Exchange Rates: BUY/SELL 1 USD=358/361 NGN, 1 GBP=474/480 NGN, 1 EURO=412/418 NGN


Oil slides below $33 as China turmoil rattles investors


OIL fell below $33 a barrel on Thursday for the first time since April 2004 as a slide in Chinese shares rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products. Oil prices have fallen by about 70 percent since mid-2014, hurting oil companies and governments that rely on crude revenue. China allowed its ...

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Microsoft’s Windows 10 Running on 200m Devices


MICROSOFT Corp’s latest operating system, Windows 10, is running on 200 million devices in what the company said was the fastest adoption rate of any of its operating systems. Windows 10, which the company released as a free download in July, powers both personal computers and devices like phones. It replaced Windows 8, the heavily criticized system dating from 2012. ...

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E Tranzact leads gainers, as indices rise by 0.3%


E Tranzact traded higher at the end of yesterday’s transactions on the trading floor of the Nigerian Stock Exchange. It led other gainers with 4.93% to close at N3.19 per share. Following E Tranzact yesterday was Okomu oil, adding 4.83% to close at N33.00 per share. Dangote Cement, Fidson, Learn Africa added 4.27,4.25 and 3.90% to close at N159.98, N2.70 ...

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Ships Carrying Petroleum Products and Foods Expected


The Nigerian Ports Authority, NPA, stated this in its publication; ‘Shipping Position’, a copy of which was made available yesterday in Lagos. NPA explained that the expected ships contained general cargos, buck wheat, containers, fresh fish, containers, bulk rice and petrol. The document said 12 other ships are waiting to berth with various goods at the port. It said eight ...

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MTN Nigeria N1.04trn Fine Saga

MTN Nigeria

NCC had imposed the N1.04trn fine on MTN for its failure to disconnect its unregistered subscribers in line with the commission’s directive. MTN Nigeria Communications Limited then filed a suit challenging the N1.04trn fine imposed on it while Nigeria Communications Commission (NCC) has urged the Federal High Court in Lagos to dismiss or decline hearing. But not pleased with the sanction, MTN had ...

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Government Set To Privatise Airports


Rotimi Amaechi Minister of Transport revealed recently, the plan to privatize four airports in the county, to guarantee efficiency, good management and continuous development of relevant infrastructure in the sector. Amaechi said, “As a result of limited resources for capital projects development, government is exploring the possibility of private sector participation towards the realization of the industries’ potentials”. He reiterated ...

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Imo Custom Intercepts 1,300 Cartons of Poultry Products

imo custom in

THE Nigeria Customs Service (NCS),  Owerri intercepted a truck loaded with one 1,300 cartons of imported frozen poultry products valued at N12.4million. According to the Federal Operations Unit (FOU), Zone ‘C’, the products confiscated along Benin-Ore Expressway  were concealed with Polymers Vinyl Chloride (PVC) sheets and ceramic bath tubs. The Customs Area Controller (CAC) of the unit, Comptroller Dimka Victor ...

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New Electricity Tariff Trail Mixed Reactions

New Electricity Tariff Trail Mixed Reactions

Federal Government on Monday has triggered various reactions from stakeholders who have placed high expectations on the services of the electricity Distribution Companies (Discos) , the new Multi Year Tariff Order (MYTO 2015) regime declared. The Discos, have assured improved electricity service delivery and full compliance with the provisions under the new tariff structure. The Director, Association of Nigerian Electricity Distributors (ANED), ...

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World Bank, Seven Energy in $200m Gas Infrastructure Deal

The World Bank and a local energy company, Seven Energy International Limited (Seven Energy), have sealed a gas infrastructure financing deal, the banks’s first engagement in Nigeria’s gas sector. Under the deal, the Multilateral Investment Guarantee Agency, MIGA – the political risk insurance and credit enhancement arm of the Bank Group – would be providing a guarantee of $200 million ...

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UBA’s ‘Contactless’ Card Services to Revolutionise Payments System

UNITED Bank for Africa (UBA) Plc is set to rave up activities in Nigeria’s payments system landscape with the introduction of contactless card payment. The contactless cards payment offer UBA customers an easier and more convenient hassle-free way to pay for goods and services. UBA contactless cards holders will experience the next level of convenient payment services; a touch and ...

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Firm urges CBN to Audit CoT charges in banks


A CALL has been made to the Governor of the Central Bank of Nigeria (CBN), to implement and audit its directive to all banks on reduction of Commission on Turnover (COT), as the charges are currently crippling Small and Medium Enterprises (SMEs). The appeal was made by the Chairman of Builders’ Mart, Ayobami Biobaku, who alleged that CBN has not ...

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Stanbic IBTC Bank Launches Interactive Teller Machine


STANBIC IBTC Bank Plc, has lunched the National Cash Register (NCR), Interactive Teller Machine (ITM), an innovative product that will allow customers perform full banking activities 24 hours of the day. According to the bank, the ITM will further enrich customers’ banking experience as it enables them perform banking operations such as account opening, cash deposit and withdrawal, cheque deposit ...

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Ghana Gets Power-Generating Ship to Curtail Outages

WORRIED by lingering power supply crisis and its pangs on the populace and economy, Ghana has resorted to a new electricity generating scheme that would add a daily 235 megawatts (mw) to its grid this month and a further 250 mw in January, to address an estimated supply deficit of 500 mw. Already, a power-generating ship was officially welcomed at ...

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Govt to Raise Team Against illegal Mining

Stakeholders seek creation of solid minerals exploration fund The Federal Government may have concluded plans to raise a team to tackle the menace of illegal mining in the country, going by the administration’s plan to revive the taskforce for the sanitisation of operations in the industry. The Chief Executive Officer Mining Cadastral Office, Mohammed Amate, who stated this in Abuja, ...

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Total Targets 10 Solar-Powered Filling Stations by December


TOTAL Nigeria Plc, has expressed its commitment to further improve service delivery to customers, even as it unveiled plans to lunch additional eight solar-powered filling stations to make a total of 10 efficient stations across the country. The oil marketing firm already has one solar-powered station in Ikeja Lagos and Abuja, but Its Managing Director, Mr. Alex Vovk, told The ...

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Govt pays N53.3 per Litre Subsidy on Kerosene

THE Federal Government, as at November 19, paid N53.3 per litre to subsidies kerosene in the country. Though government subsidises the household product supposed to be sold at a regulated price of N50 per litre, kerosene actually sells for as much as N150 per liter. According to the Petroleum Products Pricing Regulatory Agency (PPPRA), the landing cost of kerosene stands ...

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Reps Summon Amaechi, Virgin Atlantic Management Over The Sack Of Nigerian Cabin crew

House of Representatives on Thursday summoned Rotimi Amaechi, minister of transportation, and management of Virgin Atlantic over the recent sack of over 100 Nigerians workers employed by the airline. The resolution was passed following the adoption of the motion sponsored by Femi Gbajabiamila, majority leader, who expressed displeasure over the sack of all Nigerian cabin crewmembers employed by the company. ...

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