THE Senate has advised the Federal Government to accelerate the diversification of the economy to improve the country’s foreign exchange (forex) earnings. The call was made in resolutions reached by the Senate following consideration of a motion titled: Urgent need to revive the Palm Oil industry in Nigeria. The motion was sponsored by Senator Francis […]

Over 10,000 pensioners of federally-funded parastatals, agencies and institutes under the Defined Benefit Scheme have been verified by the Pension Transitional Arrangement Directorate during the fifth phase of the parastatals’ pensioners verification exercise in the South East region. A statement from the Pension Transitional Arrangement Directorate said the exercise commenced on August 26 across four […]

Despite the privatisation of Nigeria’s power sector, the Federal Government’s financial intervention in the industry has risen to N1.5tn, Vice-President Yemi Osinbajo has said. He said this as indication emerged that no power distribution company in Nigeria had paid tax to the Federal Government since the sector was privatised six years ago. The Vice-President spoke […]

Samsung Heavy Industries Nigeria (SHIN), the leading operator of the SHI-MCI fabrication and integration yard, has won a highly commended award for the contribution to the development of regional maritime Cluster at the prestigious Sea trade Maritime Awards Middle East, Indian Subcontinent & Africa held in Dubai on September 22, 2019. Samsung Heavy Industries Nigeria […]

Wapic Insurance Plc has launched a new capital raising programme aimed at raising about N5.93 billion from the shareholders of the insurance company. The new share issuance is expected to beef up the capital base of the company as insurers move to comply with industry new minimum capital requirement. Wapic Insurance indicated that it plans […]

The World Bank Group and the International Finance Corporation (IFC), have promised to continue to support Nigeria in bridging its infrastructure gap. The two organisations gave the commitment in a statement issued by the World Bank’s Senior Communications Office in Nigeria yesterday in Abuja. The World Bank Vice President for Africa, Mr Hafez Ghanem, IFC […]

INDIA, through her companies operating in the country has invested $15billion in Nigeria,  its High Commissioner to Nigeria, Mr Abhay Thakur on Tuesday. The envoy also said India companies were among the highest employer of labour with about 35,000 under its direct employment in Lagos State alone. He spoke during the unveiling of a new […]

The Federal Government has listed its latest issuances under the Federal Government of Nigeria Savings Bonds (FGNSB) on the Nigerian Stock Exchange (NSE). The Federal Government listed two new issues totalling N295.94 million. The listing of the sovereign bonds came a day after top-tier bank, Access Bank Plc, listed a corporate bond valued at N30 […]

  The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, on Tuesday warned Deposit Money Banks against excessive investment in fixed securities to the detriment of real sector financing. He charged the banking sector to live up to its core responsibility of stimulating the economy by advancing credit to employment generation sectors of […]

Brent crude oil recorded a marginal drop in price on Tuesday, as it shed $1.64 to close at $63.13 per barrel. Figures from international crude prices showed that the commodity traded for $64.64 per barrel the preceding day. But OPEC basket crude appreciated in price on Tuesday, as it halted the marginal fall in price […]