Category Archives: Business News

Market opens lower, UBA, Learn Africa lead losers

Posted on in Business News, cover | Comments Off on Market opens lower, UBA, Learn Africa lead losers

The Nigerian equities market opened the week on a bearish note as United Bank of Africa Plc, Learn Africa Plc and C & I Leasing Plc emerged as the top three losers. The NSE market capitalisation dropped to N13.552tn on Monday from N13.672tn recorded on Friday as 350.595 million shares worth N4.915bn exchanged hands in […]

Ecobank Nigeria launches Xpress Account

Posted on in Business News, cover | Comments Off on Ecobank Nigeria launches Xpress Account

Ecobank Nigeria on Monday unveiled Ecobank Xpress Account, describing it as a flagship digital product that would take banking to the grass roots. The Ecobank Xpress Account is a digital account that is mobile based. In a statement, the lender said the Ecobank Express Account “is simple and does not require any form of documentation […]

My ministry got N31bn of N192bn budget in 2017 – Amaechi

Posted on in Business News, cover | Comments Off on My ministry got N31bn of N192bn budget in 2017 – Amaechi

The Federal Government said on Monday that it had implemented 16.55 per cent of the capital component of the 2017 budget of Ministry of Transportation. The Minister of Transportation, Mr. Rotimi Amaechi, said this when he appeared before the Senate Committee on Land Transport to defend the 2018 budget proposal of his ministry. The Chairman […]

World Bank to stop financing oil, gas projects from 2019

Posted on in Business News, cover | Comments Off on World Bank to stop financing oil, gas projects from 2019

The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy’s shift to cleaner energy. “The World Bank Group will no longer finance upstream oil and gas, after 2019,” it said in a statement in Paris, where world leaders […]

Discos installing substandard prepaid meters, says TCN

Posted on in Business News, cover | Comments Off on Discos installing substandard prepaid meters, says TCN

Power distribution companies are increasingly installing meters that are non-compliant with industry standards, the Transmission Company of Nigeria has said. According to the Market Operator, a department in the TCN, many substandard meters are being given out by Discos to electricity consumers, a development that will attract sanctions if not stopped. This, however, was countered […]

CBN’ll use BVN to blacklist loan defaulters –Emefiele

Posted on in Business News, cover | Comments Off on CBN’ll use BVN to blacklist loan defaulters –Emefiele

The Central Bank of Nigeria under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system. The CBN Governor, Mr. Godwin Emefiele, made the disclosure at the end of a two-day annual retreat of the […]

Weather: Flights may suffer cancellation, delay in coming days

Posted on in Business News, cover | Comments Off on Weather: Flights may suffer cancellation, delay in coming days

The Nigerian Civil Aviation Authority has called on all air passengers to exercise restraint during adverse weather, which may hamper their travel plans in the coming days and months. In a statement signed by its General Manager, Public Relations, Mr. Sam Adurogboye, on Sunday, the regulatory agency said the advice was important due to the […]

Hardship: PenCom tasks FG on social security scheme

Posted on in Business News, cover | Comments Off on Hardship: PenCom tasks FG on social security scheme

The National Pension Commission has urged the Federal Government to establish a social security scheme to alleviate the sufferings of Nigerians. The Acting Director-General, PenCom, Aisha Dahir-Umar, said this when she submitted a memorandum to the Senate Committee on Establishment and Public Service in Abuja. She told members of the Senate that the commission believed […]

Ex-NERC boss, Amadi, Ajaero fault power sector privatisation

Posted on in Business News, cover | Comments Off on Ex-NERC boss, Amadi, Ajaero fault power sector privatisation

The immediate past Chairman of the Nigerian Electricity Regulatory Commission, Dr. Sam Amadi, and the Secretary-General of the National Union of Electricity Employees, Mr. Joe Ajaero, have condemned the privatisation of the power sector. While Amadi stated that the government’s failure in the sector could not be cured by privatisation, Ajaero noted that the private […]

Foreign rice in Nigeria smuggled, some poisonous – FG

Posted on in Business News, cover | Comments Off on Foreign rice in Nigeria smuggled, some poisonous – FG

The Federal Government on Thursday declared that all foreign brands of rice in the country at the moment were smuggled, adding that some of them were poisonous. According to the government, recent tests conducted by the Federal Ministry of Agriculture and Rural Development showed that most imported rice and poultry products were poisonous, as the […]