Indications have emerged that Nigeria has lost over $8 billion due to capital flight in the nation’s oil and gas industry, as the International Oil Companies (IOCs) have continued to award of contracts to foreign firm, contrary to the provision of the Nigerian Oil and Gas Industry Content and Development Act (NOGICD) Act 2010. The […]
Business
Fidelity Bank grows deposits to N829.9bn in H1 2016
Fidelity Bank Plc, one of Nigeria’s highly diversified financial institutions, has announced its unaudited results for the half year ended June 30, 2016, disclosing that its deposit base grew to N829.9 billion from N769.6 billion in 2015 Financial Year (FY). This represents a 7.8 percent increase for the period under review. Also, the Bank’s net […]
CBN bursts money transfer racket
By a seemingly innocuous circular released on July 22, 2016, the Central Bank of Nigeria (CBN) appears to have dealt a heavy blow to a money transfer business that has ripped off the Nigerian economy for years. Nigerians working abroad remit home over $21 billion annually, but the benefits of this huge stock of forex […]
FG to provide enabling environment for investors
The Minister of Trade and Investment, Dr Okechukwu Enelama, has announced the approval of the Presidential Business Enabling Environment Council chaired by the Vice President, Prof. Yemi Osinbajo. Enelama, who announced the approval by President Muhammad Buhari at a town hall meeting in Enugu on Monday, noted that the idea was to identify the various problems […]
Minister of Planning makes case for China’s role in Nigeria’s growth process
Nigerian’s current efforts at enhancing relationship with China is not just for financial assistance but more importantly to tap from its transformation experience and narrow the trade deficit between the two countries, Budget and National Planning Minister, Senator Udoma Udo Udoma, has explained. The Minister, while interacting with staff of the Nigerian Embassy in Beijing, said […]
Microsoft to axe 2,850 more jobs
Microsoft Corp said it would cut about 2,850 more jobs over the next 12 months, taking its total planned job cuts to up to 4,700, or about 4 percent of its workforce. The company said in May it would cut 1,850 jobs in its smartphone business, most of them in Finland. Microsoft bought Finland-based handset […]
Bezos dethrones Buffett, becomes third-richest person
Donald Trump’s donation this month of $2.86 billion of Berkshire stock to the Bill & Melinda Gates Foundation and four family charities has led to his drop to fourth place of the world’s richest person, behind Jeff Bezos, the founder and chief executive of Amazon.com Inc. Bezos climbed the ladder to become the world’s third-richest […]
Fosun agrees to buy KKR-backed Indian drugmaker for $1.4 billion
In what appears to be a season of acquisition, Shanghai Fosun Pharmaceutical Group Co Ltd has agreed to buy Gland Pharma – backed by KKR & Co LP – for about $1.4 billion, a source said. The deal however, will be India’s largest inbound acquisition this year. According to Reuters, the deal would be the […]
CBN directs banks to review foreign currency loans
The Central Bank of Nigeria (CBN) on Wednesday urged banks to review foreign currency denominated loans in line with the Prudential Guidelines for Deposit Money Banks in the country. This is contained in a statement signed by the Director of Banking Supervision, Mrs Tokunbo Martins, and posted on the website of the apex bank. The […]
Finance Minister calls for economic patriotism from Nigerians in the Diaspora
The Federal Government has called on Nigerians in the Diaspora to see the current economic realities in the country as good opportunities for them to participate actively in the ongoing efforts to reposition the nation’s economy. Finance Minister, Kemi Adeosun, who made the call at the 2016 Diaspora Conference in Abuja, on Monday, described Diaspora […]