nigeria business news

With the impact of the coronavirus taking a toll on oil demand and the economy in general, the fear of another recession appears to be imminent as oil price dropped to $53.71 per barrel, amidst falling external reserves and excess crude account (ECA)... Read more via The Guardian Nigeria News...

A Federal High Court in Lagos, on Wednesday, ordered the remand of an Indian and two others for allegedly forging Standards Organisation of Nigeria, SON, receipts. Chucks Okeke, Omkar Shinde, Shittu Adedeji and a company, Everchem Paints Nigeria Limited, were arraigned before Justice Saliu...

The Tax Appeal Tribunal, Lagos Zone, has ordered Ecobank to pay at least N1.6 billion to the Federal Inland Revenue Service (FIRS) as its company income tax for 2016. The tribunal declared as illegal, the decision of Ecobank Nigeria Limited to pay N5.5 billion as dividends to … Read more...

A Federal High Court sitting in Abuja has restrained the Federal Government and its agencies from deducting revenues accruable to Rivers State from the disputed Mbede and Akiri oil wells. Justice Tawo Tawo gave the order yesterday in response to an … Read more via The Guardian Nigeria News...

Nigeria is clear to start building Africa’s second-largest hydroelectric plant after the government settled an arbitration case that was holding it up. The Mambilla dam complex, now priced at $4.8bn, is to be built by a consortium led by China Energy Engineering and Sinohydro.... Read more...

Nigeria has selected a consortium including Egypt Air [RIC:RIC:EGY.UL] to set up an aviation leasing company as part of a government plan to overhaul the country’s aviation sector. Decades of neglect and a lack of investment have left Nigeria with low-quality… Read more via Nasdaq News –...

(Ecofin Agency) – Nigeria-based digital currency company BitFxt Technology has raised $15 million from the British Payitup Clearinghouse Ltd to expand its activity. The agreement allows BitFxt to get a $125 million Revolving Margin Facility for all its traders to leverage their position for...

Nigeria will further introduce incentives to boost investments in the nation's capital market, said Minister of Finance, Budget and National Planning Zainab Ahmed during a visit to the Nigerian Stock Exchange (NSE) in Lagos.... Read more via Xinhua News – https://ift.tt/2T0yFR3 Get more...

$500 million cash paid by Aliyu Abubakar is alleged to come out of the $1.3 billion licence fee paid by Eni and Shell for access to OPL-245 offshore oilfield located in southern Niger Delta.... Read more via Newtelegraph – https://ift.tt/2PjYWaU Get more: Nigeria Business News

Deposit Money Banks (DMBs) in the country have started informing their customers to bank any remaining Diamond Bank cheques they may have before the end of this month when the lenders would stop accepting such cheques.... Read more via Newtelegraph – https://ift.tt/2usc0DP Get more: Nigeria...

Electricity consumers, yesterday, protested the planned 50 per cent tariff increment by the electricity distribution companies (DisCos). The 50 per cent tariff increase, which is expected to begin from April 1, will raise the average tariff from the… Read more via Newtelegraph –...

Worried about the low level of prepaid meters deployment to electricity consumers, the Nigerian Electricity Regulatory Commission (NERC), has capped the amount, otherwise known as estimated bills that distribution companies can charge unmetered consumers.... Read more via The Guardian Nigeria...

Palpable tension is mounting in oil rich Akwa Ibom State as oil producing communities in Oron ethnic nationality, yesterday, took to the streets of Oron town to vent their anger over alleged marginalization… Read more via Vanguard News – https://ift.tt/39VWlvs Get more: Nigeria Business News

The total value of investments in Nigeria reduced by about 204 per cent in 2019 compared to 2018, the Nigeria Investment Promotion Commission (NIPC) has said. The commission said the total value of the investments in 2019 is $29.91 billion compared to $90.89 billion in 2018...… Read more...

The Infrastructure Concession Regulatory Commission, ICRC, weekend, said it has engaged private sector operators to deploy electronic ticketing solution for the Nigerian Railway Corporation, NRC, to cut down on the purchase tickets at train stations.... Read more via Vanguard News –...

The Katsina state branch of the Central Bank of Nigeria (CBN), says it facilitated the refund of N82.04 million to customers of commercial banks in the state in 2019, arising from 57 complaints received by the apex bank. Alhaji Dahiru Usman, Controller in charge of CBN Katsina … Read more...

On Tuesday, December 31, the African Development Bank (AfDB) openly endorsed the idea of African countries spending part of their pension funds on infrastructure development. President of the AfDB, Dr. Akinwunmi Adesina... Read more via The Guardian Nigeria News – Nigeria and World News –...

The Federal Government has said moves are on to resume gas supply from the Nigerian Liquefied Natural Gas, (NLNG), Bonny to Port Harcourt Refinery gas facilities to make more gas available and cheaper for consumers.... Read more via The Guardian Nigeria News – https://ift.tt/2T6fVhN Get...

CBN sanctioned Zenith Bank Plc for violating banking regulations in 2019. According to the financial statement, the bank incurred N21 million in penalties and fines. Despite the sanctions, Zenith Bank Plc made N208.8 billion profit in 2019.… Read more via Pulse Nigeria News –...

Dealers and buyers of used clothes, popularly known as “Okirika” on Tuesday attributed durability of the clothes, especially ladies’ underwear, for the increasing boom in the business..... Read more via Newtelegraph – https://ift.tt/2VkR9NV Get more: Nigeria Business News