Latest Nigeria Business News
Lutoyilex Construct Limited, a construction company registered in Nigeria, has joined the list of firms debarred for fraudulent practices by the African Development Bank Group and other international bodies. The AfDB, on Tuesday, announced the debarment of Lutoyilex Construct Limited and its Managing Director, Mr Bamidele Obiniyi (also known as Mr Bamidele Abayomi) for a […]
The Department of Petroleum Resources (DPR) has lifted sanctions placed on Petrocam Trading Nigeria Limited, a downstream marketing company, for violating the agency’s rules and regulations. This is coming after Petrocam’s operation nationwide was suspended for 10 days. The Acting Director of DPR, Ahmed Shakur, said Petrocam committed an infraction against DPR in one of […]
About 131,085.06 barrels of crude oil and 29,612,202 litres of illegally refined products valued at about N8.4 billion have been destroyed by the Nigerian Navy (NN) between January and June 19, it was learnt. Also destroyed were 227 illegal refineries, 2,688 storage facilities and 364 wooden boats while 11 barges and 32 vessels were impounded. […]
First City Monument Bank (FCMB) in partnership with MOD Education is supporting customers aspiring to study in foreign tertiary institutions. Both institutions also organised a two-day International English Language Testing System (IELTS) training in Lagos to help candidates seeking globally recognised and approved language skills. It is required to pursue and fulfill academic aspirations in […]
Tin Can Island Command of the Nigeria Customs Service has processed a total of 150,930 metric tons of export with free on board (FOB) value of N68.88 billion from the port between January and June. This is compared to 118,452mt of goods exported through the port with FOB of N63.10 billion within corresponding period of […]
Nigerian equities reopened yesterday on the negative side as continuing sell pressure shaved off N110 billion in investors’ worth. Benchmark indices at the Nigerian Stock Exchange (NSE) showed a market-wide sell pressure with average price decline closing the trading session at 0.79 per cent. The continuing depreciation in share prices further worsened the negative average […]
Wema Bank has unveiled Teni Apata, popularly known as Teni the Entertainer as its brand ambassador. Teni will serve as a conduit between Wema Bank and young Nigerians with a view to changing existing brand perception, increasing top-of-mind awareness, acquiring new customers and increasing deposit. An award-winning artist, Teni’s music resonates with all spheres of society. […]
The Investors and Exporters (I&E) Foreign Exchange Window has attracted $18.79 billion from foreign investors in the last seven months, a report from research unit, Coronation Merchant Bank, has shown. The window is also called the Nigerian Autonomous Foreign Exchange (NAFEX). The report said that foreign portfolio investment (FPI) constituted 65.40 per cent of the […]
…seeks review of DisCos privatization The chairman, Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, yesterday warned the Nigerian Electricity Regulatory Commission (NERC) not to in increase the cost of electricity. According to him, even the elites are migrating from the supply of the electricity distribution companies because the tariff is not affordable. Wondering how low […]
Flour Mills of Nigeria Plc, Nigeria’s integrated food business and agro-allied group, on Monday announced that its audited 2018/19 financial results showed a N1.9 billion improvement in Q4, 2018/19. The improvement was in comparison to the same period last year, with full year Profit Before Tax (PBT) of N10.2 billion, compared to N16.5 billion in […]