Business news
Nigeria’s trade account turned positive in 2017 as a rise in oil exports outweighed imports after dollar shortages frustrated transactions, the National Bureau of Statistics said. The balance of trade last year was N4.03tn ($13.2bn). The net trade balance stood at minus N290bn for 2016. The rise boosts the Federal Government’s ambition to promote exports […]
The Central Bank of Nigeria’s Monetary Policy Committee’s long-awaited interest rate-cutting cycle risks being short-lived, if it starts at all. The CBN Governor, Godwin Emefiele, had said last month that the MPC might reduce its benchmark interest rate from the record-high of 14 per cent before July if inflation dropped closer to single digits. But […]
The Fidelity Bank Plc has made known plans to expand its digital banking operations by hiring and training 34 youths. According to the Managing Director of the bank, Mr. Nnamdi Okonkwo, the recruitment is one of the ways the bank is responding to the digital transformation happening in the banking industry. Okonkwo, who spoke at […]
The Nigerian stock market started the week in gain after 32 stocks appreciated, leading to a N229bn rise in the Nigerian Stock Exchange market capitalisation. The NSE All-Share Index gained 1.5 per cent on Monday to settle at 43,513.93 from 42,876.23 basis points while year-to-date return also grew to 13.8 per cent. The NSE market […]
The Minister of Finance, Mrs. Kemi Adeosun, on Sunday warned those wishing to take advantage of the Voluntary Asset and Income Declaration Scheme in regularising their tax status to be mindful of fake tax officials. She said this in response to the reported activities of some fake tax officials who claimed to be officials of […]
One of the nation’s three hydropower plants, Shiroro Power Station, has been shut down as a result of flood problem, with seven thermal plants left idle by gas constraints and other issues. Shiroro, which generated a high of 428 megawatts on January 3, 2018, was said to be “out due to turbine pit flood problem.” […]
Operators in the country’s aviation sector and air travellers are frightened by the recent spate of incidents in the sector, with one of them described as a “very serious incident” by experts and operators. Air travellers are also worried by the reported cases of unhealthy incursions into the tarmac of some airports by unauthorised persons […]
The Nigerian National Petroleum Corporation on Sunday announced that it was spending N774m daily (about N23.99bn monthly) as subsidy on the 50 million litres of Premium Motor Spirit consumed across the country. Although it described the amount as under-recovery, the oil firm stated that the amount was due to the proliferation of filling stations in […]
Guinea Insurance has announced the appointment of a Managing Director/Chief Executive Officer within its leadership ranks with effect from 1st March, 2018, in order to pave way for phenomenal superintendence of the company’s affairs. The appointment of BabatundeOlarindeOshadiya as Managing Director/Chief Executive Officer of Guinea Insurance Plc, was on 15th February 2018 ratified by the […]
Ms. Adetola Adegbayi, the Executive Director, Leadway Assurance Company Limited, is advising insured Nigerians to always demand for claims from their insurers whenever an insured risk occurs. she stated this during a media training organised by Leadway Assurance for insurance correspondents, in Lagos State, noted that most Nigerians who purchased insurance policies are ignorant on when […]