BUSINESS NEWS

The presidency on Friday said that nine oil-producing states have received 13 per cent derivation totalling N625.43 billion, subsidy and SURE-P refunds from the Federation Account in the last two years. In a statement, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, listed the states to have received the refunds […]

The Senate has resolved to provide legislative support to the Central Bank of Nigeria (CBN) for the redesign of the N1,000, N500 and N200 naira notes. The upper chamber made this resolution after a heated debate on a motion moved by Senator Uba Sani on CBN’s policy to redesign the three naira notes. Majority of […]

Standard Chartered Nigeria Ltd. has been recognised for its continued effort towards accelerating net zero campaign in Nigeria at the annual Environmental Sustainability Conference, Expo and Awards, ECOSEA for 2022. The bank’s Head, Corporate Affairs, Brand & Marketing, Dayo Aderugbo, said this in a statement on Friday in Lagos. The statement said the bank was […]

Nigeria’s public debt stock rose from N35.46 trillion (US$86.57 billion) in the second quarter of 2021 to N42.84 trillion (US$ 103.31 billion) in the second quarter of 2022. This includes external and domestic debt, according to the National Bureau of Statistics (NBS) in its Nigerian Domestic and Foreign Debt Report for Q2 2021 to Q2 […]

Asian and European stock markets sank and the dollar rallied Thursday after the Federal Reserve warned US interest rates would go higher than previously expected in its fight against decades-high inflation. The Fed on Wednesday unveiled a fourth straight 0.75-percentage-point increase as expected – the sixth hike this year to cool rampant prices. The dollar […]

OIL & GAS An ad hoc committee of the House of Representatives on Tuesday queried the implementation of the Escravos gas-to-liquids (EGTL) Gas Project. The committee said the project which should cost 2.9 billion dollars was quoted as 10.7 billion dollars. The committee on the Joint Venture of the NNPC limited, raised concerns when the […]

Capt. Rabiu Yadudu, the Managing Director, Federal Airports Authority of Nigeria (FAAN), has applauded the yearly increase in passengers traffic at Nnamdi Azikiwe International Airport (NAIA) , Abuja. Yadudu, made the commendation on Thursday in Abuja during his goodwill message at the NAIA 40th anniversary. According to him, as at Aug. 2022, NAIA has processed […]

The Federal Government says the approval of the NIgeria-Saudi Arabia Chambers of Commerce, Industry, Mines and Agriculture (NSCCIMA), will increase trade volume between both countries and reduce trust deficit. The Minister of Information and Culture, Alhaji Lai Mohammed said this on Thursday in Abuja, when the President of the Chamber, Alhaji Ibrahim Usman paid him […]

CBN Governor, Godwin Emefiele, briefs reporters in Abuja on Tuesday, September 27, 2022 The Central Bank of Nigeria has raised the Monetary Policy Rate (MPR), which measures interest rate, to 15.5 percent from 14 percent to tame rising inflation. CBN Governor, Godwin Emefiele, made this known on Tuesday after a Monetary Policy Committee meeting in […]

The Association of Small Business Owners of Nigeria (ASBON) has emphasised the need for full participation and representation in the Federal Government’s decision and policymaking processes. Its National President, Dr Femi Egbesola, made the assertion on Tuesday during the launch of the association’s movement tagged: “Movement from Growth and Sustainability of Small Business in Nigeria”. […]