Business

RMFAC backs Buhari on fuel subsidy removal

The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has commended the federal government’s decision to remove subsidy on petroleum products, describing the subsidy policy as a financial burden that Nigeria must urgently discard.

President Muhammadu Buhari had in his 2016 bud [...]

Overview of 2016 Budget of Change

Conflicting views have continued to trail the 2016 budget proposal, with some analysts expressing worry over the successful implementation of the N6.08trillion ’Budget of Change.’

The budget, which President Muhammad Buhari, has described as one that would stimulate the economy, wit [...]

FG to unbundle NNPC into four companies

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said the Nigerian National Petroleum Corporation, NNPC, would soon be unbundled into four companies for efficient operation.

Kachikwu, who stated this in Abuja during a press conference, said the unbundling is part of the final [...]

New companies to generate over 1000 megawatts - NERC

The eight newly licensed electricity generating companies, GENCOs, are expected to boost power generation with a combined capacity to generate 1,648.25 megawatts of electricity, the Nigerian Electricity Regulatory Commission, NERC, has hinted.

According to the commission, the licences is a mixt [...]

Scam alert: CBN cautions customers on BVN messages

The Central Bank of Nigeria has advised bank customers to be wary of fraudsters who trick people into releasing their bank details through fraudulent messages purportedly asking them to complete their Bank Verification Number, BVN registration process to avoid the deactivation of their accounts.

Minister canvasses agric subsidy

As the clamour for the removal of petroleum subsidy deepens in some quarters, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, has called for the diversion of the subsidy fund to agriculture.

Ogbeh, who made the call at an interactive session with the House Committee on Agri [...]

Chinese coys propose multimillion dollar investment in Nigeria

In furtherance of the proposed multi-million dollar investment by some Chinese companies into key sectors in Nigeria, a Chinese company, HellogJiang Pingyuan Rice Group, has proposed a $300 million rice project in the country.

Chief Executive Officer of the group, Mr. Wang Jing Xin, disclosed t [...]

CBN bans BDCs from multiple outlets, street trading

Operators of Bureaux de Change, BDCs, across the country have until March 10, 2016, to shut down all branch operations except for its registered office, or risk facing sanctions from the central bank.

A recent guideline from the CBN also advised operators to cut off all business relations with [...]