Nigeria imports N812 billion petrol in Q1
The downstream of the Nigeria oil and gas sector imported N812 billion of Premium Motor Spirit (PMS) during the first quarter of 2018, according to the National Bureau of Statistics (NBS). The country imported N349.45 billion worth of PMS in the month of March 2018, representing the highest volume of petroleum product import during the…
Nigeria to benefit from IFC’s $3 billion portfolio
The International Finance Corporation (IFC) Country Manager in Nigeria, Eme-Essien Lore has assured that as a developing nation, Nigeria is well qualified to benefit from the corporation’s more than $3billion green building investment portfolio if concrete arrangement and understanding are put in place. According to him, IFC has a green building investment portfolio of more…
CBN takes banks, BDCs head-on over new forex rules
The Central Bank of Nigeria (CBN) has declared a full-scale intervention in the nation’s foreign exchange market, with banks and Bureau De Change (BDC) operators in the searchlight. According to insider source at the apex, the latest reform efforts to consolidate gains in the last one year, came on the heels of suspicious act of…
Forte Oil shareholders okay divestment plans
Shareholders of Forte Oil Plc have endorsed the firm’s proposal to restructure the business by divesting its upstream services, power generating businesses in Nigeria and downstream business in Ghana. The shareholders gave the approval at the company’s yearly general meeting held in Lagos at the weekend. While notifying the Nigerian Stock Exchange (NSE)…
‘It is entrepreneurs that build the economy, not government’
The Chancellor of E-Boot Camp Limited, Mr. Lai Omotola penultimate weekend unveiled a program aimed at building an army of one million entrepreneurs that would radically transform Nigeria’s domestic economy in the next decade.
FCMB gets management system certification
First City Monument Bank (FCMB), has been awarded the International Organisation for Standardisation (ISO) 9001:2015 certificate for Quality Management System.
Asset managers create diversification options for investors
Cordros Asset Management Limited (CAML) has completed all necessary arrangements for its proposed Milestone Funds 2023 and 2028, following the clearance of its offer documents by the Securities and Exchange Commission...
Risks in Nigeria, China $2.5b currency swap deal
For the country to achieve full benefits from the recent currency swap deal, it must develop competitive advantage in the production of certain exportable goods that China currently imports, the Head, Research, FSDH Merchant Bank, Ayodele Akinwunmi has said.
CIBN charges Senate on speedy passage of FSS 2020 bills
The Chartered Institute of Bankers of Nigeria (CBN) has called on the Senate to urgently pass the Financial System Strategy (FSS 2020) Bills into law to promote financial inclusion and strengthen electronic payment system in the country.
FirstBank introduces contactless Naira MasterCard
First Bank of Nigeria Limited, has announced the introduction of the Contactless Naira MasterCard, added to its array of debit cards, to promote convenience, ease of transactions and the security of funds.