BUSINESS

Crude oil deposits discovered in Bida, Niger State

Professor Nuhu Obaje, the director of the Ibrahim Badamasi Babaginda University Research Centre, Lapai, on Thursday disclosed that crude oil deposits have been found in Bida basin in Niger State. He said  his centre has informed the Nigerian National Petroleum ...

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SHOCKING: Only 214 wealthy Nigerians pay up to N20m tax yearly

It has been revealed that only 214 Super rich Nigerians pay income tax in excess of N20 million yearly, the others simply evade tax payment. The minister of finance, Kemi Adeosun tabled this sobering information before the National Economic Council ...

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Aero Contractors retrenches 900 workers

Aero Contractors  Airline, which is under the management of the Asset Management Corporation of Nigeria (AMCON), has sacked about 900 workers  representing 60 per cent. Letters of redundancy were issued to the affected employees during the week. Media Consultant to the ...

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Nigerians spent $6.6b on telecom services in 2016 – NCC

Prof. Umar  Garba Danbatta, the Executive Vice Chairman, Nigerian Communications Commission (NCC) says Nigerian telecom consumers spent $6.6 billion on service consumption in 2016. Danbatta made this disclosure on Wednesday in Abuja during the  launch of the NCC Year of Consumer. He ...

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Naira gains ground as CBN pumps $195m

The Central Bank of Nigeria (CBN) on Tuesday sustained the supply of foreign exchange to the market by releasing 195 million dollars. The  measure had a resonating effect on the  Parallel market: the naira gained some grounds against the US ...

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NIGERIA – Inflation rate drops for the first time in 15months

Happy days are creeping into Nigeria once again as  inflation rate bucked the trend in February to fall to 17.78 percent. It is the lowest level in 15 months and  driven by a slower rise in general price levels, the ...

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Naira gains across all segments of FOREX Market

The naira on Monday appreciated in all the major segments of the foreign exchange market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained three points to exchange at N460, from N463 posted on Friday, while the Pound ...

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EXCESS FOREX: Banks seek customers for excess forex

Commercial banks in Nigeria are seeking customers to buy surplus foreign currencies they hold following the flooding of the banks with dollars by the Central Bank of Nigeria (CBN). In an effort to support and shore-up the value of Naira, ...

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Telecoms operators seek direct FOREX allocation

The Association of Licensed Telecommunications Operators of Nigeria (ALTON) said in Lagos on Saturday that the sector deserved to be supported with direct Foreign Exchange (FX) allocation. ALTON Chairman, Mr Gbenga Adebayo who said  this in a statement added that ...

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N541b debt: NCC, CBN avert takeover of Etisalat

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have got reprieve for Etisalat on the loan default crisis facing the company. In a statement on Saturday, Tony Ojobo, director of public affairs of NCC, said the ...

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