Business News

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Nestle says it will destroy more than $50m (£32m) worth of its hugely popular Maggi noodles, following a ban imposed by India’s food safety regulator. India’s food safety regulator says tests have found the instant noodles “unsafe and hazardous” and has accused Nestle of failing to comply with food safety laws. The company insists that […]

The UK’s inflation rate, as measured by Consumer Prices Index (CPI), rose to 0.1% in May, up from -0.1% in April, in official figures. The biggest contribution to the rise came from transport, notably air fares, the Office for National Statistics said. Rises in food and petrol prices also helped inflation to turn positive, it […]

The Managing Director/CEO of Kaduna Electric (Kaduna Electricity Distribution Company), Mr. Garba Haruna, has announced a two month extension of the contract of its workers. The contract will now terminate on July 31, 2015. In a statement signed by the Head, Corporate Communications of the company, AbdulAzeez Abdullahi Garba who made the announcement in a […]

Owners of fuel depots under the aegis of Depot and Petroleum Products Marketers Association (DAPPMA) have blamed the current fuel crisis on banks and the regulations issued by the Central of Bank of Nigeria (CBN), which imposed credit ceilings on fuel importers. The depot owners and marketers have also reiterated the need for the administration […]

A team of International Civil Aviation Organisation (ICAO) auditors arrived Nigeria at the weekend to begin the security audit of the nation airports on what is known as ICAO Universal Security Audit Programme. The team landed at the Murtala Muhammed International Airport last Saturday and started work yesterday, beginning with the country’s busiest airport in Lagos. […]

As part of its corporate social responsibility, Zenith Bank Plc has handed-over a state-of-the-art Information and Communication Technology (ICT) centre to the Delta State Government for the use by the people of the state. The facility, which is located in Asaba, the state capital, was built and equipped with the latest technology to enhance internet […]

Oil marketers, under the auspices of Major Oil Marketers Association of Nigeria (MOMAN), have decried the government’s inability to disburse the outstanding payments due to its members for the import of petrol under the Petroleum Subsidy Fund scheme, warning that it could lead to another round of fuel scarcity if not promptly resolved. It is […]

The Central Bank of Nigeria (CBN) has spent $4.7 billion to defend the naira this year, even as the nation’s external reserve fell to $29.6 billion week. Data published by the CBN on its website show that the external reserve fell by $189 million from $29.778 billion on April 2nd to $29.589 billion on April […]

Oil futures extended losses on today, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets. With a deadline less than 24 hours away, United States, Britain, France, Germany, Russiaand China were trying to break an […]

The Central Bank of Nigeria (CBN) has condemned in strong terms the dollarisation of the economy and vowed to go after perpetrators of the act. This is as the apex bank said it retained all monetary policy rates at the end of the two-day monetary policy committee (MPC) meeting which was held in Abuja on Monday […]

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