Business Hilights

Tracking Nigeria's Headline Business News Online

Banking/Investments

MAN observes foul play in forex allocation by commercial banks

Two month after the federal government ordered the dedication of 60% allocation of forex to manufacturers to boost export driven diversification, operators in the manufacturing sector are alleging sharp practices and favouritism among banks in the allocation of foreign exchange…

2nd sale of Lagos crude oil expected before year end

Core investor and operator at the Aje field, in the Oil Mining Lease 113 offshore Lagos, Yinka Folawiyo Petroleum Company Limited is set for another shipment of crude before the end of the year. The first sale was in August…

Confusion in Imo as Okorocha plans to demolish Ekeukwu Owerri

Imo State Governor, Owelle Rochas Okorocha, has ordered traders at the Ekeukwu Owerri Main Market and street traders in the state capital to relocate to the Relief or the new Egbeada Markets so that construction work can begin at the…

Beware of Chinese desperate to invest in Nigeria, Nigerians warn FG

Some Nigerian businessmen who are conversant with industrial practice in China has called on the federal government to review Nigeria’s industrial policy and labour laws before allowing the Chinese to invade the economy. They say China is good in exploring…

Uber Nigeria, First Bank partner to offer ‘Used-car loans facilities’

Uber Nigeria has announced that it is partnering with First Bank of Nigeria to offer low-interest, used-vehicle loans to its top-rated driver-partners. Analysts say with this new initiative, Uber driver-partners with good performance records will be able to access used-car…

Upon recession, IMF confirms Nigeria Africa’s biggest economy

Ahead of South Africa and Egypt, the International Monetary Fund (IMF) yesterday affirmed Nigeria as the biggest economy in Africa and increased Nigeria’s average CPI forecast for 2016 to 14% from 11% and expects the government to secure financing from…

Inactivity cited for sack of 3 key Lagos commissioners

The Governor of Lagos State, Mr. Akinwunmi Ambode, yesterday fired the commissioners for Tourism, Mr Folorunsho Folarin-Coker; Finance, Dr. Mustapha Akinkunmi and Transport, Dr. Ekundayo Mobereola. Though a statement by the Secretary to the State Government, Mr. Tunji Bello, announcing…

Maritime operators owe NIMASA $420.5m – Dr. Peterside

Less than two days after the House of Representative had disagreed with the presentations of the Nigerian Maritime Administration and Safety Agency (NIMASA) on the real value of debts owed by contractors, the Office of the Public Affairs at the…

Saudi Arabia on the verge of issuing Sukuk to Nigeria

Indications emerged yesterday that the federal government is not only in talks with the investment arm of Saudi Arabia-based Islamic Development Bank (IDB) about issuing the country’s first sukuk as the country looks to diversify its sources of funding, but…

UBA introduces ‘EMailMoni,’ an email-driven payment platform

United Bank for Africa (UBA) Plc, unveiled an agreement with MyECheck to provide a   revolutionary new social commerce payment system called “EmailMoni.” Experts say the new platform is the world’s newest transfer technology that enables people and businesses to securely…