BUSINESS

Transcorp Hotels Plc Posts N4.5bn Profits, Announces a dividend of 40k per Share

…Shareholders Laud Transcorp Hotels’ performance, Approve dividend payment Transcorp Hotels Plc has announced a profit after tax of N4b at its 3rd Annual General Meeting which took place at Transcorp Hilton Abuja. At the meeting, the Shareholders of Transcorp Hotels ...

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NNPC to recover “disappeared” 130million litres of petrol from Capital Oil, MRS

The Nigerian National Petroleum Corporation (NNPC) on Friday said it had taken measures to recover 130 million litres of petrol that evaporated from the depots of Capital Oil & Gas  and MRS in Lagos. The NNPC Chief Operating Officer, Downstream, Mr ...

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Malabu Scandal: Court orders return of OPL 245 to Shell, ENI

A Federal High Court sitting in Abuja, has reversed its previous ruling which retrieved the control of one of Nigeria’s richest oil blocks, OPL 245, from Shell and ENI. The court had on January 26, issued an order, based on ...

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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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