Soap and cosmetics maker PZ Cussons Plc warned on Thursday it was facing weaker consumer demand across its main markets, with its dominant African business hampered by a weakened economy and currency in Nigeria. The owner of the Imperial Leather brand faced major disruptions in getting goods into Nigeria, and first-half contribution to profits from […]
The Nigerian telecoms regulator said on Thursday that an $8.1 billion dispute between South African telecoms group MTN and the Nigerian central bank “is being resolved and very soon it will be over.” Nigeria’s government “is disposed to (an) amicable resolution,” Umar Garba Dambatta, executive vice chairman of the Nigerian Communications Commission, told reporters in […]
Nigerian President Muhammadu Buhari has asked to present the 2019 budget to parliament on Dec. 19, the speaker of the lower house, Yakubu Dogara, said on Thursday, citing a letter from Buhari. In October, the president’s cabinet agreed to send an 8.73 trillion naira ($28.47 billion) budget to lawmakers for approval. That process can take […]
The Nigerian government said it had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal. The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and current Shell and […]
Between the second and third quarter of this year, the total amount of investment inflows into the Nigerian economy declined by $2.66bn, figures released by the National Bureau of Statistics have revealed. The NBS said this in its capital importation report for the third quarter of this year which was posted on its website on […]
With artisanal mining in Nigeria, especially solid minerals mining, rising to about 80 per cent, the Nigerian economy is said to be losing huge fortunes to the neglect of the sector by relevant authorities for decades. Major stakeholders in the sector like the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Global Rights and Miners […]
By Foster Obi Managing Director of Nigerian Ports Authority, Hadiza Bala Usman has called on Officers and Men of the Fire Service Department to rededicate themselves to the vision, mission and core values of the Authority by displaying professional ability and agility and demonstrating high sense of responsibility in the discharge of their duties in […]
Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, yesterday, assured Nigerians of uninterrupted petroleum products supply and distribution especially during the festive period and beyond. Saidu appealed to motorists and other petrol consumers to desist from panic-buying, as PPPRA, he said was working hard with other agencies of government to ensure […]
A Nigerian judge adjourned on Wednesday a hearing over an $8.1 billion dispute between South African telecoms giant MTN and the central bank until Jan. 22. The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the company had sent abroad in breach of foreign-exchange regulations. MTN has denied […]
Crude oil futures weakened slightly through the morning trading session in Europe but remained up from overnight settles on the back of a bullish set of US weekly crude stocks data, even as doubts linger about whether the OPEC/non-OPEC cuts agreed last week are enough to prevent global oversupply early next year. At 1158 GMT, […]