Just in: CBN retains all variables at MPC meeting
The Central Bank of Nigerian (CBN) this afternoon ended its two-day Monetary Policy Committee (MPC) meeting retaining all existing monetary policies introduced during the in the September meeting. Meaning that the MPR by 200 basis points to 14.0 percent is…
50% of Nigerians in social security net’ll reduce crime rate — Ngige
The Minister of Labour and Employment, Senator Chris Ngige, has said that capturing up to 50 per cent of jobless Nigerians into the social security net will help in reducing crime rate and addressing unemployment. A statement issued by the…
Zenith, GTB, 4 others rated strong as forex crisis cause downgrades of 10 banks
Global financial services rating agency, Fitch Ratings has affirmed long-term Issuer Default Ratings (IDRs) of Zenith Bank Plc, Guaranty Trust Bank Plc, Access Bank Plc, United Bank for Africa Plc, Wema Bank Plc and Bank of Industry in its latest…
Forex, recession, inflation squeeze Nigeria’s economy by 2.2% in Q3
A fresh data from the National Bureau of Statistics (NBS) has revealed that the ailing economy contracted further in the third quarter as businesses struggled to access foreign exchange in the face of galloping inflationary trend and endless militancy in…
Completed cement backward integration now saving $2bn annually – Dangote
Leading cement merchants and manufacturers, Dangote Cement has disclosed that since the successful completion of backward integration in cement production by the former administration of Dr. Goodluck Jonathan, the country is now saving bout $2bn annually. Currently, Nigerian is producing…
Core investor set to celebrate Eko Atlantic City’s first high-rise building
Arrangements are nearing completion by the developer of Eko Atlantic City, South Energyx Nigeria Limited, to celebrate another milestone in the city following the recent unveiling of the first completed residential building known as the ‘Eko Pearl Towers’. The unveiling,…
FG, Shell, Access Bank, First Bank, others seal fresh $2.2b oil deal
Shell has collaborated with the Nigerian National Petroleum Corporation (NNPC) to seal a $2.2b Memoranda of Understanding with eight Nigerian banks under the refreshed Shell Contractors’ Support Fund. The arrangement is coming as part of measures to facilitate access to…
Minister hints of emerging oil deals between FG, IOCs soon
Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, has revealed that the end of joint venture funding of oil activities is set to yield new level of public-private-partnership in the sector. According to him, federal government and select international…
Petroleum Zion sues minister’s firm for $249m over breach of contract
Major player in the nation’s upstream oil activities, Petroleum Zion Exploration and Production Limited has dragged a company co-founded by Nigeria’s Minister of Trade, Industry and Investment, Mr. Okechukwu Enelamah, African Capital Alliance Ltd (“ACA”) to court over alleged breach…
