Category: Business News
-
Just in: Nigeria’s inflation hits 15.75%, highest point since 2017
Nigeria’s inflation rate in December reached its highest point since 2017, a data released on Friday by the National Bureau of Statistics revealed. Inflation stood at 15.75 per cent in December, compared with 14.89 per cent in November, marking the 16th straight month of increases. The consumer inflation rate in December was the highest since…
-
FG releases fresh N123.348bn grants to states
The federal government has disbursed another tranche of performance-based grants totalling N123.348 billion ($324.6 million) to states under its States Fiscal Transparency Accountability and Sustainability (SFTAS) programme for results. This brings the total disbursement under the programme so far to N233.264 billion ($620.2 million) since the first disbursement in April 2020. The Director, Press and…
-
Naira value falls to N473 against Dollar at parallel market
The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$. At the…
-
Twitter shares slump 8% after Trump account suspension
Twitter’s German-listed shares slumped as much as 8 per cent on Monday, the first trading day after it permanently suspended U.S. President Donald Trump’s account late on Friday. The company said suspension of Trump’s account, which had more than 88 million followers, was due to the risk of further violence, following the storming of the…
-
FCMB appoints Yemisi Edun as Acting MD as Adamu Nuru proceeds on leave
First City Monument Bank, FCMB, has named Yemisi Edun as its acting Managing Director as Adam Nuru proceeded on leave today. The bank, however, explained in a statement issued on Wednesday, that Mrs. Edun has not been appointed as the substantive Managing Director. The statement reads: “In line with normal corporate practice, Mrs Yemisi Edun…
-
Customs surpasses revenue target for 2020
The Nigeria Customs Service (NCS) says it generated the sum of N1.5 trillion for the year 2020. The Customs’ Public Relations Officer, Mr Joseph Attah, made this known in a statement in Abuja on Wednesday. Attah said the amount realised was over the target of N1,380,765,353,462.00 and also more than the sum of N1,342,006,918,504.55 generated…
-
FG emphasises ban on rice importation
The Federal Government on Tuesday emphasised ban on rice importation. Mr Abdulhamid Ma’aji, Comptroller, Nigerian Customs Service in charge of Sokoto and Zamfara, made the emphasis at the reopening of Illela Border in Sokoto State. The government made the emphasis as importers and exporters in Sokoto get excited at the reopening of the Illela border.…
-
OPEC, non-OPEC countries to increase production by 0.5mb/d in January
The Organisation of Petroleum Exporting Countries (OPEC) and the non-OPEC countries have agreed to increase crude oil production by 0.5 million barrels per day (mb/d) in January. The group reached the agreement at the 13th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference, on Tuesday in Vienna. The meeting acknowledged the need to gradually…
-
Intels reacts to Atiku’s claim that Buhari caused divestment
Intels Nigeria Ltd., an oil and gas logistics company, has said its business has not been hindered by political influences from the present government. The company made the clarification in a statement it issued on Tuesday, in Lagos. TheNewsGuru.com, TNG reports that the company was co-founded by former Vice President, Atiku Abubakar, late Shehu Yar’Adua…
-
Atiku divests from Intels, blames Buhari
Former Vice-President Atiku Abubakar said he has been selling his shares in Integrated Logistics Services Nigeria Limited (Intels), which he co-founded with late Shehu Yar’Adua and Italian-Nigerian Gabriele Volpi. Although Atiku did not specify the number of shares sold, he said he has been redirecting the proceeds into other businesses. He accused the Buhari administration…