Business News

Business and economic news from Nigeria and around the world.

Official: Afren Gets One Month Moratorium on Debt Repayment

Further to its previous announcements, Afren has obtained from the lenders of the US$300m Ebok debt facility a deferral of the US$50m amortisation payment...

Afren Gives Seplat Additional Two Weeks Extension to Make an Offer or Bounce

British oil producer Afren Plc said the UK Takeover Panel extended the deadline for Nigeria's Seplat Petroleum Development Co to make a firm offer...

Official: CBN Instructs Banks To Compute Net Open Position Daily, from Monthly

The Central Bank has reduced the timeline for banks to compute the Net Open Position to daily Before now banks computed net open positions monthly and...

Naira Falls Again At The Interbank (29/1/2015)

Nigerian naira shed 1.64 percent to close at 189.10 against the greenback on Thursday, despite dollar sales by the central bank and oil companies,...

Press Release: Unity Bank Appoints New Chairman and Vice Chairman

Unity Bank Plc has notified The Nigerian Stock Exchange of the appointment of Mr. Thomas A. Etuh and Alhaji Aminu Babangida as Chairman and...
CBN Gov Godiwn Emefiele

Official: What Godwin Emefiele told the Business Community When He Met With Them

Godwin Emefiele has been under the spotlight for weeks now as Nigeria deals with a major depreciation of the naira with him as the...

Respite as Naira Regains Sharply after NNPC $350m Sale

The Nigerian naira firmed sharply on Wednesday after state-oil company NNPC sold around $350 million to lenders, helping the currency recover from a record...

Evans Medical Appoints New Directors, Now Has a Whopping 12 Directors

Evans Medical Plc has notified The Nigerian Stock Exchange that at its Board of Directors meeting held on Monday, 5 January 2015, Mr Lawrence...

Press Release: Afren Announces Capital Restructuring Plans As Seplat Deal Lurks

Afren has announced capital restructuring plans in the wake of its mounting liquidity crisis The Company had a cash balance of approximately US$235 million at...

D-A-N-G-E-R: 21 Primary Mortgage Banks Fails

The Nigeria Deposit Insurance Corporation (NDIC) has taken over 21 Primary Mortgage Banks (PMBs) that fell short of the Central Bank of Nigeria (CBN)...

No Respite as Naira Drops To a New Record Low Against The Dollar

Nigeria's naira ended at a record closing low on Monday, despite central bank intervention, as the currency continued to weaken on strong demand for...

Three Reasons Why The Naira Is Trading Above N200 to $1

The Naira is currently trading above N200 in most parts of Nigeria and understandably a lot of my readers are wondering why and how?...

UTC Restructures Its Board, Removes Fola Adeola and Others, Appoints New Directors With Intimidating...

UTC NIGERIA PLC: Appointment of New Directors - UTC Nigeria Plc notified The Nigerian Stock Exchange of the appointment of the following Directors into...

Press Release: Union Registrars Changes Name to GTL Registrars Ltd

UNION REGISTRARS LIMITED: Change of Name from Union Registrars Limited to GTL Registrars Limited - Sequel to the resolution passed at its Extraordinary General Meeting...

Naira Records Worst Week In History

The naira closed at a record closing low of 190.60 to the dollar on Friday, despite the central bank intervening for a fifth day...

Now That $1 Equals N200, Here is a ‘Doomsday’ Conspiracy Theory of ...

The Naira has finally hit N200 in the black market and it appears it has no way of coming down at least not now....

How The New CBN Restriction of rDAS (Dollar) Sales to BDCs Could Affect Your...

The CBN has issued another circular increased its Net Open Position from 0.1% to 0.5% of shareholders fund unimpaired by losses. Last year it had...

Press Release: AIICO Announces Plans To Obtain $20million Convertible Loan From IFC

AIICO Insurance Plc (“the Company”) has notified The Nigerian Stock Exchange that it is currently in discussions with the International Finance Corporation (“IFC”) for...

This Is Courteville’s New N1billion Head Office

Courteville Business Solutions Plc has notified The Nigerian Stock Exchange that it has changed its registered address from 90, Olonode Street, Alagomeji, Yaba Lagos...

DEVALUATION 2.0: Naira Drops To Lowest EVER at The Interbank, Ahead of MPC Communique

It was another record low for the Naira today after it fell by 3.6% to N191 191.85 naira against the dollar as the market...

Deal: Mansard Insurance Completes 60% Acquisition of Penman Pensions Ltd

Mansard Insurance Plc has notified The Nigerian Stock Exchange that it has completed its acquisition of 60% of Penman Pensions Limited. The Company states that...

Press Release: Avon Crowncaps Shareholders Receives Acquisition Offer, Plans Delisting

Avon Crowncaps and Containers (Nigeria) Plc (‘Avon Crowncaps’ or ‘the Company’) has notified The Nigerian Stock Exchange, through its Stockbrokers CSL Stockbrokers Limited, that...

A-N-N-O-U-N-C-E-M-E-N-T: JP Morgan ‘Threatens’ To Yank Nigeria Out Of Its Emerging Market Bond Index

In a drastic twist of fortunes JP Morgan  has threatened to eject Nigeria from its widely benchmarked emerging market index. According to reports from...

List of ‘All’ The Major Corporate Deals That Took Place In Nigeria – 2014

We know 2014 will be mostly remembered for the dismal performance of the All Share Index, Oil Price Slump and devaluation of the Naira....

Did This Statement From Oscar Onyema Trigger The Mega Sell-Offs Of Nigerian Stocks

Source: Bloomberg Nigerian All Share Index already has the enviable record of being the worst performing stock of 2015 after it has dipped by over...

Official: Why Nigerian Stock Market Performed Poorly in 2014, According to NSE

If you are a regular reader of this blog, then by now you should have a good idea of why the stock market faired...

Official: Diamond Bank Appoints New Chairman

Diamond Bank Plc has notified the Nigerian Stock Exchange that it has accepted the resignation of HRH Igwe Ugochukwu Nnaemeka Achebe as the Chairman...

AMCON Boss Wants CBN To ‘Devalue’ The Naira Quarterly

Just after the CBN Monetary Policy Committee announced devaluation of the naira last year, a CBN Deputy Governor Adebayo Adelabu came out to say...

U-Turn: CBN Reviews Dealers’ Forex Position to 0.1%

The Central Bank of Nigeria (CBN) on Monday reviewed upward the daily foreign currency trading positions of banks from zero per cent to 0.1...

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