Business News

Central Bank of Nigeria has opposed plans by MTN to charge their subscribers for Unstructured Supplementary Service Data access to banking services from October 21. Governor of CBN, Mr Godwin Emefiele, gave the bank’s position at a news briefing by the Nigerian delegation to the just-concluded World Bank/IMF Annual Meetings, in Washington on Sunday. MTN, in an SMS message to its subscribers, had said the decision was on the request of the banks and would take effect from October 21. “Yello, as requested by your bank, from October 21, we will start charging you directly for USSD access to banking…
Central Bank of Nigeria (CBN) has vowed to impose stiffer sanctions on any commercial bank and blacklist customers that flout its minimum loan-to-deposit ratio (LDR) policy focused on increasing lending to the real sector of the economy. Director, Corporate Communications, CBN, Mr Isaac Okoroafor, disclosed these in a chat on the sidelines of the ongoing International Monetary Fund/World Bank Annual Meetings in Washington DC, United States. Specifically, it warned that any bank found to be disbursing loans to customers who subsequently invest such funds in treasury bills and other money market and capital market securities, would be sanctioned and the…
Nigerians should brace for new taxes on soft drinks, Minister of Finance, Budget and Planning, Mrs Zainab Ahmed, said on Thursday. Responding to reporters’ inquisitions on the sidelines of the ongoing Annual Meetings of International Monetary Fund (IMF) and World Bank in Washington DC, the minister said the new tax is part of plans by the government to widen the revenue net. She, however, disagreed that revenue generation was the motive behind the closure of Nigeria’s land borders with its West African neighbours. Rather, she said the lack of cooperation from neigbhouring countries in checking the influx of goods into…
James Hope College (JHC) has announced acquisition of American International School Lagos (AISL) Lekki Campus facility to establish James Hope College in Lagos. This was disclosed at the signing ceremony held yesterday at Civic Centre, Victoria Island, Lagos. The event had Governor of Lagos, Mr Babajide Sanwo-Olu, United States Ambassador represented by Carol Cox, Chairman of AISL Board, Ali Safieddine and other prominent persons in attendance. While giving his speech at the event, Founder/Chairman of James Hope College, Mr Jim Ovia stated that the College would continue to offer full scholarship based on merit, to 40% of all the students…
Ghanaian Foreign and Regional Integration Minister, Mrs Shirley Ayorkor Botchwey, has appealed to the federal government to allow goods from her country into Nigeria. Federal government had closed its borders since August for the purpose of checking smuggling. Speaking during a meeting with Nigeria’s High Commissioner to Ghana, Mr Olufemi Abikoye, Botchwey said goods from Nigeria are entering Ghana. She said Ghanaian government would deploy all diplomatic channels to ensure that Nigeria reopens its borders to the sub-region for free movement of goods. The minister said Ghanaian traders had incurred huge losses because their goods have been detained for weeks…
Oil prices dropped again on Tuesday after falling heavily in the previous session, as weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-China trade deal announced by President Trump late last week. Brent crude futures (LCOc1) fell 30 cents, or 0.5%, to $59.067 barrel by 0142 GMT, while U.S. West Texas Intermediate (WTI) crude futures (CLc1) was at $53.38 a barrel, down 21 cents or 0.4%. “China’s exports and imports shrunk more than expected in September, as ongoing tariffs and a slowdown in global trade undercut demand,” analysts at ANZ bank wrote in…
Co-workers or any difficult people in your life don't have to cause you so much angst. The only certainties in life may be death, taxes, and the presence of difficult people. Whether it's co-workers or anyone you find hard to deal with, we all go through it. Regarding the former, a study among 5,000 office workers titled "The Global Human Capital Report" indicated that 85 percent of co-workers have to deal with interpersonal conflict of some sort at work. Interacting with difficult people drains our energy, productivity, and even happiness. But those that are oil to your water don't have…
Federal government says it is determined to recover over $62 billion from multi-national oil companies for ‘under-payment’ to the country since 1998. Under the country’s joint operating agreement, Nigeria is authorised to review the existing profit-sharing formula with its partners once crude oil prices at the international oil market rise above $20 per barrel. But, the Minister of Justice, Mr Abubakar Malami, was quoted to have said that Nigeria was unable to enforce the law since October 1998 when oil prices rose above the agreed threshold. Reuters reported the Minister as confirming that the joint venture partners with the Nigerian…
Nigerian National Petroleum Corporation (NNPC) says it has discovered hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North Eastern part of the country. The corporation disclosed this in a statement signed by its acting spokesperson, Mr Samson Makoji, in Abuja on Friday. It would be recalled that drilling of the Kolmani River II Well was flagged-off by President Muhammadu Buhari on February 2nd. Makoji said NNPC acquired 435.54km2 of 3D Seismic Data over Kolmani Prospect in Upper Benue Trough, Gongola Basin. He said this was to evaluate Shell Nigeria Exploration and…
Saturday, 12 October 2019 06:01

Uber launches boat service in Lagos

Global ride-hailing firm Uber Technologies Inc on Friday launched a pilot test of a boat service in Nigeria’s commercial capital Lagos to attract commuters seeking to avoid the megacity’s notoriously congested roads. United Nations predicts that Nigeria’s population will more than double to 400 million by 2050, which would make it the third most populous country in the world after China and India. The combination of population growth and congestion has made Nigeria, and more broadly West Africa, attractive to foreign transport companies. Uber’s chief business officer told Reuters in June the company planned to launch the service to carry…
December 20, 2024

Naira expected to weaken further, says CBN business survey

Nigerian businesses anticipate further depreciation of the naira through early 2025, despite maintaining overall optimism…
December 20, 2024

Atiku questions alleged hack of NBS website, says timing suspicious

Former Vice President Atiku Abubakar has raised concerns over the recent claim that the website…
December 15, 2024

102-year-old on living a long, happy life: 'I don't do exceptions'

Often, centenarians, people ages 100 and up, say their purpose in life keeps them going,…
December 21, 2024

‘Professional Back-Scratchers’ charge up to $130 per hour

The Scratcher Girls is an unconventional relaxation therapy studio that charges clients up to $130…
December 21, 2024

NAFDAC busts illegal rice repackaging operations in Nasarawa, Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has cracked down on…
December 21, 2024

Here’s the latest as Israel-Hamas war enters Day 442

Israeli military says Yemen missile lands near Tel Aviv, 14 lightly injured, ambulance service says…
December 20, 2024

OpenAI launches voice and text access to ChatGPT through new phone service

OpenAI has introduced a novel way to interact with its popular ChatGPT artificial intelligence system…
December 17, 2024

Ademola Lookman named 2024 CAF Men’s Player of the year. These players won in other…

Ademola Lookman, the Super Eagles winger, was crowned the 2024 CAF Men’s Player of the…

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