archiveOctober 25, 2016

The House of Representatives has said that it will investigate a railway concession the government wants to grant to U.S. firm General Electric over possible procedural violations by Nigerian officials, lawmakers said on Tuesday. According to Reuters’ report monitored by Business247 News Online,the government and the GE have confirmed talks...

The Nigeria Postal Services, (NIPOST) may soon offering banking services if the proposal of the Communications Minister, Mr Adebayo Shittu to President Muhammadu Buhari is approved. The Minister revealed that the President’s approval being sought to establish a NIPOST bank, would enable the bank serve millions of Nigerians in the...

The Debt Management Office (DMO) has advised the Federal Government not to borrow above $22.08 billion in 2017. The DMO gave the recommendation on Tuesday in its 2016 Debt Sustainability Analysis (DSA) report, obtained by the News Agency of Nigeria (NAN) in Lagos. In the report, DMO stated that the...

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization decreased by 1.73 per cent, while the Year-to-Date return stood at -5.39 even as investors on the Exchange recorded a loss of N163 billion on Tuesday. The All Share Index closed at 27,098.52 against the previous close...

The Chief Executive Officer, Electronic Payment Providers Association of Nigeria (E-PPAN), Mrs. Regha Onajite, said that the Central Bank of Nigeria (CBN) and other key stakeholders in the payment sector have started tackling cases of electronic fraud (efraud) in the country, with the hope of finding a lasting solution. Onajile,...

The Federal Government is seeking the approval of National Assembly to borrow $29.960 billion (N10tn) for proposed projects across the country. The details of the request were contained in a letter sent to the National Assembly by President Muhammadu Buhari on Tuesday. In the letter dated October 20, 2016, he...

The Group General Manager, Group Public Affairs Division of Nigerian National Petroleum Corporation (NNPC), Garba-Deen Muhammad, on Tuesday said that there was no plan to increase the pump price of petrol. It would be recalled that the Group Managing Director, Crude Oil Marketing of the corporation, Mele Kyari, was in...

The Nigerian Stock Exchange (NSE) has listed the 889.9 million Ordinary Shares of The Initiatives Plc (TIP) of 50 kobo each. Priced at N0.85, the shares were listed by Introduction on the Alternative Securities Market (ASeM) Board today, Tuesday, October 25, 2016. The Initiates Plc is the first waste management...

Unity Bank Plc has announced 63 per cent decrease in profit after tax for the third quarter (Q3 2016) ended September 30, 2016 from N9.3 billion to N3.4 billion. The bank posted a profit before tax of N3.8 billion for Q3 2016, despite the challenging operating environment and economic challenges,...

African exporters of oil and commodities should remove subsidies and boost taxes to weather their slowest growth in more than two decades, the International Monetary Fund (IMF) said on Tuesday. According to Reuters’ report monitored by Business247 News Online, the Washington-based fund cut its 2016 growth forecast for Sub-Saharan Africa...