Latest Nigeria Business News
The Central Bank of Nigeria has barred banks from buying bills for their own accounts at an open market auction held on Thursday, a move intended to force them to lend rather than invest in government debt, traders said on Friday. According to Reuters, the CBN is stepping up a campaign to get credit flowing. Last […]
The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to reduce the Cash Reserve Ratio (CRR) to increase credit to the private sector. Speaking with The Nation, LCCI President Mr. Babatunde Ruwase said the 22.5 per cent CRR by the CBN was too high. He said the CRR regime […]
Trade Union Congress (TUC) has assured members of the Organised Private Sector (OPS) that it will put the Federal Government on track in infrastructural development to ensure that the country reaps the benefits of the African Continental Free Trade Agreement (AfCFTA). Speaking at a media parley in Lagos, TUC President, Comrade Quadri Olaleye, promised that […]
The Industrial Training Fund (ITF) paid over N6 billion as reimbursement to 510 firms in 2018, its Director-General (DG), Sir Joseph Ari. A breakdown of this payment include full payment for training of workforce across all cadres, acceptance of students on (Students Industrial Work Experience Scheme) SIWES. Speaking with The Nation, Sir Joseph, said the payment […]
Earlier gains for oil futures on the back of increased tensions in the Middle East gave way to sizeable declines yesterday. August West Texas Intermediate crude lost $1.41, or 2.5 per cent, to $55.37 a barrel on the New York Mercantile Exchange after falling 1.5 per cent the previous day. International benchmark September Brent declined […]
Telecoms giant, 9mobile is offering customers double data on its MoreFlex package. Moreflex is a prepaid package that comprises flexible bundle offers with up to 300 per cent bonus on recharges which can be used for calls, data and text message. To enjoy the offer, all a subscriber needs is to be on the 9mobile Moreflex package or […]
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has cancelled a court-ordered meeting that approved the acquisition of minority shares by the majority core investor in Continental Reinsurance (ConRe) Plc. The Commission ordered the company to reconvene another court-ordered meeting for consideration of the proposed acquisition. The board of Continental Reinsurance had announced […]
Despite competing demands for its crude oil from other countries, the Nigerian National Petroleum Corporation (NNPC) yesterday restated its commitment to sustaining the supply of 10 per cent of India’s crude oil demand. The Corporation’s Group Managing Director (GMD), Mele Kyari, renewed the commitment when he hosted the Indian High Commissioner to Nigeria, Abhay Thakur, […]
An investment fund set up by the German government has acquired 39.25 per cent in Royal Exchange General Insurance Company (REGIC) Limited, a subsidiary of Royal Exchange Plc, an insurance-based investment holding group quoted on the Nigerian Stock Exchange (NSE). The investment fund- InsuResilience Investment Fund (IIF) was set up on behalf of German government […]
The Senate yesterday invited the United Nations Resident Team in Nigeria and the Nigeria Boundary Commission to brief it on the status of Nigeria’s claim of extended continental shelf. The upper chamber also directed its committee on Marine Transport when constituted, to diligently follow up activities of the extended continental shelf project and regularly brief […]