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  • Pressure on naira expected as CBN harmonises CRR to 31%

    There may be pressure on the naira at the foreign exchange market due to increased liquidity as the Central Bank of Nigeria (CBN) harmonises Cash Reserve Requirement (CRR) on public and private sector deposits. The Monetary Policy...

    • Posted May 21, 2015
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  • Governors ask Okonjo-Iweala to account for $20bn excess crude account

    Governors of the 36 states of the federation under the aegis of the Nigerian Governors’ Forum (NGF) have called on Ngozi Okonjo-Iweala, the finance minister and coordinating minister for the economy, to account for over $20 billion...

    • Posted May 21, 2015
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  • Tiger Brands’ Nigerian arm hit by naira weakness

    Tiger Brands, South Africa’s biggest consumer foods manufacturer, reported flat first-half earnings on Wednesday, weighed down by its operations in Nigeria. Tiger Brands, which makes cereal, energy drinks, pasta and rice, said diluted headline earnings per share...

    • Posted May 21, 2015
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  • Stakeholders advise Buhari on strategies to revamp N7trn maritime sector

    Disturbed by the alleged neglect of the maritime sector worth about N7 trillion by previous administrations, stakeholders have proposed a strategic action plan to president-elect, Muhammadu Buhari, as he gets set to take over the country’s mantle...

    • Posted May 21, 2015
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  • Sacoil terminates joint venture with Nigeria’s Nigdel United Oil Company

    SacOil Holdings Ltd Wednesday said it is terminating a Nigerian joint venture, in a move that means it will no longer participate in oil prospecting licence 233, as it pursues its process of “balancing and rationalising its...

    • Posted May 21, 2015
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  • AirAsia to sell stake in loyalty scheme

    Malaysia’s AirAsia is in talks to sell a minority stake in its loyalty scheme joint venture to private equity firms, in a deal that could value the business at about $330m, Airwise reports. AirAsia BIG, the loyalty...

    • Posted May 21, 2015
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  • Bonds yield up on new cash reserves rule

    Yields on Nigeria’s local bonds rose slightly on Wednesday after central bank’s harmonisation of the Cash Reserves Requirement (CRR) on public and private sector deposits triggered a sell-off by some investors. At it’s rate-setting meeting on Tuesday,...

    • Posted May 21, 2015
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  • Mercedes-Benz releases new coupe CLA-Class for Nigeria

    Mercedes-Benz hopes to attract a younger generation of Nigerian customers as it introduces its new sporty and compact CLA-Class to the country’s auto market. Westerstar Associates, the authorised distributor of the Mercedes-Benz brand of vehicles in Nigeria,...

    • Posted May 21, 2015
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  • FG commissions Nigeria’s first Sugarcane Bio-factory in Zaria

    The Federal Government has inaugurated the first Sugarcane Bio-factory in Zaria, Kaduna State. Minister of Industry, Trade and Investment, Olusegun Aganga, declared the factory open for operations at the Ahmadu Bello University, Zaria, Kaduna State. Aganga noted...

    • Posted May 20, 2015
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  • European stocks surge on ECB stimulus comments

    Europe’s main stock markets rallied Tuesday after an ECB executive board member signalled that the eurozone central bank would temporarily ramp up its stimulus programme, the AFP reported. In the eurozone, the benchmark CAC 40 index of...

    • Posted May 20, 2015
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  • Dow, S&P 500 slip

    The Dow and S&P 500 eased off of record highs in early trade Tuesday, as strong United States housing data was offset by disappointing Walmart earnings. The AFP reported that bout 30 minutes into trade, the Dow...

    • Posted May 20, 2015
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  • UMBL links savings culture to economic growth

    United Mortgage Bank Limited has emphasised the importance of savings culture, saying it will enhance economic growth among other benefits. In its drive to promote savings culture, the lender said it had introduced three new products aimed...

    • Posted May 20, 2015
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  • Accion MFB to expand operations

    Accion Microfinance Bank says it is set to boost its expansion plans by extending its branch network to 10 states of the federation and Abuja, starting from Port Harcourt. The Chairman, Board of Directors, Mr. Patrick Akinwuntan,...

    • Posted May 20, 2015
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  • IFC, SECO introduce corporate governance programme

    The International Finance Corporation, a member of the World Bank Group, says it has collaborated with the State Secretariat for Economic Affairs, Switzerland to introduce the Africa Corporate Governance Programme to Nigerian companies. A statement by the...

    • Posted May 20, 2015
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