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Business and economic news from Nigeria and around the world.

Emefiele - 5 year plan

Emefiele unveils 5-year plan, targets double digit growth

@centbank Governor, Godwin Emefiele has finally unveiled the 5-year policy (2019-2024) direction for the apex bank.
LafargeHolcim - lafarge

The deal that helped Lafarge stock gain 18% in less than a week.

Why Lafarge gained 18.4% during the week.
MMM Cooperation

Nigerians are falling yet again for MMM as it makes a come back

Mavrodi Mundial Moneybox (MMM), the Russian-founded Ponzi scheme which wrecked the lives of so many Nigerians in 2017 is back in business.
Air Peace apologise, Air Peace plane incident in Port Harcourt International Airport, Boeing 737 Max crash, Air Peace crash, Ethiopian Airlines crash, Lion Air crash, Allen Onyema, Chairman and CEO Air Peace

SHOCKING: Air Peace jet skids off runway and ends up in the bush

There was a mild drama earlier this afternoon at the Port Harcourt International Airport when an Air Peace flight from Abuja skidded off the runway and ended up in the bush.
Ellah Lakes CEO Chuka Mordi and Jamie Rixton, Ellah Lakes Chuka Mordi interview, New facts behind the acquisition of Telluria Limited by Ellah Lakes emerge

EXCLUSIVE: Ellah Lakes’ Chuka Mordi addresses acquisition, growth plans, and other issues

The Chief Executive Officer of Ellah Lakes, Chuka Mordi and Jamie Rixton, the company’s Chief Agronomist visited Nairametrics’ Head Office located in Opebi, Lagos, to discuss the details of the acquisition of Telluria Limited by Ellah Lakes, and Mordi’s aggressive growth target, as well as the impact of the company’s oil palm field on host communities.
President Buhari Inaugurates National Economic Council, National Economic Council

NEC Inauguration: Buhari tells Governors “no more bail-outs”

President Muhammadu Buhari has inaugurated the National Economic Council (NEC) which will help to steer/oversee the country's economic ambitions for the next four years.
Nigeria's economy - growth

Fitch claims until 2028 before Nigeria exits damage caused by Buharinomics

It has been revealed that Nigeria's economy will struggle to return to the robust levels of economic growth witnessed prior to the 2014 collapse in global oil prices. A recent report released by FitchSolutions on Nigeria's country Risk for the third quarter of 2019 has revealed.
CBN Gov Godiwn Emefiele, subsidy removal

Two members of CBN’s highest decision making body ask for interest rates cut and...

Two members of the CBN "MPC" requested for the benchmark Central Bank Monetary Policy Rate "MPR" of 13.5% to be cut to 13.25%.
Forte Oil Plc, Femi Otedola

What next for Forte Oil Plc following Prudent Energy’s takeover?

Femi Otedola's exit from the @forteoilng means Prudent Energy the new key shareholder will have to make several key decisions.
NNPC appoints new GMD, Mele Kyari

President Buhari appoints Mele Kyari as new NNPC GMD

President Muhammadu Buhari has just appointed Mr. Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) @NNPCgroup
Geregu power plc

Otedola completes sale of Forte Oil, pivots fully to power generation

The share price of Forte Oil Plc opened at N32.30 per share at the Nigerian Stock Exchange yesterday up from its last week opening price of N25.75, signalling a 24.44% rise in value barely one week after the Exchange endorsed the transfer of the 75% majority equity stake in the company from its Chairman, Femi Otedola, to Prudent Energy and Services Limited in a share purchase deal.
Ellah Lakes CEO Chuka Mordi and Jamie Rixton, Ellah Lakes Chuka Mordi interview, New facts behind the acquisition of Telluria Limited by Ellah Lakes emerge

New facts behind the acquisition of Telluria Limited by Ellah Lakes emerge

On Friday, Ellah Lakes Plc announced the acquisition of Telluria Limited, a development that brought a major change in the Management of the former.
Loom Money Nigeria - financial inclusion

SEC’s Mary Uduk explains how fintech will facilitate Nigeria’s financial inclusion bid

The Securities and Exchange Commission (SEC), is committed to using fintech to grow financial inclusion. This is according to SEC's Acting DG, Mary Uduk.

Tribunal rules your voluntary pension contribution is tax deductible but…

Reports from KPMG indicates the Tax Appeal Tribunal has ruled that the Voluntary Pension Contribution “VPC” is tax deductible. This means those who contribute...
Facebook unveils Libra, a new global digital currency

Facebook unveils Libra, a new global digital currency

The world's most dominant social networking company, Facebook, has announced that come 2020, it will be unveiling its own cryptocurrency known as Libra.
Airtel Nigeria

Airtel eyes a £3.6 billion IPO valuation on the LSE and NSE

Airtel Africa Limited has declared its intentions to float his shares simultaneously on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE)
Should Gokada and Max.ng be afraid of ORide?

Should Gokada and Max.ng be afraid of ORide?

ORide is fast penetrating the market by leveraging on the N100 bonus offer to any destination of any distance within Lagos. This move has attracted the competitors’ customers, at least if not for anything, till the promo offer ends. 
Nigeria's healthcare sector

How Government’s under-investment is limiting growth in health sector

Despite the plethora of opportunities for health care providers and drug makers, underinvestment by the government in Nigeria's health care sector has made it difficult to attract investments.
pension plans

Here’s a look at how Nigeria’s Pension Fund performed in Q1 2019

The latest pension statistics have shown that the Nigerian Pension Fund asset crossed the 9 trillion mark in the first quarter of 2019, a feat that analysts have largely attributed to the growing awareness campaigns which have influenced the willingness of Nigerians to take their retirement plan seriously.
Google made a whooping $4.7b from news content in 2018

Google made a whooping $4.7 billion from news content in 2018

Google reportedly earned as much as  $4.7 billion in 2018 from news contents comprising of the works of news publishers accessed by readers via search and Google News.
Aliko Dangote

Dangote’s NASCON Allied Industries Plc moves operation from Apapa

NASCON Allied Industries Plc has moved some of its operations away from the  Apapa area of Lagos to Oregun and Port Harcourt.
Domino's Pizza

Domino’s Pizza confirms it has invested over N10 billion in Nigeria

Eat'N'Go Limited's CEO, Patrick McMichale said they have invested over N10 billion in Nigeria. Find out how.

Sam Amadi vs Eyo Ekpo twitter tirade explained

The controversy pertaining to the sudden reduction in electricity tariffs few months to the 2015 elections, was resurrected recently when Eyo Ekpo, then a...
Summer Transfer Window

Here’re the top ten football signings so far, across Europe

The Summer transfer window has barely been opened and huge signings have already been made across the European continent. Real Madrid and Barcelona have so far been dominant in this regard.
Godwin Emefiele

CBN is going after any company that imports banned items

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to blacklist any firm, its owner, and top management caught smuggling or dumping any of the restricted 43 items into Nigeria.
Central Bank of Nigeria

Nigeria Customs Service changes exchange rate from N305 to N326

Latest development suggests the Central Bank of Nigeria (CBN) may finally allow the Nigerian naira to be floated and freely determined by market forces from the currently pegged N305/1$.
Bolt launches Bolt for Business

Is this the new way Bolt (Taxify) drivers rip-off their customers?

A Bolt customer recently cried out on social media after one of the companies drivers overbilled her the sum of N12,200 for a trip that was supposed to cost N800.
Top women

The global beauty industry is making billionaires out of female entrepreneurs

Makeup and skincare products continue to rank among the most contemporary essentials used by women all over the world, as they continue to explore options that would help to enhance their skins and images. 
WEMPCO

Nigerian Steel Industry is getting crushed by smuggling

That the Nigerian steel manufacturing sector, arguably the most critical element in the nation’s industrialisation drive, is massively threatened by smuggling and racketeering, is a development government should worry about.

CBN reports it has “floated” the Naira

@centbank signaled it has floated naira, which implies that the Naira exchange rate will now be fully determined by market forces of demand and supply.

Popular

Central Bank of Nigeria

CBN is set to recapitalise Nigerian banks again

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has announced that the apex bank is set to recapitalise Nigerian commercial banks.
Julian Osula, Julian's Luxury

Meet Julian Osula, the billionaire who disrupted traffic with a helicopter

Finally, the identity of the billionaire that disrupted traffic along Lagos-Benin Expressway has been revealed.
NPF Microfinance Bank loses N230 million to rogue staff

NPF Microfinance Bank loses N230 million to rogue staff

NPF Microfinance Bank in its 2018 financial statements disclosed a staff defrauded the bank of N230 million.