The naira could inch up next week as uncertainty eases for foreign investors, following the conclusion of the presidential and National Assembly elections, traders had said. Nigerian and Kenyan currencies are seen firming against the United States dollar in the coming week, while Zambia’s kwacha is likely to recoup losses and the Ugandan shilling is […]
The Nigerian banking stocks slumped the most since June 2016 a day after the re-election of President Muhammadu Buhari, as some investors showed disappointment at the defeat of his market-friendly opponent. An index of Nigeria’s 10 largest banking stocks dropped by 4.6 per cent at the end of trading on the floor of the Nigerian […]
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over its $1.3 billion acquisition of Nigerian offshore oilfield OPL 245 in 2011. Shell said in a statement on its website that it had been informed by the Dutch Public Prosecutor’s Office (DPP) that it had nearly concluded its investigation and is preparing to prosecute […]
The 11 Nigerian electricity distribution companies (DisCos) supplied 79,850 prepaid meters in 2018, despite a 4.6 million metering gap in the country. This is contained in the recently released 2018 fourth quarter power sector report of the National Bureau of Statistics (NBS). According to the report, the total number of electricity consumers with prepaid meters […]
Africa’s biggest mobile phone operator MTN Group expects to increase profits by as much as 90 percent in 2018, as the company continues to recover from a regulatory fine in Nigeria. Founded with the South African government’s help after the end of apartheid in 1994, MTN is touted as one of South Africa’s biggest corporate […]
More than two years after the Nigerian National Petroleum Corporation reiterated its commitment to two Liquefied Natural Gas projects in the country; there is still uncertainty over whether the multibillion-dollar projects will come on stream. Industry experts, who spoke with our correspondent in separate interviews, said the country was losing out on the growing global […]
The oil and gas sector of the Nigeria economy is responsible for 92.9 per cent of illicit financial flows (IFF) with over $217.7 billion said to have flowed out of the country between 1970 and 2008. This is contained in report entitled, “Averting Illicit Financial Flows in Nigeria’s Extractive Industry,” released yesterday by the Nigeria […]
The federal, state and local governments councils in February shared about N610.4billion federal revenue generated in January 2019. The Accountant General of the Federation, Ahmed Idris, disclosed this in Abuja while briefing journalists at the end of the Federation Account Allocation Committee (FAAC) meeting at the finance ministry headquarters. Mr Idris said approval was being […]
There is disquiet at the Ministry of Industry, Trade and Investment over plans to divert the sum of N14.37bn from the budget of the Nigeria Export Processing Zones Authority to the Nigeria Special Economic Zone Investment Company Limited. The N14.37bn is being planned to be diverted from the N48.2bn budget of NEZPA as approved by […]
The banking sector recorded a total amount of N8.17tn as non-performing loans in the 2018 fiscal period. The figure is contained in the banking sector report obtained by our correspondent from the National Bureau of Statistics. The banking sector’s N8.17tn NPLs for 2018 was N1.38tn lower when compared to the N9.54tn recorded in the 2017 […]