Business News

Business and economic news from Nigeria and around the world.

Global Banking & Finance Awards, Global Banking & Finance Awards, Coronation Merchant Bank, Coronation MB

Coronation Merchant Bank wins Best Investment Bank in Nigeria award

@coronationmb has been awarded the Best Investment Bank in Nigeria 2019 by the Global Banking & Finance Awards.
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.
Regency Alliance dividend

Regency Alliance Plc’s shareholders do not want to be paid dividends

Regency Alliance Plc's shareholders doesn't want to be paid dividend for 2018 FY. This, they said, is in lieu of NAICOM's pending recapitalisation quest.
Access Bank Plc, Eurobonds

Investors rally Nigerian Eurobonds as Access Bank calls back its 2021 maturity

Welcome to Nairametrics‘ summary of the daily performance of major economic indicators and highlights from trading sessions and key statistics such as Treasury Bills and Bonds.
Prices of tomato

Tomato prices drop as sellers lament high tariffs on imported rice

The lastest Nairametrics household survey has revealed that the prices of most food items across major Markets in Lagos have not recorded significant changes in the last two weeks.
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

Air Peace addresses plane incident in Port Harcourt

Nigeria's airline operator, @flyairpeace, has reacted to the incident involving its plane at the Port Harcourt International Airport. Air Peace's Flight P47291 from Abuja to Port Harcourt had crashed landed on Saturday.
Solskjaer sanctions Pogba and Lukaku's €212 million sale amidst low budget

Solskjaer sanctions Pogba and Lukaku’s €212 million sale amidst low budget

As strong speculations surround Paul Pogba and Romelu Lukaku's departure from Manchester United, the United boss Ole Gunnar Solskjaer has reportedly sanctioned the duos' desire to move away from the Manchester side.
Air Peace plane incident in Port Harcourt International Airport

Air Peace’s nemesis is back as investigation into plane accident begins

This is a situation @flyairpeace would like to avoid, but unfortunately, the airline operator can't, as it's 'antagonist', Accident Investigation Bureau (@aibnigeria) disclosed that it has dispatched investigators to the accident scene in Rivers State. Both AIB and Air Peace have an history of 'witch-hunt'.
LafargeHolcim - lafarge

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

Why Lafarge gained 18.4% during the week.
MultiChoice, Naspers, Johannesburg Stock Exchange

MultiChoice is blaming customers for its plans to lay off 2000 workers

Pay-tv company, @MultiChoice has announced that it intends to restructure its customer service delivery model, and this will lead to 2000 employees losing their job, and according to the company, customers' behaviour is to blame.
Geregu power plc

Otedola shifts focus to Geregu Power Plc with a $1 billion investment

Billionaire investor and businessman, @realFemiOtedola, has revealed plans to shift focus to power with a plan to invest $1bn into Geregu Power Plc, following the recent sale of Forte Oil Plc. 
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.
Blunder: GoTV berates gallant Super Falcons in "sexist" tweet faux pas

Blunder: GoTV berates gallant Super Falcons in “sexist” tweet faux pas

Pay TV brand GoTV tweeted what can be considered a faux pas on Saturday berating the Super Falcons for losing 3-0 to Germany.
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.
Pharmacists enraged after NAFDAC increased drug registration from N1m to N4million

Pharmacists enraged after NAFDAC increased drug registration from N1m to N4million

Drug prices in Nigeria may increase by as much as 100 percent in just a matter of weeks. This is because of the recent hike in the price of drug registration by the National Agency for Food and Drug Administration and Control (NAFDAC).
Nigerian Export

NEPC’s partnership with Shoprite could mean well for Nigerian manufacturers

The Nigerian Export Promotion Council (NEPC) has disclosed its plans to partner with one of Africa's leading retailers, Shoprite, to promote export of Nigerian products.
CBN, mutilated naira notes, bad notes, Central Bank of Nigeria

CBN renews effort to support and improve Nigeria’s non-oil sectors

The Governor of the CBN said the apex bank has renewed its commitment to support and improve the non-oil sectors of the Nigerian economy.
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.
Libra

Facebook’s Co-founder revealed something about Libra that should interest Emefiele

One of Facebook Co-founders, Chris Hughes, has come out to sound the alarm over Facebook's new cryptocurrency Libra.
Airtel Africa listing on Nigerian Stock Exchange, Airtel Africa share price, Airtel Nigeria, Bharti Airtel, Airtel Africa, India, Stock Exchange, Qatar Investment Authority, Investment

Airtel Africa has announced its listing price on the NSE

Days to its listing on the Nigerian Stock Exchange (@nsenigeria), Airtel Africa has disclosed its share price for Nigerian investors. The network operators' share price will triple that of MTN Nigeria who listed in May 2019.
AFEX Commodities Exchange Limited

With “trading stories”, AFEX introduces the market to its education platform

Private-sector Commodities exchange firm, AFEX Commodities Exchange Limited, invited some journalists for a training session to introduce the market to its EdEx initiative.
Nigeria may lose $765 million worth of cocoa

Nigeria may lose $765 million worth of cocoa to bad weather

Nigeria may lose $765 million worth of cocoa output due to the impact of heavy rainfall with the probability of black pod disease which could hurt the crop this farming season @cancocoa
Investors lose N713 billion in Nigerian Stock Exchange, Bargain hunting in stock market

An unlikely stock topped the gainers’ list this week.

The Nigerian Stock Exchange ended Friday’s trading session in positive territory. The All Share Index closed at 29,851.29 basis points, down 0.29%.
AFCON

Super Eagles to battle other teams for N1.6 billion as AFCON 2019 begins

As the 32nd edition of the 2019 African cup of Nations (AFCON) commences, the stage is set for 24 African teams to slug it out like gladiators for the prize money of $4.5 million.
WhatsApp Facebook

You could end up in jail if you use WhatsApp like this

From December 7, 2019, @WhatsApp could sue you for violating their terms. Find out how to avoid this. #WhatsApp #business
Mr. Godwin Emefiele,

CBN offers corps members loans for a 7-year tenor

CBN has promised to offer loans to National Youth Service Corps (NYSC) members for a 7-year tenor, for the startup of small and medium scale businesses in an effort to curb unemployment rate in the economy. @cenbank @nysc_ng

Japaul announces appointment of new executive directors

Japaul Oil and Maritime Services PLC has announced the appointment of two new executive directors.
Vodacom sells its Business Africa, Synergy Communications acquires Vodacom

Vodacom is leaving Nigeria and will sell 100% of its subsidiary.

Vodacom Group has announced it is selling it's business unit in Nigeria, the largest telecommunications market in Africa. The South African network operator disclosed that it is selling 100% of its subsidiary.
President Buhari, List of National Economic Council members, National Economic Council ad hoc committee

See list of members of the National Economic Council

This is an introduction to the full list of the National Economic Council (NEC) which was inaugurated yesterday by President Muhammadu Buhari.
Indomie maker, Dufil Prima Foods denies ownership of cannabis-loaded truck

Indomie maker, Dufil Prima Foods denies ownership of cannabis-loaded truck

Dufil Prima Foods Plc, makers of Indomie Instant Noodles, has denied ownership of a  truck that was impounded for transporting 1,500 wraps of cannabis.

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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.