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ABCON wants CBN to review exchange rate band


The Association of Bureau De Change Operators of Nigeria has called on the Central Bank of Nigeria to review the exchange rate band at which Bureaux de Change buy dollars to align with commercial banks’ buying rate. According to the President, ABCON, Alhaji Aminu Gwadabe, BDC operators  buy dollars from International Money Transfer Operators as directed by the CBN at N360/$ and sell at N361.5/$ ... Read More »

NNPC, Nigeria’s Oil Behemoth Records N547bn Losses in Three Years


It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money. The Nigerian National Petroleum Corporation, the Abuja-based behemoth that dominates Nigeria’s energy industry, has recorded losses for at least last three years, culminating in a total loss of N546.63 billion, statements on its website show. The corporation’s unaudited financial operations reports showed that NNPC reported losses ... Read More »

Dangote Academy trains 100 youth entrepreneurs

aliko dangote

Dangote Academy has admitted a new set of 100 youths for training towards acquisition of technical skills and leadership ability for capacity development and empowerment. Inaugurating the newly admitted students at the Dangote Cement Plant in Obajana in Kogi State recently, President of Dangote Group, Aliko Dangote, said the Junior Technical Scheme (JTS) batch three and four comprising 100 trainees from Obajana and Ibese will ... Read More »

Split petroleum licences in PIB, NNPC tells N’Assembly


The Nigerian National Petroleum Corporation on Wednesday called for the splitting of petroleum licences into prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National Assembly. According to the corporation’s Group Managing Director, Maikanti Baru, the proposed split will prevent a situation where operators will sit perpetually on oil acreages. Baru stated this in a presentation at the public hearing ... Read More »

BoI to simplify loan procedures for MSMEs

MSMEs (micro, small & medium enterprises

The Managing Director, Bank of Industry, Olukayode Pitan, on Tuesday said that the lender had opened discussions with the Small and Medium Enterprise Development Agency of Nigeria and the Nigeria Export and Import Bank to de-risk its loan portfolios to small-scale businesses. Pitan stated that the BoI was working closely with the agencies to embark on SMEs’ rating and how to ensure easier credit lending ... Read More »

Adeosun Speaks On Nigeria’s Debt; FAAC, NNPC Face-Off


Minister of Finance, Mrs Kemi Adeosun has commented on the recent stalemate in revenue generation between the Federation Accounts Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC). Adeosun spoke during a news conference on Friday in Abuja. She said that it was not healthy for the process as it showed the level of scrutiny by all parties concerned to ensure that the nation ... Read More »

National Assembly Raises 2018 Budget By N508bn …May Pass N9.12tn Budget Today


The National Assembly has raised the 2018 budget by over N508bn, bringing it to N9.12tn. The original estimates presented to the legislature on November 7, 2017 by President Muhammadu Buhari totalled N8.612tn. The new budget size was contained in the report of the joint Senate and House of Representatives Committee on Appropriation laid before lawmakers in Abuja on Tuesday. The crude oil benchmark price of ... Read More »

FG Clears Workers’ Promotion Arrears With N34.2bn


The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government would settle the inherited debts and contractual obligations to local contractors between 2006 and 2015. The minister made this known while appearing before the ad hoc committee of the Senate on Promissory Note Programme and Bond Issuance. The committee is chaired by the Deputy Chief Whip, Senator Francis Alimikhena. Adeosun, according ... Read More »

NSE Sheds N125bn On Continuing Bearish Trading


The equities market capitalisation went down by N124.9 billion yesterday as bearish trading continued on the Nigerian bourse. The market had shed 0.48 per cent last week due to profit taking in bellwether stocks. While it was expected that trading might resume on positive on bargain hunting, the bears remained in control. Consequently, market capitalisation fell by N124.9 billion to close at N14.7 trillion, while ... Read More »

World Bank Hails FG’s Economic Growth Strategy, Others


The World Bank Group on Monday commended the strategy of the Federal Government in the implementation of the Economic Recovery and Growth Plan. The global lending institution said this in a statement issued in Abuja. The ERGP was launched last year to restore growth by diversifying the economy, stabilising the macroeconomic environment, investing in infrastructure and improving the country’s business environment, among others. The main ... Read More »

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