Metro

Nigeria’s foreign exchange reserves have declined by $2.15 billion in the last 30 days, as the Central Bank of Nigeria (CBN) position itself in defence of the naira. Since the United States Federal Reserves raised interest rates on September 26, 2018, the Nigerian reserves have dropped by $1,541,891,539, as investors continue voting their monies out of the Nigerian economy. The …

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The Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading diversified listed conglomerate has announced new appointments to its board and executive management. A statement from the corporation disclosed that Valentine Ozigbo has been appointed the President/CEO of Transcorp. His appointment becomes effective from January 1, 2019. He will succeed Mr. Adim Jibunoh, who is retiring on December 31, 2018. Ozigbo, …

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BudgIT has expressed dismay at Nigeria’s position for the second time in commitment towards reducing inequality in the country despite persistent advocacy for the Federal Government to invest more in sectors that improve on human development capacity of its people and bridge the gap between the haves and the have-nots. Nigeria has the unenviable distinction of being at the bottom …

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FCMB Group Plc on Wednesday informed the investing public that due to the commencement of the interim audit of the company’s commercial banking subsidiary, First City Monument Bank Limited for the period ended September 30, 2018, the group third quarter result which due date is October 31, 2018, will not be ready. This was contained in a statement which was …

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Mary Uduk, acting director general of the Securities and Exchange Commission (SEC), says the recent outflows experienced in the Nigerian capital market will be remedied when the 2019 general election is concluded. In a session with journalists at the just concluded 2018 annual meetings of the World Bank Group and International Monetary Fund, Uduk who was appointed by Kemi Adeosun, …

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In bid to recover a debt of N8,856,570,029.81 from Lister Flour Mills Nigeria limited a company promoted and predominantly owned by a deceased Ibadan based businessman, Alhaji Arisekola Alao, who died on 18th of June 2014,  First bank of Nigeria limited has refiled a suit against two directors of the company Mrs. Khadijah Alao -Straub, Mr Ismail Alao and a …

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Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), says 40 percent of his cabinet will be made up of women and youths. The former vice-president said his policy document for Nigeria, if he wins the 2019 election, is ready. He added that Nigeria became the world headquarter for poverty under incumbent President Muhammadu Buhari. “Nigeria under Buhari …

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Lafarge Africa Plc recorded net sales of N234 billion for the nine-month period and N72 billion for the third quarter of 2018. This is an increase of 5% over 2017 both versus the quarter and the nine months period. The positive performance was mainly driven by strong volume growth in Nigeria and favourable pricing trends in South Africa. EBITDA for …

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The Nigerian National Petroleum Corporation on Wednesday denied being in possession of the $3.5bn Subsidy Fund. The details of the Subsidy Fund had caused a row on the floor of the Senate on Tuesday. The  Senate initiated a fresh investigation into the alleged illegal subsidy payment on Premium Motor Spirit (petrol). In reaction, NNPC issued a statement on Wednesday, denying “the …

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The Group Managing Director of Nestoil Limited Dr. Ernest Obiejesi says the Power sector holds the key to stimulating growth in the domestic market. Dr. Obiejesi was speaking at the 4th Nigeria Gas Conference which held in Abuja. The Nestoil boss said the gas supply industry in Nigeria will experience a boom if the liquidity issues in the power sector …

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