Category Archives: Business & Economy

CBN bars mortgage banks from granting dollar loans to customers

CBN-Mortgage Banks

The Central Bank of Nigeria ( CBN ) has barred Primary Mortgage Banks from granting foreign currency denominated mortgage loans to customers. The apex bank, which released the draft guidelines for the licensing and regulation of Primary Mortgage Banks, said

Third Mainland Bridge safe for motorists –FG


The Federal Government on Sunday confirmed the safety of the Third Mainland Bridge, saying that it did not pose any danger to motorists contrary to the impression created via a social media posting. In a statement made available to our

Dangote refinery’ll reduce fuel imports in West Africa –OPEC


The Organisation of Petroleum Exporting Countries ( OPEC ) has said the refinery being built by Dangote Group is expected to reduce the need for fuel imports in West Africa. OPEC, in the current edition of its World Oil Outlook,

Wema Bank, Mojec partner on meter acquisition


Wema Bank has announced its partnership with Mojec Meter Assets Management Company, a subsidiary of Mojec International Limited, to provide retail financing for electricity customers. The announcement was made at a Press Conference and Memorandum of Understanding signing ceremony held

Malabu oil block licence, nine others to expire in 2020, 2021


Ten oil block licences, including the controversial Oil Prospecting Licence 245, held by international and local firms will expire in 2020 and 2021. OPL 245, better known as Malabu oil block, is one of the biggest sources of untapped oil

Debt: AMCON takes over Micmerah International Agency


A Federal High Court sitting in Awka, Anambra State capital has ordered the Asset Management Corporation of Nigeria ( AMCON ) to take over the business and assets of Micmerah International Agency Limited. A statement from AMCON on Thursday said

India now Nigeria’s biggest crude oil buyer –says Buhari


President Muhammadu Buhari on Thursday spoke of a growing trade partnership between Nigeria and India. He stated that India had lately become the country’s biggest trade partner, especially in crude oil sales. Buhari was speaking at the Presidential Villa, Abuja,

Nigeria spends N16bn annually on beans importation – FG


Despite being the number one producer of beans in the world, Nigeria spends N16bn annually to import the produce from neighbouring countries, the Federal Government has said. Speaking at a training for journalists organised by the Open Forum for Agricultural

GTBank declares N57bn profit in Q1


Guaranty Trust Bank Plc ( GTBank ) has declared a profit before tax of N57bn in the first quarter of 2019. The bank, in its unaudited financial results for the quarter ended March 31, 2019, said its profit before tax

Google offers Android users choices to satisfy EU


Google on Thursday said users of its hugely popular Android devices would be offered a choice of five browsers and search engines as part of the company’s effort to meet EU competition concerns. The European Commission last July hit Google