Business News

STANBIC IBTC Bank has been named the “Best Sub-Custodian" in Nigeria for 2014, an affirmation of its expertise in the provision of custody services in the country.  The award would be the fourth consecutive year the bank has won the award by the London-based Global Finance magazine.   Describing the latest award as an inspiration…

  THE reign of high rates in the money market for three consecutive weeks was tamed last week, as liquidity surfeit hallmarked activities from the first trading day.  The week had started with liquidity balance of N269.5 billion, as the closure of the Retail Dutch Auction System/Wholesale Dutch Auction System may have gradually reduced pressure…

All over the world, investment promotion agencies are key drivers of economic transformation. The Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission, Mrs. Saratu Umar, in this interview with Business Editor, ADE OGIDAN, disclosed that the commission has set out a five-year strategic plan to effectively deliver on this mandate. Excerpts: HAVING worked…

THE Federal Government’s acclaimed tax strategies to boost revenue may have been assessed low, even as zero-based budgeting was recommended to help scrutinize the contents of the current fiscal proposal.   Besides, the Chartered Institute of Taxation of Nigeria (CITN)- the sole body charged by the Constitution to train and regulate tax practices in the…

THE Lagos Chamber of Commerce and Industry (LCCI) has attributed the continued drop in the confidence level of business leaders and investors in the nation’s economy to heightened uncertainty surrounding the 2015 general elections, depressed crude oil price in the international market and the volatile exchange rate leading to significant depreciation of the local currency. …

KEYSTONE Bank Limited has fully divested from Orient Bank Ltd, its Ugandan subsidiary.   A statement from the bank signed by its  Head of Brand and Communications, Omobolanle Osotule, explained that the lender’s 80 per cent stake was acquired by the erstwhile minority shareholders as part of a consortium led by 8Miles LLP; AN Africa-…

NIGERIA may have been recording a whooping yearly revenue loss of N2 trillions as a result of diversion of Nigeria bound cargoes to ports in neighbouring countries, the Nigerian Shippers Council has said.   The council said cargo diversion was the result of unfriendly business climate at the nation’s gateways, where service providers, including shipping…

EXPERTS have expressed worry over Kogi State Government’s plan for alternative sources of revenue, in the face of dwindling revenue accruing to states from the Federation Account.    The state has the potential to increase its stake in oil and gas as oil, since the discovery of oil in Ibaji local government area of the…

THE Minister of Power, Professor Chinedu Nebo has blamed the lingering irregular power supply and total blackout experienced in the South-West region, on continuous attacks on gas pipeline by vandals.   This is coming on the heels of the recent destruction of 24”ELPs gas pipeline at Inikoroga in Gbaramatu kingdom in Delta State.   The…

THE management of Zuma Steel West Africa Limited, owner of Jos Rolling Mills, said it would soon conclude the construction of a 50 Mega watt (MW) of coal fuelled power plant that would supply electricity needed for the commencement of early production activities at the mill.      The company’s chief Executive Officer, Dr. Innocent…

NIGERIA has the potentials to rank among the top 10 economies of the world by 2050, if it could build its institutions to global standards, diversify the economy and sustain growth-friendly policies, the latest report from PwC Economists has stated.    Two other emerging economies that could experience such phenomenal lift, according to the report,…

THE need to hold the government and public officials responsible for economic stability of the country was again brought to the fore as stakeholders converged on Tuesday in Lagos to chart path to national growth amid the prevailing political intrigues.   The stakeholders, who were brought together by the State Accountability and Voice Initiative (SAVI)…