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Business and Economy

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

It's only fair to share...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. ShareIt's only fair to share...

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

It's only fair to share...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 ...

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

It's only fair to share...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 ...

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Heritage Bank fires 400 staff (READ)

It's only fair to share...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 ...

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

It's only fair to share...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 ...

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

It's only fair to share...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 ...

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Inflation in Nigeria hits 18.55% (READ)

It's only fair to share...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 ...

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Yahoo has announced changing its name to Altaba (READ)

It's only fair to share...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 ...

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Eurozone inflation now 1.1%, the highest rate in more than 3 years

It's only fair to share...Eurozone inflation has surged to its highest rate in more than three years, driven by increased prices for energy, food, alcohol and tobacco. The annual inflation rate hit 1.1% last month, according to official statistics agency Eurostat, a sharp jump from November’s rate of 0.6%. The rate is the highest since September 2013, when inflation was ...

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A scared Buhari and his ministers absconded from South-East Economic Summit after IPOB threat  

It's only fair to share...President Muhammadu Buhari on Thursday stayed away from the maiden South-East Economic and Security Summit in Enugu, which started about 48 hours after some pro-Biafra agitators warned him not to set foot in Igboland.   Buhari was meant to be the Chief Guest of Honour at the summit, which held in the Enugu State Government House, ...

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