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Business news

Month: September 2018

Intensify efforts on single currency, Buhari tells ECOWAS countries

President Muhammadu Buhari on Friday called on member countries of the Economic Community of West African States to intensify efforts at achieving the single currency programme by 2020. He said that the Federal Government was committed to providing a leadership role in assisting ECOWAS to achieve the single currency programme. He explained that Nigeria would […]

EFCC operatives storms Standard Chartered Bank’s Lagos office

Operatives of the Economic and Financial Crimes Commission visited the Lagos head office of Standard Chartered Bank Nigeria on Friday. Reuters had earlier quoted sources as saying that the EFCC operatives attempted to arrest an unnamed executive of the bank but left shortly after the said executive barricaded herself in an office. A former Attorney […]

Nigeria records first inflation rise of 2018

After eighteen consecutive months of consecutive disinflation, Nigeria’s inflation rate has rose to 11.23% in August, largely due to increasing food prices, the National Bureau of Statistics (NBS) has said. In its latest report titled ‘CPI and Inflation Report August 2018 ’ which was released in Abuja on Friday, the NBS stated that the rise […]

Air Peace signs multi-million dollar agreement with Boeing, to purchase 10 B737 Max aircraft

Nigerian carrier, Air Peace, has signed a multi-million dollar agreement with aircraft manufacturers, The Boeing Company, for the purchase of 10 brand new B737 Max aircraft. The agreement was signed on Thursday at the United States Consulate in Lagos by the Chief Executive Officer of Air Peace, Mr Allen Onyema and Boeing Sales Director for West and […]

FAAN Reopens Abuja Airport After Pulling Out SkyBird Aircraft That Overshoot Runway

The Federal Airports Authority of Nigeria (FAAN) said it has reopened the Runway 22, Nnamdi Azikiwe International Airport, Abuja for operations after pulling out the Gulfstream 4 aircraft that skidded of the runway. Recalled that the runway was partially closed for operations following the incident involving a Gulfstream 4 aircraft belonging to SkyBird at the […]

NAMA Insists TRACON Facility Is In Order

  The Nigerian Airspace Management Agency (NAMA) has refuted reports about impending collapse of the Total Radar Coverage of Nigeria (TRACON), saying the project is optimally working. NAMA also said that spare parts for the facility are regularly sourced from the manufacturer, Thales of France whenever required. A statement by Mr. Khalid Emele, the General […]

AfDB approves $15m equity fund for SMEs

The Board of Directors of the African Development Bank has approved a $15 million equity investment in Verod Capital Growth Fund III, a private equity fund that will make investments in high growth middle market companies in Anglophone West Africa including Nigeria, Ghana, Liberia, Sierra Leone and the Gambia. The Fund’s investments will be in […]

Nescafe pays N15m to promo winners

Nestle Nigeria Plc has rewarded consumers with  N15 million in its ‘NESCAFE get started’ promotion. Three lucky consumers won N1million, while others won in the categories of N500, 00 0, N250, 000 and consolation prizes of N100, 000. One of the winners, an Abuja-based trader, Mrs. Olabisi Arogundade, said her daughter used her phone to […]

Minister: foreign investors want banks to invest in mining

Minister of State, Ministry of Mines and Steel Development Mr. Abubakar Bwari has  joined foreign investors to appeal to  banks to invest in mining. He made this known while declaring open the first Nigeria Metallurgical Industry Stakeholders’ Forum (MISF) held in Abuja. The theme of the forum was: “Nigeria’s economic and industrial development through value […]

Forex earnings from cashew threatened

NIGERIA’s hope of exceeding earnings of $402 million from cashew exports this year is being threatened, National President, Federation of Agricultural Commodity Association of Nigeria, Dr Victor Iyama, has said. Iyama said this was due to the plummeting of international prices and reduced demand for Nigeria’s cashew following massive production from other producers. He said […]

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