Category Archives: Business News

WAUG: Heritage Bank restates commitment to youth, sport devt

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Managing-Director-of-He

\Heritage Bank Plc says it is committed to improved youth and sport developments in the country as a means of ensuring rapid growth in these areas, through sponsorship of sporting activities in tertiary institutions. The MD/CEO of Heritage Bank, Ifie Sekibo affirmed this at the just concluded 14thedition of the West African Universities Game (WAUG) […]

Reps say Shipping Companies Diverted FG’s $300m

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yakubu-Dogara

  The house of representatives has raised alarm over how foreign shipping companies’ local agents are shortchanging the Federal government of revenue to the tune of over 300 million dollars. House committee on Maritime Safety, Education and Administration, investigating allegations of non remittance and ill practices by the shipping companies, revealed this at the investigative […]

Power generation drops to 2,390MW, 15 plants idle

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Power generation in the country plunged to 2,390.20 megawatts on Monday as the number of idle power plants rose from seven to 15, according to the latest data from the Federal Ministry of Power, Works and Housing. Total electricity generation has been hovering below 4,000MW in recent months and stood at 3,741.30MW as of 6am […]

NNPC, Others Yet To Remit $22.06Bn, N481.75bn To Govt – NEITI

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The Nigerian Extractive Industries Transparency Initiative (NEITI) on Monday reported that the Nigerian National Petroleum Corporation, NNPC, its subsidiary, Nigerian Petroleum Development Company, and other companies in the oil and gas sector were yet to remit $22.06 billion and N481.75 billion to the Federation Account. The agency in its latest report on the summary of […]

Nigeria revises space plan after missing targets

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Nigeria has revised its 30-year space development programme, the Minister of Science and Technology, Dr Ogbonnaya Onu, has said. Onu stated this at a reception for the Canadian Governor-General, Julie Payette, at the National Space Research Development Agency in Abuja on Monday. Answering questions from journalists, Onu said that a new plan for the exploration […]

FG earned N1.16bn from rail in six months – NBS

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Between January and June this year, the Federal Government generated a total amount of N1.16bn from the rail transportation system. The figure was contained in a report on the railway sector, which was prepared by the National Bureau of Statistics. The N1.16bn, according to the report, was generated from two main revenue sources. These were […]

MTN: CBN inhibiting Nigeria listing

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MTN listing in Nigeria is being challenged by  the allegation of regulatory infractions levelled against it by the Central Bank of Nigeria (CBN). The telco has completed its listing on the Ghana Stock Exchange. In its quarterly report for the period ended on September 30, 2018, and released yesterday, the telco said its listing in […]

NCC seeks UK’s collaboration on digital inclusion, others

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The Nigerian Communications Commission (NCC) and the United Kingdom (UK) government, have agreed to collaborate on digital inclusion, cyber security, capacity building and bridging the  yawning access gap in the nation’s information communication technology (ICT) space. NCC’s Executive Vice Chairman and Chief Executive Officer, Prof Umar Garba Danbatta, spoke on the collaboration after meeting with […]

China ‘creates two billionaires a week’

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China produced billionaires at the rate of two a week in 2017, says a report by Swiss bank UBS and auditors PwC. The number of billionaires in the country saw a net increase from 318 to 373, with a joint wealth of $1.12 trillion (£874bn), said the survey. The report said China was currently the […]

Govt, banks urged to support SMEs, agric

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Managing-Director-of-He

The Managing Director and Chief Executive Officer of Heritage Bank, Mr Ifie Sekibo, has called on financial institutions and the three tiers of government to support agriculture and small and medium-scale businesses to tackle poverty in the country. Sekibo said evidence had shown that countries supporting the Micro, Small and Medium Enterprises had been successful […]