All posts by BusinessNews Staff

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  Foreign airlines lose N67bn to new forex policy

  The over 25 foreign airlines flying into Nigeria have lost a combined sum of $240m (N67.2bn) following the adoption of a new foreign exchange policy by the Central Bank of Nigeria, investigations by our correspondent have revealed....

  • Posted July 9, 2016
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  Skye Bank to shore up liquidity for profitability

  The new management of Skye Bank Plc on Friday said that they would shore up liquidity to enhance its profitability within the shortest period. Mr Tokunbo Abiru, Skye Bank new Managing director, made the declaration during a...

  • Posted July 9, 2016
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  US firm woos Nigerian entrepreneurs with green cards

  An American firm, GO EB5 Investment for Green Card, is wooing entrepreneurs from Nigeria who have money to invest and desire to secure a future for their families in the United States with a promise of American...

  • Posted July 9, 2016
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  FG spends N446bn to service debt in four months

  The Federal Government spent a total of N446.44bn to service the nation’s domestic and external debts between January and April this year, figures obtained from the Federal Ministry of Finance have revealed. The figures are contained in...

  • Posted July 8, 2016
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  Group condemns FG’s borrowing plan

  A Non-Governmental Organisation specialising in public debt and social welfare, Social Action, has condemned the Federal Government’s plan to borrow $7.8bn to finance the budget deficit of N2.2tn for this year. In a statement made available to...

  • Posted July 8, 2016
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  Ghana blames power outage on Nigeria’s oil sabotage

  Ghanaian President, John Mahama, on Wednesday said the delay in the delivery of the crude oil ordered from Nigeria had created power generation problems for his country, leading to outages in many parts. Mahama said the sabotage...

  • Posted July 8, 2016
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  Firm to build 75MW solar plant in Nigeria

  Pan Africa Solar said it had signed the nation’s first Solar Power Purchase Agreement with the Federal Government with a plan to invest $146m in building a new power plant. The firm said the 75MW solar photovoltaic...

  • Posted July 8, 2016
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  Textile industry is worth N4.7billion – Minister

  Even in its moribund state, the Nigeria textile industry is worth N4.7billion, this is as indications emerged that the federal government has started the process of prioritising the revamp of the sector by encouraging local investors in...

  • Posted July 8, 2016
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  GCR affirms Union Bank’s BBB+ Rating, with stable outlook

  The Global Credit Ratings Co. (GCR) has affirmed Union Bank of Nigeria’s credit ratings of BBB+ and A2 for long and short term respectively, just as it also assigned a stable outlook on the bank. According to...

  • Posted July 8, 2016
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  New forex policy raises import duty by 43%

  Following the commencement of the implementation of the new foreign exchange policy, which moves the naira to dollar exchange rate from 197 to a minimum of 280, customs duties on imported cargoes have risen by about 43...

  • Posted July 7, 2016
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