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Business and economic news from Nigeria and around the world.

Revival of Nigerian refineries: Is selling out the solution?

News reports suggest that the Federal Government may have shortlisted several companies to take over the country’s refineries. The four companies include Petrodel resources, Matrix,...

Milost Global may acquire Nigerian tier two bank soon

Private equity firm Milost Global has signified its intentions to conclude its acquisition of a large Nigerian bank following talks with the Central Bank...

AMCON Takes Over Osigwe Foods and an Ikeja GRA residence

Hon. Justice Saliu Saidu of the Federal High Court Lagos Division has granted an injunction against Osigwe Foods and Agro-Industrial Company Limited, owned by...

Corporate News Roundup for the week ended February 17, 2018

This Corporate News Compilation for the week ended February 17th, 2018 is brought to you by Bluechip Technology Ltd Nigeria. 1. On December 14th, 2010, Nigerian...

These companies have fallen under AMCON’s hammer

AMCON was established through the Asset Management Corporation of Nigeria Act, 2010 (AMCON Act), with a mandate to efficiently resolve all problems associated with...

Dangote Cement London listing could be back on the front line

A planned listing on the London Stock Exchange by Dangote Cement shelved some years ago, could be back on the drawing board. Parties familiar...

Japaul Maritime Services signs $350 million financing agreement with Milost Global

Japaul Oil and Maritime Services Plc have signed a $350 million financing agreement with Milost Global Incorporated. The financing was arranged and negotiated by...

What I learnt hawking rat poison in Lagos traffic

This is the third piece in the “Changing Lenses” series. I earlier wrote about how I became a bus conductor for 1 day and did an additional...

NEC in discussions with NNPC regarding petrol prices

The National Economic Council (NEC) has opened deliberations with the Nigerian National Petroleum Corporation (NNPC) over petrol prices in the country. Mohammed Abubakar, Bauchi...

Again, Nigeria’s Eurobond oversubscribed 6 folds. How you can buy

The Debt Management Office (DMO) reported on Thursday night that Nigeria's dual tranche Eurobond offering of $2.5 billion was oversubscribed by about 6x. According to...

UACN, other investors liquidate Warm Spring Waters Limited

In a notice to the Nigerian Stock Exchange (NSE) today, UAC has announced the liquidation of one of its associate companies Warm Spring Waters...

‘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...

Petrol smuggling increases as Nigeria battles fuel scarcity

As Nigerians groan from the effects of the current fuel scarcity, the Department of Petroleum Resources (DPR) has wielded the big stick against erring...

Why single digit inflation goal may not be possible till after 2019

The National Bureau of Statistics on Tuesday released its Consumer Price Index report for revealing an inflation rate of 15.13% for the month of...

Dangote gives an update on Apapa Port road reconstruction

President of Dangote Group, Aliko Dangote has assured that the Apapa Port Wharf concrete road currently under construction by his company, AG Dangote would...

An Analysis of the Lagos State Land Use Charge Law 2018

The combined effect of the rapid quest for property, increasing demand for provision of urban and rural infrastructures, and the dwindling federal revenue allocations...

FG targets ₦886 billion from MDAs operating surplus

Chairman, Fiscal Responsibility Commission, Chief Victor Muruako has revealed that a total of 122 agencies are now required to pay operating surpluses annually into...

House of Representatives oppose concession of Ajaokuta Steel Plant

The Federal Government’s plan to concession the Ajaokuta Steel Plant may be slightly delayed as the National Assembly has expressed opposition to the move....

Unpaid debt: AMCON Takes Over Daily Times Plc from Folio Communications

Asset Management Corporation of Nigeria, AMCON sent in a press release on Tuesday that it has taken over Daily Times Plc due to default...

Nigerian Ports Authority moves to recover ₦40 billion debt

Port operators owing the Nigerian Ports Authority (NPA) are in for a tough time, as the parastatal's management has given them a deadline of...

7UP Nigeria Plc minority shareholders oppose delisting from NSE

As 7UP Nigeria Plc, continues with its delisting process, several shareholder groups have raised objections to it. While some of the shareholders called for...

Multi-Trex Plc is about to wake up from the dead

Cocoa processor Multi-Trex Integrated Foods Plc may soon awake from its slumber as the Nigerian Export-Import Bank has concluded arrangements to provide a ₦4-₦5...

2018 Lagos State marathon May Have Generated Over ₦100 million in Revenue

Lagos State government today, played host the third edition of the Access Bank marathon. The full marathon which is 42 kilometres, started at 6.30am...

Innoson Responds to His Arrest Warrant

Chairman and Chief Executive Officer (CEO) of the Innoson Group, Innocent Chukwuma has sought a Court of Appeal motion seeking a stay of execution in...

Globacom, 9mobile lose more grounds to MTN on GSM subscriber list for 2017

MTN Nigeria has maintained its lead in the mobile internet space, gaining a total of 5,054,192 internet subscribers in 2017. The company started 2017...

The Innoson vs EFCC Battle has Taken a New Turn

The legal battle between Innocent Chukwuma Chairman/Chief Executive Officer Innoson Group and the Economic and Financial Crimes Commission (EFCC) has taken a new twist....

What really drives inflation in Nigeria?

Managers of successful economies fear nothing more than inflation, for them even if incomes don’t increase prices must at least stay constant (or within...

Nigeria’s growing debt profile, a cause for concern

The International Monetary Fund had recently raised an alarm over Nigeria’s growing debt profile noting that it could be worse and needs to be...

Making Sense of Nigeria’s Federal Government Budgeting Efficiency

It is true that governments all over the world continually argue for and indeed deploy public expenditure to put their GDP on the desired...

Nigeria’s Payment Channels Made a Record-breaking ₦86 trillion in 2017

Nigeria's payment channel transactions hit an all-time high of ₦86.1 trillion in 2017 according to the data from the National Bureau of Statistics. This...