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Tag Archives: business

Marketers Threaten To Name Fuel Saboteurs

The Association of Mega Filling Station Owners of Nigeria (AMFSON) has threatened to give the names of government officials sabotaging fuel supply to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. They are, however, afraid that if they do so, heads will roll in the industry. Addressing a press conference yesterday over the plight of members of the Association to access fuel after ... Read More »

Telecoms, Others Contribute 8.7% To Nigeria’s GDP

The telecommunication and other services sectors have contributed 8.7 percent to Nigeria’s Gross Domestic Product, GDP in 2015, with the country’s main economic stay, oil, accounting for 6.4 percent. Dr. Doyin Salami, a lecturer at Lagos Business School, LBS, who was a keynote speaker at the unveiling of Fleet Technology Limited’s name change to Vatebra Technology, in a paper titled; “Beyond Now, A Nigeria without ... Read More »

Equities Lose N234bn In One Day…Nigeria Faces Exclusion From MSCI


Amid speculations of a possible exclusion from the Morgan Stanley Capital International Frontier Markets Index, Nigerian equities raced southwards on Monday. The Nigerian Stock Exchange’s market capitalisation dropped by N234bn to N8.478tn from N8.712tn at the close of trading on Monday.  Index provider, MSCI, is seeking feedback from investors on the ease of access to the Nigerian equity market, a move that could lead to ... Read More »

Emefiele: Agriculture Can’t Survive on High Lending Rates


The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on Monday maintained that the agricultural sector would not survive on high commercial interest rates from banks and called for recommendations on how to better harness its enormous opportunities to diversify the Nigerian economy for sustainable growth. He said the sector required single-digit lending rates and long-term loans to be properly repositioned to ... Read More »

PIB: Nigeria Mulls 40% Sale Of New State Oil Firm


Nigeria plans to split  the Nigerian National Petroleum Corporation (NNPC) into two to help ease a planned stake sale of at least 40 per cent of a newly created National Petroleum Co (NPC) in coming years, according to a draft of a long-awaited oil bill seen by Reuters. The bill envisages the sale of at least 10 per cent of NPC over five years, and ... Read More »

Nigeria Loses N7.7b To Strikes, Says Fashola

babatunde raji fashola

Minister of Power, Works and Housing, Babatunde Fashola yesterday told members of the Senior Staff Association of Electricity and Allied Companies that between April 28, 2014 and March 8 this year, industrial actions have cost the country N7.7 billion. He spoke during the third triennial national delegates conference of the association inAbuja which had Pursuit of Industrial Peace and Foster(ing) Co-operation between Government and Labour ... Read More »

5% Value Added Tax Too Low – Osinbajo


Vice President Yemi Osinbajo has described the current five per cent Value Added Tax rate in the country as very low, adding that the Federal Government would increase the taxpayer base this year. Osinbajo stated this on Thursday in Lagos in a keynote address at the 1st National Forum on the Economy organised by Vintage Press Limited, publishers of The Nation Newspapers. VAT is a ... Read More »

Over 13,000 Small Businesses Jostle For N10bn BoI Loans


The Bank of Industry (BoI) has received over 13,272 online applications in two weeks for its N10 billion facilities earmarked for on-lending to small businesses under its Youth Entrepreneurship Support (YES) programme. In a statement, BoI’s Acting Managing Director and Chief Executive, Waheed Olagunju, said that the geo political analysis of the applicants showed that Out of this figure, the North East is leading with ... Read More »

DPR: Kachikwu’s Directive on Errant Petrol Stations Still in Force

The Department of Petroleum Resources (DPR) has reminded petroleum marketers that the directive by the Minister of State for Petroleum, Dr. Ibe Kachikwu that retail outlets hoarding petrol should be sealed and their product given out for free to the public, was still in place. The regulatory agency has therefore warned that such errant stations that are in breach of the government’s regulation on downstream ... Read More »

Integrated Oil to Conclude EIA on Modular Refinery Soon


The Group Managing Director of Integrated Oil and Gas Limited, Mr. Anthony Iheanacho has said that the company would conclude the Environmental Impact Assessment (EIA) studies for its 20,000 barrels per day modular refinery in the next few weeks. The refinery is the first of its kind to be undertaken by any private marketer of petroleum products in Nigeria. He said as soon as the ... Read More »

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