Business News

Business and economic news from Nigeria and around the world.

Nigeria's equities market

NSE says Islamic finance is poised to enhance Nigeria’s fortune

The Nigerian Stock Exchange (NSE) has disclosed that the country's Islamic finance sector is poised to contribute immensely to economic growth. 

Manufacturers Association of Nigeria supports CBN’s policy on smuggling

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Kadiri, has expressed the association’s full support for the Central Bank of Nigeria's policy on smugglers.
Julius Berger tells investors there're no plans for a rights issue at the moment

Julius Berger gets new Non-Executive Director

During a meeting on June 19th, 2019, the Board of Directors of Julius Berger Nigeria Plc announced the appointment of Engineer Goni Musa Sheikh as...
NCAA to meet with Telecoms companies over mast demolition, NCAA begins demolition of masts, Broadband penetration

Telecoms operators bow to NCAA threat after 30-days ultimatum elapsed

Telecommunications companies have bowed to threat from the Nigerian Civil Aviation Authority (@NigeriaCAA) after the aviation agency double down on its threat to demolish 8,805 masts, most of which belongs to @GloWorld and eight tier-one banks.
Bolt launches Bolt for Business

Bolt launches new platform for “corporate trips”

On-demand transportation platform, Bolt, has launched Bolt for Business which is a new platform for corporate trips.
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.
NNPC searches for oil

NNPC to recommence search for oil in the Lake Chad Basin

The Nigerian National Petroleum Corporation (NNPC) has restated its commitment to resume oil search in the Chad Basin as soon as it receive security clearance.
Money market fund investments

Money market funds record highest investment of N563.9 billion

Money market fund has recorded the highest investment of N563.9 billion as the value of mutual fund investments hit N746.5 billion at the end of May 2019.

Nigerian Eurobonds Maintain Strong Rally as Global Central Banks Turn Dovish

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. This is brought to you by Zedcrest.
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.
Buhari inaugurates new NEC

Buhari targets 65% inclusive primary healthcare as he inaugurates new NEC

@MBuhari has disclosed that the Federal Government has begun the implementation of the Basic Healthcare Provision Fund which is aimed at increasing the share of Nigeria’s population covered by primary healthcare to 63%. The President made this disclosure on Thursday while inaugurating the National Economic Council (NEC), for the next four years.
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%.
Ellah Lakes appoints new Managing Director, Ellah Lakes appoints Chuka Mordi, Ellah Lakes acquires Telluria Limited, Nigerian Stock Exchange NSE

Lafarge Africa Plc trades large volumes to emerge best performing stock

The Nigerian Stock Exchange ended Thursday’s trading session in negative territory. The All Share Index closed at 29,765.31 basis points, down 0.02%.
Forte Oil Plc, Femi Otedola

Forte Oil Plc appoints new CEO and CFO after acquisition

Following the full acquisition by Prudent Energy Services Ltd, Forte Oil Plc has appointed Olumide Adeosun and Moshood Olajide as CEO and CFO, respectively.
Oando to join Wale Tinubu's suit against SEC

Oando Vs SEC Saga: Deloitte threatens to release detailed forensic audit

Deloitte Touche Tohmatsu Limited has threatened to release the forensic audit it has against Oando Plc should it be pushed to do so.

PENCOM to begin verification for retirees across some states

The National Pension Commission (PENCOM) said it has concluded plans to begin verification of prospective retirees across some states in Nigeria.
Ravindra Singh Singhvi

Dangote Sugar appoints new Acting Managing Director

The board of Dangote Sugar Refinery Plc has announced the appointment of Ravindra Singh Singhvi as its Acting Managing Director.
Moody’s explains why Nigeria has low growth rate

Moody’s Investors Service explains why Nigeria has low growth rate

Moody’s Investors Service, a global credit rating agency, said Nigeria is not growing fast enough to meet up with its increasing population.
Despite Power Supply constraint, Nigeria's industrial sector shows growth prospect

ANED explains why the recapitalisation of Discos may not work

The Association of Nigerian Electricity Distributors has said that the recapitalisation of Discos will not work unless its investors see possible returns on their investments.
11 Plc

11 Plc appoints new Company Secretary

The board and management of 11 Plc, formerly Mobil Oil Nigeria Plc, have notified the Nigerian Stock Exchange of the appointment of a new Company Secretary in person of Mr. Olumayowa C. Meseko.
Stanbic IBTC Dividend 2018

Shareholders endorse Stanbic IBTC’s N15.36 billion dividend payout for 2018

Shareholders of Stanbic IBTC Holdings Plc yesterday approved a dividend payment of N15.36 billion, proposed by the board, for the 2018 financial year.
Loom Money NIgeria, MMM, Ponzi Scheme

Angry Nigerians storm Loom office as Ponzi scheme crashes

Finally, #Loom customers have just been LOOMIFIED as every other ponzi scheme.
Wema Bank Plc

Baba Ijebu is now the largest shareholder in Wema Bank Plc

A new majority shareholder may have taken shelter in Wema Bank Plc, going by the recently-recorded spike in the company's sales volume. 
Swvl wants to expand into Nigeria

Uber’s rival Swvl wants to expand into Nigeria, but commercial buses pose a threat

Egyptian vehicle hailing company, @swvlapp, has announced it will be making an inroad into Nigeria's ridesharing market to offer services that the likes of @Uber and @Boltapp_ng are yet to offer Nigerians, but it will meet a fierce challenge from yellow (commercial) bus operators.

Yamaha and Novastar Ventures lead’s $7 million capital raise

Motorbike hailing service,, has raised $7 million funding. This round is led by Novastar Ventures, with the participation of Japanese manufacturer, Yamaha.
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.
Debt Service, external debt servicing, debt serving, Nigeria's debt, Nigeria's debt portfolio

Buhari re-appoints Ahmed Idris as Accountant General of the Federation

President Muhammadu Buhari has confirmed the re-appointment of Mr. Ahmed Idris as the Account General of the Federation. The re-appointment of Ahmed Idris was disclosed on Wednesday in Abuja, by the Director, Communications, Office of the Head of the Civil Service of the Federation (OHoSCF), Mrs. Wunmi Ogunmosunle. 
Mastercard buys Jumia shares, Jumia get $56 million from Mastercard, Jumia NYSE IPO listing, MTN, Jumia Investors

DEAL: Jumia has sold its real estate assets portal to EMPG’s Mubawab

Dubai-based Emerging Markets Property Group (EMPG), Mubawab has secured the purchase of Jumia's North-African real estate portal, Jumia House.

FG makes U-turn on Eurobonds, says it will issue some more

Just a day after Patience Oniha of the Debt Management Office (DMO) disclosed that the Federal Government has no plan to return to Eurobonds market this year (2019), the debt office said it might issue some Eurobonds after all.
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


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.