Latest Nigeria Business News
Old Mutual Limited, a pan-African insurer and global financial services group, has expressed its commitment to the Nigerian insurance market. In a statement, the group said this while celebrating its 174th anniversary of providing insurance, savings, investment, lending and banking solutions to over 11.3 million customers in 13 African countries and China. In commemoration of […]
As Asset Management Corporation of Nigeria continues to seek better ways to recover its huge outstanding debt of over N5tn, 80 per cent of which is owed by just 350 individuals in the country,leading jurists have urged the corporation to explore the opportunities offered by Alternative Dispute Resolution centres established by the Federal High Court. […]
The Nigerian Export-Import Bank has entered into a partnership with the National Inland Waterways Authority and Sealink Promotional Company Ltd to bridge the waterways infrastructure gap and enhance the country’s trade in the ECOWAS sub-region. The tripartite memorandum of understanding, which was sealed in Abuja, would enhance Nigeria’s annual non-oil exports revenue to between $500m […]
The Lagos Chamber of Commerce and Industry has faulted the renewed tax drive in the Nigerian economy, saying that it was focused more on investors than consumers. The chamber stated this in a document setting economic diversification agenda for the Federal Government on Sunday. In the document signed by the Director General, LCCI, Mr MudaYusuf, […]
Recently, the National Insurance Commission announced new capital requirements for operators in the insurance industry. In a recent circular to its regulated entities, life insurance companies’ capital was raised from N2bn to N8bn, general companies got a raise from N3bn to N10bn, while composite insurance companies’ capital was raised from N5bn to N18bn. The regulator […]
Banking sector’s non-performing loans stood at N1.676tn as of the end of March 2019, latest statistics from the National Bureau of Statistics revealed. The gross loans recorded in the banking sector stood at N15.480tn, while the loans after specific provisions stood at N13.739tn in the period under review. The ratio of the non-performing loans to […]
The Securities and Exchange Commission said on Sunday that it had set up an interim management team to oversee the affairs of Oando Plc. SEC said in a statement, “Further to our press release on Oando Plc, dated May 31, 2019, the commission hereby informs the public of the constitution of an interim management team […]
The Federal Government, yesterday, advised South African government to explore investment opportunities in the nation’s oil and gas sector for growth. The Department of Petroleum Resources (DPR) Director, Mr.Ladan Modecai, gave the advice at the Nigeria – South Africa Chamber of Commerce breakfast meeting in Lagos. He said the development became necessary in order to impact […]
BudgIT has called on President Buhari to privatize all government-owned refineries while also fully deregulate the petroleum downstream sector. According to the findings of our new policy brief “Inside Nigeria’s Local Refineries” Nigeria’s government-owned refineries in Kaduna, Port Harcourt and Warri incurred a cumulative loss of N32.8 billion in 2017 and N126.2 billion in […]
To celebrate Children’s Day, leading information and communication technology (ICT) company, MTN Nigeria, gave the students of Ireti and Hope Nursery and Primary Schools, Ikoyi, Lagos, a once-in-a-lifetime experience. On Friday, May 24, 2019, the students of the schools were surprised with a visit from popular Nigerian songstress, Chidinma Ekile and child comediene, Emmanuella as […]