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Business & Finance

Mining sector ‘biggest beneficiary’ of N1.2 trilli

Tuesday, October 24, 2017
A bulk of the over N1.2 trillion capital allocation from the 2017 budget was utilised in the mining sector, the Minister of Power, Works and Housing, Babatunde Fashola, said on Tuesday. Mr. Fashola said the bulk of the materials required for the development of infrastructure, namely power pl ...

Vitol acquires loss-making Noble Group

Monday, October 23, 2017
Vitol Group has agreed to buy embattled commodity trader, Noble Group Limited, who have also agreed to sell most of its oil-liquids business to help pare down debt, while warning that it rsquo;s set to post a net loss of more than $1 billion for the third quarter as its access to financing remai ...

FG to take over bank accounts without BVN – Court ruling

Sunday, October 22, 2017
Bank account owners who are yet to have a Bank Verification Number (BVN) run the risk of forfeiting their money to the federal government within the next two weeks unless they can justify their ownership of such accounts. A Federal High Court in Abuja has granted a temporary forfeiture order ...

Fight against corruption is becoming tougher: Magu

Saturday, October 21, 2017
The EFCC Chairman, Mr Ibrahim Magu, has said that the fight against corruption is becoming tougher, urging all Nigerians, including children, to use every weapon at their disposal to fight it. Magu said this in Lagos on Friday during the sensitisation forum on the plan to launch EFCC-Creative Yo ...

GTbank Posts N125.577bn in Q3 as Shareholders Expectations Heightens

Friday, October 20, 2017
Guaranty Trust Bank Plc third quarter result for the period ended 30th September, 2017, has shown challenging, but yet rewarding third quarter year on year as the bank continue on profitability line. The group rsquo;s Q3 result released by the Nigerian Stock Exchange on Wednesday, showed tha ...

Another blow for Oando as Johannesburg Stock Exchange suspends trading on shares

Friday, October 20, 2017
The Johannesburg Stock Exchange, JSE, on Thursday suspended trading in the shares of Nigerian oil company, Oando. According to a report by Premium Times, the suspension came after an order by Nigeria's Securities and Exchange Commission, SEC, prompted the Nigerian Stock Exchange, NSE, to suspend ...

Senate directs banks to unfreeze Patience Jonathan's accounts

Thursday, October 19, 2017
Former First Lady, Mrs Patience Jonathan, on Wednesday, got a reprieve as the Senate Committee investigating the petitions against the freezing of her accounts, directed that they should be unfrozen. The Senate Committee on Ethics, Privileges and Public Petitions, after subjecting the Management ...

Nigeria's 36 states spent N2.67b servicing foreign loans in September: Report

Thursday, October 19, 2017
The 36 states of the federation spent N2.67 billion to service external debt in September. The amount is contained in a report obtained on Wednesday by the News Agency of Nigeria (NAN) from the office of the Accountant-General of the Federation. Figures from the Debt Management Office (DMO) al ...

Oando Crisis Deepens As SEC Suspends Trading On Its Shares

Thursday, October 19, 2017
Lagos ndash; The Securities and Exchange Commission (SEC) on Wednesday directed the Nigerian Stock Exchange (NSE) to place the shares of Oando Plc on technical suspension. In responding to the directive, the NSE subsequently implemented the suspension as the shares of the company were not ...

World Bank Denies Disagreeing With Adeosun On Foreign Borrowings

Wednesday, October 18, 2017
The World Bank Group, on Wednesday, denied that the Bank disagreed with Honourable Minister of Finance, Mrs. Kemi Adeosun, over the borrowings by the Nigerian Government to stimulate the economy and finance infrastructure projects in the country. In a mail to the Minister by the Senior Commu ...

NNPC begins aggressive gas development to stoke economic growth

Wednesday, October 18, 2017
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Kacalla Baru, has stated that the Federal Government has mandated the Corporation to pursue an aggressive gas development programme to stimulate economic growth in the Country. Dr. Baru made this disclo ...

World Bank disagrees with FG on Nigeria borrowing spree

Tuesday, October 17, 2017
The World Bank has disagreed with the Minister of Finance, Mrs. Kemi Adeosun, on the need for the Federal Government to borrow more in order to develop the nation's infrastructure and stimulate the economy. A report by Newsrangers said that the World Bank Senior Economist, Gloria Joseph- ...

NLNG demands $315m judgment debt from NIMASA

Tuesday, October 17, 2017
Nigeria LNG Limited has asked the Nigerian Maritime Administration and Safety Agency to pay it the sum of $315,598,823.29 judgment debt as directed by the court. The global firm has formally issued a demand notice to the Nigerian maritime agency. The NLNG said in a statement that the sum repr ...
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