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  • Nigerian banks heading for another credit crisis – Citigroup warns

    Nigerian banks are on the verge of another credit crisis, Citigroup’s Head of Frontier Market Banks and Research, Josh Levin has warned, citing what he described as deteriorating macro conditions in the country. The economic analyst, in...

    • Posted October 6, 2015
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  • Subsidy on petrol falls to N576m daily

    From a high of N51.61 per litre on June 11, 2015, subsidy on every litre of Premium Motor Spirit consumed in the country has dropped to N14.39, data obtained from the Petroleum Products Pricing Regulatory Agency on...

    • Posted October 6, 2015
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  • NNPC drags NNPG, CAC, others to court over infringement on trademark

    The Nigerian National Petroleum Corporation (NNPC) Retail Limited has sued the Natural Network Petroleum and Gas Company (NNPG) Limited and two others over infringement on its trademark. NNPC had in a suit obtained by journalists on Sunday...

    • Posted October 6, 2015
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  • Recapitalisation: SEC urges investors to verify compliance of operators

    Following the expiration of deadline for the new capital  requirement, last Thursday, the Securities and Exchange Commission (SEC) has advised investors to verify the compliance status of their various preferred Capital Market Operators  (CMOs). According to the...

    • Posted October 6, 2015
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  • CBN will ease forex restrictions in the future – Osinbajo

    Nigeria will keep foreign currency restrictions for now to preserve the country’s currency reserves amid falling oil revenues but the Central Bank of Nigeria will ease the rules in the long-term, Vice President Yemi Osinbajo has said....

    • Posted October 6, 2015
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  • NCAA unveils ICAO safety policy for Nigeria

    The Nigerian Civil Aviation Authority has unveiled the Nigeria’s State Safety Policy Statement. This policy statement was signed by the Director-General, NCAA, Capt. Muhtar Usman. The regulatory agency said this was done in compliance with the requirements...

    • Posted October 6, 2015
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  • 437 market operators meet new capital requirement

    A total of 437 capital market operators have met the new minimum capital requirement, which was announced by the Securities and Exchange Commission in December 2013. A provisional list published on the SEC’s website following the expiration...

    • Posted October 6, 2015
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  • Metering: NERC fines Ikeja power firm N131.4m

    The Ikeja Electricity Distribution Company has been fined N131.4m by the Nigerian Electricity Regulatory Commission for defying the regulator’s metering order. According to NERC, the firm has been sanctioned for its “flagrant breaches” of the Credited Advance...

    • Posted October 6, 2015
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  • Power generation drops by 1,100mw as Egbin workers’ crisis persist

    Electricity generation in the country has dropped by 1,100 megawatts as output from Egbin Power Plant, the biggest generating power station in Nigeria has dropped to zero, THISDAY has learnt. THISDAY gathered that the 1,320 megawatt-capacity plant...

    • Posted October 6, 2015
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  • NNPC to cut crude oil refining costs

    The Nigerian National Petroleum Corporation is looking at significantly reducing the cost of refining crude oil within the country through resource co-location. With the co-location model, the corporation will ensure that new refineries are situated together in...

    • Posted October 5, 2015
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  • Budget: FG targets N394bn from development partners

    The Federal Government is targeting an inflow of $2bn (N394bn) in 2016 from its development partners such as the European Union, Department for International Development, and the World Bank, among others. The amount is expected to be...

    • Posted October 5, 2015
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  • Ajimobi applauds SMEDAN, advocates capacity building

    Governor Abiola Ajimobi of Oyo State has lauded the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)’s activities in respect of promoting and developing Micro Small and Medium Enterprises in the State. He made the commendation...

    • Posted October 5, 2015
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  • Group commends NNPC GMD over new management appointments

    A non-political organisation, Change Nigeria Vanguard (CNV) has condemned the recent attack on the new management of the Nigerian National Petroleum Corporation (NNPC) over its recent appointments by the Group Managing Director, Dr. Emmanuel Ibe Kachikwu In...

    • Posted October 4, 2015
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  • Lending rate hits new low on CBN liquidity

    The Nigerian overnight lending rate halved to three per cent on Friday to a three-month low after the Central Bank of Nigeria injected liquidity into the banking system by paying off Treasury bills, traders said. A total...

    • Posted October 4, 2015
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