Rising interest rate’ll worsen Nigerian banks’ woes – Fitch
Nigerian banks are likely to face more challenges as the nation’s benchmark interest rate continues to rise, global credit rating agency, Fitch Ratings, has said. The Central bank of Nigeria’s Monetary...
View ArticleDiamond Bank posts N9.1 billion profit
Diamond Bank Plc’s unaudited result for the six months ended June 30, 2016 showed a Profit After Tax (PAT) of N9.1 billion, against N12 billion recorded in the corresponding period in 2015. However,...
View ArticleDomestic airlines seek urgent bailout to stay afloat
Investors in Nigeria’s domestic airline business are seeking a direct Federal Government financial bailout to salvage the industry from imminent collapse. Chairman of the Airline Operators of Nigeria...
View ArticleNigeria’s oil exports’ revenue slide hits 5-year low at $62bn Nigeria’s oil...
The slide in Nigeria’s revenue from oil exports touched the lowest level in five years, recording a loss of about $62 billion, depicting a 57.8 per cent decline in oil money receipt by the country, it...
View ArticleOil prices up in Asia but oversupply worries weigh
Oil prices edged up in Asia on Monday as the dollar weakened while bargain-buyers moved in following a recent sell-off but analysts warned a global supply glut and weak demand will temper gains. Prices...
View ArticleHeineken fizz falls flat as half-year profits drop
Dutch brewing giant Heineken had little to cheer Monday as it unveiled a 48.8 drop in half year net profits, warning of “a challenging economic backdrop”. Year-on-year net profits in the first half of...
View ArticleFG remitted workers’ pension last in September
President of the Pension Fund Operators Association of Nigeria, PenOp, Mr. Eguarekhide Longe, has said that compliance to remittances of pension contributions from the public sector on both the Federal...
View ArticleStock market investors lose N545bn in July
The month of July saw the equities market extend losses, as investors continued to book gain on prior positions due to worry over the deteriorating macro landscape which was further accentuated by June...
View ArticleFidelity, NEPC partner on Zero2Export project
Fidelity Bank Plc has partnered with the Nigeria Export Promotion Council (NEPC) in driving the Zero2Export project that is targeted at moving the nation from an import dependent economy to an...
View ArticleFIRS warns taxpayers against paying cash, cheques to tax officers
The Federal Inland Revenue Service has advised tax payers to pay tax at FIRS designated banks not to tax officers. The Head, Communication and Servicom Department of the service, Wahab Gbadamosi, told...
View ArticleCustomer threatens First Bank over illegal deduction
A Yola-based legal consultant is demanding from the Yola main branch of First Bank of Nigeria Plc to reverse the alleged illegal deduction of his client’s salary and pay N500,000 compensation. Wugira...
View ArticleAfDB approves $9m equity investment for SMEs in Nigeria
The African Development Bank has approved a $9 million equity investment in the Fund for Agricultural Finance in Nigeria to provide expansion capital to agricultural small and medium-sized enterprises....
View ArticlePilgrims paid for forex long before latest adjustments – Emefiele
The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Tuesday said there has been an agreement with the Pilgrim’s Commission to sell the dollar at N197 long before the latest adjustments....
View ArticleMacy’s to Shut Down 100 Stores as it Adapts to E-Commerce Era
Department store giant Macy’s said Thursday it plans to close 100 stores, a dramatic step that is aimed at helping the chain get ahead of a potentially crippling problem: America, executives say, has...
View ArticleLogan’s Roadhouse Files for Chapter 11 Bankruptcy Protection
Nashville-based restaurant chain Logan’s Roadhouse filed for Chapter 11 bankruptcy protection Monday with plans to restructure its operations and close 18 locations. Logan’s said in a statement that...
View ArticleWal-Mart to Buy Jet.com for $3 Billion
Wal-Mart has agreed to buy e-commerce startup Jet.com for about $3 billion in cash, giving the world’s largest retailer the resources for a stronger shopping website to compete with Amazon.com Inc.,...
View ArticleWe’ve not stopped licensing of IMTOs – CBN
The Central Bank of Nigeria, CBN, has refuted claims that it has stopped the licensing of Interested International Money Transfer Operators, IMTOs, in the country, stressing that it has not foreclosed...
View ArticleOil extends gains as Saudi comments fan output cut hopes
Crude prices rose in Asia Friday, extending overnight gains after Saudi Arabia’s oil minister hinted producers could agree to limit production. Rumours have been circulating that global producers are...
View ArticleNigerian SMEs to get $9m equity investment from AfDB
African Development Bank (AfDB) has approved a $9 million equity investment in the Fund for Agricultural Finance in Nigeria (FAFIN) to provide expansion capital to agricultural small and medium-sized...
View ArticleTUC set to inject N80bn into Unity Bank TUC set to inject N80bn into Unity Bank
The Trade Union Congress (TUC) is set to acquire majority shares in Unity Bank subject to the approval of all the concerned authorities in the banking sector. TUC president, Mr Bobboi Kaigama, told...
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