Services at Sedco Road, Ener....

FG ‎Expresses Readiness to Provide Counterpart Funding for Bilateral Agreements

October 18, 2016, 4:02 pm 0

President Muhammadu Buhari has said the Federal Government is ready to provide counterpart funding for all agreements reached with the People’s Republic of China to fast- track ongoing efforts in closing infrastructure gaps. Presidenti....

Dangote Buys Gas Firm in the Netherlands

October 16, 2016, 11:08 pm 0

The management of Dangote Industries Limited on Sunday announced that it had completed the acquisition of Twister BV, a company in the Netherlands, as part of its strategy to meet Nigeria’s gas needs. According to a statement by Da....

Recession: Abuja Protesters March in Support of Buhari, Adeosun, Emefiele, Tell Detractors to Allow FG Efforts Yield Results

October 13, 2016, 1:09 pm 0

Hundred of protesters yesterday marched in support of President Muhammadu Buhari, Minister of Finance, Kemi Adeosun and the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, in Abuja, calling  on unnamed Nigerians, whom they accused of sab....

Recession: Nigeria Needs Expansionary Budget For Recovery- World Bank

October 13, 2016, 5:33 am 0

After going through economic recession in 2016, Nigeria will experience moderate rebound in 2017, the World Bank has said. The bank, which stated this in its report, Africa’s Pulse, anchored the nation’s revival on the Federal Govern....

Customs Generate 1.1bn From Seme Border

October 10, 2016, 4:31 pm 0

The Nigeria Customs Service (NCS) Seme Command generated N1.1 billion in September, up from N883.7 million recorded in the corresponding period of 2015. According to the Public Relations Officer of the Command, Mr Taupyen Selch....

Naira to Rebound against Dollar Next Week

October 8, 2016, 2:12 am 0

The  Nigerian naira is expected to stabilise on the parallel market after international money transfer agencies started selling dollars to Bureau De Change operators in line with the Central Bank of Nigeria directive. Making this disclo....

Ghana Exports Fuel to Nigeria, Other West African Countries

October 8, 2016, 1:49 am 0

Ghana has begun supplying gasoline and gas oil to Nigeria and landlocked countries of Burkina Faso, Niger and Mali from the Bolgatanga Petroleum Depot. The state-owned Bulk Oil Storage and Transportation Company (BOST) Limited is also su....

Utomi: Buhari's Rigid Stance on Devaluation Sent Wrong Signals to Investors

October 4, 2016, 3:28 pm 0

An economist and policy analyst, Pat Utomi has said that‎ President's Muhammadu Buhari statements that he would not agree to devaluation of the naira sent wrong signal to would be investors. Speaking at the Third Awomolo & Associat....

Bankole Calls for Stronger Trade Relations Between Nigeria, Britain

October 4, 2016, 2:20 pm 0

Former Speaker of the House of Representatives, Hon. Dimeji Bankole, has called on Nigeria and Britain to discuss modalities for strengthening  trade relations between the two countries. Bankole, who was earlier announced as the new vo....

European Union (EU) Official Fillippo Amato Advised the FG to Devalue the Naira

October 3, 2016, 11:59 pm 0

European Union (EU) official Fillippo Amato yesterday advised the Federal Government to devalue the Naira as part of measures to tackle the economic recession. Amato, Counsellor, Head of Trade and Economics Section of EU, stated this yes....

Recession: Aregbesola, Fayose Differ over Proposed Sale of National Assets

October 2, 2016, 3:56 pm 0

As controversies rage over the proposed disposal of national assets to combat the economic recession, the Governor of the State of Osun, Ogbeni Rauf Aregbesola, has told President Muhammadu Buhari to sell off  idle national assets....

FG Says No Decision Yet on Sale of National Assets, Approves New Bill to Develop Water Sector

September 28, 2016, 10:10 pm 0

The Federal Executive Council, on Wednesday, said it was yet to take a decision on whether to resort to sale of national assets to bail the economy out of recession.  Answering questions from State House Correspondents at the end of the....

Adeosun: We Are Gradually Getting out of Recession

September 28, 2016, 9:55 pm 0

Minister of Finance, Kemi Adeosun, on Wednesday, said the country is gradually getting out of economic recession. Adeosun, who spoke to journalists at the end of a two-day National Council of Finance and Economic Development Conference h....

Buhari: Nigeria to Join Most Attractive Investment Destinations in the World

September 21, 2016, 1:39 pm 0

President Muhammadu Buhari, on Wednesday, assured potential investors that Nigeria will soon be one of the most attractive places to invest as his administration has embarked on significant economic reforms to realize that goal. Presiden....

Governors Meet Osinbajo over N250b Shortfall in Allocations

September 20, 2016, 2:37 pm 0

Vice President, Professor Yemi Osinbajo, on Tuesday, met with a committee set up by the Nigeria Governors' Forum‎ to explore options to help state governors to address the challenges posed by a shortfall of about N250 billion in their monthl....

Buhari Assures Investors of Safety

September 19, 2016, 4:13 pm 0

President Muhammadu Buhari on Monday assured existing and potential investors in Nigeria of adequate protection of their lives, investments and property. Speaking at a bilateral meeting yesterday with President Jacob Zuma of South Africa....

Asset Selling Could Save Nigeria From Economic Recession, Says Aliko Dangote

September 16, 2016, 11:16 pm 0

Business mogul Aliko Dangote believes  a wave of asset selling by the government could be the saving grace for Nigeria in the face of the current economic recession. “I think the real challenge for us is now for us to have the politic....

Temporary Pause In Money Transfer Services To Nigeria

September 9, 2016, 4:59 am 0

World Remit, a popular Money Transer outfit announces that they are temporarily pausing their services to Nigeria - see details below; We’ve been working hard on the operational challenges involved in restarting our service, followin....

FG Considers Visa-on-Arrival for Investors

September 6, 2016, 2:37 pm 0

The Vice President, Professor Yemi Osinbajo, on Tuesday, said the federal government was considering the option of issuing visa to foreign investors at the point of entering the country. Osinbajo, who spoke at the public presentation and....

How US, Argentina, others got out of recession

September 1, 2016, 8:27 pm 0

The graph of life is never straight and steep as many human beings would prefer it to be. There are the straight parts, the curves and then the twists. Economies also behave in similar fashion. We call the growth period economic prosperity. When it c....

Mazda Recalling 2.2 Million Cars Worldwide Because of Tailgate Defects

September 1, 2016, 6:13 am 0

Japanese carmaker Mazda has said it is recalling 2.2 million cars worldwide because of a defect in their tailgates. The recall affects about 400,000 cars in Japan and 1.8 million sold on export markets. The cause of the recall ....

Naira Dipped to 423 Against the US Dollar After Recession Announcement

September 1, 2016, 2:19 am 0

Nigeria’s currency, the naira dipped to 423 against the dollar at the parallel market on Wednesday, August 31, 2016 after the National Bureau of Statistics announced an official recession in the economy. The naira opened at 418/$1 on t....

CBN readmits suspended banks to forex market

September 1, 2016, 12:07 am 0

The Central Bank of Nigeria on Wednesday said it had readmitted to the foreign exchange market banks that were suspended last week for non-remittance of $2.12bn belonging to the Nigerian National Petroleum Corporation. Close CBN readmi....

Agriculture Will Get More Fund Next Year, Says Buhari

August 28, 2016, 3:12 pm 0

President Muhammadu Buhari at the weekend promised to take concrete measures to diversify the economy by devoting more resources to agriculture in the 2017 budget. Still speaking  in Nairobi, Kenya at the weekend on the margins of the s....

Buhari Assures on Protection of Foreign Investments in Nigeria, Urges Niger Delta Avengers to Tow the Path of Dialogue or....

August 28, 2016, 3:02 pm 0

President Muhammadu Buhari at the weekend assured existing and prospective foreign investors that their investments in Nigeria would be fully secured and protected.  Speaking at a bilateral meeting with Japanese Prime Minister Shinzo Abe, on the ....

Nigeria Will Be One of the Easiest Business Destinations in 2019, Says Buhari

August 28, 2016, 2:50 pm 0

Nigeria will be one of the most attractive and easiest places of doing business in the world by 2019, President Muhammadu Buhari said on Sunday in Nairobi, Kenya.  Speaking at a plenary session on "Dialogue with the Private Sector" at t....

Over 20 Shipping Companies Left Nigerian Shores Due to Intense Hardship

August 26, 2016, 10:45 pm 0

Over 20 shipping companies have left Nigerian shores due to intense hardship provoked by poor government policies and global economic crunch. According to Dockworkers Union of Nigeria (DUN), over 3,000 workers have been already laid off ....

Car Makers Flag South Africa as Base for Drive Into Africa

August 24, 2016, 4:03 am 0

THE global automotive industry produced more than 91-million vehicles in 2015, 1.1% up from 2014. Of that number, Africa accounted for 960,527 units, with SA producing the bulk of these at 615,658. In 2016, Ford announced a R2.....

Federal Government Alerts Nigerians of Fake Anti-Malaria Drug in Circulation

August 20, 2016, 10:14 pm 0

The Federal Government has alerted Nigerians of two confirmed falsified versions of Quinine Sulphate in circulation. Quinine sulphate is used in the treatment of Malaria.  A statement signed by the Director, Media and Public Relations of the M....

FG Advised To Create an Enabling Business Environment in Order to Boost Job Creation

August 20, 2016, 1:26 am 0

The Federal Government has been advised to create an enabling business environment in order to boost its job creation drive. A public policy analyst, Prof. Leonard Umunna, submitted that infrastructure and enabling environment were criti....

FG Set to Construct Port in Badagry, Laments Loss of $1trillion to Tax Evasion

August 3, 2016, 5:33 pm 0

  The Federal Government, on Wednesday, approved the construction of a bigger seaport in Badagry, in Lagos State even as it tightens the noose on multinationals doing businesses in Nigeria.   It also approved an agr....

Dangote Refinery Confirms Lagos as Prime Investment Destination, Says Ambode

August 2, 2016, 6:13 pm 0

Lagos State Governor, Mr. Akinwunmi Ambode, on Tuesday, said the largest single line refinery in the world being developed at the Lekki Free Trade Zone (LFTZ) by Africa's richest man and business mogul, Alhaji Aliko Dangote, is another confirm....

Obasanjo: Increase in IGR, Redution in Wastage, will Boost Economy

July 26, 2016, 4:52 pm 0

Former President Olusegun Obasanjo on Tuesday advised federal government to increase its Internally Generated Revenue (IGR) and reduce wastage ‎in government, saying these are the immediate solution to present economic situation of the country.....

Yahoo: $5 Billion Take Over Bid by Verizon

July 25, 2016, 6:09 am 0

Verizon has announced a $4.8bn (£3.7bn) takeover of Yahoo on Monday, 22 years after the internet pioneer was founded in the early days of the world wide web. After a long and tumultuous sales process that Yahoo boss Marissa Mayer at fir....

Buhari Defends Kachikwu over Alleged Crude Oil Swap Deals

July 19, 2016, 10:20 am 0

President Muhammadu Buhari, on Tuesday, rose to a fierce defence of the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, over allegation that the minister ‎is being investigated for crude oil swap deals and gas lifting during h....

Pound Up 2.4% In Three days and FTSE 100 Climbs

July 13, 2016, 5:25 am 0

In just three trading sessions the pound has risen by more than 2.4% against the dollar as Theresa May is set to take over as Prime Minister today.  The pound is currently trading down 0.1% on the day, at $1.3265, having touched a 13-....

NNPC Reports Monthly Profit of N274m First Time in 15 Years

July 8, 2016, 5:50 am 0

After ten months under the stewardship of Dr. Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), the state-run oil firm finally turned the corner, reporting an operating profit of N273.74 million for....

CBN Mandates Banks to Register All Collateral with NCR

July 5, 2016, 5:44 pm 0

The Central Bank of Nigeria (CBN) has mandated all banks and other financial institutions in the country to register all collateral used in obtaining loans with the Nigeria Collateral Registry (NCR). The NCR is a platform where all colla....

Buhari: Why I'm Opposed to Devaluation of Naira

June 27, 2016, 3:52 pm 0

  President Muhammumadu Buhari on Monday told the nation's business community that he was yet to be persuaded by devaluation because he has not seen the benefit that is derivable for the country from devaluing the naira. ....

British Pound is Sinking as Investors Continue to Digest the Impact of the Historic

June 26, 2016, 10:08 pm 0

The British pound is sinking again as investors continue to digest the impact of the U.K.'s historic vote to leave the European Union. The pound fell more than 2% early Monday against the dollar to below $1.34 as uncertainty swirls o....

MTN Announces Rob Shuter, Former Chief of Vodafone Europe As New CEO

June 22, 2016, 12:08 am 0

Rob Shuter the chief executive officer of the European cluster at Vodafone Group, has been appointed as the new president and chief executive officer of MTN Group. The top position at the African telecommunication giant has remained vaca....

Naira Appreciates, Now N280 to 1$

June 21, 2016, 1:28 am 0

There was hope yesterday that the volatile foreign exchange market will soon get stable. The naira exchanged for 280 to the dollar at the opening of the Central Bank of Nigeria’s (CBN’s) Flexible Exchange Rate regime designed to unif....

Farmers to Access CBN's N15bn Interest-free Loan

June 16, 2016, 6:31 am 0

Bauchi Farmers to Access CBN's N15bn Interest-free Agric Loan Following the provision of N1.5 billion  made by Bauchi State Government as contribution to farmers’ equity that will also settle interest charges, farmers in Bauchi St....

Skye Bank Disregards FG’s Order, Fires 175 Staff

June 12, 2016, 2:33 am 0

  Despite the embargo which the federal government placed on dismissal of staff in the banking sector, Skye Bank Plc fired 175 staff on Monday. Though some of those affected put the figure at 200, saying the bank reduced the a....

Gold Surged Ferociously

June 12, 2016, 2:28 am 0

Gold surged ferociously during trading last week with prices hitting fresh two week highs at $1248 following the remarkably weak NFP report that immediately quelled expectations over the Fed raising US rates in June or July. For an extended period....

Naira appreciates; now N352 to $1

June 10, 2016, 4:57 pm 0

The naira appreciated against the dollar on Friday, trading  at N352 from N370 it sold at the parallel market on Wednesday. The Nigerian currency gained N18 between Wednesday and Friday. The currency, however, weakened furthe....

N1.04trn fine: Reps reject MTN’s N330bn offer

June 10, 2016, 4:36 pm 0

The House of Representatives Friday rejected the offer of the service provider MTN to pay N330bn instead of the N1.04 trillion it was fined by the Federal Government. In a briefing on the issue Friday, the chairman of the House of Repres....

Agric Bank Grants N10.4m Loan Facility to Aba Leather Manufacturers

June 9, 2016, 5:58 am 0

With its liberalised loan conditions and very low interest rate, the Bank of Agriculture (BOA) has become the preferred lender for manufacturers of leather products in Aba. To this end, seven cooperative groups have received N10.4 millio....

Nigeria Can Earn $100bn Annually from Non-oil Sector, Says Awolowo

June 9, 2016, 5:49 am 0

Nigeria needs export revolution to rank among the greatest countries of the world with sound economy and foreign reserves comparable to the key global players, the Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), Mr. Olusegu....

Total expects increased production from $10b investments

June 9, 2016, 1:22 am 0

Total Upstream Nigeria Limited is targeting improved crude production with its $10 billion investments in Nigeria’s oil and gas industry. The firm, in a report titled: The Total Upstream companies in Nigeria at a glance, mad....

Naira weakens against dollar, trades at N357/$1

June 1, 2016, 1:07 pm 0

The naira weakened further against the dollar at the parallel market on Monday, exchanging at N357 for a dollar as against N350 it traded on Friday. But maintained stability with the pounds sterling and euro, trading at N505 and N397 to ....

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