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All posts by BusinessNews Staff

  • DPR shuts Hudson Petroleum depot

    The Department of Petroleum Resources has shut down a depot operated by Hudson Petroleum Limited in Calabar, Cross River State, for allegedly selling petrol above the regulated depot price as well as hoarding the product. The DPR...

    • Posted February 3, 2016
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  • Four Nigerian banks among world’s top 500

    First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa have been named among the world’s top 500 banks. A new study conducted by the United Kingdom-based The Banker Magazine...

    • Posted February 2, 2016
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  • Nigeria may lose 37% of GDP to corruption

    Corruption could cost Nigeria about 37 per cent of its Gross Domestic Product by 2030 if the situation is not addressed immediately, a new report has indicated. The report, Impact of Corruption on Nigeria’s Economy, equates this...

    • Posted February 2, 2016
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  • Dollar scarcity delays petrol importation – Marketers

    The country may experience another round of petrol scarcity soon if the naira continues to depreciate in value, particularly against the United States dollar, oil marketers have said. The marketers noted that sourcing for dollars to import...

    • Posted February 2, 2016
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  • FG seeks $3.5bn emergency loans from World Bank, AfDB

    The Federal Government is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic...

    • Posted February 2, 2016
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  • Nigeria a re-emerging economy –Indian envoy

    The immediate past Indian High Commissioner to Nigeria, Mr. Aijampur Ghanashyam, has described his country’s trade relationship with Nigeria as cordial and improving. He also said going by Nigeria’s vast natural endowment and economic achievement in the...

    • Posted February 2, 2016
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  • FG distributes 250,000 cocoa pods to farmers

    The distribution of free hybrid cocoa pods under the Federal Government-sponsored Cocoa Transformation Agenda of the past administration will end this year after four years. According to findings by our correspondent, the last batch of 250,000 pods...

    • Posted February 1, 2016
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  • Banks advance N21.3tn loans in 10 months

    The total domestic credit from the banking sector to the economy dropped by 0.8 per cent to N21.3tn as of the end of October 2015, statistics obtained from the Central Bank of Nigeria have revealed. The CBN...

    • Posted February 1, 2016
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  • CPS: Employers may review workers’ welfare package

    There are indications that many employers under the Contributory Pension Scheme are considering a downward review of the welfare packages of their workers following the increase in the obligations to their employees’ retirement. Employers who were contributing...

    • Posted February 1, 2016
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  • Telcos threaten to shut operations over arbitrary taxes

    Telecommunications companies have threatened to shut down their operations in six states of the federation over alleged arbitrary taxes and incessant closure of Base Transceiver Stations sites, among others. The Chairman of the Association of Licensed Telecommunications...

    • Posted January 31, 2016
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