Business News

Edo to cultivate 100,000 hectares oil palm in 3 years – Obaseki

Edo State Governor, Mr. Godwin Obaseki has stated that the state government’s goal is to cultivate 100,000 hectares of oil palm plantation in the state within the next three years. The governor said this on Thursday when he members of the Plantation Owners Forum of Nigeria (POFON) visited him in Benin. He said that he intended to visit Indonesia and ...

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Buhari presents N8.61t 2018 budget to National Assembly

President Muhammadu Buhari has presented about N8.612 trillion as the 2018 Appropriation bill to a joint session of the National Assembly, saying the projected expenditure would drive rapid economic recovery. He said at the sessionon Tueday that with a benchmark of 45 dollars per barrel at an exchange rate of N305 to a dollar in 2018, the budget would consolidate ...

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Oil hits hits $62 amid tightening markets, Saudi purge

Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests. Brent futures, the international benchmark for oil prices, hit 62.44 dollars per barrel early on Monday, their highest level for years now. U.S. West Texas Intermediate (WTI) crude ...

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Rangers FC set for listing on Nigerian Stock Exchange

Rangers International Football Club of Enugu will soon be floated on the Nigerian Stock Exchange (NSE), an official of the Administrative Commission of Inquiry on Rangers confirmed on Tuesday. The move is based on the submissions mate by the commission, the Enugu State Government who will likely divest its shares and stakes in Rangers soon. About two months ago the ...

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Oil prices set to hit $70 as OPEC supply cuts tighten market

Oil prices were up early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged. Brent crude futures, the international benchmark for oil prices, were at 60.84 dollars per barrel at 0027 GMT. Brent was 60.91 dollars on Tuesday. U.S. West Texas Intermediate (WTI) crude futures ...

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Mobil takes over ownership of Qua Iboe power plant

Mobil Producing Nigeria (MPN) Ltd., operator of NNPC, MPN Joint Venture, on Thursday said it had reached commercial terms with Qua Iboe Power Plant Limited (QIPPL) for the transfer of ownership of the Qua Iboe power project. Mr Paul Arinze, General Manager, Public and Government Affairs in a statement in Lagos, said the agreement included the supply of gas from ...

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Saudi Arabia announces plan to spend $500m on new city

Saudi Arabia just announced plans to build a $500 billion mega-city that’s 33 times the size of New York City. The plan calls for a business and industrial zone that will connect with Saudi Arabia, Jordan, and Egypt, and may lessen the kingdom’s reliance on oil exports. The Saudi Arabian government says it will build a $500 billion mega-city, with ...

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Buhari felicitates with `Baba Ijebu’ at 82

President Muhammadu Buhari has felicitated with Ogun businessman Chief Kesington Adebutu as the philanthropist clocks 82 on October 24. The president in a statement issued by his Special Adviser on Media and Publicity, Mr. Femi Adesina, in Abuja on Tuesday, lauded Adebutu’s contributions to the growth of the economy. Buhari also lauded Adebutu for providing jobs to thousands of Nigerians, ...

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Buhari re-appoints Orji as boss of Sovereign Fund

President Muhammadu Buhari has re-appointed Mr. Uchechi Orji as Managing Director of the Nigeria Sovereign Investment Authority (NSIA). This is contained in a statement issued by the President’s Special Adviser on Media and Publicity, Mr Femi Adesina, in Abuja on Thursday. Orji was first appointed in October 2012 for an initial term of five years, renewable for another term of ...

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Internet users jumps to 92m in August, says NCC

The major regulators in the telecoms industry, the Nigerian Telecommunications Commissions has revealed that internet users and data subscribers in the various networks in the country has marginally increased to 92 million in August. The commission made this known in its Monthly Internet Subscribers Data made available on its website on Thursday. According to the commission, the overall figure showed ...

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