Latest News

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  Nigeria’s economy may contract by 1.8% in 2016 – IMF

  Nigeria’s economy, the biggest in Africa, is likely to contract by 1.8 per cent this year, the International Monetary Fund has said. The Washington-based lender cut its 2016 growth forecast for Nigeria from 2.3 per cent projected...

  • Posted July 21, 2016
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  Tariff reversal will worsen N300bn funding gap – Power firms

  Any reversal in electricity tariff will increase the over N300bn funding gap, which operators in the sector are currently grappling with, the power firms have said. They also alleged that the previous government was fond of playing...

  • Posted July 21, 2016
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  Nigeria loses N127bn yearly to cybercrime – FG

  Nigeria loses about N127bn to cybercrime annually, the Minister of Communications, Mr. Adebayo Shittu, has said. Shittu, who said this at the opening of the 2016 National Conference of the Nigerian Computer Society in Abuja on Tuesday,...

  • Posted July 21, 2016
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  N330bn fine: MTN expects negative earnings per share

  The MTN Group on Tuesday said that a poor financial performance in Nigeria, as well as the N330bn fine imposed on it by the Federal Government would push its headline earnings per share into red. According to...

  • Posted July 21, 2016
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  Separate DPR from NNPC – BPE advises FG

  The oil and gas industry is not efficient and effective because the industry regulator, the Department of Petroleum Resources, functions as an arm of the Nigerian National Petroleum Corporation, the Bureau of Public Enterprises has said. The...

  • Posted July 21, 2016
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  Unilever Nigeria records N1.1bn in first half of 2016

  Unilever Nigeria Plc Monday announced its financial results for the half year ended June 30, 2016, showing profit after tax (PAT) of N1.094 billion. According to the unaudited results, Unilever posted a revenue of N32.272 billion in...

  • Posted July 20, 2016
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  Kogi re-appoints Skye Bank as IGR collecting bank

  Less than a week after Lagos State Government directed all its agencies, ministries and parastatals to increase business relationship with the Skye Bank, another state of the federation, Kogi has re-appointed the bank as one of its...

  • Posted July 20, 2016
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  NNPC targets completion of repairs of gas pipelines September

  The Nigerian National Petroleum Corporation (NNPC) has given an assurance that it would complete the repairs of all vandalised gas pipelines by September 2016 to boost gas supply to the power generating plants. This is coming as...

  • Posted July 20, 2016
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  FG to audit, overhaul NIMASA

  The Federal Government has said that it will overhaul the Nigerian Maritime Administration and Safety Agency in order to bring about effective performance in the organisation. The government also stated that the Abuja-Kaduna rail project would be...

  • Posted July 20, 2016
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  Food prices soar as inflation hits 11-year high

  In the past six months, the prices of essential food items have risen significantly in consonance with the rising level of inflation in the country, which hit an 11-year high of 16.5 per cent last month. The...

  • Posted July 20, 2016
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  Naira forwards surge as CBN removes spread limit

  Naira forwards rose to record highs and volatility surged on Monday following the removal of a limit on bid-offer spreads by the Central Bank of Nigeria on Friday. The development raises expectations that the naira is set...

  • Posted July 20, 2016
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  Nigeria’s crude output increased in June — OPEC

  Nigeria’s crude oil output increased in the month of June despite the incessant bombings of oil installations by militants in the Niger Delta region, the July 2016 report of the Organisation of Petroleum Exporting Countries has shown....

  • Posted July 19, 2016
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  Eko Disco’s revenue drops to N1.5bn monthly

  The Eko Electricity Distribution Company Plc. on Monday said that its monthly revenue generation had dropped from N4 billion to N 1.5 billion. Mr Oladele Amoda, EKEDP Chief Executive Officer, said that the drop was due to inadequate...

  • Posted July 19, 2016
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  End aviation fuel scarcity – Operator begs FG

  The management of Air Peace has called on the Federal Government to intervene in the lingering scarcity of aviation fuel, also known as Jet-A1, in the country. The Chief Operating Officer, Air Peace, Mrs. Oluwatoyin Olajide, said...

  • Posted July 19, 2016
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