Lagos leads as Nigeria’s foreign debt hits $22bn
Nigeria’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively at the end of second quarter of this year, according to figures released by National Bureau of Statistics. Figures...
FG to generate N6bn from concession of 20 Silos
Federal Executive Council (FEC) on Wednesday approved concessioning of 20 out of its 33 Silos to private sector operators at the cost of N6 billion. Minister of Agriculture and Rural...
Trade war escalates as China announces tariffs on US imports
U.S.-China trade war escalated further Tuesday, with China announcing retaliatory tax increases on $60 billion worth of U.S. imports, including coffee, honey and industrial chemicals. The increases are in response...
Tax drive: Oyo seals OBJ farms, 15 others
Funmi Olaitan, Ibadan As part of its aggressive tax drive, Oyo State government on Tuesday shut down the business premises of Obasanjo Farms, located in Oluyole Industrial Estate, Ibadan, MRS...
Trump imposes tariffs on $200B more of Chinese goods
The Trump administration will impose tariffs on $200 billion more in Chinese goods starting next week, escalating a trade war between the world’s two biggest economies and potentially raising prices...
CBN to penalise banks, others for failed e-transactions
Any failed Nigerian Instant Payment transaction not reversed into the customer’s account within 24 hours, based on complaint of the sender and/or beneficiary will attract a fine of N10,000, Central...
Nigeria’s inflation rate rises after 18-month decline
National Bureau of Statistics (NBS) on Friday said the nation’s inflation rate rose by 11.23 per cent in August. NBS in its report stated that this is the first year-on-year...
Oil has steepest drop in a month as economic concerns threaten demand
Oil prices fell more than 2 percent on Thursday, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could...
US ‘likely’ has taken over as the world’s top oil producer
United States may have reclaimed the title of the world’s biggest oil producer sooner than expected. The U.S. Energy Information Administration said Wednesday that, based on preliminary estimates, America “likely...
FIRS moves against multiple taxes in LGs
As part of its moves to curb multiple taxes, Federal Inland Revenue Service has urged local government autorities to recognise stickers presented to them from other regions in the country....
Bullshit jobs and the yoke of managerial feudalism
Populism, pointless work and panicked youth: an interview with David Graeber of LSE Not since Dilbert has truth been spoken to power in soulless work settings. But the cartoon character’s...
MTN drags CBN, AGF to court over $10bn sanctions
MTN Nigeria says it has asked a Federal High court in Lagos to restrain Central Bank of Nigeria (CBN) and Attorney-General of the Federation from taking further actions in respect...
Oil prices climb as U.S. drilling stalls, Iran sanctions loom
Oil prices rose on Monday as U.S. drilling for new production stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November....
After spending 5 years studying millionaires, I've found that there are 3 types of people who end up the wealthiest
To become wealthy, there are a few things you have to do with your money. Thomas C. Corley studied and interviewed 233 wealthy individuals over the course of four years...
As Google turns 20, questions over whether it’s too powerful
Twenty years after Larry Page and Sergey Brin set out to organize all of the internet’s information, the search engine they named Google has morphed into a dominating force in...
FG to sell tax evaders’ properties
Executive Chairman, Federal Inland Revenue Service, Mr Tunde Fowler, said on Thursday that the government would sell properties built and developed in corporate names across the country on which taxes...
Nigeria’s foreign trade declines in Q2, 2018 – NBS
National Bureau of Statistics (NBS) said the country recorded foreign trade valued at N6.57 billion in the second quarter. The bureau disclosed this in its “Foreign Trade in Goods Statistics”...
Trump poised to tax an additional $200B in Chinese imports
The Trump administration may be about to slap tariffs of up to 25 percent on an additional $200 billion in Chinese goods, escalating a confrontation between the world’s two biggest...
More trouble for MTN as FG makes fresh $2bn tax demand
Federal government has slammed South African telecoms giant, MTN Group, with a $2 billion tax demand. The new tax bill incurred by the telecom firm over the last decade comes...
Amazon is 2nd US company to reach $1 trillion market value
Amazon on Tuesday became the second publicly traded company to reach $1 trillion in market value, hot on the heels of iPhone maker Apple. The milestone is another sign of...
Why do some people become richer than others?
Ability to delay instant gratification could be one of the most important factors why some people are richer than others, according to research. A team at Temple University found that...
Nigeria’s external debt rises by $11.77bn in three years
Nigeria’s external debt commitment rose by $11.77bn in the last three years, investigation has shown. According to debt statistics obtained from Debt Management Office, the country’s external debt rose from...
ExxonMobil says blockade threatens production at Nigeria oil facilities
ExxonMobil (XOM.N) said on Monday that a blockade by former employees threatens crude production at oil facilities in Nigeria, adding that “disruptions to these operations have the potential to significantly...
Barbers, vulcanisers, hair dressers, others to receive N220bn CBN loan – Official
Central Bank of Nigeria (CBN) said it had set aside N220 billion to be disbursed as loans to cooperative organisations under Micro Small and Medium Enterprises Development Fund (MSMEDF). Isaac...
Oil falls on rising output from OPEC and United States
Oil prices fell on Monday amid rising supply from OPEC and the United States, outweighing concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November. International...
Nigeria’s pension fund asset rises to N8.2 trn – NBS
National Bureau of Statistics (NBS), says Pension Fund Asset (PFA) in the second quarter stood at N8.232 trillion as against N7.943 trillion recorded in the first quarter. NBS disclosed this...
UBA appoints four new Board members
PRESS RELEASE Board of Directors of United Bank for Africa is pleased to announce appointment of four new members to its board, subject to approval of Central Bank of Nigeria...
MTN rejects CBN’s $8.13bn sanction over illegal repatriation
MTN Nigeria Communications Limited on Thursday rejected the sanction handed down by Central Bank of Nigeria (CBN) on Wednesday over alleged $8.13 billion (about N2.5 trillion at N306.15 to $)...
Apapa gridlock persists one month after Osinbajo’s intervention
More than one month after Vice-President Yemi Osinbajo visited ports in Lagos and ordered a 72-hour joint operation by security operatives to clear the gridlock in and around Apapa, little...
CBN boosts Forex market with $543m, CNY 63m
The Central Bank of Nigeria (CBN) has boosted the operations of the inter-bank foreign exchange market with about $543.22 million and CNY63.21 million after two days interventions.The bank said in...
Snake rearing a ‘lucrative’ business – Official
Abubakar Ballah, the Officer-in-Charge of Snakebite Treatment and Research Centre, Kaltungo, Gombe state, has called on Nigerians to embrace snake rearing to enhance their economic status.Mr Ballah told the News...
Oil extends decline after biggest monthly slump in two years
Oil prices fell on Wednesday after industry data showed U.S. stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years...
Fashola interested only in ‘over-priced contracts’ - DISCOs
Electricity distribution companies (DISCOs) on Tuesday accused the power ministry of being more interested in awarding “over-priced, misguided contracts” than bridge the over N1.3 trillion tariff gap in the industry...
Businesses spend N5trn yearly on generators – Official
Businesses in the country spend an estimated $14 billion (about N5 trillion) annually importing, fuelling and maintaining generators, Executive Director, Rural Electrification Funds at the Rural Electrification Agency (REA), Mr...
Zuckerberg loses more than $15 billion in record Facebook fall
Facebook Inc Chief Executive Mark Zuckerberg's fortune took a more than $15 billion (11.44 billion pounds)hit on Thursday, as the social media company suffered the biggest one-day wipeout in U.S....
Hajj 2018: Black market operators besiege Nigerian pilgrims for Forex
Foreign exchange black market operators are making brisk business from Nigerian pilgrims in Madinah, since arrival of the first batch from Kogi for this year’s Hajj. The operators, mainly Nigerians...
Google to launch 200 free Wi-Fi hotspots in Nigeria
Google on Thursday announced it would launch a network of free Wi-Fi hotspots in 200 locations and five cities across Nigeria by the end of 2019. The development comes as...
Trump, European Union leaders pull back from trade war
President Donald Trump and European leaders pulled back from the brink of a trade war over autos Wednesday and agreed to open talks to tear down trade barriers between the...
EU fines Google a record $5 billion over mobile practices
European regulators came down hard on another U.S. tech giant Wednesday, fining Google a record $5 billion for forcing cellphone makers that use the company's Android operating system to install...
With $150 billion, Jeff Bezos is now the richest man in modern history
Just as Prime Day was kicking off, Amazon CEO Jeff Bezos on Monday reportedly became the richest man in modern history. According to Bloomberg Billionaires Index, which tracks net worth...
