Business News

FG to auction N135bn bonds in two weeks, says DMO

The Federal Government has offered for subscription by auction N135 billion worth of bonds in its September 27 auction, the Debt Management Office (DMO) said. The offer circular obtained from its website on Tuesday in Abuja, stated that it would sell N35 billion of a bond maturing in July 2021 at 14.50 per cent. It would also sell N50 billion ...

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Nigeria exports N3bn worth of goods in Q2, says NBS

The National Bureau of Statistics (NBS) has stated that the country’s total export value stood at N3,102 billion in the second quarter, representing a marginal increase over the first quarter. The NBS stated this in “Foreign Trade in Goods Statistics for Second Quarter 2017,’’ released on Wednesday in Abuja. The bureau stated that the value recorded in the quarter under ...

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NNPC to shut down 3 refineries for overhaul – Baru

The Nigerian National Petroleum Corporation (NNPC) says the nation’s three refineries would be shut down briefly for an overhaul for optimal performance. The NNPC Group Managing Director, Dr Maikanti Baru, said this in Abuja on Wednesday on the sidelines of the inaugural Nigerian Pipeline Security Conference and Exhibition, organised by the Pipeline Association of Nigeria (PLAN). According to Baru, the ...

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Tambuwal appoints new CEO for Sokoto Investment Company

By Musa Gada, Sokoto Sokoto State Governor, Alhaji Aminu Tambuwal has appointed Malam Buhari Dasuki as the new Managing Director of Sokoto Investment Company Ltd. A statement issued in Sokoto Tuesday by Tambuwal’s spokesman, Malam Imam Imam, said the new appointee comes into service with wealth of experience in investment and business portfolio. “He holds a Bachelor of Science degree ...

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Dangote Group to invest over $5b in agriculture, dairy farming in 5 years

Dangote Group of Companies on Tuesday said it would invest 4.6 billion dollars in agriculture and 800 million dollars in the beef and dairy industry in the next five years. The Chairman of the group, Alhaji Aliko Dangote, said this at a three-day National Conference on Transformation of Nigerian Livestock Industry in Abuja. Represented by Alhaji Mansur Ahmed, the Executive ...

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FG hands over Lagos, Abuja international airports to private firms

Vice President, Prof. Yemi Osinbajo,on Monday said the Federal Executive Council (FEC) has approved the concessioning of the Lagos and Abuja International Airports for better management. Osinbajo said this in Abuja at the fifth Presidential Quarterly Business Forum aimed at improving the ease of doing business in Nigeria. “We are working hard to make the airports more passenger friendly, but ...

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Market capitalisation down by 0.44 per cent after Friday trading

By Abimbola Fashakin, Lagos At the close of trading on Friday, a total of 152.47 million shares valued at N3.08 billion were traded in 4,079 deals on the Nigerian Stock Exchange (NSE). In comparison, the figures run against the 222.59 million shares worth N4.17 billion traded in 4,622 deals on Thursday. The development prompted market capitalisation to depreciate by N6 ...

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Oil price moves towards $55 after Hurricane Harvey fallout

Oil prices rose on Wednesday as strong global refining margins and the reopening of United States Gulf Coast refineries provided a more bullish outlook after sharp drops due to Storm Harvey. Brent had gained 82 cents to 54.20 dollars a barrel by 1215 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 55 cents at 49.21 dollars a barrel. ...

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FIRS generates N2.11tr in 7 months, says reports

The Federal Inland Revenue Service (FIRS), through tax collections has generated the sum of N2.11 trillion as revenue from January to July, this year. This was announced in a progress report of the FIRS from January to July, obtained by our correspondent on Monday, showing the revenue performance and impact of the new tax regime. The aggregate revenue projected in ...

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Oil prices soar as fuel shortages hit America

United States has been hit by petrol or gasoline shortage as the effect of Tropical Storm Harvey and the flood it brought to Texas and environ disrupted production on the Gulf Coast. Retail U.S. gasoline prices rose 2.8 percent from Friday to Saturday as refineries warned customers about the fuel-supply shortage. They were at $2.59 a gallon, according to motorists ...

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