Nigerian bank FCMB said on Wednesday it had received $3 million as part of the proceeds from the sale of debt-laden telecoms firm 9mobile, which was seized by its lenders and sold to new investors. In November, Teleology completed a takeover of 9mobile, the country’s fourth biggest operator, ending a long bidding process for the […]
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Ahead of OPEC meeting, Trump urges producers to keep oil flowing
U.S. President Donald Trump on Wednesday called on the Organization of the Petroleum Exporting Countries and its allies not to cut oil production next year, saying it would trigger higher oil prices worldwide. “Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil […]
Nigeria: Special Federal Executive Council meeting For Friday
President Muhammadu Buhari will on Friday preside over a `Special’ Federal Executive Council meeting to deliberate solely on 2019 draft budget proposal. Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, revealed this when he briefed State House correspondents at the end of the Council’s meeting. The News Agency of Nigeria […]
Message service Clickatell considers IPO to fund expansion -CEO
Clickatell, which helps companies communicate with customers via mobile messaging platforms, is considering a public offering next year as it seeks to fund a rapid expansion of its services, founder and CEO Pieter de Villiers said on Tuesday. Clickatell, which was founded in South Africa but is now based in California, could seek to list […]
Nigeria’s secret service arrest ‘fake first lady’
A woman who used various false identities to gain access to Nigeria’s presidential complex to allegedly run business scams has been arrested. The secret service said Amina Mohammed initially posed as Kogi state’s first lady to gain entry to the presidential villa in the capital, Abuja. She then allegedly invited people to the villa making […]
Rice importation in Nigeria To End 2020
Rice importation into Nigeria would end by 2020, the Policy Adviser of the John Kufuor Foundation (JKF), Hon. Abraham Dwuma, has said. He also said that Africa Rice Advocacy Platform (ARAP) under the JKF was also focused to achieve zero importation of rice on the continent. Dwuma told the News Agency of Nigeria (NAN) in […]
Crude oil futures extend uptrend as OPEC reassures on supply
Crude oil futures were higher during mid-morning trade in Asia Tuesday, continuing the uptrend seen Monday, as OPEC officials reassured the market they were committed to reaching a new output deal this week despite Qatar’s surprise withdrawal from the group. At 10:30 am Singapore time (0230 GMT), ICE February Brent crude futures were up 54 […]
Saudi energy minister says OPEC’s deal to cut output uncertain – BBG
Saudi oil minister said on Tuesday it was too soon to say if OPEC and its allies would cut production as the terms of a deal remain unresolved, Bloomberg reported. Khalid Al-Falih’s comments come as OPEC and its allies are working towards a deal this week to reduce oil output by at least 1.3 million […]
Nigerian court adjourns MTN and central bank case amid settlement talks
South African telecoms firm MTN Group and Nigeria’s central bank are in talks to settle an $8.1 billion dispute, their lawyers said on Tuesday, as a court in Lagos adjourned the case between the parties until Dec. 12. The dispute is over the transfer of $8.1 billion of funds which Nigeria’s central bank said the […]
Stock market investments: SEC steps up action on investor protection
As part of the recovery plan for the nation’s capital market the Securities and Exchange Commission, SEC, has mapped out strategies in key areas, especially investor protection and education, to boost investor confidence and enhance the expansion of the capital market role in Nigeria’s economy. Mary Uduk Mary Uduk, the Acting Director General, SEC, Ms […]