Business News

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Fovourable  policies by the federal government have attracted private-sector investment to the tune of N800 billion to Nigeria’s budding agricultural sector since 2012. The Investments, investigations revealed, were mostly in areas such as rice, sugar and palm oil segments. However, private-sector to agriculture has dipped below 2 per cent of the total despite that the […]

In line with its restrictive monetary policy stance, the Central Bank of Nigeria (CBN) has said it will issue treasury bills worth a total of N730.499 billion in the second quarter of this year. A breakdown of the Nigeria treasury bills issue programme obtained at the weekend showed that the proposed debt instrument to be […]

UK bank Standard Chartered has reported a steep fall in full-year profits, compounding recent troubles for the emerging-markets focused bank. Pre-tax profits – including exceptional items – were $4.24bn (£2.76bn), down 30% on 2013. Losses from bad loans increased to $2.14bn, up from $1.62bn, the bank said. Operating income was down 2% to $18.23bn in […]

The Nigerian Navy on Tuesday told the Senate Committee on Navy that the nation currently loses  as many as 100, 000 barrels of crude oil at the estimated cost of N1.18 billion everyday, amounting to N433.62 billion  a year. Making the disclosure during the organisation’s budget defence, the Chief of Naval Staff,  Rear Admiral Usman […]

With the privatisation of Power Holding Company of Nigeria and the subsequent handing over to the firms that successfully won their bids, Nigerians have been expecting to see a remarkable improvement in power supply. However what they may not have realised is the deep level of rot and dilapidation of infrastructure in the industry that […]

Access Bank Plc and the Special Fraud Unit (SFU), Ikoyi, Lagos have reiterated their commitment to effective fraud investigation and control. Speaking at a recent training organised by the bank for compliance officers and SFU officers, the Chief Compliance Officer, Access Bank Plc, Pattison Boleigha reassured the Police of the lender’s continued support for the […]

Brent dipped on Wednesday but held above $60 a barrel, supported by a rise in Saudi crude prices and air strikes on oil facilities in Libya. In a move widely seen as showing Saudi Arabia’s confidence in a recovery of demand, the OPEC kingpin raised the official selling prices (OSPs) for its oil deliveries to […]

The Federal Government on Tuesday expressed concern over the long queues of motorists at petrol filling stations in Lagos, Abuja and other parts of the country, stating that a Sovereign Debt Note of N100bn had been issued by the Debt Management Office to settle part of the subsidy arrears owed oil marketers. The Minister of […]

Dangote Cement which also constructing major cement plants in Ethiopia, Tanzania, and Zambia, already has a license to prospect for limestone in Kitui County while he revised the upcoming factory’s annual production capacity to three million tonnes from the previous 1.5 million tonnes. According to him, “We are reviewing plans for Kenya with a view […]

First Bank of Nigeria Limited has given a boost to the capability of one of its corporate customers, Petrolog, by funding the firm’s acquisition of a brand new ABS classed Dynamic Positioning (DP2) dive support vessel “DSV Vinnice.” The vessel, which is 85 metres long with a beam of 22 meters is the largest indigenously […]

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