Business News

Business and economic news from Nigeria and around the world.

Oil companies boost liquidity support for naira with dollar sales

Local units of three oil companies sold dollars, on Wednesday, helping boost liquidity support for the naira and steadying the naira on the interbank...

Non-oil export earnings fall in January

Nigeria’s earnings from non-oil exports declined by 24 percent month-on-month to $767.54 million in January 2015, a situation reflecting the 89.7 per cent fall...

Unilever plans to raise its stake in Unilever Nigeria to 75% at N45.5 per...

Unilever, whose detergents and deodorants are used by 2 billion consumers daily, plans to raise its stake in its Nigerian unit to as much...

CBN has this STERN message for schools and landlords who charge in dollars

The Central Bank of Nigeria on Tuesday warned schools, landlords and other business enterprises against demanding foreign currencies for the settlement of transactions carried...

Skye Bank to borrow N100billion 3 months after paying over N120b for Mainstreet Bank

Skye Bank Plc, announced it will sell as much 100 billion naira ($500 million) of debt to improve its liquidity. The bank will start with...

B-O-O-M: External reserves drop to $29.9billion for the first time since 2006

Nigeria's external reserves has dropped to $29.9billion for the first time since 2006. Data from the CBN website shows our Gross External reserves is...
CBN Gov Godiwn Emefiele

MPC- CBN leaves benchmark rate unchanced

The Central Bank of Nigeria (CBN) left its benchmark interest rate unchanged at 13 percent on Tuesday, saying tight monetary policy should offset the...

CBN set to sell N97.8billion worth of Treasury Bills

Nigeria plans to raise 97.81 billion naira ($492 million) in Treasury bills at an auction on Wednesday, the central bank said on Tuesday. The...

Seven Energy begins supply of natural gas to Notore

Seven Energy has begun the supply of 25 MMcfpd natural gas to Notore Chemical Industries Plc Notore in Onne, Rivers State. The commercial delivery...

Nigeria’s bonds fall to all time low

Not long ago, Nigerian bonds were hailed as the best performers in Africa, but that rally risks coming to a bruising end as the...

DEAL: MSCI takes over Nigerian Stock Exchange Indexes

MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, and The Nigerian Stock Exchange (NSE),  today announced a strategic co-operation...

FG blows N367 billion in January 2015 with 82% on recurrent expenditure

The Central Bank has released its monthly economic report for the month of January 2015. According to the apex bank, the Federal Government spent...

PZ dividend falls to 20 kobo per share

Nigeria's PZ Cussons, the local unit of British soap and shampoo maker, would pay an interim dividend of 0.20 naira per share  after it...

Oilcos want to renegotiate JV agreements with FG

In a bid to address the shortfall in funding arising from the drop in the price of crude oil, the joint venture partners of...

CBN sells 1 year treasury bills @ 15.35%

Nigeria's treasury bill yields fell across the board at an auction on Wednesday, compared with a previous sale on March 4, the central bank...

Microfinance banks lead as CBN disburses N40.3bn out of N220bn MSMED

The Central Bank of Nigeria (CBN) has disbursed a total of N40.3 billion out of the N220 billion Micro Small and Medium Enterprise (MSME)...

Official Press Release confirming reduction in Electricity Tariff

Since January 1, 2015 when the Nigerian Electricity Regulatory Commission (NERC) approved the MYTO 2.1 we have received several complaints against the increase in...

GT Bank receives $175million to expand lending

International Finance Corp (IFC) has lent $175 million to Guaranty Trust Bank (GT Bank) which it expects to use to expand its loan book....

Ashaka Cement appoints new Chairman

AshakaCem Appoints Yahyah Chairman, Plans $1bn Expansion Programme: AshakaCem Plc, one of the major subsidiaries of Lafarge Africa Plc, has appointed Malam Suleiman Yahyah as...

Dangote’s Zambia plant to kick off in a fortnight

Africa’s richest person, Aliko Dangote has said the company’s $400 million cement plant in Zambia’s Masaiti district in Copperbelt region will start operating in...

Naira stable at 199 per dollar

The naira, on Monday, traded within a range at which it has been stuck for almost a month on the interbank market, supported by...

Why this CBN Deputy Governor believes devaluation won’t affect prices of Nigerian stocks

The Nigerian stock exchange has been on a tailspin since the end of October 2014 with most stocks hitting multiple year lows. Many analysts...

Finally, Afren agrees to a deal with bondholders that see shareholders lose 89% stake

Indebted oil producer Afren has reached a $300 million deal with bondholders that will provide it with vital funding by June at the expense...

Seyi Owodunni to head ECP

Emerging Capital Partners (ECP), a Pan-African private equity firm focused on investing across the African continent, has appointed Seyi Owodunni as managing director of...

Setback for AMCON as they fail to stop suit against nationalisation of BankPHB (Keystone...

THE Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have lost their bid to stop a suit filed by...

HARD TIMES as Nigeria’s crude oil revenue dropped 18% in Q4’2014

NIGERIA'S crude oil earnings during the fourth quarter of 2014 declined from $9.95 billion (about N2.5 trillion) it recorded in the preceding quarter to...

CBN to ban erring exporters

The Governor of Central Bank of Nigeria, Godwin Emefiele, has said the regulator is prepared to enforce the repatriation of dollar-proceeds from exports and...

These are the 4 powers CBN does not want NDIC to have

The Central Bank yesterday appeared at a one-day public hearing on NDIC Act 2006, Cap N102 LFN 2012 (repeal and re-enactment) Bill, 2015, requesting...

Ekiti accuses Etisalat, MTN, of owing it N50 million, seals their outlets

The Adviser to the Governor of Ekiti state on Internally Generated Revenue, Ropo Ogunbiyi, has accused two telecommunication companies, MTN Nigeria Limited and Etisalat,...

Treasury Bills Calendar for April to June 2015

As we approach the end of a volatile First quarter for Treasury Bills, the time has come when the central bank issues a new...

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