Category Archives: Business & Economy

NIPOST, Fidelity Bank deploy banking service to 266 rural communities

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The Nigeria Postal Service and Fidelity Bank Plc on Thursday entered into a collaboration to deploy modern banking services to Nigerians in 266 rural communities. The move is part of the measures to boost the level of financial inclusion in

Buhari orders CBN to blacklist importers of palm oil, 42 other items

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President Muhammadu Buhari has directed the Central Bank of Nigeria to blacklist from the banking system any firm, its owner and top management caught smuggling or dumping any of the 43 items that are not eligible for foreign exchange. The

CBN injects $210m into forex market

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The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded last Tuesday. Figures obtained from the CBN indicated that authorized dealers in the wholesale segment

Fidelity Pension assures customers of happy retirement

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Fidelity Pension Managers Limited, one of the Pension Fund Administrators in Nigeria, has said it will continue to make pension services easy and accessible to its clients to make them retire happily. In a statement, the Group Head, Operations of

Foreign investment into Nigeria drops by 43% – UN report

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Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report. Reuters reported on Thursday that investors were put off by a dispute between the government and South African

Failed gas deal: British firm seeks seizure of $9bn Nigerian assets

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A firm incorporated in the British Virgin Islands, Process and Industrial Developments Limited, will ask a British court on Friday (today) for the right to seize up to $9bn of Nigerian government assets over an aborted gas project. The request

Maritime workers issue 14-day ultimatum to FG over unpaid wages

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Maritime Workers Union of Nigeria has issued a two-week ultimatum to the Federal Government to compel the International Oil Companies to pay all outstanding bill on stevedoring owed dockworkers, which it claimed was over a year. This was contained in

Banks begin disbursement of creative industry intervention fund

The Bankers Committee of the Central Bank of Nigeria on Thursday said it was set to commence the disbursement of funds under the Creative Industry Financing Initiative The decision to commence the disbursement of funds under the initiative was made

FG may lift land border vehicle importation ban — Customs boss

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The Federal Government may relax the ban on importation of vehicles through the land border. The government had in January 2017 ordered a ban on importation of vehicles through the land borders. The restriction on the importation of vehicles followed

Union Bank shareholders okay N54.4bn share premium reduction

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Shareholders of Union Bank of Nigeria Plc have approved the proposed reduction of N54.4bn from the bank’s share premium account in a bid to restructure its balance sheet for optimal performance. The shareholders endorsed the move during the bank’s Extraordinary