• PENGASSAN serves strike notice over labour issues

    Ife Ogunfuwa
    The Petroleum and Natural Gas Senior Staff Association of Nigeria has issued a 21-day ultimatum to employers in the oil and gas industry to address lingering anti-labour issues or face a nationwide strike.
    The strike notice was served by the senior staff trade union after its Central Working Committee meeting in Abuja.
    According to a statement by the PENGASSAN National Public Relations Officer, Fortune Obi, on Sunday, the 21-day ultimatum to stakeholders in the oil and gas industry
  • Real estate has attracted over US$4bn institutional capital –Ogundiran

    Maduka Nweke
    With Nigeria ranking 145 out 190 countries in the World Bank Ease of Doing Business Index and acknowledged as one of the top 10 most improved economies in the world, real estate has contributed over US$4 billion of institutional capital according to 2018 statistics.
    The country has also moved up by 24 points from 169th position of 2017 to 145th position in the World Bank’2018 report, 171 out 190 from the 182nd position 2017 for countries paying taxes. It also rose to 179th fro
  • MORE Academy holds award for mortgage, real estate professionals

    As part of its commitment to foster rapid development in the housing sector, Mortgage and Real Estate Academy (MORE) Academy, a Public Private Partnership between Centre for Management Development (CMD), a parastatal of the Federal Ministry of Bud- get and National Planning and Western Atlantic Corporation Limited, are hosting the “First Award of Excellence” for practitioners and professionals in Nigerian Mortgage and Real Estate industry.
    The award which will subsequently be an annu
  • Time to explore opportunities in social housing

    Maduka Nweke
    Great opportunities abound in the social housing sector of the economy but successive governments in the country have not been able to utilise these opportunities to the benefits of the public.
    The social housing sector has all the hallmarks of a sector that will see increasing challenge over the next few years.
    Recent industry debate has focused on the need for, and means to deliver, accelerated levels of consolidation through various activities. The need for social housing stock h
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  • Private sector investment in real estate not charity –Iwuanyanwu, LTMS CEO

    Mariam Bakare
    Nigerians wishing to see solutions to the numerous chanllenges plaguing the nation’s real estate, need wait no more.
    This is because an investor, Dr Chukwuma Rome Iwuanyanwu, the Founder/CEO of Landlord Tenant Management System, says his firm is fully dedicated to ensuring that both landlords and tenants are not just availed of be-spoke solutions to their housing needs but also get good returns on investments.  He spoke with our reporter recently.
    Kindly give a brief&nbs
  • Malabu: Italian judge jails Nigerian, one other

    ’Femi Asu  with agency report
    After several years of inquiry into the purchase of an offshore oilfield in Nigeria by Shell and Eni, an Italian judge on Thursday sentenced two defendants to jail in the first ruling on one of the oil industry’s biggest graft scandals.
    The two oil majors are embroiled in a long-running corruption case revolving around the purchase in 2011 of one of Africa’s biggest oilfields – Oil Prospecting Licence 245 – for about $1.3bn.
    Nigeri
  • Lagos leads as Nigeria’s foreign debt hits $22bn

    Nike Popoola
    The country’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively at the end of the second quarter of this year, according to figures released by the National Bureau of Statistics.
    Figures from the NBS obtained by our correspondent on Thursday revealed that Lagos State had the largest share of the foreign and local debts among the 36 states of the federation and the Federal Capital Territory.
    The NBS stated, “The Nigerian states and federal debt stock
  • Taking financial inclusion to the unbanked

    Ozioma Ubabukoh
    Every year between 1990 and 2010, the number of people living on less than N700 in Nigeria per day in today’s terms fell by an average of 50 million. Today, 760 million people globally live below this official definition of extreme poverty: that is around 10 per cent. But back in the 1980’s, it was over 40 per cent.
    In the developing world, this has been a positive change on a par with the drastic reductions in famine and infant mortality.  Yuval Noah Harari&rsqu
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  • Preparing for a pension

    You must find new ways to cut your expenses and save more because your retirement may be right around the corner or years away. Regardless, saving more now will always make you better prepared. Few of us head into retirement expecting the worst. However, if you prepare for the unexpected now, you won’t get caught off guard later.
     A happy and fulfilling retirement means different things to different people. For you, it may mean transitioning from a full-time career into meaningful par
  • FG seeks farmers’ support to reduce local rice price

    Ifeanyi Onuba, Abuja
    The Federal Government on Thursday called for the support of farmers to make the price of local rice more affordable for Nigerians.
    The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this during a meeting with rice farmers, millers and processors.
    Ogbeh told stakeholders at the meeting that the need to crash the price of rice became imperative following the persistent increase in the price of the producr, especially during the Christmas period.
    He said
  • 25 stocks lead N39bn equities appreciation

    Feyisayo Popoola
    The nation’s equities market, on Thursday, gained N39bn as 25 stocks, led by Lafarge Africa Plc, appreciated at the end of trading on the floor of the Nigerian Stock Exchange.
    A total of 226.027 million shares valued at N2.342bn exchanged hands in 2,873 deals.
    The NSE All-Share Index rose by 33 basis points to settle at 32,480.89bps, while the year-to-date return improved to -15.1 per cent.
    The market capitalisation of listed equities increased by N39bn to settle at N11.85
  • Honeywell shareholders approve N475.8m dividend payment

    The shareholders of Honeywell Flour Mills Plc have approved a dividend payment of 60 kobo for every 50 kobo ordinary share, amounting to a total of N475.8m for the 2018 financial year.
    The Chairman, Board of Directors, Honeywell Flour Mills, Dr Oba Otudeko, while speaking at the company’s 9th Annual General Meeting in Lagos on Thursday, said the company’s revenue grew by 34 per cent to N71.5bn within the period under review, as against N53.2bn recorded in the corresponding period of
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  • ‘Corporate governance’ll drive investor confidence’

    An economist and financial expert has said the strengthening of corporate governance and risk management across stakeholders’ groups are among factors that will drive investor confidence in the nation’s economy and the capital market in particular.
    The Managing Partner, B. Adedipe Associates Limited, Dr Abiodun Adedipe, stated this while speaking at the 8th Annual Conference, Investiture of Fellows and Induction of Associates of the Institute of Capital Market Registrars in Lagos.
    Ac
  • Resort Savings to employ professionals for debt recovery

    Resort Savings & Loans Plc has said it will employ professionals to recover its debt at a very competitive and reasonable cost.
    The Managing Director of the bank, Mr Olayemi Rabiu, explained the delay in the capitalisation of the company in a statement on Wednesday, and assured the stakeholders that all assets of the bank would be put into good use, while recovery would be made of recalcitrant ones.
    “This will be achieved through the employment of professionals in debt recovery at very
  • Nigeria’s foreign debt rises by 17% H1’18 to $22.1bn

    The National Bureau of Statistics (NBS), yesterday, said that Nigeria’s foreign debt at the end of the first half of 2018 (H1’18) stood at $22.08 billion. This represents a 17 percent rise over the $18.9 billion recorded at the end of 2017.
    Continue reading Nigeria’s foreign debt rises by 17% H1’18 to $22.1bn at Vanguard News.
  • NNPC records N17.16bn trading surplus

    Everest Amaefule, Abuja
    The Nigerian National Petroleum Corporation has said that it recorded a trading surplus of N17.16bn in April.
    The Group General Manager, Public Affairs, NNPC, Mr Ndu Ughamadu, said this in a statement made available to our correspondent in Abuja on Thursday.
    According to him, the surplus is part of the highlights of the corporation’s Monthly Financial and Operations Report for April 2018.
    The report, the 33rd edition since the national oil firm commenced the publica
  • 408 defunct PHCN workers to get N1.05bn

    Everest Amaefule, Abuja
    A total of 408 workers of the defunct Power Holding Company of Nigeria or their next of kin have been verified and are set to receive N1.05bn, the Bureau of Public Enterprises has said.
    In a statement made available to our correspondent in Abuja on Thursday, the Director General, BPE, Mr Alex Okoh, said the National Council on Privatisation chaired by Vice-President Yemi Osinbajo had approved the payment, which he described as an outstanding labour issue in the power sect
  • Airline operators hail Nigeria Air’s suspension

    Akinpelu Dada
    The Airline Operators of Nigeria has thrown its weight behind the position of the Federal Government to suspend the planned national carrier project in the interest of the nation and to rethink the entire project.
    According to it, the nation does not need a national carrier, stressing that like what operates in advanced countries of the world, what Nigeria needed were strong private airlines that would be allowed to operate in a friendly operational environment, with a level playin
  • NBS begins survey to measure poverty rate

    Ifeanyi Onuba, Abuja
    The National Bureau of Statistics will from next Thursday commence the National Living Standard Survey, which among other indices, will show the level of poverty among Nigerians.
    The Statistician-General of the Federation, Dr Yemi Kale, said this on Thursday at a one-day stakeholders’ sensitisation workshop in Keffi, Nasarawa State.
    The last time the poverty survey was conducted was in 2010 when it was revealed that 112.51 million Nigerians were living in relative pove
  • Chevron planning to sack contract workers, unions claim

    ’Femi Asu
    The Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Association on Thursday accused Chevron Nigeria Limited of planning to circumvent labour contract guidelines and sack some contract workers.
    In a joint statement, the unions expressed worry over “the way and manner the Chevron management is executing the end of M15 and H15 contracts, which is ostensibly laced with hidden plans and intentions to unilaterally and heinously sack tho
  • World Bank approves $60m for Ogun rural projects

    Olaleye Aluko, Abuja
    The World Bank Group, through the International Bank for Reconstruction and Development, has approved $60m grant for the implementation of rural and marketing projects in Ogun State.
    It was learnt that the approval was for the World-Bank assisted Rural Access and Agricultural Marketing Project in the state, which is being done in conjunction with the state government through its counterpart funding.
    The Project Coordinator, Samuel Onabanjo, who confirmed the approval to news
  • Soyinka advises banks to invest in Nollywood

    Nike Popoola
    Nobel Laurate, Prof. Wole Soyinka, has urged banks to promote entrepreneurs in the art industry by investing in them.
    In a statement, he said this during a programme for senior management and top performing employees of Sterling Bank Plc, in Lagos.
    Soyinka, who noted that the contribution of arts to the society was mostly underrated, said there were opportunities in the industry.
    He enjoined Nollywood actors to wake up so that banks would invest more in their business, describing it
  • ‘Prompt claims payments driving Wapic Insurance’s growth’

    Nike Popoola
    Wapic Insurance Plc has said efforts put in place to give succour to insurance clients through prompt claims settlement and innovations have continued to drive its growth.
    The company said in a statement that it recorded considerable increase in its paid claims, from N1.63bn in 2015, N2.86bn in 2016 to N3.06bn in 2017.
    “This commendable growth is a valid testament to the company’s commitment to value creation and exemplary customer experience role,” it stated.
    With
  • NDIC to address risks in global financial system

    Nike Popoola
    The Nigeria Deposit Insurance Corporation says it will evolve strategies for addressing the potential risks of financial crisis in the global financial system.
    To achieve this, the NDIC said it would provide a forum for information and experience sharing among deposit insurance practitioners from multiple jurisdictions.
    This is contained in a statement signed the corporation’s Head, Communication and Public Affairs, Mohammed Ibrahim.
    The NDIC said it planned to address this is
  • NIBSS moves to improve payment system

    Nike Popoola
    The Nigeria Interbank Settlement System has said it is committed to the development of payment systems in the country.
    In a statement, the Managing Director, NIBSS, Mr Ade Shonubi, said there was a need to respond to the yearnings of the industry, particularly to the fintechs and provide payment services that would ease banking service delivery.
    For this reason, he said NIBSS would organise the maiden edition of Hackathon competition for software developers across the country, as pa
  • NEXIM, Katsina plan MoU on agric produce export

    Ifeanyi Onuba, AbujaThe Nigerian Export-Import Bank and the Katsina State Government have agreed to boost the export of Sesame seed and other agricultural products in the state.
    The bank is expected to sign a Memorandum of Understanding with the state government and set up an implementation committee to drive the project.
    The move is part of the bank’s nationwide export diversification campaign aimed at boosting the exports of non-oil products as a major revenue earner for the country.
    The
  • Enelamah canvasses active public, private sectors collaboration

    The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah,  has  called for active collaboration between the private sector and the government.
    Continue reading Enelamah canvasses active public, private sectors collaboration at Vanguard News.
  • SON reviews standards to revive ailing paper industry

    The Standards Organisation of Nigeria (SON) and other relevant stakeholders have reviewed standards to revive Nigeria’s ailing paper industry.
    Continue reading SON reviews standards to revive ailing paper industry at Vanguard News.
  • Do you need both current and savings accounts?

    Perhaps you think having a savings account is a nice, but unnecessary, banking option. But you may benefit from having both types of accounts. Having a better understanding of the differences will help you decide, according to www.bankrate.com.
    Current and savings accounts are basically an arrangement to lend money to a bank in the form of deposits, which they promise to keep safe until you withdraw or spend it.
    Current accounts
    Transactional: Traditional current accounts are transactional accou
  • NBCC, online hub seek to boost African trade

    Anna Okon
    The Nigerian British Chamber of Commerce has partnered COBCOE Connects as Africa’s first affiliated British chamber of commerce to collaborate with the online business hub to boost trade relations and connectivity among member partners and organisations across the globe.
    COBCOE Connects which is a digital hub is one of the fastest online business matchmaking platforms.
    A statement from the chamber said it was seeking to boost trade relations using the online platforms in creating