Business News

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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Bank customers groan as ATM machines malfunction in Kano, Kaduna

Bank customers in Kano and Kaduna on Saturday expressed frustration at malfunctioning Automated Teller Machines (ATM) and long queues at various banks during the Eid-el-Kabir celebration. The customers, who thronged! the banks to withdraw cash for the National holidays, were disappointed as many could not access their money due to various reasons. A cross section of them told newsmen that ...

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FG will link Sokoto, Kebbi, Zamfara rail lines, Amaechi

The Minister of Transportation, Mr Rotimi Amaechi, on Tuesday, said the ministry would design the rail lines to connect Kebbi, Zamfara and Sokoto in line with the mandate to have rail in all the state capitals. Amaechi made this disclosure when he paid a courtesy visit to Gov. Aminu Tambuwal of Sokoto State. He said that the mandate of President ...

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Food security: Ambode, others storm Switzerland to buy rice mill

By Olufunke Elushakin, Lagos Lagos State Governor, Mr. Akinwunmi Ambode on Friday led a team of the State Executive Committee members to sign an agreement with Bühler AG (“Bühler”), a leading rice-mill producer in the world, for the acquisition of a 32 tonnes per hour Rice Mill. The Governor, who spoke shortly after the signing ceremony, said the development was in ...

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CBN boost Forex market with $462m

The Central Bank of Nigeria (CBN) on Friday injected 462,336,426.74million dollars into the Foreign Exchange (Forex) market The bank had injected 194 million dollars on July 24. Acting Director in charge of Corporate Communications, Mr Isaac Okorafor, said this in a statement in Abuja on Friday. He said the intervention was in line with the commitment of the apex bank ...

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Nigerian Government threatens to shut land borders over Rice Smuggling

By Maxwell Adeleye The Federal Government has threatened to shut some land borders if the smuggling of rice continues from neighbouring countries. Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, gave the warning on Monday while speaking to newsmen on some of the Federal Government’s achievements in the agriculture sector in the last two years in Abuja. 

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Tourist, Business Visas to Nigeria now in 2 days

* Visa-On-Arrival requirement to be published All valid ordinary tourist and business visa applications by foreigners attempting to visit Nigeria are now to be processed whether issued or rejected within 48 hours.

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