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Tag Archives: business news

Reps To Revisit Retirement Of NNPC Retail Boss

NNPC-house

Despite may be coming the way of the former Managing Director of the Nigerian National Petroleum Corporation (NNPC) Retail, Esther Nnamdi-Ogbue as the House of Representatives is set to revisit the matter. The Nation can authoritatively report that the lawmakers are convinced that the ex-boss of the nation’s corporation was unjustly treated for exposing the missing of 89.8 million liters of Premium Motor Spirit  (PMS) ... Read More »

Cashless Policy: Nigerians Count Losses In Billions

Exactly five years after the much-hyped cashless policy of the Central Bank of Nigeria (CBN) became fully operational nationwide, there has been an upsurge in the wave of e-banking and other related crimes with over N2.19b lost in 2016 alone. Bukola Aroloye in this report examines the issues What finance-related frauds have been on the increase  should be a cause of worry to all concerned, ... Read More »

‘Nigerians Spent N6.7trillion On Imported Consumables In 2015’

Kemi-Adeosun

Nigerians spent N6.7 trillion on importa-tion of consumables and household items in 2015, Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar stated yesterday. She spoke in Kano at a stakeholders’ meeting on “Buy Made-in- Nigeria Products” by the Ministry in collaboration with the Federal Ministry of Information and Culture. Abubakar declared the staggering amount being spent on importation of goods as unacceptable, ... Read More »

FG Moves To Insure National Assets

Kemi-Adeosun

The Federal Government has said that it will ensure adequate insurance of its assets. The Minister of Finance, Mrs. Kemi Adeosun, said this during the National Insurance Conference of the Insurance Industry Consultative Council with the theme: ‘Nigeria open for business’, in Abuja on Monday. Adeosun said, “Foreign investors have shown great interest in the Nigerian insurance sector by entering into the market and progress ... Read More »

Trade Hits $3.8bn At I&E Window, CBN Sells $142m

The Central Bank of Nigeria’s Investors and Exporters Foreign Exchange window has traded about $3.83bn since it was established on April 24, it has been learnt. Foreign exchange traders said this on Monday as the naira traded more strongly on the window than on the black market, Reuters reported. The window, where buyers and sellers are free to agree an exchange rate, was introduced by ... Read More »

Oil, Gas Investment Set To Recover Slightly – IEA

OILS

Investment in the oil and gas industry will see a tentative recovery in 2017 after an “unprecedented contraction” in 2016 and 2015 in face of stubbornly low energy prices, the International Energy Agency said in a report on Tuesday. The IEA said upstream oil and gas investment — such as in exploration and production facilities — fell 26 percent in 2016 in nominal terms to ... Read More »

How FG Spent $4.8bn Foreign Loans In Two Years

While Nigeria’s rising indebtedness is generating ripples as to the sustainability and the interest element, the Federal Government has given details of some of the foreign loans it has raised in the last two years, expended on programmes rather than development projects,  The Federal Government obtained about $4.8bn from various foreign sources in the last two years, The PUNCH has learnt. The loans were expended ... Read More »

Equities’ Fortunes To Remain Mixed Pending Q2 Results Announcement

equity mk

AS the equities market continues to reel under the influence of bargain hunters and profit taking activity, market watchers have said that second quarter, 2017 (Q2’17) financial results of companies being expected will determine the direction of the market in the next couple of weeks. They observed that the market has reached a resistant level and would need a new breather to move beyond where ... Read More »

NASS Set To pass Bill Expanding The Scope CIS

capital mk

VICE Chairman, Senate Committee on the Capital Market, Senator Festus Ogwuma, has disclosed that the Bill to expand the scope of operations of the Chartered Institute of Stockbrokers (CIS) would be passed very soon. In a similar vein, the Finance Minister, Mrs. Kemi Adeosun has assured stockbrokers of the government’s continuous support for them as distribution agents in the value chain of financial intermediation. Senator ... Read More »

W’Bank Raises Concerns Over Nigeria’s Debt Servicing Costs

The World Bank has expressed concerns about Nigeria’s rising debt servicing costs in relations to the government’s dwindling revenue. It stated this in its newly released Global Economic Prospects report, where it also observed that the country’s economic recovery was being limited by foreign exchange controls. Noting that debt servicing costs had risen but remained sustainable for most countries, it said the rise in government’s ... Read More »

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