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Business and economic news from Nigeria and around the world.

Nigeria Air

Amaechi explains why Nigeria Air was suspended after 2 months of unveiling

Amaechi has explained that Nigeria Air was suspended because FEC members were divided on the modalities for its establishment.
CBN injected $11.81 billion in 3months to Stabilise naira

CBN injected $11.81 billion in 3months to Stabilise naira

The Central Bank of Nigeria (CBN) injected the sum of US$11.81 billion in the first quarter (Q1) of 2019. This was revealed in the CBN Quarterly Economic Report.
EFCC raid MTN

Purported EFCC raid on MTN Nigeria head office might be false

There were wild media reports, late Friday night, purporting that the Economic and Financial Crimes Commission (@officialEFCC) raided the head office of @MTNNG. This might be wrong.
Nigerian Stock Exchange

NSE ends the week on a negative note as MTN loses for the first...

The Nigerian Stock Exchange ended Friday's trading session in negative territory. The All Share Index closed at 30, 881.29 basis points, down 1.89%.
Central Bank of Nigeria

CBN’s Emefiele charges private sector operators to improve economy

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has charged private sector operators to look inwards and figure out how best to develop the country's economy.

FCMB empowers more SME customers in Season 2 of “Race to China Promo”

First City Monument Bank (FCMB) has rewarded another set of its Small and Medium Scale Enterprises (SMEs) customers in Season 2 of the Bank’s reward scheme tagged “FCMB SME Race to China Promo”.
Old Mutual Limited suspends CEO, Peter Moyo suspended by Old Mutual, Old Mutual Nigeria

Old Mutual suspends CEO with immediate effect, as CEO reacts

@OldMutualLtd, the parent company of @OldMutual_NG, has suspended its Chief Executive Officer, Peter Moyo (@Mtheera) with immediate effect.
Nigeria's Coastal Rail Project

Transportation receives fresh boost as FG okays $2.3 billion coastal rail project

The Federal Government has approved $2.3 billion for the construction of a rail line that will run across Nigeria's coastal states.
NASCON’s Q1:2019 financial result

Sticky cost structure mars Nascon Allied Industries’ profit margins

NASCON’s Q1:2019 financial result showed some marginal improvement as its revenue grew by 0.77% to N6.82 billion relative to N6.78bn in Q1:2018.
Import Duty Exemption Certificate portal

Nigeria lost N4.6 trillion due to non-implementation of Import duty portal – FG

Nigeria lost revenue worth N4.61 trillion in two years due to the non-implementation of the Import Duty Exemption Certificate portal. The disclosure was made by the Minister of @FinMinNigeriae, Mrs. Zianab Ahmed
Veritas Kapital Insurance Plc

Veritas’ gross premium rises 40% in 2018 as insurance companies struggle

@veritaskapital has released its consolidated and separate financial statements for the year ended December 31, 2018, posting a 40% increase in its gross premium.
NSE All Share Index

Foreign investors are dumping more Nigerian stocks

The Nigerian Stock Exchange lost N41 billion in April as a result of the activities of foreign investors trying to recoup their investments.
NSE Rules, Nigerian Stock Exchange,

Regulators streamline listing process in efforts to attract more firms to the NSE

In a bid to increase the number of quoted companies in the capital market, the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC), have disclosed their commitments to ease the listing process.
Lagos-Ibadan rail project will be completed in 2020 —CCECC

Contractor gives date for the completion of the Lagos-Ibadan rail project

Mr. Jaceques Liao, the Executive Director of China Civil Engineering Construction Corporation, recently assured that the Lagos-Ibadan rail project that is currently ongoing will be completed by April 2020.
Tomatoes Price

Household Survey: Prices of tomatoes jump, as local rice stock piles up

As the Ramadan season gradually comes to an end, some households in Lagos and elsewhere may find it difficult to celebrate because the prices of some food items keep increasing.
Fortune Magaizne Ranks Dangote

Dangote Cement Plc’s N50 billion Commercial Paper closes today

Dangote Cement Plc has announced that it will be raising N50 billion in the fifth, sixth, and seventh series of its N150 billion Commercial Paper (CP) programme.
House of Representatives, Nigerian National Petroleum Corporation, National Petroleum Investment Management Services

Total to refund $592 million to FG, as Reps consider probing NNPC/Chevron contract

Total Exploration and Production Nigeria (TEPNG) has been directed to refund $592 million to the Federal Government. @HouseNGR gave the directive after an investigation was made into the budget of certain projects.
Benedict Peters' Bavura Holdings get concession for platinum mining

Zimbabwe gives Benedict Peters’ Bavura Holdings a platinum mining concession

Bavura Holdings, which is linked to Nigerian billionaire and founder of Aiteo Group, Benedict Peters, has been awarded a concession to explore/mine platinum in Zimbabwe.

Outsource Global Extends its BPO Service to Japan

The Africa Business Process Outsourcing industry got another boost as the leading player in that space, Outsource Global, recently announced their expansion into Japan.
Vitafoam Nigeria Plc, Dividends and bonus shares, Subsidiaries

Vitafoam’s Half-Year results temporarily pushed stock to a 3-year high

Vitafoam Nigeria Plc's share price attained a 3-year high on Wednesday, thanks to the significantly-positive half-year 2019 results posted by the mattress-maker.
NCC disburses N100 million to universities for ICT Research

NCC disburses N100 million to universities for ICT Research

The Nigerian Communications Commission (NCC) has disbursed over N100 million to some Nigerian Universities to carry out research in telecommunications and Information Communication Technology (ICT).
New report casts doubt over future funding for small businesses in Nigeria

New report casts doubt over future funding for small businesses in Nigeria

Over $1 billion has been lost to Micro, Small, and Medium Enterprises-related corruption in the last five years, a new report has shown. Some of the corruption-prone schemes include constituency projects and @cenbank development fund.
Treasury Bills

Daily Update: T-Bills Market turns bearish as CBN resumes OMO sales

Welcome to Nairametrics‘ summary of the daily performance of major economic indicators and highlights from trading sessions and key statistics such as Treasury Bills and Bonds. This is brought to you by Zedcrest.
US-China Trade War: Implication on Nigerian economy as the Asian romance lingers

ABCON president explains how Nigeria is benefiting from the U.S-China trade war

The President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe has disclosed that the on-going trade war between two of the world's largest economy, the United States and China, is playing to Nigeria's advantage.
Nigerian Stock Exchange

The Stock Market continues bullish run for the third time this week

The Nigerian Stock Exchange ended  Thursday's trading session in positive territory. The All Share Index closed at 31,477.51 basis points, up 1.07%.
UK demonstrates commitment to the advancement of West Africa’s Agro-Industry

UK demonstrates commitment to the advancement of West Africa’s Agro-Industry

The United Kingdom continues to demonstrate its commitment to ‘doing better business’ on the African continent with the inaugural edition of the UK-West Africa Agritech Summit organised by the UK Department for International Trade.
FAAC disbursed N617billions in April, as South-South scoop N72billions

FAAC disburses N617 billion as South-South scoops highest allocation

The Federation Account Allocation Committee (FAAC) disbursed the sum of N617.57 billion to the three tiers of government in April 2019, according to the FAAC report released by @nigerianstat
Richard Rivett-Carnac, International Breweries

AB InBev estimates total investments in its Sagamu brewery to be $400 million

@abinbev has estimated the total investment it has made in its new brewery in Sagamu, Nigeria, to be up to about $400 milion.
FG calls on foreign investors to raise $140 billion for infrastructure funding

FG calls on foreign investors to raise $140 billion for infrastructure funding

The federal government is currently in search of foreign investors and financiers to fund infrastructure projects valued at $140 billion. Over $90 billion worth of investments have been announced since 2018 but are still being expected.
China Chamber of Commerce

Chinese companies’ investments in Nigeria hit $20 billion – CCCN

The president of the China Chambers of Commerce in Nigeria, Mr. Ye Shuijin, recently disclosed that the total investments of Chinese companies in the country have reached $20bn.

Popular

Canada invited 3,357 Express Entry candidates with scores as low as 300

Canada invited 3,357 Express Entry Candidates with scores as low as 300

Canadian province, Alberta, has issued a total of 3,357 invitations to apply for a provincial nomination for Canadian Permanent Residency (PR) to Express Entry candidates with Comprehensive Ranking System scores as low as 300.
EFCC raid MTN

Purported EFCC raid on MTN Nigeria head office might be false

There were wild media reports, late Friday night, purporting that the Economic and Financial Crimes Commission (@officialEFCC) raided the head office of @MTNNG. This might be wrong.
Treasury Bills

Daily Update: T-Bills Market turns bearish as CBN resumes OMO sales

Welcome to Nairametrics‘ summary of the daily performance of major economic indicators and highlights from trading sessions and key statistics such as Treasury Bills and Bonds. This is brought to you by Zedcrest.