World’s richest become $1trn richer in 2017

The richest people on the planet added $1 trillion to their collective wealth in 2017, more than four times the previous year’s gains, thanks to a surge in stock prices, according to Bloomberg’s Billionaire Index. The Index showed that the 500 richest individuals increased their wealth by 23 percent over the course of the past year, […]

Reasons petrol so expensive, global oil deals, Reserve Bank’s dilemma

(L-R) Omar Farouk, Governor, Organisation of Petroleum Exporting Countries (OPEC); Mohammed Barkindo, Secretary General; Emmanuel Ibe Kachikwu, Nigeria's Minister of State for Petroleum,  and Olusegun Adekunle, representative of the ministry’s Permanent Secretary, during the OPEC scribe’s visit to NNPC Towers, Abuja

As the year draws to an end, it doesn’t look like motorists will get much relief, with petrol prices around their highest levels since January. The most recent figures from the Australian Institute of Petroleum reveal unleaded petrol was retailing for 143.2 cents per litre in mid-December (on a national average weekly basis), about 12 […]

Oil edges towards $65 as Forties pipeline moves closer to restart

Oil slipped lower towards $65 a barrel on Tuesday, but remained within sight of its highest level since mid-2015, as the looming restart of a key North Sea oil pipeline offset support from OPEC-led supply cuts, according to Reuters’ market report. The North Sea Forties pipeline, which plays an important role in the global oil […]

No way to stop adoption, acceptance of bitcoin, says expert

bitcoin

Bitcoin’s recent price swings have intensified the debate about the phenomena of virtual currencies, with skeptics warning off investors, while enthusiasts see a future in the asset. On Friday, the price of bitcoin plunged from the dizzying heights of around $20,000 earlier this week to below $12,000. Within 24 hours, the value of the world’s […]

Nigeria leaving recession zone, but economy remains vulnerable, says IMF

Christine Lagarde, International Monetary Fund (IMF) chief

The International Monetary Fund (IMF) said Friday that Nigeria is exiting recession, but its economy remains vulnerable. IMF said this after conducting a review of Africa’s largest economy, according to Reuters’ report. The regional power climbed out of its first recession in a quarter of a century in the second quarter, but economic growth remains […]

Nigeria’s Dangote gets approval for $41m cement investment in Liberia

Nigeria’s manufacturing giant, Dangote Cement, has received legislative approval from the Liberian Senate for the production of cement in the west African country. The approval followed the passing of the Investment Incentive Agreement between the country and Dangote Cement Liberia Limited with a value of $41 million. The agreement which followed the Senate approval requires […]

Bitcoin extends losses, slips below $15,000, 25% from all-time high

The price of bitcoin is down more than 25 percent from an all-time high of nearly $20,000 reached this past weekend, market data show on Friday. Prices fell to as low as $14,502 to start today’s trading session, according to CoinDesk’s Bitcoin Price Index (BPI), about 27 percent from the all-time high of $19,783 reported […]