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Tag Archives: businessnews

NSE Suspends Trading In 7-UP Shares


The Nigerian Stock Exchange on Friday suspended the shares of Seven-Up Bottling Company Plc following a takeover bid from majority shareholder, Affelka S.A., to the minority holders. In a public notice, the Exchange confirmed that 7-UP shareholders had passed a resolution to back the takeover bid by Affelka S.A. which would see the company delisted from the NSE. Shareholders of the company had on Thursday ... Read More »

CBN Disowns Fake Emefiele Twitter Handles


The Central Bank of Nigeria on Tuesday disowned fake Twitter handles linked to the CBN Governor, Mr. Godwin Emefiele. The central bank pointed out that the Twitter handles bearing the name and photograph of Emefiele were fake and targeted at misleading unsuspecting members of the public. The Acting Head, Corporate Communications, CBN, Mr. Isaac Okorafor, in a statement, advised members of the public to ignore ... Read More »

Oil Price At $66 Good For Nigeria, Say Experts


From around $53 per barrel at the start of 2017, international oil benchmark, Brent crude, closed the year around $66.87, a rise that is expected to continue into 2018. The 2018 budget proposal submitted by President Muhammadu Buhari in November put the benchmark oil price at $45 per barrel, compared to $44.5 per barrel for the 2017 budget. The Wall Street Journal, in a survey of ... Read More »

Oil Marketers Threaten Service Withdrawal In Lagos, Ogun

oil pipeline

The Independent Petroleum Markers Association of Nigeria, Lagos State chapter, has accused the Nigerian National Petroleum Corporation of undersupplying its members with Premium Motor Spirit. It said if the situation persists, its members in Lagos State and parts of Ogun State may be forced to shut their filling stations by December 11. In a statement on Thursday signed its chairman, Alhaji Alanamu Balogun, vice chairman, ... Read More »

FG, States, Lgas Share N4.55tn In Nine Months


The three tiers of government shared a total of N4.55tn between January and September this year as disbursements from the Federation Accounts Allocation Committee. According to the latest quarterly report of the Nigerian Extractive Industries Transparency Initiative, released in Abuja on Wednesday, out of the N4.55tn that was shared in the review period, N1.76tn was disbursed in the third quarter as against the N1.38tn and ... Read More »

Nigeria, Libya In Focus As OPEC Meets Today


Nigeria and Libya will expect to face growing pressure from their counterparts in the Organisation of Petroleum Exporting Countries to end their exemption from production cuts and accept an output quota, when ministers meet on Thursday (today) for a closely watched summit. The production cuts deal, which began on January 1 and called on OPEC countries and 10 non-OPEC producers led by Russia to cut ... Read More »

Foreigners Taking Over Nigeria’s Agric Sector, Says FG


Foreigners are currently taking over Nigeria’s agricultural sector as a result of the excessively high interest rates being demanded from indigenous agriculturists by Deposit Money Banks, the Federal Government has said. It also stated that the production and sale of crude oil could not salvage the country’s fragile economy, adding that revenue generation from oil was too low when compared to what some smaller countries ... Read More »

Economy Needs To Grow By At Least 6% — Emefiele

The Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, spoke about the banking system, exchange rate and the prospect of the economy in an interview with journalists in Lagos. OYETUNJI ABIOYE was there. Excerpts The Nigerian economy exited recession in the second quarter after five consecutive quarters of negative growth. What hopes lies ahead? We have just managed to exit the economic recession with ... Read More »

Naira Appreciates, Jumps To N359 Against Dollar


The naira on Thursday appreciated to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex. The indicative exchange rate for the I & E Forex Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, appreciated to N359.56 per dollar. It jumped from Wednesday’s market rate which stood at N360.70 per dollar. This indicates an appreciation of N1.14 kobo in the value of the local currency. ... Read More »

Budget: N2tn Debt Service Provision Unsustainable, Says LCCI

Buhari budget

The Lagos Chamber of Commerce and Industry has described as unsustainable the debt service provision of N2.014tn in the 2018 budget proposal submitted by President Muhammadu Buhari to the National Assembly on Tuesday. The LCCI, however, commended the commitment of the government to the restoration of the January-December budget cycle, saying it would be good for planning purposes both in the public and private sectors ... Read More »

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