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Business and economic news from Nigeria and around the world.

Sheraton Abuja hotel

Why Capital Hotels paid over N500 million as damages to an ex guest

Capital Hotels Plc stated that it had the sum of N560 million deducted from its account with Guaranty Trust Bank.
VFD Group Limited

See how VFD Group plans to reposition Nigeria’s economy

VFD Group Limited recently held its 2nd AGM in Lagos, during which the board of directors obtained shareholders' approval to raise capital for expansion purposes.
Notore PLC

These companies may benefit from the CBN’s latest FX policy

The Central Bank of Nigeria (CBN) Governor Godwin Emefiele, made good his threat to add other items to the list of those banned from the official exchange market.
Nigerian Military

Official: Nigeria spends N1.2 billion only on imports of Arms and Ammunition

Nigeria's military spending rose by a whopping 2,138% for the third quarter of 2018, one of the highest seen in recent years. This was contained...
Inflation, private sector loans, NBS

Credit to the private sector hits N15.5 trillion as at Q3 2018 

Nigerian Bank’s total lending to the private sector from Q1 2018 to Q3 2018 stood at N46.4 trillion as at September.
Investment One Financial Services Limited

Investment One advocates investment in tech as it clocks ten

Investment One Financial Services Limited wants Nigerians to really think about some of the tech ideas that are shaping the future, and invest in them.
Reggie Middleton, Veritaseum, Stockbrokers, NSE, Blockchain, NSE, ASEA 2018

Could this be the end for stockbroking firms in Nigeria?

A blockchain is a growing list of records, called blocks, which are linked using cryptography.

CRe Nigeria may be delisting soon

Continental Reinsurance Plc has sent a notice to the NSE announcing a proposed acquisition of minority holdings by its key shareholder CRe Investments
Cosmas Maduka

How Cosmas Maduka moved from an Underaged apprentice to a multi-billionaire

Across the African continent, there are several stories of successful business tycoons. Some had strong financial boosts from their already wealthy families, while for others,
CACS, Central Bank of Nigeria, CBN, anchor borrowers

CBN may tighten FX access for these items soon 

CBN may extend its anchor borrowers scheme to agricultural operators in the fish and oil palm sector.
Inflation, private sector loans, NBS

Inflation shows surprise drop in October

NBS figures show inflation increased by 11.26 per cent (year-on-year) in October 2018.
Muhamadu Buhari

Highlights of Buharinomics ‘Next Level’ 2019 agenda

President Muhamadu Buhari who is also the Presidential candidate of the APC has unveiled his manifesto.
Atiku Abubakar

How Atiku plans to create 3 million jobs annually

Nairametrics was able to get a sneak preview of PDP Presidential candidate Atiku Abubakar's policy document.

NCC approves new owner for 9mobile

The Nigerian Communications Commission (NCC) has approved the transfer of 9 mobile to new investor, Investment Holding Company, Teleology Holdings Limited. According to Reuters the...
Union Dicon Salt Plc

Focus on this small-cap company and its very ‘salty’ business 

The small-cap company, with its authorised share capital of N300 million, is based in Lagos where it operates at the Kirikiri Lighter Terminal Phase 2.
Gbenga Adebayo; Chairman of the Association of Licensed Telecoms Companies of Nigeria  (ALTON)

NCC’s restriction on VAS is endangering Telcos – ALTON

ALTON chairman give an outlook for the industry in 2019, and challenges telecommunication firms face in Nigeria.

Dangote Cement may acquire Kenyan cement company

Dangote Cement has been approached about a potential transaction by advisers to debt-laden Kenyan Cement company.
MTN, Public Investment Corporation

How MTN Nigeria’s troubles could affect South Africa’s financial system

The South African Reserve Bank (SARB) claimed that the dispute between the Nigerian and MTN could destabilise the country's financial system.
Dangote group

Apapa gridlock may cost Dangote Group over N15 billion this year

Companies operating under the Dangote Group may lose over N15 billion as profit foregone.
Business, Corporate News Roundup

Corporate News Roundup: New Pioneer Industries revealed

Corporate News roundup is a weekly roundup of corporate news and action that took place the previous.

Two global banks close offices in Nigeria as foreign investment falls

Global banking giants, HSBC Bank and UBS Group have closed their offices in Nigeria.
Purchasing Managers' Index, Manufacturing sector - biscuit industry

PMI remains positive for 19 consecutive months

CBN said the country's PMI continued to grow for the nineteenth consecutive month in October.

Two key factors behind the poor Dangote Sugar Q3 2018 results

Dangote Sugar refinery Plc has attributed the company’s poor results to smuggling.
Xi Jinping and Buhari

Nigerian assets that may be taken over by China

In the past three years, Nigeria has gotten over $5 billion loan from the People’s Republic of China.
Arik Air

Your data may not be secure with Arik Air

Customer data belonging to Arik Air may have leaked.

Nigeria earned N1.16 billion from rail in six months

FG has generated a total of N1.16 billion through the rail system of transportation in H1 2018.
Ekocorp Plc

Company Focus: Is Ekocorp Plc still making money in 2018?

Ekocorp Plc is one of the biggest private healthcare providers in Nigeria, and the only one listed on the NSE.
Diamond Bank's merger with Acess Bank

Mixed signals emerge from Diamond Bank

The board and senior management of Diamond Bank Plc seems to be giving mixed signals concerning a planned capital investment by new investors.
Zainab Ahmed, Nigeria's Population

FG, States and LGs share N698.71 billion as revenue falls

The Federation Account Allocation Committee (FAAC) has shared the sum of 698.71billion to Federal Government, State Governments and Local Governments as September allocation
Renaissance Capital

Analysts believe Capital Market will fare better after 2019 election

CEO of Renaissance Capital Nigeria, Temi Popoola stated the country's capital market after 2019 polls.