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Business and economic news from Nigeria and around the world.

Money hawkers risk prosecution, CBN warns

CBN has warned money hawkers in Nigeria to desist from the practice or risk jail term.

These Nigerian entrepreneurs have benefited from Alibaba’s training in China

4 Nigerians are among beneficiaries of the UNCTAD and Alibaba Business School training in China for 29 young Africans.

9 months after, Senate considers appointment of Tunde Lemo as FERMA boss

The Senate has considered Tunde Lemo's appointment 9 month after President Buhari announced his appointment.

Investment opportunities abound in Nigeria’s FinTech ecosystem

Industry players in Nigeria's FinTech ecosystem will meet in London to deliberate on investment strategies. 

President Buhari nominates Mustapha, six others for NDIC positions

President Buhari has, on Wednesday, forwarded the names of Chief Olabode Mustapha as chairman of NDIC.

AFC grants Waltersmith Refinery $35 million debt facility

AFC has signed a $35 million debt facility agreement with Waltersmith Refining and Petrochemical Company Limited.

Senate approves N348 billion to clear oil subsidy claims

The Nigerian Senate has approved over N348bn outstanding petroleum subsidy claims.

FRAUD: FG uncovers N62.555 billion unaccounted for in NSITF

An investigation into the financial state of NSITF has uncovered about N62.555 billion fraud in the agency.

ABC survey shows US companies contributed over N111 billion to Nigeria in 2017

A survey conducted by the ABC in collaboration with Accenture, KPMG, and PwC show the overall economic impact of US firms in Nigeria.

ETI appoints Patrick Akinwuntan MD-Designate Ecobank Nigeria

Ecobank Transnational Incorporated (ETI) has announced the appointment of Patrick Akinwuntan as Managing Director (MD) Designate Ecobank Nigeria, subject to regulatory approval. Akinwuntan, replaces outgoing...

DEAL: EFG Hermes acquires Primera Africa

EFG Hermes has entered into a definitive SPA to acquire 100% of Primera Africa.

Universal Music Group to launch “strategic division” in Nigeria, signs Tekno, Mr Eazi

Universal Music Group has announced that it will be launching a Nigerian division as part of its expansion efforts. 

Godsmart Nigeria Limited takes up 16.7% stake in NAHCO Plc

Nigerian Aviation Handling Company (NAHCO) Aviance sent a notice to the Nigerian Stock Exchange (NSE) today, informing it and the investing community of a change...

Buhari seeks Senate approval for N228 billion supplementary budget

President Buhari has sent a 2018 supplementary budget proposal to the Senate.

CBN Injects Fresh $210m into the Forex market

CBN has injected the sum of $210 million into the inter-bank foreign exchange (forex) market.

CBN claims it has refunded N65 billion in wrong bank charges to customers

Customers have since been raising concerns over illegal charges and deductions by Nigerian commercial banks.

BUA Cement steps up competition as it commissions new ₦126 billion plant

The newly-commissioned plant will help increase BUA Cement's production output to about 6MMT per annum.

Nigeria officially unveils national carrier in London

The Nigerian Government has unveiled the new national carrier.

Supreme Court dismisses Ecobank’s appeal against Honeywell

Ecobank was embarrassed as Supreme Court dismissed its three appeals for being frivolous.

Great Nigeria Insurance Plc seeks shareholders approval for immediate delisting

The management of GNI Plc has convened an EGM of the insurance company to seek approval for immediate delisting fom the NSE.

How Tech is disrupting Nigeria’s transport ecosystem by Fisayo Durojaiye

This is an attempt to dissect Nigeria’s technology-enabled Transportation sector.

Report: Instagram dominates as 22 million Nigerians use internet for social media

More Nigerians are using the internet for personal purposes.

9mobile office shut over alleged tax default

9mobile Port Harcourt Regional Office, has been sealed by operatives of RIRS over alleged tax default.

President Buhari appoints Muiz Banire as AMCON Chairman

President Buhari has appointed Dr. Muiz Banire as Chairman of AMCON.

Alibaba to invest on Nigerian, other African entrepreneurs

200 entrepreneurs across Africa, have been scheduled to be part of Alibaba’s eFounders Fellowship programme.

Nigeria ranks 156th in 2018 worldwide broadband speed report

The report findings are based on more than 163 million speed tests conducted in 200 countries around the world.

Nigeria to unveil new National carrier in London

Hadi Sirika has announced that a new national carrier would be unveiled in the United Kingdom.

Ghana’s apex bank annuls acquisition of ADB shares by Belstar capital

The Bank of Ghana has annulled the acquisition of 51% shares in Agriculture Development Bank.

How Afreximbank’s $65 billion syndication was shared

Nigeria has received 40 percent of Afreximbank’s $65 billion worth of loan syndications.

Oando Plc denies involvement in London court case

In a notice sent to the Nigerian Stock Exchange (NSE), Oando Plc has debunked reports in print and digital news media purporting that the...