More than 400 businesses owned by Nigerians have been closed by authorities in Ghana, sparking a protest by owners who have issued a week ultimatum within which to resolve the surrounding the maltreatment of Nigerian business community in Ghana. The National Association of Nigerian Traders (NANTS) has written a petition to President Muhammadu Buhari and […]
A day after the American Petroleum Institute reported an inventory build that some traders took as a surprise and started selling their oil holdings; the EIA confirmed a build, at 1.9 million barrels for the week to September 21. Prices, however, did not react particularly strongly amid a flurry of other news coming in. For […]
PZ Cussons Plc said on Wednesday its quarterly results were in line with expectations, even as the soaps and cosmetics maker’s prices, volumes and margins in Nigeria remained under pressure. PZ Cussons said new products and cost cuts helped offset challenging trading conditions in Nigeria for the quarter ended Aug. 31. Shares of the company […]
The Nigerian Shippers’ Council (NSC) is entering an understanding with shipping companies for the reduction of the cost of doing business at ports to the tune of 35 per cent. The NSC Executive Secretary, Mr Hassan Bello, disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. He spoke […]
… As African Maritime Leaders Hail His Re-election By Foster Obi The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has been re-elected the Chairman of the Association of African Maritime Administration (AAMA) for another term. Dakuku who is the incumbent Chairman of the Association was unanimously elected to […]
A Swiss shipping company says it is in contact with pirates who have been holding hostage 12 crew members of a bulk carrier following a weekend attack off Nigeria’s coast. Massoel Shipping says “it is understood” that the MV Glarus crew members are together, well and unharmed. The Geneva-based company said the ship, carrying wheat, […]
Nigeria’s central bank kept its main interest rate at 14 percent on Tuesday, its governor Godwin Emefiele said. The rate has been at a record high level of 14 percent since July 2016. Analysts polled by Reuters predicted that the bank would hold interest rates. Reuters Pix: Central Bank headquarters, Abuja
Oil prices reached a four-year high on Monday with global Benchmark Brent crude jumping more than 3 percent above $80 a barrel. And oil trader Trafigura even predicts that the price could hit $90 by December and $100 in 2019. The increases occurred after Saudi Arabia and Russia ruled out any immediate increase in production […]
Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), said that 6,772 corporate bank accounts will be frozen for defaulting on tax payments. Fowler told Zainab Ahmed, minister of finance, that the agency has collected N12.66 billion from billionaire tax defaulters in less than a month. Saying the law empowers FIRS to appoint […]
Standard Bank said Nigeria’s central bank may review its decision to penalise its West African unit for allegedly breaking the law in helping South African mobile phone group MTN send money abroad. Stanbic IBTC Bank is one of four banks that the Central Bank of Nigeria (CBN) accused of helping MTN to illegally repatriate $8.1 […]