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Punch We paid FG $42bn in five years – Shell:The Netherlands-based Royal Dutch Shell Plc on Monday said the economic contribution from Shell Petroleum Development Company of Nigeria Limited joint venture partners to the Federal Government was $42bn from 2011 to 2015. Oil freeze: Nigeria seeks consensus among OPEC members:Nigeria is seeking a consensus among […]

In what financial historians will record as another grand master move by Africa’s richest man Aliko Dangote, Tiger Branded Consumer Goods Plc has resolved to change its name back to Dangote Flour Mills Plc. The resolution was contained in a press release issued by the company in the website of the Nigerian Stock Exchange. The […]

UBA just released First Quarter, 2016 results which saw flat profits for the period (N16.95 bn in 2015 vs. N16.98 bn in 2016). Total comprehensive income from the period for Shareholders however fell 7.7 percent to N14 bn from N15.2 bn in the 2015 period. Nigerian banks are dealing with a tough macro environment due […]

Emir of Kano, Muhammadu Sanusi, on Monday, appealed to the 19 Northern governors to try their best in ensuring that the New Nigerian Development Company (NNDC) is brought back to life. Sanusi made this statement whenthe board of directors of the NNDC visited him in Kano. The former Central Bank Governor said the call was […]

Shell Petroleum Development Company (SPDC) has revealed that the company and the Joint Venture (JV) partners paid $42 billion to the Federal Government within the period of 2011-2015. According to a report released on the company’s website yesterday, Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCo) paid $0.6 billion and […]

As a result of incorporating the Schengen Agreement (initially signed in 1985 between just five countries) into the Treaty of Amsterdam (signed in 1997, effective in 1999), Europeans and European businesses enjoy border-less travel in most countries that are part of the European Union.  Or, at least they did. In an effort to slow Syrian, […]

A mix of bellwether global macroeconomic indicators is showing that the United States Dollar (USD) may be entering into weak territory.Although, this should concern all who hold the USD as an investment or a store of value, it has farther reaching implications (including for players in the commodity space including traders and producers of crude […]

Access Bank reports that it has set aside N1 billion in what it called “AccessNolly” Fund. The bank says that the fund is targeted at movie producers and distributors for the production and distribution of films of international quality standard. According to the bank’s Executive Director, Business Business Banking Division, Titi Osuntoki said: “The N1 billion […]Read More

The Nigeria Labour Congress (NLC) has revealed that the leadership of the Senate inflated the unit cost of the Toyota Land Cruiser jeeps it procured for Senators by over 100 percent. In a statement made available to newsmen on Monday in Abuja and signed by its President, Comrade Ayuba Wabba, the labour congress said while […]

The CBN Governor has said that Nigeria’s “import related demand for foreign exchange” rose to N102 billion monthly this year compared to a monthly average import bill of N12.4 billion in 2005; N65.6 billion in 2013; and N73.2 billion in 2014. The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, made the disclosure at […]Read More

The Government of the United States has agreed to repatriate about $480 million believed to have been stolen by the late head of state, Gen. Sani Abacha and his family back to Nigeria. According to reports, the conditions for the repatriation of the cash and other details are being worked out. The follows the recent […]

Zenith Bank Plc released its 2016 Q1 results showing pre-tax profits dropped 4% to N26.5 billion (N27.68 billion). The bank also reported that top line revenue also referred to as its gross earnings dropped by 12.2% to N99 billion. A look at the results reveals that the bank suffered a dip in non interest income […]