Business

40,000 firms in Nigeria dormant- CAC

No fewer than 40,000 companies operating in the country are dormant, the Corporate Affairs Commission, CAC, disclosed last Wednesday.

Acting Registrar-General of CAC, Lady Azuka Azinge, who revealed this at a briefing to mark her 2nd year in office, said the companies however have a period of t [...]

NNPC seals $2.5bn gas supply deal with NLNG

A $2.5 billion pre-payment agreement has been signed between the Nigerian National Petroleum Corporation, NNPC, and the Nigeria Liquefied Natural Gas, NLNG, for upstream gas development projects to supply gas to NLNG trains 1 to 6.

After signing the deal in Abuja on Friday, the Group Managing D [...]

Nigeria, South Africa hail economic cooperation

President Muhammadu Buhari of Nigeria and his South African counterpart, Cyril Ramaphosa, have hailed the economic cooperation between the two countries.

In a communique issued at the end of Buhari’s visit to South Africa, last week, both Presidents also welcomed steps to increase trade v [...]

OML 25: NNPC considers plans to restore production

As stakeholders embrace peace over disputed Oil Mining Lease, OML, 25, the Nigerian National Petroleum Corporation, NNPC, has expressed readiness to commence a re-entry process to restore production.

Group Managing Director of NNPC, Mallam, Mele Kyari, said during a stakeholders visit to the ho [...]

Stock market loses N111bn

Trading on the floor of the Nigerian stock exchange took a negative turn last Thursday as the Market Capitalisation dropped N111 billion.

While the market opened at N13.296 trillion, it closed at N13.185 trillion, shedding N111 billion.

The All Share Index, ASI, also decreased by 229.18 [...]

CBN directs banks to increase loan deposit ratio

The Central Bank of Nigeria, CBN, has directed deposit money banks, DMBs, to raise their loan deposit ratio from 60 to 65 per cent.

The directive, which was contained in letter to all DMBs, comes barely a month after the apex bank instructed all commercial banks to maintain a 60 per cent loan o [...]

Buhari presents 2020 budget on Tuesday

President Muhammadu Buhari will on Tuesday, October 8th 2019, present the 2020 Appropriation Bill a joint session of the National Assembly.

Buhari, in a letter addressed to leaders of the two chambers and read on both floors, requested to carry out the presentation of the budget by 2pm on Tuesd [...]

NSE puts domestic, FPI at N121b in August

Nigeria’s Domestic and Foreign Portfolio Investment, FPI, grew to N121.99 billion, representing 7.5 percent, in August 2019, from N113.47 billion in July 2019.

The Nigerian Stock Exchange, NSE, made the announcement last Wednesday, stating that in August 2018, the performance of domestic [...]