Category Archives: Business News

Insecurity threatens $14bn maritime sector earnings –FG

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The Federal Government has declared that the annual earnings of $6bn in freight cost and $8bn in oil and gas and other maritime activities have come under threat from pirate attacks, oil theft and other illegal activities militating against the growth of the sector. The Minister of Transportation, Mr Rotimi Amaechi, in a keynote address […]

Nigerian firms’ll construct $4.3bn NLNG Train 7 – NCDMB

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The engineering, procurement and construction of the planned $4.3bn Nigeria LNG Limited Train 7 plant will be done in-country by mostly indigenous companies, the Nigerian Content Development and Monitoring Board has said. According to the Executive Secretary, NCDMB, Simbi Wabote, the fabrication of pressure vessels, pipes, flare stack and other opportunities related to the Train […]

Inflation rate rises again, now 11.28%

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The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate rising from 11.23 per cent in August to 11.28 per cent in September 2018. This is the second consecutive rise in headline inflation after 18 consecutive months of decline in the rate. “The Consumer Price Index, which […]

US Retail Giant Sears Files for Bankruptcy

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Sears, the US department store chain that once dominated America’s shopping malls, has filed for bankruptcy. Sears Holdings, which also owns Kmart filed for Chapter 11 bankruptcy protection on Monday. The company has suffered, along with many other traditional retailers, from rising online competition from firms such as Amazon. Sears has been closing stores and […]

AfDB Showcases Investment Opportunities in Africa to Nordic Investors

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The African Development Bank in a multidisciplinary team roadshows has presented financial products and investment opportunities to Nordic investors to leverage more access to financing. The roadshows brought together more than 50 private sector companies, investors and government and public institutions in Norway, Sweden, Finland, and Denmark. The aim of the event was to bring […]

Seme Customs Command Generates Over N1bn in two months

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Udo ONYEKA The Nigeria Customs Service, Seme Area Command generated N1.05 in August and September, 2018, as the Anti- Smuggling unit of the Command also made 120 seizures with a duty paid value of N95million for the months under review. Also the Enforcement unit recorded the seizures of fourteen (14) exotic vehicles, amongst which are: […]

Heritage Bank, NIMASA partner on global maritime safety standards

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Heritage Bank Plc

Udo ONYEKA Heritage Bank one of Nigeria’s most innovative banking service providers, and Nigerian Maritime Administration and Safety Agency (NIMASA) have joined forces to educate stakeholders about the maritime enforcement global benchmarks. The training session, which had as its theme: Maritime Enforcement Safety: Current Global Benchmarks, had representatives of these organizations present: Nigerian Navy, Nigerian […]

Dangote introduces new cement brand

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Dangote Cement Plc on Monday unveiled a new brand of its product known as the Dangote BlocMaster, a 42.5 grade cement. The Group Managing Director, Dangote Cement Plc, Mr Joseph Makoju, said the new product had been formulated to make a difference in the construction industry. “We identified an opportunity that we can have a […]

Contributory pension assets rise to N8.33tn

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The total assets under the Contributory Pension Scheme rose by N100bn from N8.23tn in June to N8.33tn at the end of August 2018. The acting Director General, National Pension Commission, Mrs Aisha Dahir-Umar, disclosed this during a retreat organised by the Pension Funds Operators Association of Nigeria for the Senate and House of Representatives Joint […]

NCAA partially lifts ban on Ilorin aviation college

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The Nigerian Civil Aviation Authority has announced the partial lifting of the suspension placed on the International Aviation College, Ilorin’s Approved Training Organisation certificate. The regulatory agency stated on Sunday that the development had been conveyed to the college in a letter dated October 8, 2018, and signed by the Acting Director of Licensing, Cletus […]