Business

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

FG Increases Tariff On Imported Tomato By 10 Per cent

The President Muhammadu Buhari-led Federal Government has raised the tariff on imported tomato concentrate from 40 to 50 per cent.

Facebook Sets Up Platform For Online Buying, Selling

Product manager of Facebook Mary Kuh says the social networking company has recently launched an online marketplace which allows its members to buy and sell.
Former Nigerian President Goodluck Jonathan/Photo: AFP

Ex-President Jonathan Indicted In Malabu Oil Scam Probe

Italian prosecutors say former Nigeria President, Goodluck Jonathan, may have received as much as $200 million to approve the controversial $1.3 billion sale of OPL 245 oil field.

NNPC Resumes Loading Of Product At Mosimi Depot After 12 Months

Following the resumption of loading activities by the NNPC at its Mosimi Area depot in Ogun State over the weekend, products supply and distribution have received a major boost.
fuel-pump

FG Not Planning To Increase Petrol Price – PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) has said that the President Muhammadu Buhari-led Federal Government has no plans to increase the pump price of petroleum product.
contract terms

NNPC Sacks Four Top Officials Over Missing Petrol Scandal

The management of the Nigerian National Petroleum Corporation (NNPC) says it has dismissed four top officials over the ‘missing’ petrol scandal involving Capital Oil & Gas Nigeria Limited.

Inactivity At Tin Can Area 11 Cost Nigeria N10bn Monthly Loses

The Association of Nigerian Licensed Customs Agents (ANLCA) has disclosed that the Federal Government loses more than N10 billion monthly because of inactivity at Tin Can Port Area two, Lily Pond, Ijora, Lagos.

Naira’s Value May Worsen – Expert

A Financial expert, Leo Ukpong, has warned that the Naira will get worse if Nigeria’s External Reserves are depleted.

CBN Auctions $418m To Aviation, Oil, Agric Sectors

The Central Bank of Nigeria (CBN) has auctioned $418 million at a marginal rate of N310 to a dollar, to airlines, agriculture, petroleum and raw materials sub sectors.

Obaseki Inaugurates 1000 Hectares Of Maize Field In Edo

Governor Godwin Obaseki of Edo State has inaugurated 1000 hectares of cleared field in Sobe farm Settlement of Owan West Local Government Area in the state for maize production.

Enugu Legislators Pass Vote Of No Confidence In EEDC

Lawmakers in the Enugu State House of Assembly, on Friday, passed a vote of no confidence in the Enugu Electricity Distribution Company (EEDC).

Increment In Bridging Allowance Won’t Affect PMS Price – NNPC

The NNPC has explained that the federal government's recent decision to increase the bridging allowance from N6.20 to N7.20 won't affect PMS price.

NNPC Says NEITI Unremitted N7trn Claim Is False

The NNPC has described as false the allegations by NEITI that the corporation and its subsidiary failed to remit over $20 billion to the federation account.
Fani-Kayode

FEC Approves $1.3b Loan To Start-Up Development Bank

The Federal Executive Council (FEC) on Wednesday approved a $1.3 billion loan credit facility for the commencement of the Development Bank of Nigeria.

Buhari Launches Economic Recovery And Growth Plan

President Muhammadu Buhari on Wednesday launched Nigeria's Economic Recovery and Growth Plan (ERGP), aimed at pulling the country out of recession.

El-Rufai Reveals Reason Kaduna Is Growing Fast

Governor Nasir El-Rufai of Kaduna State has disclosed that his state is the only one in the country to have started the year 2017 with an approved budget.

China Offers Nigeria $4.5bn Credit For Agric Development

Zamfara State Governor Abdulaziz Yari says the Chinese government has offered to give Nigeria a credit line worth $4.5bn to improve the country's agricultural sector.

NCAA Insists on Automation Of Payment System For Airlines

The Nigerian Civil Aviation Authority (NCAA) says there is no going back on its earlier directive on automation of remittance of the five percent Ticket and Cargo Sales Charges (TSC/CSC).

Reclaim NNPC Unremitted Funds, NEITI Urges FG

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called on the Federal Government to reclaim accumulated funds revealed by its independent reports between 2010 and 2014.

NNPC Gets $100m Reprieve From UK Court

The Supreme Court of the United Kingdom (UK) has granted $100m Bank guarantee reprieve to NNPC in a case involving it and a service company, IPCO (Nigeria) Limited.
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