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Tag Archives: business news

CBN May Deploy 150,000 PoS, ATMs Over Cash-less Economy.—

WITH the Central Bank of Nigeria (CBN) getting set for the next phase of the cash-less policy in the country, indications emerged at the weekend that the apex financial institution might target the deployment of about 150, 000 Point of Sales (PoS) terminals and increase the present Automated Teller Machines (ATMs) in the country. Indeed, the CBN has fixed the second phase of the pilot ... Read More »

IMF Okays Nigeria’s Banking Reform—-Guardian

THE International Monetary Fund (IMF) has said that there is a considerable success recorded in the Central Bank of Nigeria (CBN) banking reforms, which now serves as a model for both developed and developing countries. The commendation was part of the IMF report on the recent Financial System Assessment Programme (FSAP). According to the report, “the Nigerian commercial banking system as a whole can absorb ... Read More »

Nigeria Loses N3.76bn To Foreign Domain Names’ Usage

In the last five years, the country has lost about N3.76bn to the continuous patronage of foreign domain names by Nigerians living. This figure is expected to more than double in the next five years if the trend is not checked given the increasing level of Internet awareness and usage in the country. On a yearly basis, over N752.66m is spent to service the over ... Read More »

Independent Marketer Blames NNPC for Kerosene Scarcity—Daily Times

An authoritative source has said that kerosene was scarce in the country because the Nigerian National Petroleum Corporation (NNPC) was the sole importer of the product. The source, a notable independent marketer of petroleum products, who, however, chose anonymity, said that, for now, the NNPC alone could not import kerosene to meet the demand of Nigerians. “We will continue to experience artificial scarcity of kerosene ... Read More »

Shell returns to Nigeria —iafrica

Shell on Thursday said it had launched a review of its oil and gas assets in Nigeria’s massively polluted Ogoniland region, resuming work in the area two decades after unrest forced the company to pull out. The Anglo-Dutch oil major said the move was not part of an attempt to restart oil production in Ogoniland, describing it instead as a bid to comply with a ... Read More »

Fall In Power Generation Due To Routine Maintenance- Channels

He noted that the problem is not a system collapse as it’s being insinuated in some quarters. Reports emerged on Tuesday that there’s been a significant drop in power generation from a peak of 4,517 MegaWatts (MW) attained on December 21, 2012 to 3,443MW on Tuesday. The loss of 1,112 megawatts in power generation was reported to be due to low gas supply to thermal ... Read More »

CBN to Sell N310.94bn Treasury Bills Thursday

The Central Bank of Nigeria (CBN) will sell treasury bills worth N310.94 million on Thursday, according to the Financial Market Dealers Association (FDMA) in Lagos. The association said in its daily report on Wednesday, in Lagos, that the bills would be sold at the CBN’s Open Market Operation (OMO) and the Primary Market Auction (PMA). Bills at the auctions would include a 122-day, 119-day and ... Read More »

Nigeria Set To Strengthen Trade Ties With Canada

Nigeria is prepared improve on its economic relations with Canada in areas of power generation, petrol chemicals, mining, aviation, agriculture, health, education and film production as the nation’s Vice President, Namadi Sambo, prepares to lead a Federal Government delegation to Ontario. Canada is one of Nigeria’s largest trading partners. Current partnerships with the North American country includes trade in crude oil export, raw materials and ... Read More »

Nigeria Bullies Ghana in Aviation Market

The Ministry of Transport and the Ghana Civil Aviation Authority have for the past one year battled without any success to get Nigerian authorities to allow Ghanaian domestic airline operators to ply the various Accra-Nigeria routes. Nigeria is said to have ignored the Yamoussoukro declaration that commits its 44 signatory countries to deregulate air services, and promote regional air markets open to transnational competition. It ... Read More »

NSE Appoints 13 Supplementary Market Makers-Leadership

The Nigerian Stock Exchange (NSE) on Tuesday appointed 13 supplementary market markers to deepen activities in the capital market. Mr Ibrahim Jalo-Waziri, NSE Executive Director, Business Development, disclosed this in Lagos on Tuesday. He said that the 13 unveiled supplementary market makers were selected out of 23 that applied. Jalo-Waziri said that the criteria used for the selection were the performance capability, financial capability, compliance ... Read More »

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