FG recorded N3.4tn fiscal deficit in 2018
Between January and December last year, Federal Government recorded a fiscal deficit of N3.4tn in its operations, figures obtained from Central Bank of Nigeria have revealed. 2018 budget, signed by...
Oil hits three-month high on OPEC cuts, U.S. sanctions on Iran, Venezuela
Oil prices rose to their highest levels since November last year on Monday, lifted by OPEC-led supply cuts and U.S. sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI)...
Credit to FG rose 34% in 2018
Credit to Federal Government rose by 34 percent to N4.87 trillion in 2018, while credit to the private sector rose marginally by 1.96 percent to N22.73 trillion. This was revealed...
Forex: CBN approves NIPOST, 4 fintechs, others as IMTOs operators
Central Bank of Nigeria (CBN) last week released the list of 58 firms approved as International Money Transfer Operators (IMTOs) to render international money transfer services. Highlight of the list...
States’ IGR drops in Q3 - NBS
States Internally Generated Revenue (IGR), including Federal Capital Territory (FCT) dropped to N264.38 billion in third quarter of 2018 (Q3 2018) compared to N279.78 billion in the preceding quarter, according...
The mistake that led to a £1.2bn business
When Kristo Kaarmann was kicking himself for being "incredibly stupid", little did he know that it would spark an idea for a business that is now estimated to be worth...
Oil prices rise following U.S. sanctions on Venezuela
Oil prices gained more than 2 percent on Tuesday after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to reduce the OPEC member’s crude...
Connecting African software developers with top tech companies nets Andela $100m
Andela, the company that connects Africa’s top software developers with technology companies from the U.S. and around the world, has raised $100 million in a new round of funding. The...
How Jeff Bezos became world’s richest man
Shoshanna Delventhal Jeff Bezos is now the richest person on earth, with his personal fortune eclipsing the wealth amassed by legendary investor Warren Buffet and Microsoft Corp. (MSFT) co-founder Bill...
FG privatises Warri terminal port
Bureau for Public Enterprises (BPE) has signed an agreement to hand over Terminal “B” of the Old Warri Port to a private firm. It said the action followed an approval...
FG borrows N6.16tn from N8.499tn pension fund
Total pension assets under Contributory Pension Scheme rose to N8.49tn as of end of November 2018 financial period, latest figures obtained from National Pension Commission (NPC) on Tuesday revealed. NPC...
Gencos to FG: We’ll shut down power plants if ...
Electricity generation companies in the country have said they will be forced to shut down their power plants if the challenges facing them are not addressed. Association of Power Generation...
Oil prices edge up on OPEC-led supply cuts, lower U.S. drilling activity
Oil prices edged up on Monday, supported by ongoing supply cuts from producer club OPEC and Russia and by a drop in U.S. drilling activity. International Brent crude oil futures...
Oil prices surge on hopes of successful U.S.-China trade talks
Oil prices rose on Wednesday, extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. U.S....
Oil rises on trade talks and supply cuts, but economic slowdown looms
Oil prices rose by more than 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts...
Customs generates N1.2 trillion revenue
Nigeria Customs Service (NCS) has generated N1.2 trillion revenue for 2018. Public Relations Officer of the service, Deputy Comptroller, Mr Joseph Attah, disclosed this in a statement in Abuja on...
Apple drops iPhone bombshell on already reeling stock market
Apple acknowledged that demand for iPhones is waning, confirming investor fears that the company’s most profitable product has lost some of its luster. The reckoning came in a letter from...
Warren Buffett used to avoid tech stocks. Now he loves them. Here's why
At last year’s annual Berkshire Hathaway meeting in Omaha, Warren Buffett, the high priest of value investing, uttered words that would have been grounds for excommunication if they had come...
Yachts, private jet owners to pay luxury tax from 2019
Minister of Finance Zainab Ahmed has said owners of yachts and private jets in the country will begin payment of luxury items from 2019. Addressing a press conference in Abuja...
MTN pays N19.2bn to end dispute with CBN
Central Bank of Nigeria has asked MTN Nigeria to pay $52.6m in settlement of the $8.1bn foreign exchange repatriation dispute. The African telecoms giant and CBN, in separate statements issued...
NNPC spends N1.5bn daily on petrol subsidy
Nigerian National Petroleum Corporation is currently subsidising Premium Motor Spirit, popularly known as petrol, by about N1.5bn every day. Although the corporation insisted that it was not paying subsidy on...
Oil plunges 6 percent as economic slowdown fears grip market
Oil prices plunged more than 6 percent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic...
Oil drops over 5 percent on economic slowdown fears, supply glut
Oil prices tumbled more than 5 percent on Tuesday in heavy trade due to fears of oversupply and deteriorating demand, extending a selloff that has taken major crude benchmarks down...
Access Bank acquires Diamond Bank
Access Bank has finally acquired Diamond Bank, TheCable has reported. According to insiders, official announcement of the transaction will be made in the course of the week by Central Bank...
The 7 best lessons successful people taught us about money in 2018
We rounded up some of the best money lessons successful people, like CEOs and entrepreneurs, shared in 2018. Building wealth is a little easier when you have advice from people...
Another fuel crisis imminent so long subsidy remains - Minister
Minister of State for petroleum Resources, Mr. Ibe Kachikwu, Thursday, stated that until downstream sector of Nigerian petroleum industry is liberalized and subsidy on petroleum products removed, the country would...
7m Chinese leave cities for rural areas to take up farming
A rising number of educated urbanites in China are choosing to wave goodbye to city life and head back to the land. "Reverse urbanization" is picking up as infrastructure improves...
UN, stakeholders back ranching as solution to farmers-herders conflict
United Nations (UN) and other stakeholders in Benue State have recommended ranching of animals as the most dependable means of achieving peace between farmers and pastoralists The recommendation was made...
Fuel depot owners give FG five-day grace
Depot and Petroleum Products Marketers Association of Nigeria has suspended its earlier directive to shut down depots nationwide and has given Federal Government a five-day grace to pay part of...
Oil extends gains after OPEC-led group seals deal to cut supply
Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January....
Who really influences the price of oil?
Opec, Organization of the Petroleum Exporting Countries, has certainly had its share of criticism over many years. President Trump recently accused the group of "ripping off the rest of the...
Bill Gates, Elon Musk, Mark Cuban quit these 3 bad habits before they became successful
Habits and routines are powerful. They help us every day, freeing up brain space and releasing us from making countless decisions. But not every habit is good, and not breaking...
Oil prices surge after U.S., China suspend trade hostilities
Oil prices surged on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club...
Naira weakens to lowest level in 15 months
Naira yesterday exchanged for N370 to dollar at black market but many buyers were cautious of staking their fund at such rates. It was the local currency’s weakest position against...
Nigeria’s active phone lines increase to 165m – NCC
Active telephone lines in Nigeria increased from 162,058,918 in September to 165,239,443 in October 2018, Nigerian Communications Commission (NCC) has said. The commission made this known in its Monthly Subscriber/Operator...
Microsoft Is overtaking Apple as world’s most valuable company
The less-flashy company ascends the market-cap mountain by focusing on what it does best and ditching the rest. If you don’t follow the regular trials and tribulations of technology companies...
How intelligent leaders source new ideas from their team
What is one thing you can do to become a great leader? Find people who will challenge you. If you surround yourself with the best and brightest, and create a...
Revenue shortfall affects power distribution - Discos
The over N60bn revenue shortfall in the books of power distributors is slowing down the distribution of electricity across the country. According to Nigerian Electricity Regulatory Commission in its most...
CBN, MTN settle $8.1bn repatriation issue - Emefiele
Central Bank of Nigeria (CBN) Governor Godwin Emefiele says a final decision has been reached on the $8.1 billion MTN Nigeria repatriation over which it was sanctioned in August. Reacting...
Oil prices rise after 6-percent plunge, but market on edge
Oil prices on Wednesday clawed back some of the previous day’s more than 6 percent fall, supported by a report of an unexpected drop in U.S. commercial crude inventories as...
