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Business

Nigerian inflation quickens to 11-year high in October

15 November 2016, 08:13

Nigerian inflation accelerated for the 12th consecutive month in October as exchange-rate pressures persisted on the prices of goods and services, complicating the central bank’s task of supporting an economy forecast to contract this year.

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Nigeria to arrest black-market naira traders to stem decline

14 November 2016, 12:35

Nigeria’s intelligence service has been asked to clamp down on money-changers and black-market currency dealers in a bid to defend the naira.

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Nigeria proposes broad oil sector overhaul, sale of stakes in NNPC

14 November 2016, 08:50

Nigeria outlined a plan to overhaul state oil company NNPC and eventually list it on the stock exchange in a bid to modernise and streamline an industry known for graft and mismanagement.

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Nigeria's Arik Air to buy mostly Boeing planes to double its fleet -source

01 November 2016, 06:08

Nigeria's largest airline Arik Air plans to nearly double its fleet to 52 planes within 10 years and has already ordered some of them from Boeing, a source at the company said on Monday.

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Communities threaten to block crude pipeline due to oil spill

31 October 2016, 06:20

Nigerian communities affected by an oil spill in the Niger Delta hub have threatened to block access to a pipeline unless state oil producer NNPC provides a cleanup and compensation within one week, a statement said.

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Naira plunges to 440 as dollar inflow drops

26 September 2016, 20:01

The naira was sold at the parallel market for 440 per dollar on Sunday, as the lingering foreign exchange scarcity increased to a new level.

Nigerian businessmen demand $2.5 bn a week for importation – Ogbeh

15 September 2016, 23:18

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, on Wednesday in Abuja said Nigerian businessmen demanded 2.5 billion dollars (about N492 billion) a week for importation of goods and services into the country.

It's a sin to owe workers in recession - Obiano

15 September 2016, 11:16

Anambra State Governor, Willie Obiano has said that it is a sin for any employer, especially the government to be owing its workers outstanding salaries during a recession.

MTN raises more than R18bn in loans

14 September 2016, 13:26

MTN Group, Africa’s largest mobile-phone operator by sales, said it entered three loan agreements, raising more than $1.3bn as the company markets a potential bond.

Naira value expected to decline - Otunuga

13 September 2016, 09:39

The Head of Research and Economic Analysis at FXTM, Lukman Otunuga stated that the Naira is likely to decline due to the dollar shortage adding that it is expected to affect the Nigerian economy negatively.

Recession: Nigerians asked to be patient with Buhari - Bello

12 September 2016, 20:00

Kogi State Governor, Yahaya Bello, has stated Nigerians need to be patient with the recession that is taking its toll in the country.

National Assembly fails to account for N9bn

12 September 2016, 13:09

The National Assembly management failed to account for a total expenditure of over N9.4 billion in 2014, the latest audit report has revealed.

Minister reveals how much bag of rice will cost in December

12 September 2016, 20:00

The Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri has expressed fear over the imminent increase in the price of a bag of rice in December.

Navy nabs Delta illegal oil refinery operators

12 September 2016, 12:57

The Nigerian Navy has arrested six suspects in connection with operating an illegal refinery in Delta State.

MTN sells bonds over N330bn fine

08 September 2016, 22:28

MTN Group Limited is currently seeking fresh funds through the sale of bonds to offset a N330bn ($1bn) Nigerian fine, pay dividends and address capital expenditure.

NCC seals Nokia office in Nigeria

08 September 2016, 22:28

The Nigerian Communications Commission has sealed the office of Nokia-Alcatel located in Lagos.

PHOTOS: President Buhari returns from Kenya

29 August 2016, 07:33

President Muhammadu Buhari has landed safely from his trip to Kenya, where he attended the 6th Tokyo International Conference on African Development (TICAD VI).

Students back Buhari's request for emergency powers

24 August 2016, 13:06

The National Association of Nigerian Students (NANS) has expressed support to President Muhammadu Buhari’s Emergency Economic Stabilization Bill, granting him emergency powers to push his planned revival of the economy.

CBN bars 9 banks from forex market

24 August 2016, 13:11

Nine deposit money banks have been barred from the foreign exchange market for allegedly hiding over $2 billion belonging to NNPC from the Treasury Single Account (TSA).

Restructuring not solution to Nigeria problems - Ndume

24 August 2016, 08:50

Senate leader, Ali Ndume has warned agitators of the restructuring of Nigeria to be careful of what they wished for while saying that good governance instead of restructuring was the solution to strengthening the economy.

Africa's billionaires see decline in fortunes

22 August 2016, 14:40

Africa has 41 of the world's 2 473 billionaires who between them hold $98bn of a total of $7.7trn in assets, down from $115bn in 2014, according to a survey.

Army, NSCDC uncover illegal oil well at Winners Church

22 August 2016, 12:37

The Nigerian Army and officers of the Nigeria Security and Civil Defence Corps, NSCDC has uncovered another illegal oil well in Lagos State.

Avengers: MEND blasts Clark, others

22 August 2016, 14:36

The Movement for the Emancipation of Niger Delta (MEND) has criticised the Chief Edwin Clark-led group of elders for not condemning the activities of the Niger Diger Delta Avengers (NDA).

US Africa envoy to meet Nigeria leaders

22 August 2016, 09:27

United States Assistant Secretary of State for African Affairs, Linda Thomas-Greenfield, will later this week meet religious leaders, captain of industry and commerce in Lagos.

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