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News Review

Review of top business & economic news and analysis from Nigeria

Akinwunmi Adesina receives highest honour of the Republic of Liberia

President of the African Development Bank Group (AfDB), Dr. Akinwumi Adesina, on Monday, January 15, received the Order of the Star of Africa with...

Federal Government pays N11 billion to YouWin awardees

The Federal Government has disbursed over N11 billion to the beneficiaries of the third edition of the YouWiN! programme from 2015 to date. This disclosure...

Explained: Why Swipha shut down its operations

The management of Swiss Pharma (Swipha) Nigeria Limited has explained why it decided to temporarily shut down its operations in Nigeria because of the...

This court order could halt the 9Mobile sale

The nullification of a Federal High Court order granting the interim board of 9Mobile legitimacy could throw a spanner in the sale process for...

CBN sets 7.6 million new bank account targets for banks in the country

The Central Bank of Nigeria (CBN) has set a target of 7.6 million new savings accounts for Deposit Money Banks (DMBs) and Microfinance banks. the...

CBN instructs Microfinance banks to freeze withdrawals on accounts with no BVN

In a recent notice, the Central Bank of Nigeria (CBN) has instructed microfinance banks and other financial institutions to place a no debit order...

Polio Debt: Gates Foundation agrees to repay Nigeria’s $76m debt.

Nigeria has given the its green light to Bill and Melinda Gates Foundation to start the repayment of 76 million dollars polio eradication facility...

INEC schedules 2019 general elections for February and March 2019

The Independent National Electoral Commission (INEC) has scheduled the 2019 Presidential and National Assembly elections for Saturday, 16th February, while the Governorship and State Assembly/Federal...

World Remit raises $40 million for expansion

Payment transfer service World remit has announced it has received $40 million fresh funding from a consortium of investors. Investors that participated in the...

Pen Cinema Flyover: LASG says prompt submission Of documents ‘ll quicken payment process

The Lagos State Government has allayed fears of property owners affected by removal of structures for the construction of the Pen Cinema Flyover, informing...

Israel sits on the fence regarding cryptocurrencies

Israel seems to have joined the rank of countries that are cautious on cryptocurrencies, as it has classified them as an asset not currencies....

Relief as NNPC announces restoration of Escravos-Lagos pipeline

The Nigerian National Petroleum Corporation  (NNPC) today announced the completion of repairs on the Escravos pipeline. In addition, gas supply to several power generating...

Why some banks stopped foreign exchange withdrawal using Naira debit cards

Frequent travellers in the country may have to come up with alternatives as some commercial banks have decided to suspend the withdrawal of foreign...

Dangote Cooperative plans real estate, banking, others in diversification drive

The board of the Dangote Group Staff Multipurpose Cooperative Society Limited (DANCOOPS) has set machinery in motion to diversify into real estate, micro credit...

FG requires $40 billion to fund railway projects nationwide

Minister of Transportation, Hon. Rotimi Amaechi, has revealed that the Federal Government would need about  $40 billion to finance the ongoing rail projects nationwide. The...

Why Fitch feels Nigerian banks may make less profit in 2018

Ratings agency Fitch, in a recently released report, is of the opinion that profits made by Nigerian banks may drop in 2018, due to...

Buhari warns Nigerian Customs over hindering ease of doing business

President Muhammadu Buhari has warned officers of the Nigerian Customs service against being a stumbling block to the ease of doing business in the...

Petroleum marketers may be given special fx rate to import fuel

As part of measures to alleviate the crippling fuel scarcity in the country, petroleum marketers in the country may be granted a special foreign...

Angola embraces free markets while Nigeria clings to the past

Southern African major oil producer Angola has signalled its intentions to devalue its currency the Kwacha exchange rate against the dollar. Devaluation is the...

Baru orders assessment of Escravos to Lagos gas pipeline fire, restoration of line.

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru, has ordered the immediate assessment of fire incident on Escravos to...

This cryptocurrency has just hit a market capitalization of $100 billion

Cryptocurrency markets were thrown into a frenzy this week as ripple (XRP) became the second cryptocurrency to hit the $100 billion mark. Ripple currently...

Lagos State Water Corporation introduces prepaid metering system

The Lagos State Water Corporation (LWC) has introduced a prepaid metering system for its customers. Prior to this, the corporation charged a flat flee...

House of Representatives pass bill endorsing stamp duty on bank accounts

The House of Representatives has passed a new Stamp Duty Bill, which seeks to amend and repeal the 2004 Stamp Duty Act.With the passage...

Federal government to sanction operators that breached NNPC $6 billion swap agreement

Minister of State for Petroleum Ibe Kachikwu has disclosed that the Federal Government will reappraise the Nigerian National Petroleum Corporation (NNPCs) $ 6 billion...

Nigeria’s first dry inland port to be commissioned on Thursday

President Muhammadu Buhari, will on Thursday this week commission Nigeria’s first dry inland port in Kaduna. The port was built by the Nigerian Shippers...

How six Banks spent N770million on customers in 2017

Six commercial banks in the country spent about N770 million to empower 4092 customers through savings promotions in 2017. This was done to imbibe a saving...

10 key points from President Buhari’s 2018 New Year broadcast

President Muhammadu Buhari, at 7am this morning addressed several burning issues in his New Year’s speech. Here are 10 key points from the...

Full transcript of President Muhammadu Buhari’s 2018 New Year broadcast

I join my fellow citizens this morning to welcome and celebrate the New Year 2018. This year promises to be pivotal in our quest...

Nigeria may seek more funds from World Bank to battle erosion

Minister of Environment Mallam Ibrahim Jubril has hinted that Nigeria may seek more funding NEWMAP project. He also disclosed that 12 new states would...

Police in US arrest white “Nigerian Prince” for sending 419 mails

Slidell Police Department in the United States have arrested a white man, who poses as a "Nigerian Prince" to defraud unsuspecting victims of their...