Investing Local Dangote Fertiliser starts pre-testing of $2bn plant before inauguration February 25, 2020 Ekemini Dangote Fertiliser Limited has started the pre-testing of its $2 billion Granulated Urea Fertiliser plant located in the Dangote Free Zone, Lagos. In a statement obtained by Vanguard, the company…
Local FG to buy up locally produced gold February 25, 2020 Ekemini The Federal Government has begun the registration of artisanal miners, following the commencement of the Presidential Artisanal Gold Mining Development Initiative Biometric Exercise. The registration exercise was flagged off in…
Local Kano rice production hits 3MT per year February 25, 2020 Ekemini Kano State Governor, Dr Abdullahi Ganduje, says that the local production of rice in the state has reached three million tonnes per year. He said this on Monday in Kano…
Investing Technology Twitter founder, Jack Dorsey donates N2.3 million to Nigerian startup, DevCareer February 25, 2020 Ekemini Twitter founder, Jack Dorsey, has donated £5,000 ($6,437) in Nigeria’s nonprofit software startup, DevCareer. The fund from Dorsey, who was in Nigeria last year, formed part of the £16,800 ($20,599)…
Local Manufacturing declines as 2.27% GDP growth surpasses IMF projection February 25, 2020 Ekemini The National Bureau of Statistics on Monday released the Gross Domestic Product report for the 2019 fiscal year with the economy growing by 2.27 per cent in 2019. The annual…
World Financial markets under pressure as coronavirus spreads February 25, 2020 Ekemini Worries about the economic consequences of the coronavirus epidemic hit financial markets on Monday with uncertainty among investors noticeably on the rise. In Germany, Frankfurt’s main DAX index dropped by…
Local Investors lose N181.08 billion as bourse bow to bears on Monday February 25, 2020 Ekemini The Nigerian Stock market started the week on a bearish trend, as investors lost a total of N181.08 billion on Monday. This loss came after the market capitalization, which opened…
Local NERC puts limits on Discos’ estimated billing February 25, 2020 Ekemini The Nigerian Electricity Regulatory Commission has placed limits on estimated bills that can be issued by electricity distribution companies to unmetered customers. It said it had cancelled the Estimated Billing…
Investing Local FG plans more incentives to boost capital market February 25, 2020 Ekemini Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has promised that the federal government would introduce more tax incentives to boost investment in the Nigerian capital market. She…
Banking Local Central bank clarifies position on operation of domiciliary accounts February 24, 2020 Ekemini The Central Bank of Nigeria (CBN) says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs). The CBN Director, Corporate Communications, Mr Issac…
Technology Sony launches first 5G smartphone as it hopes to turn around struggling mobile business February 24, 2020 Ekemini Sony has unveiled its first 5G smartphone in a bid to prop up its struggling smartphone business. With the f flagship handset, Sony has leaned in to its heritage in…
Investing Foreign Portfolio Investors inject $1.7bn into I&E window February 24, 2020 akintunde FOREIGN Portfolio Investors (FPIs) injected $1.7 billion into the Investors and Exporters (I&E) window in January 2020 raising hope of sufficient dollar inflow and stability in the foreign exchange market.…
Local Banks’ lending rates defy crash in TB yields February 24, 2020 Ekemini BANKS are yet to adjust their lending rates downward to reflect the sharp decline in treasury bills yields occasioned by the excess liquidity. The excess liquidity was triggered by the…
Local Foreign reserves drop by $1.64bn in five weeks February 24, 2020 Ekemini The country’s foreign exchange reserves continued its downward trend as it dropped by $1.64bn from $38.34bn on January 15, 2020 to $36.69bn on February 20, latest figures from the Central…
Investing Dangote invests N63bn in Enugu-based automaker, buys 3,500 trucks February 24, 2020 Ekemini Dangote Group has entered into a long-term agreement with an Enugu-based automaker, Transit Support Services Limited, for the supply of Shacman trucks being assembled at the Anambra Motor Manufacturing Company…
Banking Local CBN sets dollar deposit, withdrawal rules for customers February 23, 2020 Ekemini The Central Bank of Nigeria (CBN) on Sunday said customers can deposit dollars into their domiciliary accounts but are not allowed to transfer such funds to another party. In a…
Business World Cash-Rich Berkshire Embraces the Idea of Life After Buffett February 22, 2020 Ekemini Warren Buffett waited until the very last page of his annual shareholder letter to reveal a big change: Shareholders will be hearing more from top lieutenants Ajit Jain and Greg…
Technology Shopify joins nonprofit behind Facebook’s Libra currency February 22, 2020 Ekemini Online commerce platform Shopify on Friday said it has joined the nonprofit association behind Facebook’s planned Libra cryptocurrency. Canada-based Shopify signed on as a member of the Libra Association after…
Local Forex: CBN injects $292.34million into retail Secondary Market February 22, 2020 Ekemini The Central Bank of Nigeria (CBN) has injected the sum of 292.34million dollars into the retail Secondary Market Intervention Sales (SMIS). CBN Director, Corporate Communications, Mr Isaac Okorafor made this…
Local NSE market indices dips 0.65%, amid Nestle N112 loss February 22, 2020 Ekemini The market indicators of the Nigerian Stock Exchange (NSE) on Friday declined by 0.65 per cent, amid loss posted by Nestle. Specifically, the All-Share Index which opened at 27,568.91 shed…
Features Filmhouse, Silverbird, others generate over N79.8 million on Valentine’s weekend February 21, 2020 Ekemini Valentine’s Day drove revenue of cinema houses across Nigeria over the weekend, making it the highest-grossing weekend since the yuletide period, after generating N79.8 million. The total amount was generated…
Technology Nissan launches a subscription service starting at $699 a month February 21, 2020 akintunde Car subscriptions: they’re totally a thing! The latest automaker to test the waters on subscriptions is Nissan, which just launched a new, two-tier service in Houston, Texas. It’s called “Nissan…
Business Local CSL Stockbrokers Appointed as New Stockbroker to the Federal Government February 21, 2020 Ekemini CSL Stockbrokers Limited, a subsidiary of FCMB Group Plc, has emerged as the new stockbroker to the Federal Government of Nigeria. The appointment of the firm, as announced by the…
Features Experts allay fear of naira devaluation in 2020 February 21, 2020 Ekemini Experts in the financial system have allayed fears of possible devaluation of the Naira this year, considering various strategies the Central Bank of Nigeria (CBN), has adopted to ensure the…
Local Market rebounds as financial stocks lift index by 0.17% February 21, 2020 Ekemini Following renewed interest in the shares of some banking and insurance stocks, the Nigerian equities market rebounded yesterday, to halt eight consecutive sessions of the downturn, causing the All Share…
Local Customs intercepts smuggled rice in gas cylinders February 21, 2020 Ekemini The Nigerian Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, has intercepted some foreign parboiled rice concealed in gas cylinders and smuggled into the country from the Benin Republic.…
Technology 9mobile invests $220m in 4G expansion February 21, 2020 Ekemini 9mobile says it is investing $220m in the expansion of its 4G LTE to more Nigerian cities as part of efforts to deepen broadband penetration in the country. The company…
Local Stock market halts five-day losing streak, gains N24bn February 21, 2020 Ekemini Activities on the Nigerian Stock Exchange closed on a positive note on Thursday, putting a halt to five consecutive days of losing streak. The market breadth was also positive at…
Business Local Prepare for electricity tariff hike, TCN tells Nigerians February 21, 2020 Ekemini Nigerians should be prepared to pay cost-reflective electricity tariffs in order to enjoy the benefits of the liberalisation of the power sector, the government-owned Transmission Company of Nigeria has said.…
Banking Excess charges: CBN return over N60 billion to customers February 21, 2020 Ekemini The Central Bank of Nigeria (CBN) disclosed that it had recovered on behalf of customers over N60 billion excessive charges imposed on them by defaulting banks. This is as a…
