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Dollar Drops Below N399/$ On Tuesday

For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. With the gains made by the local currency in ...

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AMCON Sells keystone Bank To Sigma

The Asset Management Corporation of Nigeria has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank Consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited. This, according to AMCON in a ...

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Lagos IGR Rises By N32.99bn Says NEITI

The internally generated revenue (IGR) of Lagos state rose by approximately N33 billion from 2015 to 2016, beating 33 states put together. According to a report by the Nigeria Extractive Industries Transparency Initiative (NEITI), the state recorded an IGR of N301.19 billion, a rise of N32.99 billion in one year. ...

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We Expect CBN To Increase FX Sales To Us This Week, Says BDC President

Aminu Gwadabe, president, Association of bureau de change operators of Nigeria (ABCON), says the Central Bank of Nigeria (CBN) should increase dollar sales to its members this week. Gwadabe said due to the stability in the oil sector and the increase in the price of oil at the international market, ...

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Falling Oil Prices Threaten Nigeria’s Earnings, Reserves Accretion

CBN to inject more dollars into FX market this week The steady rise of Nigeria’s foreign exchange earnings and build-up of external reserves, which started about five months ago, is already under threat from exogenous shock arising from the recent fall in oil prices. Nigeria depends on oil sales for ...

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Smugglers flood Nigeria with harmful frozen fish –FG

Smugglers are beginning to flood the markets with harmful frozen fish illegally brought into the country through land borders, the Federal Government has said. According to the government, the smugglers bring in all sorts of frozen fish such as tilapia, red pacus, river bream, pangassius, horse mackerel, sardine, and croaker ...

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FG Optimistic Nigeria Will Exit Recession This Year

The federal government on Wednesday expressed optimism that the Nigerian economy was on the path of recovery, assuring the public that the country would crawl out of recession before the end of the year. Making this disclosure while briefing journalists at the end of the Federal Executive Council (FEC) in ...

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GE Partners Tony Elumelu Foundation On Lagos Garage

Leading multinational, General Electric (GE) and leading entrepreneurship organisation, The Tony Elumelu Foundation (TEF), have announced a partnership that would allow up to 25 Tony Elumelu EF Entrepreneurs to participate in a dedicated four-week advanced manufacturing training programme every year at GE’s Lagos Garage – a hub for advanced manufacturing-based ...

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Power Liquidity: FG To Commit N702 Billion To NBET To Meet Payment Obligations

In meeting its payment obligations to Generation Companies(GenCos), and solving  debilitating liquidity problem in the Power Sector,  the Federal Government has announced commitment of  N702 Billion to the Nigerian Bulk Electricity Trading (NBET) to enable it meet its payment obligations to Generation Companies (GenCos) on a more regular basis to ...

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Private jet, Armoured Cars Were Bought With Malabu Oil Deal ‘Bribes’- Report

Tens of millions of dollars was wired to buy a private jet and armoured cars in the US from the controversial $1.3 billion sale of OPL 245, the Sunday Observer of London has reported, quoting court documents. In the deal struck in 2011, only $210 million of the sum went ...

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