Category Archives: Business News

Retirees get N679.68bn pensions in 11 years –PenCom

Posted on in Business News, cover | Comments Off on Retirees get N679.68bn pensions in 11 years –PenCom

A total of N679bn has been paid as accrued pension rights to retirees from 2007 to September this year, the National Pension Commission has stated. In its update on the status of accrued right payment,PenCom said the money for the 2018 budget was released on September 27, 2018, which was used to make payments in […]

Dangote initiates World Puff-puff Day, targets Guinness record

Posted on in Business News, cover | Comments Off on Dangote initiates World Puff-puff Day, targets Guinness record

The President, Dangote Group, Aliko Dangote, has initiated a new project aimed at celebrating hardworking homemakers. The project, tagged the World Puff-puff Day, is to be celebrated on October 27 every year, according to Dangote Flour Mills. Two tonnes (40 bags of 50-kilogramme) flour were used at the maiden edition of the event, which held on Saturday, […]

$25bn lost to foreign ship owners in two years

Posted on in Business News, cover | Comments Off on $25bn lost to foreign ship owners in two years

According to the Executive Secretary, NSC, Hassan Bello, over $9.08bn was paid as freight for dry and wet cargoes to foreign ship owners in 2015 due to the absence of Nigerian-owned fleet plying the international route. Bello disclosed this when members of the Nigerian Fleet Implementation Committee paid a courtesy visit to the Minister of […]

Only entrepreneurship can end Africa’s economic challenges –Elumelu

Posted on in Business News, cover | Comments Off on Only entrepreneurship can end Africa’s economic challenges –Elumelu

Stakeholders and entrepreneurs under the Tony Elumelu Foundation have x-rayed the economic challenges facing in Africa and say that only entrepreneurship can transform the continent. They stated this at the 2018 TEF Entrepreneurship Forum in Lagos on Thursday night, where the foundation’s Chief Executive Officer, Mr Tony Elumelu, said the quest to retell Africa’s fiscal […]

One govt withdrew N60bn from CBN in a day – Osinbajo

Posted on in Business News, cover | Comments Off on One govt withdrew N60bn from CBN in a day – Osinbajo

Vice-President Yemi Osinbajo on Friday said a past administration withdrew N60bn from the Central Bank of Nigeria in one day with no one knowing the whereabouts of the money. Osinbajo stated this in Lagos where he inaugurated an independent power project built by a private developer, Solad Power Holdings, under the Federal Government’s Energising Economies […]

FG, States, LGAs Share N698.71bn For September

Posted on in Business News, cover | Comments Off on FG, States, LGAs Share N698.71bn For September

The Federal Government, 36 States and FCT as well as 774 Local Governments  has shared N698.7billion for the month of September. The Minister of Finance, Mrs Zainab Ahmed, said this in Abuja, while briefing newsmen on the outcome of the Federation Account Allocation Committee (FAAC) meeting. Giving a breakdown of the revenue accrued in September […]

Fidelity Bank Earns N139.0 billion in 9 Months

Posted on in Business News | Comments Off on Fidelity Bank Earns N139.0 billion in 9 Months

 By Udo ONYEKA  Fidelity Bank Plc has posted an impressive financial performance for the third Quarter of 2018 and is on course to finishing strong in the 2018 financial year. The lender’s 9-months financial results for the period ended September 30, 2018, released at the Nigerian Stock Exchange (NSE) showed a double-digit growth in revenues […]

Nigeria-China trade relationship favours China – Agbakoba

Posted on in Business News, cover | Comments Off on Nigeria-China trade relationship favours China – Agbakoba

A former President of the Nigerian Bar Association, Dr Olisa Agbakoba (SAN), has said the trade relationship between Nigeria and China is skewed in favour of China, with Nigeria getting nearly nothing. He argued that the bilateral relationship favoured China more because the Asian country had found in Nigeria a large market to keep pushing […]

‘Nigeria can earn $10bn annually from Shea butter exports’

Posted on in Business News, cover | Comments Off on ‘Nigeria can earn $10bn annually from Shea butter exports’

The Executive Director/Chief Executive Officer, Nigerian Export Promotion Council, Mr Olusegun Awolowo, has said Nigeria can earn about $10bn annually from the exportation of shea butter, if the right investments are made to grow, harness and process it to international standard. He said shea butter exports could surpass oil in foreign exchange earning for Nigeria. […]

FG, states, LGs record N43bn shortfall in allocation

Posted on in Business News, cover | Comments Off on FG, states, LGs record N43bn shortfall in allocation

The Federation Account Allocation Committee on Thursday night distributed N698.71bn to the three tiers of government as September allocation. The amount represents a decline of N43.13bn over the N741.84bn shared in August. The amount was shared at the FAAC meeting, which was presided over by the Minister of Finance, Mrs Zainab Ahmed. A breakdown of […]