Business

Inter-Trade: Indian Oil pays $1.5bn for U.S. Oil in first annual deal
Business

Inter-Trade: Indian Oil pays $1.5bn for U.S. Oil in first annual deal

Indian Oil Corp, the country’s top refiner, has signed its first annual deal to buy U.S. oil, paying about 1.5 billion dollars for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday. IOC is the first Indian state refiner to buy U.S. oil under […]

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IPMAN Orders reduction In fuel price over shift in elections
Business

IPMAN Orders reduction In fuel price over shift in elections

In order to ease some burden on travellers during the rescheduled elections, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to reduce pump price of petrol. The association has directed its members to cut the price from N145 per litre to N140. A statement by the National President of the association, […]

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Business: UK, East and Southern Africa sign trade deal
Business

Business: UK, East and Southern Africa sign trade deal

Ahead of its March 29 exit from the European Union (EU), the United Kingdom has signed a deal with countries from East and Southern Africa to explore new and continue to trade with the region. The UK-Eastern and Southern Africa (ESA) Trade Continuity Agreement is meant to replicate the Economic Partnership Agreement that the East […]

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Uganda, MTN in bitter Face-off
Business

Uganda, MTN in bitter Face-off

President Yoweri Museveni of Uganda is at a crossroads following the falling out between the country’s biggest telecom, MTN and authorities. The country on Thursday arrested and deported of the company’s chief executive, Belgian national Wim Vanhelleputte. The president has to juggle between believing intelligence from his security agents or the pleadings of a multinational […]

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Nigeria To lose more than N140bn over election postponement – Traders
Business

Nigeria To lose more than N140bn over election postponement – Traders

Mr Ken Ukaoha, President, National Association of Nigerian Traders (NANTs) says the country will lose more than N140 billion due to the postponement of the general elections. Ukaoha disclosed in Abuja on Saturday that the postponement would affect the trading sector adversely. He noted that many traders did not open their shops due to the […]

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Illegal Bank charges: Customer slams N6.4 billion suit on Zenith Bank
Business

Illegal Bank charges: Customer slams N6.4 billion suit on Zenith Bank

A Federal High Court sitting in Lagos, Southwest Nigeria has adjourned for further hearing of the N6,441,369,617.73 suit instituted against Zenith Bank Plc, by a Lagos businessman, Olusola Adejugbe and his company Tonique Oil Services limited over alleged excess and illegal charges. By a further amended statement of claim accompanied by written statement on Oath […]

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Nigeria records 2.38% GDP growth in Last Quarter
Business

Nigeria records 2.38% GDP growth in Last Quarter

The National Bureau of Statistics(NBS) in its latest report said Nigeria’s Gross Domestic Product(GDP) in the fourth quarter grew by 2.38 per cent, a boost for President Muhammadu Buhari’s re-election campaign. The Nigerian economy slipped into recession in 2016, but has posted consistent growth since then. According to the NBS, the performance of the economy […]

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Abuja chamber Seek urgent tax reform to grow SMEs
Business

Abuja chamber Seek urgent tax reform to grow SMEs

Abuja Chamber of Commerce and Industry (ACCI), has called for urgent  tax reforms to safe Small and Medium Enterprises (SMEs) from demands for tax even before they begin to make profit. Mr Adetokunbo Kayode, President of the chambers made the call in a statement signed by Mr Gena Lubem, the Media and Strategy Officer of […]

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Mega oil companies record enormous profits
Business

Mega oil companies record enormous profits

The world’s top oil companies, the “supermajors” — US firms Chevron and ExxonMobil, Britain’s BP, Anglo-Dutch Royal Dutch Shell and Total of France – earned nearly $80 billion in net profits last year. They all boosted their bottom line, with some hitting levels not seen since a plunge in crude prices from their perch above […]

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NCS clears 1,000 containers at Apapa Port
Business

NCS clears 1,000 containers at Apapa Port

Comptroller Bashir Abubakar, Controller, Customs Apapa Area 1 Command, says more than 1,000 containers with different challenges are being streamlined for quick clearance by stakeholders at the Apapa Port. Abubakar said this in an interview with the News Agency of Nigeria (NAN) in Lagos on Friday. He said the containers had piled up due to […]

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