Business News

Business and economic news from Nigeria and around the world.

Why removal of fuel subsidy may be a “fraught process”

Nigeria is currently facing one of the most grueling fuel crisis in recent times and things are not looking to get any better. This has...

Aganga Unveils New Policy For MSMEs Sub Sector

The Minister of Industry Trade and Investment, Mr Olusegun Aganga, has unveiled a new policy for Micro, Small and Medium Enterprises (MSMEs) in Nigeria...

UMBL links savings culture to economic growth

United Mortgage Bank Limited has emphasized the importance of savings culture, saying it will enhance economic growth among other benefits. In its drive to promote...

[CRR] Nigerian banks rush to sell off bond stock piles

The effects of the harmonisation of public sector CRR is beginning to take its toll as banks have begun sell of their bond assets...

Why CBN’s 31% CRR will suck more cash from banks

MPC surprises with CRR harmonisation · The Central Bank of Nigeria (CBN) concluded its two day policy...

[Razia Khan] How new CRR could affect banks

The CBN yesterday, cut Public sector CRR from 75% to 31% and also increased private sector CRR from 20% to 31%. Two lead research...

Is this why Public and Private Sector CRR was changed to 31%?

The hours leading to the reading of the 244th meeting of the Monetary Policy Committee (MPC) was filled with low expectations across the investor community, as...

Nigeria’s foreign exchange reserves rise by 1% by May 15

Data from the Central Bank of Nigeria showed on Tuesday May 19 that the foreign exchange reserves rose marginally by 1.05% month-on-month to $29.80...

B-R-E-A-K-I-N-G: CBN reduces public sector CRR to 31%

The CBN governor has just announced that the monetary policy committee as announced it is reducing Public Sector CRR from 75% to 31%. It consequently,...

[Seplat vs Brittnnia-U] Court postpones hearing again

The Supreme Court yesterday ordered all parties to maintain the status quo with respect to the action brought by Britannia-U Nigeria Limited in its...

Why Nigerian FMCG companies are falling off a cliff

FMCG profits have declined sharply as the firms reel from the impact of macro-headwinds and plunge in purchasing power. Nigerian FMCG firms are having a...

Nigeria plans to issue gas leases separate from oil

Nigeria, Africa’s biggest oil producer, plans to issue separate leases for gas assets in order to attract more investors to boost output of the...

Vetiva ETF will pay dividends on the date

The Vetiva Griffin 30 Exchange Traded Fund (VG30 ETF) will on June 1, make a final distribution (dividend) of 10 kobo  to unit holders ...

[HARD TIMES] Nigeria’s distributable revenue falls to 5 year low

The accountant general of Nigeria Jonah Otunla has announced that the money available for the three tiers  of government to share is at its...

Why Seplat is paying dividends in dollars

Seplat issued a corporate disclosure today on the website of the NSE confirming that it will be paying its recently proposed dividend in dollars....
Presidential Panel investigate Seplat and NPDC, Seplat short-change FG, Seplat Petroleum Development Company,

SEPLAT issues STRONG press release in response to Pioneer Status inquiry

SEPLAT has issued the strongest press release yet affirming its position that the pioneer status it obtained in 2013 was rightly done and followed...

[SURE-P FRAUD] Okonjo Iweala terminates contract of Forcecom Networks

The Minister of Finance, Ngozi Okonjo-Iweala, has directed the immediate termination of the partnership between the Subsidy Reinvestment and Empowerment Programme and Forcecom Networks...

Dangote selects Honeywell (American Based) technology to drive its proposed refinery

UOP LLC, a wholly-owned subsidiary of Honeywell International Incorporated, on Wednesday said its process technology, catalysts and proprietary equipment would form the basis for Dangote’s refinery,...

[GRIM] Inflation rate spikes, GDP growth rate drops…GEJ will handover a failing economy

Things have gotten worse for the legacy of outgoing Nigerian President, Goodluck Jonathan, as the National Bureau of Statistics just reeled out its inflation...
Skye Bank

Is this how Skye Bank acquired Mainstreet Bank?

An article that appeared in Proshare on Monday suggests that the acquisition of Mainstreet Bank by Skye Bank may not have been as transparent...

[Fuel Scarcity] Major marketers claims Nigeria owes them $1billion

Reports from Bloomberg indicate Nigeria is owing independent marketers a whopping N20o billion ($1 billion) as at end of March 2015. The report claims...

Appeal Court rules against Okomu Oil in farmland dispute case

The Court of Appeal sitting in Benin yesterday refused to quash the interlocutory injunction which barred the Okomu Oil Palm from further destruction of...

Where are Skye Bank’s results?

If you are a shareholder of Skye Bank Plc or a potential investor, then you must have noticed that the company is yet to...

Forex dealers are working on a proposal that could usher in another devaluation

Reports suggest foreign exchange dealers in Nigeria are drawing up a proposal that will persuade the CBN to ease some of the restrictions it...

Mass Protest in Kano as local Dyers challenge Chinese domination

Thousands of local dyers on Tuesday took to the streets in Kano to protest against the domination and invasion of Chinese nationals in the...

NBS set to dump outdated methodology that placed Nigeria’s unemployment rate @23.9%

There are indications that the National bureau of statistics will unveil a revised methodology for computing unemployment statistics in Nigeria this week. This is...

Sterling Bank plans N30billion Tier 2 capital

Sterling Bank Plc says it is planning to raise between $100m (N20bn) and $150m (N30bn) in Tier 2 capital this year to fund its...

GEJ Government set to handover N12.06trillion Public debt to Buhari

Data obtained from the Debt Management Office showed that the country’s public debt rose from N10.16tn as of March 31, 2014 to N12.06tn as...

Fidelity Bank sells N30billion 7 year bond @ 16.48%

The Fidelity Bank Plc has offered for subscription, a N30 billion 16.48% fixed rate subordinated unsecured bonds due 2022. The bank said the fund would...
Dividend Warrant

These 4 stocks will be marked down for dividends this week

The following stocks (below) are scheduled to be marked down for dividends this week. Stocks are typically marked down on the day of closure...

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President Muhammadu Buhari, new minimum wage

FG’s new minimum wage implementation does not apply to everyone

President Muhammadu Buhari has ordered the immediate implementation of the N30,000 new minimum wage, but it is not for everyone.
MTN

SCOOP: MTN workers to stay home as students reportedly picket headquarters [Update]

Staff of @MTNNG have reportedly been told to stay back at home after the company received a warning of a planned protest by Nigerian students.