BUSINESS

Dangote will probably be the world’s largest exporter of rice in fours years – Adesina

Akinwumi Adesina, president of the African Development Bank (AfDB), says Aliko Dangote, may become the largest exporter of rice in the world by 2021. Speaking at the Mo Ibrahim Forum in Morocco over the weekend, Adesina said Africa must focus ...

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Elumelu lauds FG’s Economic Recovery Plan at UBA’s AGM

The Chairman of the United Bank for Africa Plc, Mr. Tony Elumelu, has strongly commended the Federal Government and the Central Bank of Nigeria (CBN) for their efforts in stimulating the Nigerian economy, and bringing to bear a coordinated policy ...

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IMF says Naira is overvalued, hints at devaluation

Speaking at a news briefing in Washington on Wednesday, Gene Leon, the International Monetary Fund (IMF) chief for Nigeria, says the Nigerian naira is overvalued by about 10 percent to 20 percent. “The Nigerian economy has been hit by lower ...

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FEC approves $1.3b loan for development bank

The Federal Executive Council (FEC)has approved a $1.3 billion loan credit facility for the commencement of the Development Bank of Nigeria. The approval came on the heels of a memo submitted by the Finance Minister, Kemi Adeosun seeking council’s ratification ...

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NUPENG, others suspend strike

The National Union of Petroleum and Natural Gas Workers, NUPENG, has suspended its nationwide strike which began on April 2. The suspension followed the intervention of the Group Managing Director of the Nigerian National Petroleum Corporation( NNPC), Dr Maikanti Baru. ...

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Transcorp committed to significantly increasing power generation in Nigeria

…Tony Elumelu states “Transcorp will light up Nigeria”. At the 11th Annual General Meeting of Transnational Corporation of Nigeria Plc (“Transcorp”), the Board of Directors confirmed their confidence in Transcorp’s growth trajectory and affirmed the Company’s commitment to increasing yield and returns to shareholders, while continuing its significant capital investment strategy. Despite the difficult ...

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Customs to adopt electronic auction of seized goods

Nigeria Customs Service (NCS) has decided to adopt electronic platform to conduct the auction of seized goods to ensure transparency. Mr Joseph Attah, NCS spokesman, told the News Agency of Nigeria (NAN) on Friday in Abuja that the platform was ...

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FINE: MTN pays N30b to Nigerian government

MTN has made a payment of N30 billion  ($98 million) to the Nigerian government in part settlement of a N330 billion  fine imposed on the telecoms group for not disconnecting unregistered SIM cards, an MTN source told Reuters on Thursday. ...

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CBN directs BDC to exchange $1 for N362 at maximum

The Central Bank of Nigeria (CBN), on Tuesday slashed the rate at which it sells forex to Bureaux De Change (BDCs) in Nigeria to N360 and directed the BDCs to sell to end users at not more than N362 to ...

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CBN sets fresh rate for dollars sales to customers

The Central bank of Nigeria, CBN, on Monday directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar. The spokesperson of the CBN, Isaac Okarafor, said ...

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