MTN Group announced on Thursday a $1 billion divestment programme over the next three years that will slim down Africa’s biggest mobile phone operator and refocus it on high-growth markets on the continent and in the Middle East. Founded with Pretoria’s help after the end of white minority rule in 1994, MTN has been one […]
Business
Central Bank of Nigeria withholds forex for textile importation
The Central Bank of Nigeria (CBN) has placed a ban access to foreign exchange for all forms of textile materials on the FOREX restriction list, the bank’s governor, Godwin Emefiele, announced in Abuja on Tuesday. Mr Emefiele made the announcement during a meeting with textile industry operators. He said the policy would take effect immediately. […]
Nigeria’s central bank head to hand over in June
The head of Nigeria’s central bank is likely to exit in June and would take leave from this month before stepping down at the end of his five-year term, a move that could alter the path for interest rates and the currency, sources said on Monday. Godwin Emefiele has kept interest rates high at 14 […]
Nigeria’s Access Bank gets approval for Diamond Bank takeover
Nigeria’s Access Bank said on Tuesday it had received shareholders’ approval to take over rival Diamond Bank in a $235 million deal that would create Africa’s largest bank by customers. Access Bank said both banks would operate under the new Access Bank brand from April 1. In December, Access had agreed to buy mid-tier lender […]
Insurance Coys defy NIID data upload rules on motor insurance
Some insurance firms have been flouting the Nigerian Insurance Industry Database, NIID, data upload requirement thereby exposing vehicle owners to harassment from officials of Vehicle Inspection Service, VIS, in Lagos. It was gathered that about 14 out of the 40 insurance companies underwriting motor insurance in the insurance sector have consistently defaulted in uploading data […]
Nigeria’s oil exports drop as Aiteo shuts pipeline.
The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export. The NCTL, which is 100 kilometres long and has a capacity of 150,000 barrels per day at Nembe Creek, evacuates crude to the Bonny Crude Oil […]
HEDA demands probe of trade minister over ‘abuse of $160m project’
The Human and Environmental Development Agenda (HEDA) has called for the probe of Okechukwu Enelamah, minister of indusry, trade and investment, for allegedly mismanaging a $160 million World Bank project. In a petition to the Economic and Financial Crimes Commission (EFCC), HEDA said the minister was accused of unlawfully diverting $35 million, part of money […]
Nigeria loses $16b to oil companies: NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI)said that Nigeria lost at least $16 billion in ten years due to non-review of the 1993 Production Sharing Contracts, (PSC), with oil companies. This was one of the highlights of the latest report by NEITI released in Abuja Sunday. It was tagged “The Steep Cost of Inaction”. It […]
EKEDC warns Lagos residents to Avoid high tension power lines
Eko Electricity Distribution Company has reiterated its warning against the conduct of activities under and within the perimeters of high tension power lines. The General Manager, Corporate Communications, EKEDC, Mr Godwin Idemudia, said in a statement that the company had embarked on several safety enlightenment campaigns highlighting the hazards involved in building, trading, loading vehicles, […]
OPEC oil output drops to four-year low
Crude oil supply by the Organisation of Petroleum Exporting Countries fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Gulf allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline. The drop of 300,000 barrels per day comes despite criticism from […]