archiveDecember 18, 2017

    Transactions on the Nigerian Stock Exchange (NSE) opened for the week on Monday in red as market indices, turnover and value traded dropped massively as a result of profit taking by investors on the Exchange. The market capitalization, which opened at N13.678 trillion shed N162 billion or 1.18...

  The House of Representatives Ad hoc Committee on non-remittance of the Nigeria Social Insurance Trust Fund contributions by the Federal, State and Local Government on Monday summoned the Finance Minister; Kemi Adeosun, Budget and Planning Minister; Senator Udoma Udoma and Minister of Labour and Employment; Chris Ngige. Others to...

  JP Morgan has been sued by the Federal Government of Nigerian (FGN) for $875 million (£660 million) for allegedly being the middleman in an illegal oil deal, making payments to a convicted money launderer. According to the Times, papers filed with the High Court claim that JP Morgan transferred...

Nigerian Bureau of Statistics (NBS) report has shown that banks operating in the country allocated credit facility worth N15.83 trillion to the private sector in the third quarter of 2017. The report, “Selected Banking Sector Data: Sectorial Breakdown of Credit, e – Payment Channels, Deposits and Domestic Credit Breakdown and...

  President Muhammadu Buhari on Monday approved the extension of the tenure of the Chief of Defence Staff, the Chief of Army Staff, the Chief of Air Staff and the Chief of Naval Staff. The approval was confirmed by the Minister of Defence, Mansur Dan-Ali, in a statement by his...

Annual inflation in Nigeria slowed for the tenth month in a row in November, standing at 15.90 percent, the National Bureau of Statistics (NBS) said in a report on Monday. A separate food price index showed inflation at 20.30 percent in November, compared with 20.31 percent in October. In October...

  Four people were killed when a United Nations World Food Programme (WFP) aid convoy was ambushed in northeast Nigeria, a WFP spokeswoman said on Sunday in the latest attack in the region as the conflict with Boko Haram nears its ninth year. Attacks on aid workers are relatively rare...

Management of Dangote Group over the weekend accused BUA of engaging in illegal mining of limestone deposited in its Mining Lease No. 2541, located in a boundary town of Oguda/Ubo in Okene Kogi State. Dangote’s Executive Director, Mr. Devakumar Edwin frowned at the media war, instigated by BUA against the...

The Director-General (DG) of the Debt Management Office (DMO), Ms. Patience Oniha, said on Monday that the federal government would focus more on external borrowings, to reduce debt servicing. Oniha told the News Agency of Nigeria (NAN) in Lagos that in order to move forward, the debt office would concentrate...

Oil steadied above $57/bbl in New York as the threat of supply disruptions from the North Sea to OPEC member Nigeria and reduced U.S. drilling all suggested the global surplus may continue to fade. Futures added 0.5% in New York, matching Friday’s gain. U.S. explorers trimmed the number of rigs...