Category: Business

CBN meets bank MDs as naira crashes
November 18, 2014 |

CBN meets bank MDs as naira crashes

The naira, which has been under pressure in the last few weeks, on Monday crashed against the dollar to N173.20 at the interbank market, causing panic in the financial sector. There are also indications that this has prompted the Central Bank of Nigeria to call all bank chief executive officers to a meeting in Abuja […]

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Fuel subsidy to reduce by N600bn
November 18, 2014 |

Fuel subsidy to reduce by N600bn

On the flip side of the decline in crude oil prices, which has affected the country’s revenue from oil exports, analysts expect the Federal Government’s spending on fuel subsidy to reduce by up to N600bn this year. But the reduction in fuel subsidy, according to the analysts, would not be enough to offset the […]

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One&Only Collection Expands in Australia
November 13, 2014 |

One&Only Collection Expands in Australia

One&Only has announced expansion in Australia with a spectacular new addition to the collection in the Greater Blue Mountains Heritage area of New South Wales. Commencing in early 2015, One&Only will assume management of the highly acclaimed luxury resort, Emirates Wolgan Valley Resort and Spa. Following on from the rebirth of One&Only Hayman Island, Australia […]

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Reps express concerns over falling oil prices
November 12, 2014 |

Reps express concerns over falling oil prices

All is not well in Nige­ria’s electricity indus­try despite the priva­tisation of the distribution firms as some consumers have threatened to halt fur­ther payment of bills owing to persistent epileptic supply. The electricity consumers, under the aegies of Consumer Rights Advancement Devel­opment Organisation (CRA­DO), also threatened to discon­tinue further payments of bills until the respective […]

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Agents’ strike: Nigeria loses N50bn in 10 days
November 12, 2014 |

Agents’ strike: Nigeria loses N50bn in 10 days

Nigeria may have losses an stimated N50 billion over the past ten days of strike by freight forwarders that grounded the APM Terminal and Apapa port. An assessment of the loses shows that the Nigeria Customs Service (NCS) was the highest casualty having lost an average of N1 billion daily. Other losers are shipping lines, […]

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Shareholders authorise Sterling Bank to raise additional capital
November 12, 2014 |

Shareholders authorise Sterling Bank to raise additional capital

The shareholders of Sterling Bank Plc on Tuesday authorised the board and management of the bank to raise additional capital in order to strengthen its operations and increase its capital adequacy ratio. The shareholders endorsed the bank’s plan to raise fresh capital at an Extra-ordinary General Meeting of the bank, which was held in Lagos. […]

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Banks to lose N40bn to new CBN regulation
November 10, 2014 |

Banks to lose N40bn to new CBN regulation

Deposit Money Banks will lose over N40bn in interest income to the Central Bank of Nigeria’s new regulation which reduces lenders’ remunerable daily placement at the CBN’s Standing Deposit Facility to N7.5bn, Afrinvest Research has shown. This comprises banks’ interest income from November 2014 to December 2015. The CBN had, on November 6, 2014, issued […]

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Nigeria Attracts $59bn Foreign Investments – Aganga
November 10, 2014 |

Nigeria Attracts $59bn Foreign Investments – Aganga

Nigeria attracted $59bn pipeline local and foreign direct investments into the different sectors of the economy within the last three years, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, revealed on Saturday. He noted that the far-reaching industrial policies initiated by the Ministry of Industry, Trade and Investment, in line with the Transformation […]

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Nigeria’s Non-oil Exports To Grow By $1.6trn In 5 Yrs
November 10, 2014 |

Nigeria’s Non-oil Exports To Grow By $1.6trn In 5 Yrs

The federal government, at the weekend,   said the non-oil export sector of the economy would generate about N1.6 trillion in the next five years. The executive director of the Nigerian Exports Promotion Council (NEPC), Mr Olusegun Awolowo, said the expected boom in the sector was predicated on the current drive by the present administration to […]

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More Money In Circulation As AMCON Repays N1.87trn Bond
November 5, 2014 |

More Money In Circulation As AMCON Repays N1.87trn Bond

The Asset Management Corporation of Nigeria (AMCON) has announced the completion of the scheduled redemption of the AMCON Series V N976.042 billion Zero-Coupon Bonds which was due October 2014, at par. The bank had in December 2013, redeemed its issued Series I, II, III and IV Bonds and wth yesterday’s announcement, the AMCON has now […]

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