A heated blame game, yesterday trailled suspension of nine banks from the foreign exchange market as a result of alleged non remittance of NNPC fund into the Treasury Single Account, TSA. The banks, however, issued statements absorbing themselves of culpability. They stated that NNPC management had been kept in the picture on the funds in their possession.Read More
The President of Manufacturers Association of Nigeria (MAN), Mr Frank Jacob, says in spite of the current economic recession in Nigeria, the country is still an attractive investor’s destination.Read More
Asset-free online logistics firm, Kobo360 has announced a free delivery service for small and medium enterprises, SMEs in Nigeria.Read More
The Organised Private Sector, OPS, yesterday, insisted that the Central Bank of Nigeria, CBN, must review its policy on the 41 items restricted from official foreign exchange market.
According to the group, the decision is hurting the manufacturing sector in such a way that could no longer be ignored, having led to the closure of many companies and relocation of others from Nigeria to Ghana and other neighbouring countries. It has also led to the refusal to repatriate over $10 billion held offshore by Nigerian businesses.
Nigeria’s Central Bank has barred nine commercial banks from all foreign exchange transactions and operations.Read More
AGAINST the positive picture painted on possible rise in the price of crude oil at the international market above USD50 per barrel, Nigeria may be left out of reaping this fortune as the United States Energy Information Administration, EIA, projected a negative downturn for the country’s crude oil production growth this year.Read More
The Federal Government has declared that gas alone cannot solve the country’s electricity challenges.Read More
A multinational professional services firm, PricewaterhouseCoopers, PwC, yesterday called on Nigeria as well as other Africa countries to reform its regulatory, fiscal and licensing systems, to attract investors to the oil and gas business.Read More
How would Zenith Bank Plc leap-frog to Profit After Tax, PAT, of N102 billion by year end 2016? Some analysts even expect the bank’s 2016 PAT to hit N135 billion.Read More
Nigerian equities market rebounded from two-week bearish momentum, appreciating 1.5 per cent week-on-week, W-o-W, on the back of bargain hunting and renewed interest in some banking stocks as a result of the impressive H1:2016 results released by some Tier-1 Banks.Read More
The Lagos State Land Use Charge (LUC) is a consolidation of all property and land based rates and charges payable under Lands Rates, Neighborhood Improvement Charge and Tenement Rates Laws of Lagos State. The Land Use Charge derives its legitimacy from the Land Use Charge Law No. 11, of 2001. It was designed to help the government generate additional revenue needed to develop the state in the light of increasing demand for provision of urban and rural infrastructure and other expenditure.Read More
There are indications that AG Leventis Plc will soon raise fresh capital to boost its business and turn around its dwindling performance occasioned by the economic meltdown. The Executive Vice Chairman/ Chief Executive Officer AG Leventis, Michael Economakis confirmed to Vanguard that plans are underway for the company to inject fresh capital given the present low economic activities in the country.Read More
The global markets have been flung onto a chaotic rollercoaster ride in 2016 as the ongoing concerns over slowing global growth, depressed oil prices and persistent Brexit uncertainties have weighed heavily on investor sentiment. Stock markets started the year pressured, but have been surging higher on hopes of potential stimulus measures while risk aversion continues to keep Gold buoyed.Read More
As the nation’s economic fortune continues to dwindle, Nigerian ports have recorded drops in the cargo throughput for the first quarter of this year, an indication that less volume of goods was imported into the country within the period. There are also, indications that the second quarter may record further drop in the ports’ activities. The drop in gross tonnage was also reflected in the revenue generation drive of the Nigeria Customs Service as the agency also suffered deficit of more than N100 billion for the first half of the year.Read More
Activities in the banking sub sector on the Nigerian Stock Exchange, NSE, last week, boosted market value to record N12. 9 billion for 1.375 billion shares, which was exchanged by investors in 16,915 deals.Read More