Business

S&P Lowers Long-Term Credit Ratings On Seven Nigerian banks Standard & Poor’s Global Ratings, on Friday announced the lowering of its credit ratings on seven Nigerian banks as part of actions on a total of nine banks and one holding company. The agency announced the lowering of its long-term counterparty credit ratings on Fidelity, Zenith, Guaranty Trust, Access, Stanbic IBTC, Ecobank Nigeria …

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  AfDB says African economies through the worst of downturn .Economies are resilient, growth seen accelerating: Adesina African economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank. The continent’s growth rate may be around 3.5 percent this …

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  Labour Vows To Resist Sales of National Assets The Nigeria Labour Congress (NLC) will resist clamour in some quarters to sell national assets such as the Nigeria National Petroleum Corporation (NNPC) and Nigeria Liquefied National Gas (NLNG), factional President NLC, Joe Ajaero has said. According to a statement, Ajaero said: “Congress views with utmost apprehension the recent call on …

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Elumelu wins Africa Investor ‘Person of the Year’ Award in New York.  Chairman of Heirs Holdings, Mr. Tony Elumelu, yesterday, while receiving the ‘Person of the Year’ award at the Africa Investor CEO Institutional Investment Summit hosted alongside the UN General Assembly in New York, extolled stakeholders in the public and private sectors committed to improving access to power in …

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Heritage Bank CEO lists Nigeria’s export potentials Heritage Bank Limited has identified major commodities that can boost foreign exchange earnings for the country. This becomes necessary as the Federal Government intensifies efforts to boost non-oil export revenues. Managing Director/ Chief Executive Officer, Heritage Bank Limited, Ifie Sekibo said some of the export potential products cocoa, cashew, groundnut, fish, horns, sesame …

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Nigeria sues over $12bn in ‘illegal’ oil exports Nigeria is suing several leading oil companies for $12.7 billion of crude oil that allegedly was exported illegally to the United States between 2011 and 2014, officials said Tuesday. The Federal High Court in Lagos is expected to begin hearings next week in cases filed against Nigerian subsidiaries of U.S. multinational Chevron, …

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Eko Atlantic To Host Made in Nigeria Festival 2016  Eko Atlantic City, the emerging new smart city being built from reclaimed land adjacent to Victoria Island by leading real estate investment company in Nigeria, South Energyx Nigeria Limited (SENL), will play host to the 2016 edition of the Made in Nigeria Festival. Vice Chairman of South Energyx Nigeria Limited, a …

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    The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has advised the Federal Government against advice from some Nigerians to sell the multi-billion dollar Nigeria Liquefied Natural Gas Limited (NLNG) to raise funds for the ailing economy. While the Federal Government thinks through plans to raise between $10 and $15 billion  (about N4.72 trillion) to boost the economy, prominent …

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Oando PLC Signs $115.8m Midstream Agreement WzithHelios Investment Partners Oando PLC has announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm, to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (“OGP”). Oando is one of Nigeria’s …

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Volkswagen admits it has only fixed 10% of vehicles fitted with software to cheat emissions Only around one in 10 UK Volkswagen vehicles fitted with software to cheat emissions tests were fixed in the year since the scandal broke, figures released by the manufacturer show. The controversy began on September 18 last year when US regulators told VW to recall …

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