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News Review

Review of top business & economic news and analysis from Nigeria

minister-of-finance-Kemi-Adeosun

FAAC meeting ends in stalemate over low revenue from NNPC

State and local government workers, may be in for a tough time as the monthly Federal Accounts Allocation Committee (FAAC) ended inconclusively, for the...
Gavel

These stockbroking firms will pay ₦5m as part of fines for their misconduct

Four stockbroking firms - Kapital Care Trust Securities, UIDC Securities Limited, Union Registrars Limited, and Gosord Securities have been sanctioned by the Investment and Securities...

Aso Savings disowns purported $250 million investment by Milost Global

In a surprising turn of events, Aso Savings & Loans Plc has just refuted media speculations that Milost Global Inc. will invest some $250...
Photo by Alice Pasqual on Unsplash

Teleology’s plans for 9Mobile looks like a leverage buyout

Teleology Holdings has moved one step closer to taking over embattled GSM operator 9Mobile. Reports by Thisday, state the company has paid the $50...

PENCOM seems to have woken up

The National Pension Commission (PENCOM) seems to have taken a tough regulatory stance as it has fined several Pension Fund Administrators (PFAs) for having...

Diamond Bank joins the AI race

Nigerian banks seem to have turned their focus to artificial intelligence, as tier two lender Diamond bank has launched its own chatbot, christened ADA. UBA...

Meet Judge Chile Eboe-Osuji, the first Nigerian to be elected President of the ICC

Judges of the International Criminal Court at a plenary sitting have elected Justice Chile Eboe Osuji, a Nigerian as the president of the court...

LIRS boss sheds light on over 100% hike in Land Use Charges

Executive Chairman of the Lagos State Internal Revenue Service (LIRS) Ayodele Subair, in an interview with Thisday newspapers gave several reasons behind the sharp...

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...

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...

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...

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....

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...

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...

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....

Why January was a bearish month for cryptocurrencies

Bitcoin and other cryptocurrencies had a bearish January with massive losses for investors. Bitcoin lost over 40%, while other coins had equally steep losses....
CBN Governor Godwin Emefiele

CBN has warned Banks to stop charging fees for forex purchases

The Central Bank of Nigeria (CBN) has instructed banks in the country not to charge customers commission when purchasing foreign exchange for invisible transactions....
Konga offline

Zinox Technologies acquires Konga: Sim Shagaya sends well wishes

Zinox Group, popularly known for its Information Communication Technology innovative solutions has acquired Konga, one of the largest e-Commerce sites in Nigeria. The news...

The real cost of Mounir Gwarzo’s ‘Golden handshake’

The Administrative Panel of Inquiry  set up to look into allegations against the suspended Director- General of the Securities and Exchange Commission (SEC) Mounir...

Administrative panel recommends dismissal of suspended SEC DG

A panel set up by the Minister of Finance, Kemi Adeosun has recommended the dismissal of the suspended Director General of the Securities and...

Senate cautions Nigerians on trading of bitcoin and other cryptocurrencies

Nigeria’s upper chamber has turned its searchlight on the trade of bitcoin and other cryptocurrencies in the country. This was raised in a motion...

Emefiele explains why cryptocurrencies are like gambling

Central Bank of Nigeria (CBN) Governor Godwin Emefiele is of the opinion that Nigerians involved in the trade of cryptocurrencies are speculating. Opinions on...

Federal Government considering $2.5 billion Eurobond raise

The Federal Government (through the Debt Management Office DMO) may be considering a $2.5 billion Eurobond in the first quarter of this year. Director-General...

CBN Governor Godwin Emefiele hints at interest rate cut before July

CBN Governor Godwin Emefiele has given an update on when the bank is likely to lower interest rates. He disclosed this yesterday in an...

Dangote Group kicks off $150 million solar project

The $150 million solar power project being backed by the Dangote Group and Blackrhino has moved one step closer to reality as the Kano...

How FMCGs have coped with tough economic times in the country

Fast Moving Consumer Goods (FMCGs) such as Unilver and PZ have adopted various measures to remain profitable in the current harsh economic climate. Unilever...

AfDB to expand its loan portfolio for Nigeria by $2 billion

The African Development Bank (ADB) will provide close to $2 billion worth of loans to Nigeria between 2018-2019. President of the ADB Akin Adesina...

Here’s a copy of Olusegun Obasanjo’s letter to President Muhammadu Buhari

THE WAY OUT: A CLARION CALL FOR COALITION FOR NIGERIA MOVEMENT By: President Olusegun Obasanjo Since we are still in the month of January, it is appropriate...

FIRS tax collection hits all time high of N4 trillion in 2017

The Federal Inland Revenue Service exceeded its 2016 tax revenue collection by 20%. Taxes collected by the body thus increased from N3.3  trillion in...