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  • FCMB, Diamond Banks plan fresh capital raising

    Diamond Bank Plc and First City Monument Bank Limited (FCMB) have disclosed plans to raise fresh capital. Diamond Bank said it is considering raising fresh capital and selling some assets in order to strengthen its capital base,...

    • Posted August 5, 2016
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  • US firm to build 300MW solar plant in Enugu

    A US-based renewable energy power firm, Motir DuSable Power Investment Limited, is to build 300MW solar plant in Enugu State. The first phase of the project, estimated at about $200million will inject 100mega watts of power into...

    • Posted August 5, 2016
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  • LAMATA, Japan to build $1bn Lagos urban rail

    The Lagos State Government says it will partner the private sector, speficically Japan International Cooperation Agency, to construct a $1bn urban rail line. The state Commissioner for Transportation, Dr. Dayo Mobereola, said this during a seminar by...

    • Posted August 4, 2016
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  • Ajaokuta: Global Steel abandons arbitration, gets Itakpe

    Global Steel Holdings Limited may have abandoned the arbitration process that it instituted at the Court of International Arbitration, London to reclaim the Ajaokuta Steel Complex from which it was sacked by the Federal Government. The Director-General,...

    • Posted August 4, 2016
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  • Africa will need 22,000 pilots in 20 years – Boeing

    Aircraft manufacturing giant, Boeing, has predicted that Africa will need  about 22,000 new pilots and 24,000 new technicians by 2035. In a statement on their website, Boeing added that a total of 1.5 million new pilots and...

    • Posted August 4, 2016
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  • Cheques can now be paid into savings accounts – CBN

    The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank...

    • Posted August 4, 2016
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  • Shippers threaten to boycott Nigerian ports over rising duty

    Shippers in the country have threatened to stop using Nigerian seaports to bring in their goods from overseas due to high duties payable on imported goods. The import duties have risen by as much as 60 per...

    • Posted August 4, 2016
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  • Customers besiege Diamond Bank branches over trapped monies

    Large number of customers of Cash Flow Abi Limited, whose monies are trapped in Diamond Bank stormed various branches of the bank Tuesday in Minna, Kafanchan, Jos and Lafia, based on text message. The affected customers, were,...

    • Posted August 3, 2016
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  • Oil falls to $42 as Barkindo resumes at OPEC

    Global oil benchmark, Brent crude, fell by over three per cent on Monday to around $42 per barrel amid worries about growing glut in the market. A Reuters survey on Friday found that output from the Organisation...

    • Posted August 3, 2016
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  • External reserves drop to $26.2bn

    The nation’s external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria’s website showed on Monday. Month-on-month, the reserves fell by 0.4 per cent from...

    • Posted August 3, 2016
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  • Wema Bank plans N20bn bond issue this month

    Wema Bank Plc, which aims to expand its branch network this year, is planning to issue N20bn ($63m) in bond this month, its Chief Finance Officer, Mr. Tunde Mabawonku, has said. The bank is issuing local currency...

    • Posted August 3, 2016
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  • Long Bridge repairs for completion this month – Fashola

    The contractor rehabilitating the Long Bridge at the Lagos end of the Lagos-Ibadan Expressway, Julius Berger Nigeria Plc, has promised to complete the task before the end of this month, the Federal Government has said. It also...

    • Posted August 3, 2016
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  • Lagos to disburse N25bn employment fund in September

    Lagos State Government has said that the disbursement of N6.25billion being the first tranche of N25 billion, Employment Trust Fund, ETF, to beneficiaries would finally commence in September, 2016, aimed at stimulating the Small and Medium-sized Enterprises...

    • Posted August 2, 2016
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  • CBN to mop up N245bn as cost of funds falls by 50%

    The Central Bank of Nigeria (CBN) will this week mop up N245 billion from the interbank money market in a bid to reduce money supply in the economy. Meanwhile, cost of funds in the interbank money market...

    • Posted August 2, 2016
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