Category Archives: Business News

Headwinds against Saudi Arabia’s $2tr mega fund

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Saudi Arabia’s plan to create the world’s biggest sovereign wealth fund- a $2 trillion behemoth that can throw its weight around global markets may be slowed down by its responsibility for aiding the economy at home. Building the Public Investment Fund (PIF) into “the largest fund in the world by far” is a cornerstone of […]

Ambode officially declares Lagos as an oil producing state

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The Lagos State Governor, Akinwunmi Ambode, on Monday declared that Lagos has officially joined the League of Oil Producing States in Nigeria following the discovery of crude oil by Tunde Folawiyo Petroleum Company Limited in Badagry, Lagos, Premium Times reports. Governor Ambode, who made the declaration when the management of the company led by the […]

Oil prices reach highest in 6 month, now $49.09

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NEW YORK: Brent crude rose to a six-month high, leading a rebound in commodities and boosting the stocks from the US to developing markets, as supply disruptions in Nigeria added to production woes. Oil extended last week’s gains past $47 a barrel as Goldman Sachs Group increased its price forecast, saying the market had moved […]

Situation in Nigeria, the biggest upside risk in oil –Strategist, CNBC

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The situation in Nigeria is the biggest upside risk in the oil markets, strategist Helima Croft said Monday. The country’s oil output has fallen to its lowest in decades following several acts of sabotage by militants. “If Nigeria goes offline, it’s sticky. These armed militants are very intent on shutting down production. They have the […]

Why we support petrol price increase – NUPENG

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The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) said it supported the petrol price increase because of President Muhammadu Buhari’s sincerity towards infrastructure development and oil and gas policies. The Chairman of the union in South-West, Tokunbo Korodo, told the News Agency of Nigeria (NAN) in Lagos on Monday that his union and […]

MTN launches livestock tracking solution, mobile electricity

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To help reduce challenges with cattle grazing and the judicious use of land across Nigeria, MTN Nigeria has launched the MTN Livestock Tracking Solutions (LTS) to assist herdsmen in monitoring and tracking their livestock, while the MTN Mobile Electricity will provide affordable electricity to rural community dwellers. These solutions will help reduce the incidence of […]

Subsidy Removal Will Save N16.4bn Paid to Marketers Monthly Says The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the federal government would have had to cough up N16.4 billion every month to offset the subsidy claims of oil marketers had it not taken the decision to remove the subsidy on petrol. Kachikwu, in a series of tweets sunday, explained that […]

Communication Tax Will Bar 70m Nigerians From Internet Access – A4AI

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A new ICT tax being considered by the National Assembly will prevent over 50 million Nigerians from being able to afford a basic broadband connection, the Alliance for Affordable Internet (A4AI)-Nigeria Coalition, has said. A4AI analysis has shown that the proposed 9% tax to be levied on consumers of communications services would result in an […]

The Minister of Power, Works and Housing, Babatunde Fashola says N1.7 Trillion Needed to Fix Nigerian Roads

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The Minister of Power, Works and Housing, Babatunde Fashola, has said that N1.7tr is needed to complete the 206 road contracts already awarded across the country. In a statement signed by his Special Adviser on Communication, Hakeem Bello, Fashola said at the Lagos African Capital Alliance’s 2016 Investor Day Dinner in Lagos at the weekend: […]

Etisalat Nigeria upgrades EasyMobile App

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Etisalat Nigeria has launched a revamped version of its EasyMobile App. According to the company, among features, the new EasyMobile App enables customers on the network to get things done by eliminating the trouble of having to remember, text or dial certain codes before they can access services from their devices on the etisalat network. […]