Business

The latest business news in Nigeria, Africa and the world.

Note 7

Note 7: Samsung To Compensate Affected Suppliers

South Korean electronic giants, Samsung has said it will give compensation to suppliers hit by the crisis on the Galaxy Note 7 Smartphones. This is in a bid to cushion the effect of the losses incurred amid the crises.
EFCC turns heat on Agbele

Alleged Fraud: EFCC Arraigns Edo Deputy Governor’s brother

Joseph Odubu is facing a three-count charge bordering on forgery, uttering, and obtaining money by false pretence to the tune of over N9.3 million.
Femi Otedola

Femi Otedola Fortune Drops As Forte Oil Stock Crashes

Femi Otedola has been badly hit by the ongoing recession in Nigeria. The massive drop in the stock price of his NSE-Listed company, Forte Oil has, ensured his net worth has dropped to $550m from $1.8bn.
NUC

NUC Scraps University Sub-Degree Programmes

Executive Secretary, of the Nigerian University Commission Abubakar Adamu announced that NUC has scrapped sub-degree programmes. It will also review the University Curricula in Nigeria and release rankings of Universities for the first time in 15 years.
Dana Air

Dana Air Bags Customer Service Award

Dana Air has bagged the Best Customer Service Airline Award at the Nigerian Costumer Service Awards for the third consecutive year.
FIRS Boss

FIRS Boss: FG To Seek Revenue From Other Sectors

FIRS has called for more attention and efforts as the economy continues on its current paradigm shift in the development of other critical sectors of the economy for the much-needed revenue. It also speaks on the prospects of the Creative industry in Nigeria.
Naira

Naira Appreciation Gives Nigerian Businessmen Hope

Businessmen in Lagos have expressed hope that the Nigerian economy would soon rebound as the Nigerian currency continues to appreciate in all the major segments of the forex market, NAN reports.
BOI

BoI To Disburse CBN N50bn CTG Intervention Funds

Bank of Industry Acting Managing Director, Waheed Olagunju has announced that the Central Bank of Nigeria has introduced a N50bn intervention facility to revive the Cotton, Textile and Garment (CTG) sector.
Grazing Reserve

Senate To Pass Eleven Bills That Will End Recession

The President of the Nigerian Senate has said that the Senate will pass 11 Bills before the end of 2016 that will tackle the economic recession.
FG

FG Seeks Release of Detained Students In Turkey

Contrary to reports that it is not doing anything, the Federal Government has expressed it is leaving no stone unturned in ensuring the immediate release of detained students in Turkey.
Central Bank

Central Bank Declares Nigerian Banks Healthy

Central Bank has declared Nigerian Banks healthy and safe amidst reports by a Dubai based international investment bank of undercapitalisation and the danger of insolvency.
World Bank

World Bank: Nigeria Will Recover From Recession Next Year

The World Bank in its African Pulse reports predicts that Nigeria is set to make a rebound from recession in 2017 with the Federal Government expansionary budget in sight.
President Buhari

President Buhari Leaves Nigeria For Germany Today

President Muhammadu Buhari is set to commence an official visit to Germany today. The visit will enable him extend talks on the bilateral relations between both countries in recent times. He is expected back in the country on Sunday.

China Weakens Yuan Rate For Sixth Day

Analysts expect the currency to fall further in the face of dollar strength, slowing growth in the Asian giant, and capital outflows. The world’s second-largest economy expanded only 6.9 per cent in 2015. That's the weakest rate in a quarter of a century. And it has slowed further this year.

How Eritrea Orchestrated Dangote Cement Factory’s Attack In Ethiopia

Protesters in Ethiopia have attacked Dangote Cement factory, with vehicles and machinery at the firm’s plant in Oromiya vandalised. The Ethiopian government has accused elements in Eritrea and other countries of fanning the crisis that culminated in the total breakdown of law.
Custom

Customs: Tincan Command Declares N25.6bn Revenue

Nigerian Customs Service (NCS), Tincan Island Command announced that it generated N25.6 billion revenue in September. This is as a result of the various initiatives put in place by the command.

NUJ To Begin Clampdown On Quack Journalists

The Nigerian Union of Journalists has stated that it will soon begin a clampdown on quacks that abound in the profession.

Nigeria Steps Up Naira-Yuan Swap Deal

The lingering Naira-Yuan swap deal is set to be achieved as part of strategies to reduce the huge dollar demand and pressure on the local currency, News Agenecy Of Nigeria reports
Dangote

Dangote, Others Meet Hollande To Strengthen Africa-France Ties

French President, François Hollande, met with 10 top entrepreneurs across Middle East, Europe and Africa, including Africa's richest man, ALiko Dangote in Paris last weekend. The meeting is to deliberate on ways to enhance and promote trade relations between Europe and Africa.
Kemi Adeousun

Nigerian Development Bank Set To Take Off

All is now set for the take off of the Nigerian Development Bank. The Federal Government announced this yesterday at a briefing in Washington on Sunday. The Minister of Finance, Mrs Kemi Adeosun said the government has been able to raise $1.3bn from the World Bank Group and other bodies.
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