Category Archives: Business News

Nigeria on track for global aviation growth – Demuren

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A former Director-General of the Nigerian Civil Aviation Authority, Dr. Harold Demuren, has said that despite the challenges facing the nation’s aviation sector, it will not be left out of the global industry growth prospect. Demuren, in an interview with journalists in Lagos, said the future of aviation in the country was bright and would […]

FG to spend N15bn on solid mineral exploration

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Nigeria plans to spend N15bn ($42m) next year to explore for solid minerals and attract investors into mining and reduce its dependence on oil, the Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said. “Because we are starting from a low base, we want to have a portfolio of exploration activities in place that […]

Skye Bank, First Bank to take over Evans Medical

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Evans Medical Plc, on Friday, informed its shareholders and other stakeholders as well as the Nigerian Stock Exchange of the move by Skye Bank Plc and First Bank of Nigeria Limited to take over the company. This was contained in a letter filled with the NSE. Both banks were said to have served Evans Medical […]

Zenith Bank Grows Nine Months Profit by 36% to N130bn

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Shareholders of Zenith Bank Plc should be expecting a bumper harvest at the end of 2017 financial year if the impressive performance recorded for the nine months ended September 30, 2017 is sustained. The results released yesterday showed growth in major performance indicators despite the challenging operating environment. The bank recorded gross earnings of N531.3 […]

Nigeria lowers 2017 economic growth forecast — Report

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Nigeria has revised down its forecast for 2017 economic growth to 1.5 per cent from 2.19 per cent, according to a document reportedly seen by Reuters on Thursday. The report said oil production, on which Nigeria relies for about two-thirds of government revenues, was at 1.9 million barrels per day for 2017, as of July, against an […]

Nigerians may repay $5.5bn loan for 30 years, says FG

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The Federal Government has said its external borrowing plan, for which it is seeking the approval of the National Assembly, will take Nigeria between five years and 30 years to repay. The government also insisted it would have to borrow more to complete a number of ongoing infrastructural projects. The Minister of Finance, Mrs. Kemi […]

Barclays to find new investors for 9mobile

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There are indications that Barclays Bank has been saddled with the responsibility of finding investors for 9mobile based on the decision of Nigerian lenders. Reuters reported on Thursday that sources in the bank revealed that Barclays had started work on the mandate and was in the process of setting up a database for prospective investors and […]

Johannesburg Stock Exchange suspends trading on Oando shares

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Following an exchange of correspondence between the Nigerian Stock Exchange (the primary Exchange on which Oando is listed) and the Johannesburg Stock Exchange, the latter has suspended trading on Oando shares. The action, which happened on Thursday, followed the NSE’s earlier suspension on the oil major as directed by the Nigerian capital market apex regulator […]

SEC orders suspension of Oando shares, audit of firm

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The Nigerian Stock Exchange, on Wednesday, suspended trading on the shares of Oando Plc as directed by the apex regulator, the Securities and Exchange Commission. SEC also said it planned further investigation and audit of the firm. Some shareholders of Oando, in separate interviews, called for the suspension of the management of Oando Plc following […]

N30tn probe: Indicted banks, firms return N140bn

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The Senate Joint Committee on Customs, Excise and Tariffs; and Marine Transport on Wednesday claimed that it had recovered over N140bn from banks and companies following its probe into the alleged loss of N30tn in Nigeria’s import and export value chain. It said the recovered funds had been deposited with the Central Bank of Nigeria. […]