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Tag Archives: business news

20 Companies Set For Commissioning In Ogun-Ashiru


The industrialization drive of the Senator Ibikunle Amosun- led administration has continued to elicit interest from investors as 20 new industries are set for commissioning in addition to the existing 120 firms that have opened shop in the State.   This was according to the State Commissioner for Commerce and Industry, Otunba Bimbo Ashiru , while playing host to the State House of Assembly Committee ... Read More »

Amosun Boosts Agric Production With Another 10 Farm Machines

amosun commission bulldozar

Ogun State Governor, Senator Ibikunle Amosun has commissioned another set of bulldozers just as he has pledged that his administration would continue to increase the fleet at regular intervals. The commissioning of the new set of ten bulldozers brought the number of bulldozers purchased by the administration in recent times to 20. While commissioning the machines at the Arcade Ground, Oke-Mosan, Abeokuta, Amosun said the ... Read More »

NSE’s Market Capitalisation Plummets By N19 Billion


Transactions on the floor of the Nigerian Stock Exchange closed on a downward note yesterday, as major highly capitalized stocks depreciated in price causing market capitalization to plunge by N19 billion.Yesterday, the All -share index (ASI) shed 55.33 points, representing a decline of 0.15 per cent to close at 36,776.60 points from 36,831.93 posted on Monday.Similarly, the market capitalisation shed N19 billion, to close at ... Read More »

Sell Discos To New Investors, Elumelu Tells FG


The Chairman, United Bank for Africa Plc and Transnational Corporation Plc, Mr. Tony Elumelu, has asked the Federal Government to take another look at the power sector by wresting ownership from incompetent private operators and sell the firms to new owners who are capable of successfully running them. He made the call in Abuja on Tuesday at the ongoing 23rd Nigerian Economic Summit. Elumelu stated ... Read More »

Again, CBN Injects $195m Into Forex Market


The Central Bank of Nigeria (CBN) on Monday continued its intervention in the interbank foreign exchange (forex) market with the injection of $195 million. Figures released by the central bank showed that it offered the total sum of $100 million to the wholesale segment, while the small and medium scale enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, comprising tuition fees, ... Read More »

CBN Forex Supply Hits $390m In One Week


The Central Bank of Nigeria injected a total of $195m into the interbank foreign exchange market on Monday, with the naira remaining unchanged at 363 against the United States dollar. The CBN on Tuesday, last week, intervened in the interbank forex market with the sale of $195m. Figures released by the bank on Monday showed that the sum of $100m was offered to the wholesale ... Read More »

50 Million Nigerians Have No Electricity, Says Osinbajo


Vice President Yemi Osinbajo on Monday said 50 million people out of the nation’s 180 million population have no access to electricity. “Nigeria’s 180 million people, over 50 million have no power,” Osinbajo said in his keynote address at the Financial Times Africa Summit holding in London. The Vice President told the gathering that as part of the present administration’s efforts to diversify power sources ... Read More »

Kachikwu/Baru: NUPENG Urges Caution

The Petroleum Tanker Drivers’ branch of the National Union of Petroleum and Natural Gas (NUPENG) has called for caution in the handling of the petition against Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru. The National chairman of the union, Comrade Salmon Oladiti, in a statement, advised President Muhammadu Buhari to ignore the wailings of those pursuing private interest under ... Read More »

Capital Market Shareholders Task SEC, NSE On Penalties To Boost New Listing


Lagos – Capital market shareholders on Saturday called on the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to review the penalties imposed on quoted companies to attract new listing. Nigerian Stock Exchange They made the plea at an Investors Clinic Programme to mark IOSCO World Investor Week 2017 organised by SEC in Lagos. According to them, incessant penalties on companies was ... Read More »

Political Interference In NNPC Operations Poses Risks — PWC


Political involvement in the management of the Nigerian National Petroleum Corporation can lead to rapid turnover in key staff, creating difficulties in ability to execute strategic initiatives, a new report by the PricewaterhouseCooper has said. The PwC report, entitled, ‘The new nation builders: Creating the African national oil company of the future,’ said the NNPC’s financial position had been a problem given the low oil ... Read More »

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