All business, markets and economics news
The Federal Government yesterday disclosed that a whopping sum of N350 billion was spent on rice importation annually.The Minister of State for Agriculture and Rural Development, Alhaji Bukar Tijiani, who said this at a rice transformation value chain ...
The Asset Management Corporation of Nigeria, (AMCON) has said that the bond it had issued so far was four per cent of the nation’s nominal Gross Domestic Product (GDP).Managing Director of AMCON, Mr. Mustapha Chike-Obi, who made this remark in La...
The Central Bank of Nigeria(CBN) has said that Nigeria would start holding yuan as part of its foreign exchange reserves from the next quarter of this year.The governor of the CBN, Sanusi Lamido Sanusi, who made this remark in an interview yesterday wi...
The Acting National Project Coordinator for the Third National Fadama Development(FADAMA111) Project, Mr.Tayo Adewumi, yesterday disclosed that as at the end of August, the sum of N69.3 million was deposited in Fadama User Equity Fund Account (FUEFA), ...
All is now set for the first Oil and Gas Africa Finance and Investment Conference (OGAFIC) organised by the African Petroleum Producers Association (APPA), aimed at sensitising financial institutions on the imperatives of mobilising resources needed to...
The nation’s two-year old banking crisis moved closer to a resolution as First City Monument Bank (FCMB) said it would seek shareholders’ approval on September 29 to acquire Finbank. The bank is among five financially healthy banks se...
The nation’s foreign exchange reserves fell to $32.3 billion by September 2, the same level they were on June 24, and down from a 6-month high in August, the central bank’s latest figures showed yesterday. The nation’s foreign reserve...
The nation’s banking industry ratings could be upgraded as capital ratios are expected to rise to 20 per cent next year, from their current 14 per cent, the country’s oldest ratings agency told Reuters yesterday. A senior Agusto & Co. o...
President Goodluck Jonathan has approved the construction of 765KV super-grid transmission network to address the nation’s power challenge, Minister of Power, Prof. Barth Nnaji, has disclosed. The minister made the disclosure yesterday at a speci...
For the purpose of economic growth and development, job opportunity and generation of wealth, the federal government is proposing to carry out a comprehensive restructuring of the Free Trade Zones (FTZs) in the country. FTZs are special industrial and ...
For Nigeria to remain at par with other developing countries like Malaysia, the country must have sustainable plan of action as embedded in the Petroleum Industry Bill (PIB) to attain the much needed development in the sector. This was the submission o...
Guaranty Trust Assurance Plc. has recorded an impressive growth in its half year result as its profit before tax rose by 40 per cent. The unaudited result made available to LEADERSHIP in Lagos showed that PBT went up to N713.6 million compared to N511....
The Central Bank of Nigeria (CBN) has granted a licence to Stanbic IBTC Bank, a member of Standard Bank Group, to operate mobile payment services in the country, a development that will give further impetus to Nigeria’s drive towards a cashless e...
The Nigerian Electricity Regulatory Commission (NERC) has warned estate owners to desist from over billing residents, urging them to abide by the rules of the industry. Chairman of the Commission, Dr. Sam Amadi, gave this warning yesterday in Abuja at ...
The Minister of Power, Professor Barth Nnaji, has pointed out that the revenue required to drive efficient electricity industry be it generation, distribution or transmission came presently from consumers through the distribution companies, saying that...