• 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
  • Shell to start gas production in Niger Delta

    Anglo-Dutch oil major Royal Dutch Shell has started gas production from the second phase of the Gbaran-Ubie project in Nigeria’s Niger Delta, the company said on Wednesday.
    The project is an expansion of the Gbaran-Ubie development which opened in June 2010.
    Shell, through its Shell Petroleum Development Company of Nigeria subsidiary, said the project would reach peak production of around 175,000 barrels of oil equivalent per day in 2019.
    Shell Petroleum Development Company of Nigeria is t
  • Capital imported into Nigeria increases 95% in Q2 2017 – NBS

    The value of capital imported into Nigeria in the second quarter of 2017 rose by $884.1 million to stand at $1.79 billion, the National Bureau of Statistics, NBS, has said.
  • FG, States, LGAs share N467.8bn for August

    From Uche Usim, AbujaThe Federal Accounts Allocation Committee (FAAC) Tuesday revealed that the three tiers of government shared N467.852 billion as against July figure of  N652.229 billion they got in July.
    The crash in shared revenue also reflected in gross statutory revenue received for the month which dropped by N183.266 billion to N387.319 billion compared to N570.584 billion received in previous month.The Permanent Secretary, Ministry of finance, Dr. Mahmoud Isa Dutse while addressin
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  • Pig: Livestock of tremendous profitability

    Arinze Onebunne
    Despite the huge profitability of pig farming, many Nigerians are still overlooking this goldmine because of being ignorant on how it really works. While some don’t just get the fact that it is a money spinner, many who engage in it do it as a part time business. But if you can engage in this business fully, you will make millions.
    It may come as a surprise to those of us in Nigeria that love pork meat; that pork has the highest consumption rate of all meat types worldwide.
  • Are you losing sleep over school fees?

    Author of ‘Practical Steps to Financial Independence and personal finance coach,’ USIERE UKO, writes about the self-inflicted pressure arising from school fees we can’t afford   
     School resumption is not the best of times for many parents. While the child may be excited about moving to a new class, the parent may be wondering how the money will come together. Many parents are losing sleep, trying to figure out how to raise money to pay fees for the school t
  • Equities market appreciates by 1.03%, 21 gainers emerge

    Stanley Opara
    The Nigerian stock market soared by 1.03 per cent at the close of trading on the floor of the Nigerian Stock Exchange on Tuesday as 21 gainers emerged.
    A total of 244.315 million shares worth N3.672bn exchanged hands in 3,829 deals, with 22 stocks making the losers’ chart.
    The NSE market capitalisation appreciated to N12.739tn from N12.609tn, as the All-Share Index closed at 36,962.48 basis points from 36,584.44 basis points.
    The day’s gain pushed the year-to-date retur
  • Utomi floats $135m commodities exchange

    Stanley Opara with agency report
    Integrated Produce City Limited is developing a new agricultural commodities exchange to take advantage of the government’s efforts to boost farming output to reduce reliance on oil.
    The Exchange will be located near the southern city of Benin, about 300 kilometers (186 miles) east of Lagos, Nigeria’s commercial hub, a site accessible to nearby growers of cocoa, palm oil, rubber and cassava, its  Chief Executive Officer, Pat Utomi, said in an int
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  • Banks’ lending to oil, gas sector down by 1.33% in Q2, 2017

    By Adewale Sanyaolu
    Nigeria commercial banks’ lending to the oil and gas sector dropped by 1.33 percent in the second quarter of 2017, according to the latest report by the National Bureau of Statistics (NBS).
    According to the sectoral allocation of banking sector credit for the quarter contained in the NBS report, lending to the oil and gas sector stood at N3, 528,162.53 as against 3,575,664.85 in preceding quarter, representing a shortfall of 1.33 percent.
    ‘‘In terms of credi
  • How blockchain’ll disrupt banking sector, by experts

    By Christy Dada
    Many people have the opinion that the blockchain technology would do to banks what email did to post offices because technology evolves. However, many industries are finding new ways to use blockchain technology to solve problems and cost. As a consequence, startups are springing up in droves, looking to leverage on new opportunities. Blockchain network lives in a state of consensus that automatically  checks in with itself every 10 minutes. 
    These and many more were di
  • MTN urges girls, women to tap into ICT opportunities

    By Olabisi Olaleye
    MTN has thrown its weight behind the global campaign by the International Telecommunications Union (ITU) to encourage more girls and young women to consider careers in the ICT industry, recognising that they are critical to the sustainability of ICT in Nigeria.
    MTN Nigeria’s general manager in charge of regulatory affairs, Oyeronke Oyetunde, said the empowerment of the female folk has taken on a new urgency, especially with many countries now forecasting a shortage of sk
  • NCC justifies new code of corporate governance

    By Olabisi Olaleye
    The executive vice chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has said the Code of Corporate Governance for the telecommunications industry recently activated by the commission would usher in a crop of fresh and visionary leaders in the industry.
    Danbatta, who spoke on the sidelines of a workshop in Lagos to sensitise stakeholders on the new code,noted that the commission was not being reactive to recent happenings in the industry with the a
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  • Telecoms operators to lose $386bn revenue

    By Olabisi Olaleye
    With the increasing adoption of over the top (OTT) applications by telecommunications  subscribers, traditional telecommunication operators would experience a global revenue loss of $386 billion over a period of six years (2012 to 2018), thus endangering network development.
    This was the submission of Ovum, the independent analyst and consultancy firm.
    Increasing usage of OTT services by customers is adversely impacting on traditional telecommunications platforms. Accordi
  • FG tasks MDAs, others to seek approval for IT procurements

    … Coordinates PKI for Nigeria
    By Steve Agbota
    The Federal Executive Council (FEC) has said that all Ministries, Departments and Agencies (MDAs) as well as other ICT organisations in the country should seek IT project approval from the National Information Technology Development Agency (NITDA), in order to avoid past experiences of huge losses incurred through multiple or conflicting projects.
    The directive also entails the harmonisation of  public key infrastructure-related projects
  • Six things to expect from Google’s N13,000 smartphone

    During its Google for Nigeria engagement on Thursday, July 27, 2017, Chief Executive Officer of the global digital giant, Sundar Pitchai, announced the company’s plans to launch an affordable mobile device for the Nigerian market. Produced by Japanese smartphone brand, Freetel, the ICE 2 smartphone will go on sale for N13,000 (about $40).
    The announcement has generated heightened expectations among Nigerians, many of whom are excited about the prospects of a moderately-priced smartphone in
  • NNPC warns against fake crude oil allocation offers

    By Adewale Sanyaolu
    The Nigerian National Petroleum Corporation (NNPC), has warned members of the business community to be wary of the activities of fraudsters circulating fake letters of crude oil allocation.
    Group Managing Director of NNPC, Mr. Maikanti Baru, gave the warning at the presentation of commendation letters to 12 staff of the Crude Oil Marketing Division (COMD) of the Corporation in Abuja, Tuesday.
    Baru said the activities of the international fraudsters created an unnecessary dist
  • How we saved economy from collapse –Emefiele

    From Uche Usim, Abuja
    As the country gradually recovers from the shocks of economic recession, the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday said the apex bank deployed various import-substitution strategies since 2014 to save the economy from total collapse.
    The CBN boss, while delivering his keynote address entitled, “The Dilemma of Monetary Policy During a Recession: Potential Options for Nigeria”, at the 57th Annual General Conference of the Nigerian
  • NLC to FG: Stop N38bn bailout to Discos

    From Magnus Eze, Abuja
    The Nigeria Labour Congress (NLC) has called on the Federal Government not to release the proposed N38 billion bailout to electricity distribution companies (Discos) for metering, just as it claimed that the nation’s power reform has gulped about N11 trillion in 16 years.
    NLC President, Ayuba Wabba, stated this while inaugurating the new leadership of Labour Correspondents Association of Nigeria (LACAN) in Abuja yesterday.
    He regretted that the present administration
  • Verification exercise aimed at providing accurate database, others — PTAD

    PENSION Transitional Arrangement Directorate, PTAD, has explained that the ongoing biometric verification of Federal Civil Service pensioners is aimed at providing accurate database and eliminate ghost pensioners who may want to benefit from the payment of pension allowance.
    Executive Secretary of PTAD, Sharon Ikeazor, while speaking in Osogbo, Osun State, at the biometric verification of pensioners who retired from the federal civil service, under the Defined Benefit Scheme, DBS, in the so
  • Nigerian companies can make 500% profit from Logistics industry—Ozor, Kobo CEO

    By Princewill Ekwujuru & Destiny Eseaga
    THE Founder and Chief Executive Officer of KOBO, a  longistics firm, Mr. Obi Ozor, has said that Nigerian companies can  make close to 500 percent profit if they invest in the estimated yearly $80billion logistic industry.
    He disclosed this at the 2017 Logistics Professional Conference in Lagos tagged, “Leveraging technology to increase profits in logistics” organised by KOBO in partnership with Techpoint.ng, Zippy Logistics and o
  • Flour manufacturers intensify competition despite soaring demands

    …Golden Penny, Crown Flour and Honeywell battle for supremacy
    By Princewill Ekwujuru & Chinenye Chianumba
    AMIDST rising sales profile, indigenous flour  producers are grappling with the high demand for the product, alongside fierce competition, which  has triggered a flurry of activities in the over $2billion flour market.
    Golden pennyFlour which is the major ingredient for production of various confectionaries such as biscuit, bread and other snacks, has witnessed growth fo
  • Choosing between fixed deposit and savings account

    Finding an investment product that best meets your unique needs can be confusing and frustrating. There are so many out there, including mutual funds, money markets, stocks and bonds, to name a few. Books have been written comparing and contrasting each one of these. This article will focus on just two — fixed deposit and savings accounts. Given the current economy and the lower rates of interest, does either of these make any sense today?
    According to www.moneytips.com and www.moneytips.c
  • Pensioners threaten mass action over 6 years unpaid benefits

    …as PenCom fumes over moves to exclude paramilitary from CPS
    By Victor Ahiuma-Young & Emmanuel Elebeke
    FEDERAL Ministry of Agriculture and Rural Development’s pensioners have threatened mass action over their unpaid pensions and other entitlements for the past six years. This is as the National Pension Commission, PenCom, is fuming over ongoing moves to exclude paramilitary organisations including the police from the Contributory Pension Scheme, CPS.
    A bill seeking to amend the
  • CBN calls for import reducing policy as Nigeria’s monthly import bill rises by 95% to N588bn

    By Babajide Komolafe
    LAGOS— The Central Bank of Nigeria, CBN, yesterday said the country’s average monthly import bill rose by 95 per cent to N588 billion in 12 years.
    CBN Governor, Mr. Godwin Emefiele, disclosed this in Lagos in a keynote lecture delivered at the 2017 annual general conference of the Nigeria Bar Association, NBA, where he also advocated policies to reduce the nation’s monthly import bill.
    Imported apples and grape in NigeriaEmefiele noted that the sharp increa
  • Kano owes pensioners N11.2bn unpaid benefits -NLC

    By AbdulSalam Muhammad
    NIGERIAN Labour Congress, NLC, has pleaded with the Kano State government to pay pensioners their backlog of unpaid benefits, lamenting that the state government owed over N11.2 billion of gratuities, death benefits and pension arrears.
    Kano NLC chairman, Kabir Ado Minjibir, disclosed this on a local radio station programme, while speaking on the recently released Paris Club refund by Federal Government to states.
    Minjibir said the huge outstanding to w
  • Nigeria’s forex inflow hits $1.79bn in Q2 ’17 — NBS

    95% increase over Q1
    By Yinka Kolawole
    THE National Bureau of Statistics (NBS) has estimated total value of capital imported into Nigeria in the second quarter of 2017 at $1.79 billion. Capital importation denotes inflow of foreign currency into the country in cash or goods by investors or lenders.
    In a report released yesterday, NBS noted that foreign currency inflow in the second quarter was $884.1 million more than the figure recorded in Q1 2017, representing a growth of 95 percent. “Th
  • FIRS moves to combat tax evasion, signs multinational agreemeents

    EXECUTIVE Chairman of Federal Inland Revenue Service, FIRS, Mr. Tunde Fowler, has signed two major multilateral instruments – Multilateral Convention to Implement Tax Treaty Related Measures to prevent Base Erosion and Profit Shifting, MLI, and the Common Reporting Standard Multilateral Competent Authority Agreement (CRS MCAA).Fowler signed the agreements on behalf of Nigeria in Paris, with Mr. Ben Dickinson, Head of Global Relations and Development Division of the Organisation for Economi
  • ABCON laments unfair competition against BDCs

    By Babajide Komolafe
    ASSOCIATION of Bureaux De Change Operators of Nigeria (ABCON) has lamented the unfair competition against BDCs in the weekly dollar sale of the Central Bank of Nigeria (CBN).
    ABCON President, Alhaji Aminu Gwadabe, who made this known to journalists stated: “BDC business has been badly affected by uncompetitive rate as the CBN sells dollars to BDCs at higher rate compared to what the regulator sells to commercial banks, yet both target the same market segment and custom
  • Fraudsters circulating forged crude oil allocation letters, says NNPC

    Okechukwu Nnodim, Abuja
    The Nigerian National Petroleum Corporation on Tuesday warned oil sector operators about the activities of conmen specialising in circulating forged letters of crude oil allocation with the intent of defrauding unsuspecting buyers or members of the public.
    Speaking at the presentation of commendation letters to 12 personnel of the Crude Oil Marketing Division of the corporation in Abuja, the NNPC’s Group Managing Director, Dr. Maikanti Baru, said the activities of t
  • Govt revenue declined by N183.2bn in July

    Ifeanyi Onuba, Abuja
    The revenue accruing to the federation account from oil and non-oil sources recorded a decline of N183.26bn from N570.58bn received in the month of June to N387.31bn in July.
    The figures were revealed in a communiqué issued on Tuesday by the Federation Account Allocation Committee at the end of its meeting.
    The Permanent Secretary, Federal Ministry of Finance, Mahmoud Dutse, read the communiqué, which was signed by the Accountant General of the Federation, Mr.