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All posts by BusinessNews Staff

  • FG cancels tender process for oil, gas shipment

    The Federal Government said on Wednesday that it had cancelled the tendering process for the engagement of pre-shipment inspection and monitoring agents for the oil and gas sector. The cancellation was confirmed by the Minister of Finance,...

    • Posted December 25, 2015
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  • SEC advises stockbrokers on direct cash settlement

    The Securities and Exchange Commission (SEC) has directed dealing firms (stockbroking firms) to send relevant information to the Nigeria Inter-Bank Settlement System (NIBSS) by December 30, 2015 so as to facilitate the commencement of Direct Cash Settlement...

    • Posted December 25, 2015
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  • Kaduna Refinery ramps up production to 3.2m litres of petrol daily

    The Nigerian National Petroleum Corporation (NNPC) wednesday raised hopes that the lingering queues at fuel stations across the country would subside with the production of 3.2 million litres of petrol daily by the Kaduna Refining and Petrochemical...

    • Posted December 25, 2015
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  • Naira appreciates on parallel market after CBN dollar sales

    The naira firmed to N266 to the dollar on the unofficial market on Wednesday, gaining 1.5 per cent after the Central Bank of Nigeria sold dollars to exchange houses and as demand for the US currency slowed,...

    • Posted December 25, 2015
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  • FG urged to abolish fuel subsidy over pressure on Forex Market

    Analysts at CSL Stockbrokers Limited, have advised the federal government to end the fuel subsidy, which currently makes up a significant proportion of Nigeria’s import bill. They reasoned that removal of the subbing will help reduce demand...

    • Posted December 24, 2015
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  • Forte Oil net income rises by 7%

    Petroleum products marketing firm, Forte Oil Plc, has increased its net income by seven per cent to N4.2bn compared to N4bn recoded in the same period the previous year. The company’s other Income post increased by 216...

    • Posted December 24, 2015
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  • Senate extends 2015 budget implementation to March 2016

    The Senate on Tuesday amended the 2015 Supplementary Appropriation Act to enable the Executive arm of government to implement the N557bn capital expenditure component in the budget till March next year. The amendment was perfected at plenary...

    • Posted December 24, 2015
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  • Government records N103bn shortfall in revenue allocation

    Statutory allocation to the three tiers of government witnessed a decline of N103.95bn in the month of November from the sum of N473.83bn distributed in October to N369.88bn The decline was confirmed by the Minister of Finance,...

    • Posted December 24, 2015
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  • Dangote Industries explains repurchase of former subsidiary

    Dangote Industries Limited (DIL) bought back its former subsidiary, Tiger Branded Consumer Goods (TBCG)  to prevent the company from going under and save over 3,000 jobs of Nigerians, sources close to the deal said on Tuesday. TBCG,...

    • Posted December 24, 2015
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  • CBN orders banks to stop credit card use abroad

    The Central Bank of Nigeria (CBN) has ordered commercial banks to stop customers from using their debit and credit cards abroad, a source has told the BBC. One bank has emailed customers to this effect, stressing it...

    • Posted December 24, 2015
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