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

Ekpo Nta

ICPC Boss, Ekpo Nta Sacked

The ICPC boss has been asked to go on compulsory leave starting October 26. No reason was given but it is suspected to be as a result of his handling of corruption cases against former governors.

NSE Market Capitalisation Declines Further By N164bn

The Nigerian Stock Exchange Tuesday remained on a downward spiral with the market capitalisation shedding N164 billion due to profit taking. The market capitalisation lost N164 billion to close at N9.307 trillion compared with N9.471 trillion achieved on Monday.

Ministry Of Communications Move To Curb Cyber-Crime

Nigeria is currently losing about N78 billion annually to the activities of cyber criminals and the Ministry is partnering with stakeholders to build requisite ICT and cyberspace capacities in the country.
New Projects

Recession: Dangote Group Fires 48 Employees

Apparently hit by the prevailing economic situation in the country, Dangote group of companies has sacked 48 of its staff. A statement signed by Aliko Dangote says the company needed to cut down costs, hence the sack.

US, UK Nigerians Favourite Travel Destinations

Visa processing company, VFS Global says according to its statistics, Nigerians travel more to the US and UK. Travels to Europe, South Africa, Dubia and India have also increased in recent years

Boko Haram: Council Boss Of Destroyed Madagali LG Calls For Help

The Chairman of Madagali LGA in Adamawa State has called on the FG to assist in rehabilitating infrastructure damaged in the council by Boko Haram.
Presidential Lodge

Lagos Land Bureau Decries Drop in Transaction

The bureau said despite cuts and adjustments in prices and rates for land applications, transaction is still not encouraging. The bureau is set to start processing online applications for land among other new drives to ensure ease of transaction.

Race For Total Downstream Assets Hots Up

The only remaining foreign firm in Nigeria’s downstream, Total is set to divest its downstream assets as a result of shrinkage in profits. About 12 companies are already in the race to acquire these assets.

Video: Dangote Refinery To Start Production In 2019

President of Dangote Group, Alhaji Aliko Dangote, has revealed that his 600,000-barrel-per-day capacity refinery is eight times the size of Victoria Island and will start producing by first quarter of 2019.

Criminals Embrace Amnesty In Rivers

About 2,000 cultists of the Iceland and Debam groups openly surrendered their weapons, accepting amnesty from the state government. The Government lauds this move and promise new lease of life for citizens. It also warned that it will go tough on those that refuse the amnesty.

Wizkid Shines At 2016 MAMAs

Nigeria yet again dominated at the 2016 MTV Africa Music Awards. Wizkid scooped three awards, Yemi Alade, Patoranking and Tekno also won to make it a great night for Nigerian acts.

No Need For Naira Devaluation At 300 Naira Per Dollar

Former governor of the Central Bank of Nigeria (CBN), Muhammad Sanusi II, has advised that rather than devalue the naira at 300 to a dollar, the CBN should make the Bureau de Change (BDC) liquid.

AfDB Approves $20m Investment In Nigeria, 7 Others

This approval, according to the AfDB, is aimed at improving healthcare delivery across the continent. About seven countries, including Nigeria, Egypt, and Tunisia, have been listed to benefit from the investment.

Resistance, Disappointment Trail New Currency Introduction In Zimbabwe

New currency launch in Zimbabwe meets with stiff resistance as it stirs memory of 500 billion inflation and uselessness of the old Zimbabwean dollar.

CBN Gives 930m Loan Through YIEDP

The Central Bank in partnership with Heritage Bank and NYSC said the Youth Innovative Entrepreneurial Development Programme will help reduce unemployment rate in the country which has reached 13%.

NNPC Reduces Price of Crude Oil

Nigeria currently grapples with prices that are less than half of what they were in July 2014. Also, militancy has affected production but with the price reduction, Nigeria is well poised to regain its share in the already saturated market.
Airline operators

Airline Operators Bemoans Harsh Policies

They said the harsh operating environment can be attributed to policy formulation, policy deviation and policy contradictions on the part of the executive arm of government.

Naira Continues Rise At Forex Market

The Nigerian Currency continued to appreciate at the forex market as it closes at N304.57 at the official interbank market on Wednesday

SON Urges Industries To Comply With Standards

The Standard Organisation of Nigeria as urged owners of industries as well as Nigerians to reject and desist from producing and purchasing substandard products due to its negative impact on the economy

NIPCO Takes Over as ExxonMobil Quits Downstream Sector

Nigerian oil company, NIPCO Plc has acquired a 60% stake in ExxonMobil thereby taking over the affairs of the American company in the downstream sector of the Nigerian Oil and Gas industry.
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