The nation’s foreign reserves rose by $295.12m to $45.087bn as of May 27 from $44.792bn on April 26, the latest statistics from the Central Bank of Nigeria revealed. The reserves, which rose from $43.041bn on December 17, 2018, to $43.047bn as of January 9, 2019, also maintained a steady rise from $42.87bn on March 12 […]
Nigeria’s Securities and Exchange Commission on Friday barred the CEO of oil company Oando , Wale Tinubu, from directing public companies for five years, it said in a statement. “Certain infractions of securities and other relevant laws were observed,” it said, referring to a SEC investigation. An Oando spokesman did not respond immediately to a […]
The Economist reviewed the first term of President Muhammadu Buhari and concluded that Nigerians became poorer during his first four years in office. The magazine, in the publication, which was posted on its website on Thursday, said while the Nigerian economy was “stuck like a stranded truck,” average incomes fell during the four-year period covering […]
Babajide Sanwo-Olu, governor of Lagos state, has signed an executive order to address issues of traffic control, potholes and sanitation in the state. According to a statement issued by Toro Oladapo, director, public affairs in the state ministry of information, “the order is to also ensure the attainment of zero tolerance for environmental abuse, including […]
Top oil exporter Saudi Arabia has raised production in May, a Reuters survey found, but not by enough to compensate for lower Iranian exports which collapsed after the United States tightened the screw on Tehran. The 14-member Organization of the Petroleum Exporting Countries pumped 30.17 million barrels per day (bpd) in May, the survey showed, […]
By Foster Obi The Managing Director of the Federal Airports Authority of Nigeria, Capt Rabiu Hamisu Yadudu yesterday held a meeting with Airline Operators of Nigeria (AON) and Airline Operating Committee (AOC). A statement signed by Yakubu Henrietta, General Manager, Corporate Affairs, said the meeting was held at the Headquarters of the Authority in […]
By Foster Obi The Chairman, Presidential Task Force on Apapa gridlock, Professor Yemi Osinbajo recently called on the Nigerian Shippers’ Council (NSC) and the Nigerian Ports Authority (NPA) to assist in the implementation of the Presidential Order issued to truck drivers to vacate ports’ access roads within 72 hours. Osinbajo who made the call in […]
The Committee of Banks’ Chief Executive Officers in Nigeria has underlined urgent the need for all banks to cooperate and collaborate to identify and go tougher on chronic debt defaulters. The committee said this would go beyond publishing names of such defaulters in national media (which is inevitable), but involved all banks speaking with one […]
An African free-trade zone came into force Thursday; a step toward creating what the African Union hopes will be a continent-wide market of 1.2 billion people worth $2.5 trillion. “This is a historic milestone!” tweeted Albert Muchanga, AU commissioner for trade and industry. “We celebrate the triumph of bold, pragmatic and continent-wide commitment to economic […]