Latest Nigeria Business News
THE Academic Staff Union of Universities (ASUU) is planning another showdown with the Federal Government over what it called the government’s planned imposition of Integrated Personnel Payroll System (IPPIS) on its members. The union leaders have summoned an emergency National Executive Council (NEC) meeting where it agreed that the union should begin mobilisation of members […]
An intense battle has ensued over Ibrahim Magu’s tenure as Chairman of the Economic and Financial Crimes Commission (EFCC). A group of politicians and others affected by the aggressive anti-graft drive of the acting EFCC Chairman, are working for the termination of his tenure on November 11. Magu was appointed on November 11, 2015 by […]
Chief Edward Onoja has been was on Monday sworn-in as the Deputy Governor of Kogi State. He was earlier screened by members of state assembly, at the assembly complex in Lokoja. The swearing-in was performed on him by the Chief Judge (CJ) of Kogi State, Justice Nasir Ajanah. The Grand Khadi of the state, Abdulkareem […]
The Central Bank of Nigeria (CBN) on Friday made an intervention of $325.5million in the retail Secondary Market Intervention Sales (SMIS) and CNY14million in the spot and short-tenored forwards segment of the inter-bank foreign exchange (forex) market. The Director, Corporate Communications Department, Isaac Okorafor, revealed that the intervention was for agricultural machinery and industrial raw […]
The Nigeria Deposit Insurance Corporation has paid off 526,414 depositors of liquidated banks, the Managing Director of the corporation, Alhaji Umaru Ibrahim, has said. He said all the depositors of the 17 defunct banks who came forward to file their claims had been paid all their money previously trapped in those banks. Ibrahim, who spoke […]
AIICO Insurance Plc says it has received shareholders’ approval to increase its authorised share capital from N10bn to N18bn. A statement from AIICO said this was in line with the company’s preparedness to meet the new minimum capital requirement for the insurance industry. It stated that at its extra-ordinary general meeting, the shareholders supported the […]
The closure of Nigeria’s land borders for over two months has elicited reactions from different stakeholders, with farmers expressing support for the action. But some economists, including the Director-General, Lagos Chamber of Commerce and Industry, Muda Yusuf, and the Lead Director, Centre for Social Justice, Eze Onyekpere, said the development might not augur well for […]
The Asset Management Corporation of Nigeria has approached the judicial arm of the country to enable it to access bank details of its debtors, after been given the power to do so under the AMCON (Amendment) Act 2019, which was signed into law by President Muhammadu Buhari. In a statement, the Managing Director/Chief Executive Officer […]
The Accountable Leadership for Better Nigeria Initiative on Sunday condemned statements made by the Minister of State for Petroleum Resources, Timipre Sylva, on why the Federal Government would not be able to recover $62bn from international oil companies. In his recent response to enquiries from State House correspondents on the $62bn which the IOCs owe […]
The Shell Petroleum Development Company of Nigeria Limited has disbursed a total of N41.1bn ($228m) to fund development projects in Rivers, Delta, Bayelsa and Abia states in the last 13 years. The General Manager, External Relations, SPDC, Mr Igo Weli, disclosed this during the inauguration of one of the projects in Yenagoa, Bayelsa State. The […]