Business

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 [...]

Public hearing on the Management of Treasury Single Account at the National Assembly in Abuja, recently

L-R: Accountant General of the Federation, Mr. Ahmed Idris, Deputy Governor, Operations, Central Bank of Nigeria, Mr. Sulaimon Barawu and Governor, CBN, Mr. Godwin Emefiele at the public hearing on the Management of Treasury Single Account at the National Assembly in Abuja, recently. Photo: Wa [...]

FCT residents set agenda for new minister - By Austine ELEMUE & Cecilia KADIRI

Residents of the Federal Capital Territory, FCT, have set an agenda for the next minister of the territory expected to assume office when President Muhammadu Buhari assigns portfolios to already confirmed ministerial designates by the Senate later in the week.

Top on the bill of their wish-list [...]

Diamond Bank Revenue Up by 3.2% - By Sarah NEGEDU

Despite the regulatory headwinds that impacted business operations in in the 3rd Quarter, Diamond Bank stayed focused on strategy implementation showing strong resilience against the tide. The Bank cleaned its books of additional toxic assets and recorded strong growth in revenue, while setting forth [...]