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Business and Economy

Recession: State governors rejected advice from Okonjo-Iweala and Sanusi to save – Ex-governor Peter Obi

Former Anambra State governor, Peter Obi has said state governors refused to save for the unseen future during the tenure of Goodluck Jonathan, despite warning from economic experts.   Obi while speaking in an interview with CNBC Africa said Dr Ngozi Okonjo-Iweala, former Minister of Finance, and Sanusi Lamido Sanusi , former governor of the Central Bank of Nigeria implored ...

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Despite sale of over $250m USD to licensed BDCs, Naira crashes further at N498 to $1 USD

The Naira on Thursday remained indifferent to the sale of over $250 million to licensed Bureau De Change (BDC) operators nationwide as it suffered another loss against the dollar. The News Agency of Nigeria (NAN) reports that the Naira inched against the dollar at the early hours of Thursday morning by 2 points but could not sustain the gain as ...

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Federal government needs N330 billion monthly to pay salaries says Minister of Finance Adeosun

The Federal Government has announced that it needs N330 billion monthly to meet its recurrent obligations. The obligations include salaries, debt servicing and statutory transfers, the Minister of Finance, Kemi Adeosun, said yesterday. Share

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China’s economy grows 6.7% in 2016 amidst claims of fake and deceptive data

China’s economy grew by 6.7% in 2016, compared with 6.9% a year earlier, according to official data, marking its slowest growth since 1990. The figure is in line with Beijing’s growth target of between 6.5% and 7%. But the news comes just a couple of days after the leader of one Chinese region admitted GDP data was faked. China is ...

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Africa’s Richest Man Aliko Dangote sets up $100 million truck assembly plant in Lagos

Dangote Industries, the conglomerate controlled by Africa’s richest man, Aliko Dangote, is establishing a $100 million truck assembly plant in Lagos in a move that is expected to create about 3,000 jobs. Dangote To Provide 3,000 Jobs With Multi-million Dollar Truck Assembly Plant in Lagos In a press statement on Sunday, the Head of Corporate Communications for Dangote Group, Anthony ...

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Heritage Bank fires 400 staff (READ)

Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December. Investigations by the News Agency of Nigeria, NAN, on Monday indicated that more workers are pencilled for sack. NAN reports that the bank, in October 2014, acquired Enterprise Bank with about N56 billion ($281 million). A top management source in the bank, who pleaded ...

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MTN Nigeria to be Listed on the Nigeria stock Market by the end of 2017

The Nigerian Stock Exchange (NSE) is working with MTN to list the company’s local arm by the end of 2017, Reuters reported. Speaking at a business conference yesterday, NSE CEO Oscar Onyema said the “pressure on MTN has never been higher to list,” adding the company was working with officials to confirm the details, the news outlet reported. MTN is Nigeria’s largest telecoms operator, but ...

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Dangote Group of Companies has established a $100 million truck assembly plant in Lagos

Dangote Group of Companies has established a $100 million truck assembly plant in Lagos as part of its efforts toward boosting foreign exchange and job creation in the country. The group said in a statement on Sunday in Lagos that the plant was floated by the group in partnership with National Heavy Duty Truck Group Company Limited, SINOTRUK, a Chinese ...

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Inflation in Nigeria hits 18.55% (READ)

Increase in prices of meat, bread, fish, vegetable and other products has forced Nigerian inflation rate at 18.55 percent, the National Bureau of Statistics, NBS, has said. According to a report released by the NBS Friday, the Consumer Price Index, CPI, which is used to measure inflation, increased by 18.55 percent (year-on-year) in December 2016, 0.07 percent points higher from ...

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Yahoo has announced changing its name to Altaba (READ)

Yahoo Inc. said Monday that it would rename itself Altaba Inc. and Chief Executive Officer Marissa Mayer would step down from the board after the closing of its deal with Verizon Communications Inc.   Yahoo has a deal to sell its core internet business, which includes its digital advertising, email and media assets, to Verizon for $4.83 billion.   The ...

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