Transcorp hotel

Olorogun O’tega Emerhor retires as Transcorp Hotels Chairman

Transcorp Hotel Plc has announced the retirement of its chairman and non-executive Director Olorogun O'tega Emerhor. In a statement by the company, it also...

Police in US arrest white “Nigerian Prince” for sending 419 mails

Slidell Police Department in the United States have arrested a white man, who poses as a "Nigerian Prince" to defraud unsuspecting victims of their...

‘Uber Chap Chap’ maybe on its way to Nigeria soon

Uber, the leading ridesharing app is currently testing the “Uber Chap Chap”, service in Nairobi, Kenya. According to Reuters, the introduction of the new service...
Gokada shutdown

GoKada to add luxury yacht service to its operations

Nigerian on-demand transportation company, Gokada, recently added luxury yacht service to its services.
Umar Garba. Nigeria Telecoms

Nigerian telecoms industry shows improving fundamentals

Nigerian Communications Commission (NCC) released a flurry of July data for the telecommunications industry,
FCMB, NSE, Nigerian stocks, Nigerian stock exchange

Daily update on Treasury Bills, Bonds, Forex, oil price and more

Daily performance of major economic indicators and highlights from tradings sessions and key statistics such as T-bills, bonds, FX rates, inflation, oil price.
revenue, FSDH, Buhari to release N600 billion for capital expenditure in 3 months, Nigeria @ 59: President Muhammadu Buhari’s speech, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) , See what FSDH is saying about the 2020 budget and FG’s revenue drive 

Independence day speech: Expect greater scrutiny of revenue generating agencies – President Buhari

The speech delivered by President Muhammadu Buhari on the occasion of the 59th Independence anniversary today, October 1, 2019. 
thomas cook

Thomas Cook’s bankruptcy threatens tourism 

British Travel Company and airline, Thomas Cook has shut down and declared bankrupt leaving 600,000 people stranded across the world.   
revenue, FSDH, Buhari to release N600 billion for capital expenditure in 3 months, Nigeria @ 59: President Muhammadu Buhari’s speech, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) , See what FSDH is saying about the 2020 budget and FG’s revenue drive 

In Nigeria’s downstream, the gloom persists

With earnings season now over, we have yet another opportunity to take more than a cursory glance at the H1:2019 financial scorecards for Nigeria's downstream segment
Minister of Finance Zainab Ahmed, VAT

Increasing debt servicing cost deters investors from investing in Nigeria

Report has it that the cost of servicing government debt in Nigeria is limiting foreign investors from investing their money in the country.
800 Chinese firms to participate in Lagos International Trade Fair 

800 Chinese firms to participate in Lagos International Trade Fair 

About 800 Chinese firms are expected to participate in the 2019 edition of the Lagos International Trade Fair.  
Nigeria's Agricultural sector records highest growth in Q1 2019, Central Bank disbursed N299 billion

Central Bank disbursed N299 billion loans through these Agricultural schemes in 2018

The CBN disbursed the sum of N299.16 billion through six (6) Agricultural Schemes in 2018. According to the Central Bank’s annual report for 2018, various agricultural schemes include the Anchor Borrowers’ Programme
IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text) 

IMF: Increase tax rate to manage fiscal crisis?

Nigeria’s tax revenue to GDP ratio remains one of the smallest in the world which implies there exists a strong revenue potential from taxes.

Century Petroleum confirms reverse merger with Ibeto Group

Century Petroleum has confirmed that it has entered into a binding letter of agreement with Ibeto Cement Company Limited. In the agreement which outlines the proposed...

Contract breach: Court awards $10 million damages against shoprite

Nigerian firm, AIC Limited has been awarded $10 million as damages against South African retail giant, Shoprite Checkers (PTY), Limited and its business partner,...

Truecaller under probe for breaching Nigerians’ privacy rights 

Truecaller is currently being investigated by the Nigerian ICT Agency, the National Information Technology Agency (NITDA)
Ahmed Kuru - Non-Performing loans

AMCON hails CBN on new lending policy

The Managing Director of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has commended the directive of the Central Bank of Nigeria (CBN)...
Nigerian Equity Market

Market/economic insight: the weekly brief (December 3rd– 7th 2018)

The performance of the Nigerian Equity Market remained bearish last week with the index (NSE ASI) down by 0.02% WTD to close at an...

Afromedia Plc posts ₦1.7 billion loss in 2016

Afromedia Plc has released its audited financial statements results for the year ended 30th September 2016.  Turnover 2015: ₦407.25 million 2016: ₦494.4 million. %Change: 21.4% Loss before tax 2015: ₦2.7...
Nigerians hit with over 60% delayed and cancelled domestic flights in 2018

Nigerians hit with over 60% delayed and cancelled domestic flights in 2018

No fewer than 36,350 cases of delayed flights were recorded in 2018 from domestic airlines operating in Nigeria, the Nigerian Civil Aviation Authority said.
CBN, Key lending rate, CBN to boost creative industry with N22 billion , CBN increases LDR to 65%, sets December deadline, External reserves drop by $3.2 billion in Q3’19 , Banks' loans to Oil and Gas, Power, other sectors drop by N411.8 billion 

Bank chiefs make a serious demand following CBN deduction of N499 billion 

Top executives of the banks affected by the CBN's N499 billion deduction have met with the apex to demand a review of the sanctions. 
Saleh Mamman, Minister of Power

Power Sector: 11 DisCos recorded N1.67 trillion revenue shortfalls in 5 years 

Electricity Distribution Companies (DisCos) in Nigeria suffered huge revenue shortfalls in the tune of N1.67 trillion in the past five years.  
Caramelo Bar

Caramelo Bar’s owner laments over N500m loss following demolition

Mr Maxwell Eze, the owner of exquisite Abuja-based nightclub, Caramelo Bar, has expressed his dismay after government officials destroyed his N500 million bar.
MTN Nigeria Limited

SEC DG confirms it is in discussions with MTN about its listing

Director- General of the Securities and Exchange Commission (SEC)  Munir Gwarzo has confirmed that the regulator is in discussion with MTN about its listing...

Nigeria government releases oficial gazette on list of pioneer industries and products

The Nigerian Investment Promotion Commission (NIPC) recently announced the release of an official gazette (the Gazette) of the list of pioneer industries and products.

IMF cuts global growth forecast

At the recently concluded IMF/World Bank meeting in Washington DC, IMF trimmed its growth forecast for the global economy to 3.0%
Infrastructure Credit Guarantee Company, InfraCredit, InfraCredit secures $15 million from AfDB, African Development Bank

Why AfDB is confident that Nigeria will sign the ACFTA soon

The African Development Bank (AfDB) is confident that the continent's largest country, Nigeria, will soon sign the Africa Continental Free Trade Agreement (ACFTA).
Nigerian Communications Commission, NCC set to probe telcos over N165 debt , NCC moves to track cybercriminals , Will there ever be a day the NCC withdraws a Nigerian telco’s license? 

Telcos may be fined N5 million for this reason 

The Federal Government, through the NCC has charged the telecommunications operators to monitor and keep records of calls.
154 failed banks: Insurance corporation commences payment to depositors , NDIC settles over 500,000 failed banks, MFB depositors, Defunct Savannah Bank not yet liquidated – NDIC clarifies 

NDIC settles over 500,000 failed DMB, MFB depositors 

The Nigeria Deposit Insurance Corporation has disclosed that it has refunded over N526, 414 depositors of closed Deposit Money Banks.
Governor Fayemi commissions Gossy Water

Gossy Water returns as Governor Fayemi commissions production plant

One year after the popular Gossy Water went out of business due to the liquidation of its parent company, it has re-emerged in full force.