Nigeria News

Latest Nigeria News in Business, Politics, Marketing, Finance, Entertainment, and Sports. Oil and Gas, Forex trading and Stock exchange market

The poor state of refineries in Nigeria has come under probe by the Senate Committees on Petroleum Resources. Despite $25 billion dollars spent in the last 25 years, the nation’s refineries are still in comatose. With a view to finding a lasting solution to the problem, the Senate therefore mandated its committees on Petroleum Resources...
The Federal Government of Nigeria expects additional $150bn to the foreign reserves through the implementation of the Zero-oil Plan. The Executive Director/Chief Executive, Nigeria Export Promotion Council, Mr. Olusegun Awolowo, said the Federal Government is expecting additional $150bn to the foreign reserves in the next 10 years.  He made this statement at the opening session of...
Latest figures from Nigerian National Petroleum Corporation (NNPC) showed that a total of 150.4 million barrels of crude oil valued at N3.04tn was swapped for refined petroleum products by the corporation between September 2018 and September 2019. In terms of crude oil refining, Nigeria's refineries are operating far below capacity and...
Union Bank of Nigeria Plc, a first-generation bank in Nigeria has entered a Share Sale and Purchase agreement to sell its United Kingdom subsidiary – Union Bank UK Plc. Following a competitive bid process, MBU BidCo Limited, an acquisition vehicle wholly owned by MBU Capital Limited was selected as the preferred bidder for Union...
MTN Group declared that a whooping sum of $1.6bn will be invested to strengthen its operations and network in Nigeria. The Group Chairman, Mr. Mcebisi Jonas made this declaration at the State House, Abuja where he was received by President Muhammadu Buhari. Meanwhile, President Muhammadu Buhari has restated his administration’s commitment...
The Federal Government has inaugurated an 18-man committee for the implementation of the $1.1bn agriculture mechanization scheme known as the Green Imperative Programme. Speaking at the inauguration in Abuja, the Minister of Agriculture and Rural Development, Sabo Nanono noted that the GIP would be funded by the Brazilian government through a loan...
Central Bank of Nigeria (CBN) sold a total of $9.98 billion to authorized foreign exchange dealers in the fourth quarter of 2019. Of the total, foreign exchange sales to BDCs, interbank, swaps, secondary market intervention sales (SMIS) intervention and wholesale forward intervention fell by 11.2 per cent, 10.1 per cent, 8.0...
The popular planks & building materials hub at the Olorunsogo area of Mushin is currently on fire. The fire was said to have started at the early hours of Saturday 25 January 2020 when businesses have closed. Officers of the Lagos state fire service seem helpless as the over 18...
The CBN Monetary Policy Committee has increased the Cash Reserve Ratio from 22.5% to 27.5%. The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, made this known while reading the communique at the end of the first MPC meeting in the year 2020. Meanwhile, other parameters such as Monetary Policy Rate...
C.A. CHIZEA & CO.ON BEHALFTHE NATIONAL COUNCIL OF PRIVATIZATIONSECRETARIAT: BUREAU OF PUBLIC ENTERPRISES(LEASE) SALE OF NIGERIAN COAL CORPORATION (NCC)RESIDENTIAL HOUSES/LAND IN ENUGU AND KOGI STATES TO THE GENERAL PUBLICINVITATION TO BID 1. In continuation and in line with the Privatization Programme of the Federal Government of Nigeria (FGN),...