Godwin Emefiele, the governor, Central Bank of Nigeria, has said the bank has blocked the accounts of some smugglers sabotaging Nigeria’s economy in the textile, rice and palm oil industry.
Businessam StaffJune 10, 2019
Emefiele said this, during an interview at the roundtable session on developing a road map for greater growth and job creation in Nigeria, which was attended by eminent personalities in the financial sector on Saturday. The event was organised to allow stakeholders in the private sector to air their views and also provide some inputs […]
Oil steady as fate of output pact unclear, U.S.-China trade war lingers
Business StaffJune 10, 2019
Oil prices steadied on Monday as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and U.S.-China trade tensions continued to threaten demand for crude. Front-month Brent crude futures were at $63.29 a barrel by 1225 GMT, unchanged from Friday’s close. U.S. West Texas Intermediate (WTI) crude futures were […]
NIRSAL, South West farmers’ crisis deepens over N246m fund
Moses ObajemuJune 10, 2019
By Moses Obajemu As police step in Moment of truth beckons The moment of truth may have come for the members of the public to be availed of the real reasons why the final consummation of the tripartite agreement between the Central Bank of Nigeria (CBN), the Nigeria Incentives-Based Risk Sharing System for […]
Oil rises as Saudi Arabia signals OPEC deal extension
Businessam StaffJune 7, 2019
Oil prices rose on Friday, climbing further from five-month lows hit this week amid signs that OPEC and other producers could extend their output reduction deal. Brent crude futures were up 60 cents at $62.27 a barrel by 1358 GMT. U.S. West Texas Intermediate (WTI) crude futures gained 59 cents to $53.18. Oil prices jumped […]
Two Oando directors resign as crisis worsens
Businessam StaffJune 7, 2019
Two independent non-executive directors of Oando Plc have resigned from the company’s board. Sena Anthony and Oghogho Akpata have both informed the Nigerian Stock Exchange (NSE) about their decisions. In their separate resignation letters dated June 3, 2019 and addressed to the company secretary/chief compliance officer of Oando, they did not give any reasons for […]
Nigeria’s trade rose by 2.5 per cent to N8.24tn in first quarter
Businessam StaffJune 7, 2019
The National Bureau of Statistics on Friday released the country’s merchandise trade report with trade rising by 2.5 per cent from N8.04tn in the fourth quarter of last year to N8.24tn in the first quarter of this year. The NBS said this in the report which was obtained by our correspondent. Giving a breakdown of […]
Nigerian investors to own 51% stake in national shipping line
Samson EchenimJune 6, 2019
By Samson Echenim The Federal Government of Nigeria has said it has adopted a partnership arrangement that will allow Nigerian investors to own 51 per cent stake in the national shipping line, which the Muhammadu Buhari-led administration plans to reestablish. The remaining 49 per cent will be taken by a foreign technical partner. The […]
Oil steady but sentiment weak on demand, oversupply concerns
Businessam StaffJune 6, 2019
Oil futures were largely steady on Thursday, after falling to near five-month lows in the previous session, as sentiment remained weak on fresh signs of a stalling global economy and ongoing concerns about growth in supply. Brent crude futures were up 13 cents to $60.76 a barrel by 12:25 p.m. EDT (1625 GMT), while U.S. […]
Unreliable policies discouraging new investment in Nigeria
Businessam StaffJune 6, 2019
The World Bank says policy unreliability is discouraging new investment in Nigeria. In its newly released Global Economic Prospects report, the Bretton Wood institution projected that Nigeria’s economy will grow by 2.1% in 2019 and 2.2% in 2020. This is 0.9 percentage points lower than 3.01% growth rate assumed in the 2019 budget. “In Nigeria, […]
Oil theft: Nigeria loses N995.2 billion annually -NNRC
Businessam StaffJune 6, 2019
Nigeria is losing nothing less than N995.2 billion annually to the activities of oil thieves, a Nigerian Natural Resources Charter (NNRC) has revealed. Disclosing the figure at a one-day seminar on advocacy against crude oil theft, organised by a nongovernmental organisation; the New Nigerian Foundation (NNF), the Head of NNRC, Niyi Awodeyi, also revealed that […]