Business News

NCAA denies airlines fold up, exit claims

By Abimbola Fashakin, Lagos The Nigerian Civil Aviation Authority (NCAA), has dismissed claims that some airlines were either winding down or exiting their operations from the country. In a statement signed by the NCAA’s Director General, Capt. Muhtar Usman, in Lagos on Thursday, the organisation stated that rather the airlines were merely suspending their operations temporarily to enable them undertake ...

Read More »

Zuckerberg tips Nigeria to create internet billionaires

*Lauds 18m Nigerians on Facebook Mark Zuckerberg, founder and chief executive officer of Facebook yesterday at his first Developer Conference in Africa held in Lagos that the software entrepreneurship model being developed in Nigeria is the future of the Internet even as he announced that the number of Nigerians using Facebook has risen to 18 million.

Read More »

FG signs MoU on new railway contracts

L-R Permanent Secretary, Ministry of Transportation, Mallam Sabiu Zakari; the Minister, Mr. Chibuike Rotimi Amaechi, Director, Legal Services in the Ministry, Mrs. Uche Okoro and the  Managing Director, China Civil Engineering Construction Corporation, CCECC, Jack Li, during the signing of Memorandum of Understanding for the construction of the Lagos-Ibadan and Calabar-Port Harcourt rail line, respectively in Abuja on Wednesday…

Read More »

CBN re-admits eight suspended banks into forex market

 By Abimbola Fashakin, Lagos   The Central Bank of Nigeria (CBN) has cleared the remaining eight commercial banks previously banned from trading in the interbank foreign exchange (forex) market.   The lenders were accused of withholding $2.3 billion belonging to the Nigeria National Petroleum Corporation/Nigeria LNG Gas.   The CBN announced on Wednesday that the affected banks can now commence ...

Read More »

Kano moves to boost youths, women empowerment with N2b

 By Musa Madobi, Kano   Kano State Government is set to distribute over N 2 billion micro-finance loans to all deserving women and youths across all the 44 local government councils of the state.   Speaking to newsmen on Wednesday, Commissioner of Finance, Prof. Kabiru Isah Dandago said the gesture was meant to ensure that youths and women become self-reliant ...

Read More »

AERO Contractors suspends scheduled operations

 By Abimbola Fashakin, Lagos   The management of Aero Contractors Airlines has announced that it would suspend the company’s scheduled services from Thursday September 1, 2016.   A statement from the management of the airline said the development was part of the strategic business realignment to reposition the airline and return it to the part of profitability.   The statement ...

Read More »

Nigerian equity market records 0.25 per cent growth

By Abimbola Fashakin, Lagos Activities at the Nigerian Stock Exchange (NSE) on Wednesday ended on a positive trend with market indicators rebounding by 0.25 per cent.

Read More »

Naira slides to N495 to a Dollar, N505 to Pounds

‎By Abimbola Fashakin, Lagos The Naira on Friday suffered further loss against the dollar at the parallel market as it lost one point to the U.S. currency. The Naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro, respectively. At the Bureau De ...

Read More »

FG set to pay derivation as Lagos formally becomes oil producing state

By Olaolu Oladipo, Lagos The Chairman of the Indices and Disbursement Committee of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Alhaji Aliyu Mohammed the verification of oil and gas production from Aje oil wells in Lagos State was for the purpose of disbursement of the 13 per cent Derivation Fund to the state. Speaking when he met with Governor ...

Read More »

Naira may appreciate to N300 per dollar BDC operator

A Bureau De Change (BDC) operator, Mr Harrison Owoh, on Monday predicted that the Naira might appreciate to N300 against the dollar within a week. Owoh said the CBN’s directive to banks to sell $30,000 to BDCs weekly could be responsible for the imminent gain against the dollar. In an interview in Lagos, the Managing Director, H J Trust and ...

Read More »