Category Archives: Business News

CBN’s FOREX POLICY | Iberia Pulls Out of Nigeria, More Airlines to Follow

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The refusal of the Central Bank of Nigeria (CBN) to exempt foreign carriers from its forex policy has claimed its first casualty, with Iberia Airline pulling out of Nigeria. According to information gathered late Tuesday, Iberia, the Spanish national carrier, was said to have taken the decision, in view of the financial predicaments brought upon it […]

MTN Nigeria loses nearly 5 million subscribers

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Johannesburg – Africa’s biggest mobile network MTN [JSE:MTN] has shed millions of subscribers in Nigeria amid a SIM registration fine saga in that country. MTN, in a quarterly update for the period ended March 31, said that it had disconnected 4.5 million Nigerian subscribers in February in a bid to comply with the country’s regulators. This means […]

Nigeria to hold off new MTN talks until parliament concludes probe

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Nigeria will hold off new talks with South Africa’s MTN over a $3.9 billion fine for missing a deadline to disconnect unregistered SIM card users until parliament concludes a probe, its communications minister said. Last month, the House of Representatives launched a probe into whether Nigeria can reduce the fine, which had originally amounted to […]

MTN subs slump on Nigeria cuts

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Johannesburg – MTN Group subscriber numbers fell during the first quarter as disconnections ordered by the government in Nigeria, its biggest market, curbed the growth of Africa’s largest wireless operator. MTN’s customer base decreased by 1.4 percent to about 229 million across 22 countries in the three months through March, the Johannesburg-based company said in […]

Nigeria to begin payment of salaries by 25th of every month

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The Accountant-General of the Federation, AGF, Ahmed Idris, says the federal government plans to begin payment of staff salaries by the 25th of every month as directed by President Muhammadu Buhari. Mr. Idris, who disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday, said “this is going to […]

Hike in Nigeria and Ghana’s electricity tariffs gives business case for solar

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Significant increases of utility tariffs in Nigeria and Ghana are improving the business case for solar by providing money to utilities and bringing competition to the power market, according to energy developers. Speaking to PV Tech at the Solar and Off-grid Renewables West Africa event in Accra, Ghana, Lord Gati, chief operations officer of renewables developer Axcon […]

Tyre importers decry multiple charges by agencies

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Tyre Importers Union at the African Tyre Village, Trade Fair Complex, Lagos, on Wednesday decried multiple charges on imported tyres by the various agencies at the ports.   The Vice-President of the union, Mr Okechukwu Ezeifeoma, expressed the displeasure in an interview with the News Agency of Nigeria (NAN) in Lagos. He said the “never-ending“ […]

EFCC Quizzes SNEPCO Boss over The Malabu Oil Deal of $1.092b Settlement Cash

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The Economic and Financial Crimes Commission( EFCC) has quizzed the Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCO), Mr. Bayo Bashir Ojulari over the controversial  Malabu oil block (OPL 245) deal. The anti-graft agency is specifically seeking the whereabouts of $1,092 billion paid by SNEPCO and Nigeria Agip Exploration Limited (NAE) into […]

Olam secures $175m loan from IFC for food processing facilities in India and Nigeria

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Olam International has entered into a $175m five-year loan agreement with IFC, a World Bank Group unit, to fund its working capital and capital expenditure requirements for four of its food processing facilities in Nigeria and India. The funds will be used for Hemarus sugar mill and spice processing facilities in India and sesame hulling […]

Aviation Workers Ground Arik Air’s Operations Over N12.4 Billion Debt

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The operations of Nigeria’s largest indigenous airline, Arik Air, were disrupted by members of several aviation unions on Wednesday morning over an alleged N12.4 billion debt owed the Federal Airport Authority of Nigeria (FAAN). Scores of passengers were left stranded at the General Aviation Terminal (GAT) of the Murtala Muhammed Airport, Arik Air’s operational base […]