Business News

Business and economic news from Nigeria and around the world.

Conoil plans to invest N5billion in new lubricant plant

Major oil marketer, Conoil Plc, has reeled out plans to leverage the nation’s lubricant market which is projected to hit the N250bn mark by...

IFRS: FRC Boss targets banks and audit firms threatening fines and imprisonment

Deposit Money Banks face up to N5bn fine, while their external auditors may be imprisoned for partial or non-disclosure of certain costs and expenses...

Heineken guidance suggest weaker sales for NB anticipated Q1 results

Heineken NV, the world’s third-biggest brewer, reported sales that advanced less than analysts estimated as weaker demand in Nigeria and across Europe offset gains...

SEC approves Unilever Overseas plans to increase stake in Unilever Nigeria to 75%

Unilever Overseas Holdings, the United Kingdom-based foreign core investor in Unilever Nigeria Plc, has  concluded arrangements to launch its tender offer for acquisition of...

Oando Gas CEO calls for more increase in gas prices

The Managing Director of Oando Gas & Power has said Nigeria has to raise its gas prices to attract an estimated $55 billion of...

Continental Reinsurance Plc registers new subsidiary in South Africa

Continental Reinsurance Plc has notified The Nigerian Stock Exchange that it has registered a subsidiary company known as Continental Property and Engineering Risk Services...

FCMB says it will dispense “20,000 new loans every month”

THE FCMB Group Plc has assured that the bank would embrace new business opportunities in order to enhance profitability and increase shareholders’ value in...

The 5 major issues Fitch sees with the incoming APC Government

Global rating agency Fitch has issued a statement reflecting on post election Nigeria and what to expect from the incoming Government of General Muhammadu...

Ecobank lends Cameroon State airline $50million to stay afloat

A Reuters news wire reports Cameroon state airline Camair-Co will use $50 million from African lender Ecobank to relaunch its operation The article says national carriers...

Guinness Nigeria changes CEO six months after appointment

Guinness Nigeria Plc has notified The Nigerian Stock Exchange that its current Managing Director/Chief Executive Officer Mr. John O’Keeffe has been promoted President, Diageo...

Stunning picture of a protester attacking European Central Bank President

The European Central Bank's President Mario Draghi got a rude shock on Wednesday after a protester launched a (looks like) Chinese kick at him as...

Why Gowon wants a “Government of West Africa”

  Gen. Yakubu Gowon, former Nigerian Head of Sate and a major founding father of ECOWAS, has advocated the creation of a government of West...

Seplat propose N18 dividend per share…see details

Seplat Petroleum Development Company just issued the following corporate action Closure of Register:   Year Ended 31 December 2014 Proposed Dividend: $0.09 Cents per share (at an...

This bank charges up to 35% per annum as mortgage lending rate

The Central Bank of Nigeria released its monthly Average Deposit and Lending rates as at April 10 2015 and published it in page 52...

This is the official CBN circular reducing dollar usage from naira debit cards to...

It is official, the Central Bank of Nigeria has now reduced the limit a person can spend from their naira debit cards abroad from...

CBN projects naira will continue to strengthen following successful elections

Bloomberg reports portfolio inflows to Nigeria jumped since last month’s presidential elections, easing pressure on the currency of Africa’s biggest oil producer, according to...

FBN Holdings says no more long-term loans for 2015 and why it’s probably a...

FBN Holdings the parent company of First Bank Plc is embarking on a massive U-turn that will now see the company focus more on...

Two quoted companies that could be affected if FG goes ahead with pioneer status...

The Federal Government has announced plans to target 22 companies who were granted pioneer status contrary to the provisions of the Industrial Development Act....

NAICOM queries AIICO 2014 results

Most insurance companies are yet to release their 2014 Full Year results as we await final approval from NAICOM. A look at the insurance...

Woolworths appoints Pharrell Williams as style director

South African retail giant Woolworths Holdings Ltd has appointed Pharrell Williams as style director for sustainability-focused projects in Africa. Woolworths sustainability projects is an environment...

How to profit from arbitrage when you use your ATM card abroad.

The CBN and the bankers committee issued a statement after the Bankers committee meeting saying that it will from now on limit the amount...

Why MTN’s planned acquisition of Visafone makes sense

  Bloomberg reports MTN Group is close to buying Nigerian owned Visafone Communications Ltd in a deal that essentially ends the CDMA business in Nigeria. MTN Group...

How Dangote Cement plans to corner 30% of Cameroon Cement Market

Dangote Group says it is targeting to control more than 30% of  market share of Cameroon’s cement market by the end of the year...
CBN Gov Godiwn Emefiele

Why CBN wants to stop you from using your ATM cards abroad

The CBN is at it again!! The Bankers Committee and the CBN at the completion of its Bankers Committee Meeting yesterday (which includes CBN...

Stanbic IBTC secures $90m credit facility

Stanbic IBTC Bank said it has secured a $90 million (N18 billion) line of credit facility from the FMO (NederlandseFinancierings- Maatschappijvoor Ontwikkelingslanden N.V). A...

Here is how much interest CBN paid for last week’s treasury bills

The CBN has confirmed it raised N183.64 billion  ($923 million) in Treasury bills at a lower yield when compared with the previous sale last month. It paid 10.5%,...

Switzerland is first to sell 10 year bonds at a negative yield – What...

Switzerland has become the first government in history to sell benchmark 10-year debt at a negative interest rate, as falling prices and unprecedented action...
CBN Gov Godiwn Emefiele

Why foreign investors think devaluation is coming…. and what you could do about it

For those who are hopeful that the just concluded 2015 election that ushered in General M Buhari could continue to see the strengthening of...

Earnings Guidance: PZ Cussons Plc signals improved Q3 performance

PZ Cussons Plc., on Thursday, said overall performance between January 28 and April 8 has been in line with expectations, adding that outlook for...

Unity Bank shares is placed on full suspension ahead of share reconstruction

Unity Bank just released the following press release. The Market is hereby notified that further to a directive from the Securities and Exchange Commission, the...

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