The Central Bank of Nigeria (CBN) has suspended its earlier directive on the implementation of cashless policy. In a circular released on Friday, the apex bank instructed banks to revert to old charges and refund customers who had been debited.
Dangote Flour Mill (DFM) owned by Africa’s richest man, Aliko Dangote announced that it has sold its noodles business and assets to Dufil Prima, makers of Indomie noodles for an undisclosed amount.
Facebook celebrated the achievements and products of its growing African developer and partner ecosystem at its annual F8 developer conference, held in San Jose, California, on 18 and 19 April.
The Nigerian National Petroleum Corporation (NNPC) has raised the stake in its commitment to diversify into the health sector in line with the Corporation’s stand to stay afloat as a commercially viable entity.
Five states are to build solar-powered mini-grids to aid the Federal Government’s efforts at improving electricity generation and supply.
As part of activities to mark its 100th anniversary this year, Nigerian financial institution, Union Bank, has announced a partnership with Co-Creation Hub (CCHub) to launch its Centenary Innovation Challenge.
The African Export-Import Bank (Afreximbank) has selected Nigeria as the preferred country to host the first of its Centres of Excellence for Healthcare Services in Africa.
Access Bank Plc has announced the appointment of Mr. Roosevelt Michael Ogbonna, as Group Deputy Managing Director to replace Mr. Obinna Nwosu who recently resigned his appointment to pursue other personal endeavours.
The Central Bank of Nigeria (CBN) yesterday carried out wholesale interventions in the interbank FOREX market by offering a total sum of $100m to authorized dealers to meet the 7 to 15-day forwards requests of customers.
Jumia Nigeria is pleased to present the 2017 edition of the African Mobile Trends Paper. This is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria.
Cros Agro Allied Ltd, a Nigerian agribusiness company, has announced a commitment to invest $65 million in the country’s potato sector.
With the cumulative loss of 4.8 million barrels in the month under review put in cost at the prevailing $55.89 per barrel for Brent crude, Nigeria is estimated to have lost over $271.8 million (N82.8 billion).
After six weeks of closure for runway repairs, the Nnamdi Azikiwe International Airport, will re-open for commercial flights operations tomorrow. The re-opening followed six weeks of low passenger traffic at the alternate airport in Kaduna.
Nigeria’s fully integrated telecommunications company, Globacom wants small businesses to adopt integrated and flexible communications plan in order to improve their efficiency, cut cost and expand their bottom lines.
Akinwumi Adesina, president of the African Development Bank (AfDB), says billionaire businessman, Aliko Dangote, may become the largest exporter of rice in the world by 2021.
The much-awaited construction of standard railway track from Lagos to Ibadan has commenced with the Managing Director of Nigerian Railway Corporation (NRC), Engr. Fidel Okhiria advising those with illegal structures on the railway right of way to leave immediately.
As OPEC discusses a six-month extension of the oil production cut agreement that it struck in November, Nigeria plans to continue ramping up its own output.
The World Bank’s Board has approved a $150 million credit to enhance the contribution of the mining sector to the Nigerian economy.
As part of efforts to educate telecommunications consumers on their rights to quality telecoms services, the Nigerian Communications Commission (NCC) said subscribers could stop unsolicited text messages if they send "STOP" to "2442".
President Muhammadu Buhari yesterday appointed 24 persons to head federal government agencies. A statement announcing the appointments which are to take immediate effect was signed by the Director of Press in the Office of the Secretary to the Government of the Federation (OSGF), Bolaji Adebiyi.
Nigeria's central bank has increased the limit on banks' foreign currency borrowings to 125 percent of shareholders' fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a circular seen by Reuters.
Nigeria has been re-elected, for the 45th time, to chair the UN Special Committee on Peacekeeping Operations, regarded as UN's most strategic committee, the News Agency of Nigeria reports.
A total of 28,667,139 users of deposit money bank (DBM) accounts in the Nigerian banking system now have their Bank Verification Numbers (BVN) issued by the system.
The Nigerian National Petroleum Corporation (NNPC) will commercialise some of its critical Information Communications & Technology (ICT) infrastructure in line with its bid to re-focus the Corporation as a commercially viable entity.
[Nigeria] Dangote Flour Mills profit soars to $30 million since reacquisition from Tiger Branded Consumer Goods of South Africa
Dangote Flour Mills has posted a profit before tax of N11.82 billion for its financial year ended December 31, 2016. According to the results released on the floor of the Nigerian Stock Exchange (NSE), the company has returned to profitability after four years of losses.
Fidelity Bank Plc grossed N152.0bn in earnings for the financial year ended December 31, 2016 and is proposing to pay a dividend of 14kobo per share to shareholders.
UNIC Insurance Plc was yesterday delisted and replaced by UNIC Diversified Holdings (UDH) Plc at the Nigerian Stock Exchange as the insurance company completed its transformation into a financial services holding group.
The combined installed capacity utilization of the Nigerian National Petroleum Corporation’s refineries located in Port Harcourt, Warri and Kaduna increased by about 29 percentage points in January 2017 compared with their performance in December 2016.
The shareholders of the pan-African financial institution, the United Bank for Africa applauded the Board, Management and Staff at the 55th Annual General Meeting of the Bank, held in Lagos on Friday April, 7, 2017.
Africa Finance Corporation, a pan-African multilateral development finance institution and project developer, has issued a US$500 million 7 year Eurobond.
A five-year, $13 million collaboration between Michigan State University and The MasterCard Foundation will help 15,000 young people access employment and entrepreneurship opportunities in the fast-growing horticulture, aquaculture, poultry, cassava and oilseed sectors in Tanzania and Nigeria.
Notwithstanding the negative growth recorded in 2016, the real estate sector is expected to grow at an average rate of 5.39 per cent between 2017-2020.
Following the success of the campaign to reward its customers last year, Zenith Bank Plc has returned with another *966# Eazybanking airtime giveaway for the Easter season.
Two weeks to the opening of the Abuja airport runway to traffic, the Minister of State, Aviation Sen. Sirika Hadi Sirika, has said the runway is 75 percent completed.
The Supreme Court of the United Kingdom in a unanimous judgment has granted a reprieve to Nigerian National Petroleum Corporation, NNPC, over a $100million Bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited.
Global communication company Grey GREY is re-entering Nigeria with immediate effect, having appointed Centrespread, one of Nigeria's largest independent advertising communications groups as its affiliate in that market
Ekene Okechukwu is Founder of Bargainmasterng.com, Nigeria's social marketplace for online sellers and buyers.
United Bank for Africa (UBA), Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members.
Oando PLC Nigeria’s indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced audited results for the year ended 31 December, 2016, with the following highlights:
VoguePay has won the “Best Fintech Startup” award at the just concluded Cashless Africa Expo. The award is in recognition to online payment in Nigeria and Africa in general.
Seed sector professionals have said that businesses selling improved varieties and high quality cassava stems for cultivation could help African farmers significantly raise their productivity.
Lidya, a leading fintech platform based in Nigeria, has announced that it has closed a US$1.25 million seed funding round to further its mission of easing access to finance for small and medium enterprises (SMEs) across Africa.
Twenty-eight beneficiaries of the Shell Nigeria LiveWIRE programme are now retooling to get a good share of the $800,000 growth fund for 2017 provided by Grofin Investment.
Official PC shipments to Nigeria fell 57.1% year on year in 2016 to total 156,511 units, according to the latest figures compiled by International Data Corporation (IDC).
The Nigerian National Petroleum Corporation (NNPC) says it has succeeded in reducing gas flaring in the Country by 26 percentage points in the last ten years from 36 per cent to 10 per cent.
Sterling Bank has launched a new five-year strategic plan that will enable the bank optimise its potential and generate better returns for stakeholders.
Merck, a leading science and technology company through its ‘Merck More than a Mother’ initiative in partnership with Asia Pacific Initiative on Reproduction (ASPIRE), conducted a panel to address challenges and solutions to improve access to regulated fertility care in Africa and Asia.
The ongoing reform of the Nigerian National Petroleum Corporation is geared towards transforming it from an oil and gas company into an integrated energy outfit with interest in power generation and transmission.
In celebration of Global Money Week, Uber and Old Mutual have announced that they will be extending its free money management course that took place in South Africa to its driver-partners in Accra, (Ghana), Lagos (Nigeria) and Nairobi, (Kenya).
Poised to attract foreign investors into the nation’s shipping sector, The Nigerian Maritime Administration and Safety Agency (NIMASA) has unveiled its plans to showcase the huge potential of the Nigerian maritime sector at the Norway Shipping holding later this week.
The Chairman of Guinea Insurance Plc, Mr Godson Ugochukwu, says the company is targeting to bring 80 per cent of Nigerians under insurance cover by 2021.
Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, today announces its 2016 fiscal year results.
Africa Finance Corporation announces that Dr Sarah Alade, its Chairman, representing the Central Bank of Nigeria, from which she officially retired on 22 March, 2017, has also stepped down from her position as Chairman of the AFC Board of Directors with effect from today.
The Governing Council of the Nigerian Chamber of Shipping (NCS) has elected its long standing vice president, Andy Isichei as its sixth President.
Cros Agro Allied Ltd, a Nigerian agribusiness company, has announced a commitment to invest $65 million in the country’s potato sector.
First Bank of Nigeria Limited is joining the rest of the world in celebrating the 2017 Global Money Week to engage children and youths on the rudiments of financial literacy.
[Nigeria] Update on NNPC’s Recovery of Crude Swap Under-Deliveries: AITEO Settles $202m Outstanding Obligations
In line with its pledge to provide members of the public with periodic updates on its recovery efforts for crude swap under deliveries, the Nigerian National Petroleum Corporation (NNPC) is pleased to confirm that it has now reached a final settlement with AITEO Group.
The Tony Elumelu Foundation (TEF) is proud to announce the selection of 1,000 African entrepreneurs, creating the 3rd cohort of the 10-year $100 million TEF Entrepreneurship Program.
United Bank for Africa (UBA) Plc, the pan-African financial services group operating in 19 African countries, has released its audited 2016 full year results, showing significant growth in gross earnings and profits.
Results Based Balanced Scorecard Certification Master Class in Nigeria, Ghana, Kenya, Ethiopia and South Africa
Citizens of the world are increasingly demanding that their governments demonstrate results. The introduction of performance management as a reform output was in response to increasing calls for governments to improve accountability and demonstrate value for money.
Biogaran, a French pharmaceutical company specialized in generic and biosimilar medicines, and a subsidiary of Servier, have announced the takeover of all the activities of Swipha, a Nigerian company that manufactures and distributes pharmaceutical products known for their quality.
World Bank approves $200m credit to Nigeria to support agricultural productivity and improve livelihoods
The World Bank today approved a $200 million credit to further support the Government of Nigeria in its efforts to enhance agricultural productivity of small and medium scale farmers in participating states.
Guinness Nigeria Plc has constructed seven hand pump water boreholes in Bebi Community, Obanliku Local Government Area (LGA) of Cross River State.
Ericsson has appointed Rutger Reman president and managing director for Ericsson Nigeria.
Kwara State Government has signed a partnership agreement with the Africa Nations Development Programme (ANDP), to build 5,000 housing units in the state.
Joint Admission and Matriculation Board (JAMB), has accredited Skye Bank as one of the selling banks for this year’s Unified Tertiary Matriculation Examination (UTME) E-Pins.
Halima Aliko Dangote was recently appointed the president of The Africa Center in New York City (with the major responsibility of raising capital for the center. The goal is to raise funds to complete the center building in New York.
The Federal Government has approved the operation of private and commercial helicopter services at the Nnamdi Azikiwe International Airport, Abuja which had been shut for rehabilitation of the runway and other facilities
With 120,000 units sold, almost all within the first six months of its October 2016 global launch, d.light's D30 Pay-Go solar home system is proving to be the fastest pay-as-you-go off-grid solar product to reach scale.
The Nigerian National Petroleum Corporation, NNPC will generate about 4, 000 megawatts of power in the next ten years to boost the supply in the country.
The World Bank’s Board today approved a $200 million credit to support the Government of Nigeria’s response to the acute humanitarian and forced-displacement crisis triggered by the Boko Haram conflict in North East Nigeria. T
Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced it is to invest US$25 million in Egyptian petrochemicals company Carbon Holdings Ltd.
Garmin in collaboration with MTN Nigeria partner to introduce a range of world class health and fitness devices to help boost fitness standards while maintaining a healthy lifestyle.
The Federal Government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement which spearheaded the backward integration policy introduced by the government.
The Nigerian National Petroleum Corporation (NNPC) on Friday announced measures to achieve full recovery of over 130 million litres of Premium Motor Spirit (PMS), also known as petrol, stored in the facilities of two indigenous downstream operators, MRS Limited and Capital Oil & Gas Limited.
Digital payment solutions provider, Mastercard has been unveiled as the headline sponsor of the 6th Edition of the CashlessAfrica Conference and Expo The event is organised by Mobile Money Africa and is scheduled for 22 to 23 March, at the Oriental Hotel, Lekki in Lagos, Nigeria.
The management of Dangote Salt and the National Agency for Food and Drugs Administration and Control (NAFDAC) () have expressed their readiness to collaborate and corroborate efforts to rid the food market of unwholesome practices by unscrupulous traders.
Integrated energy group Aiteo has announced a peak production of 90kpod just one year after its acquisition of sub-Sharan Africa’s reputedly largest onshore oil bloc OML 29.
CareerNaija has announced the result of its Job Seeker Survey 2016. As a leading job site in Nigeria, we are concerned about the rate of unemployment in the country which currently stands at over 11.2million.
Alex Okosi appointed Executive Vice President and Managing Director of Viacom International Media Networks
Viacom International Media Networks (VIMN) Africa has announced the appointment of Nigerian-born Alex Okosi as the Executive Vice President & Managing Director. Before this appointment, he was the Senior Vice President and Managing Director of VIMN Africa.
Despite the intervention of the Nigerian Communication Commission (NCC) to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce as the banks are set to take over the telecoms firm.
Guaranty Trust Bank plc has released its audited financial results for the year ended December 31, 2016 to the Nigerian and London Stock Exchanges.
Ecobank Nigeria Ltd, an affiliate of Ecobank Transnational Incorporated (ETI) has entered into partnership with Accion Microfinance Bank of Nigeria, to introduce Western Union Money Transfer Remittance services at some locations of the microfinance bank.
The federal government of Nigeria has officially announced the closure of the Nnamdi Azikiwe International, Abuja (NAIA). The government also assured Nigerians of security of life and property of all travelers.
The National Bureau of Statistics (NBS) stated that Nigeria's real GDP growth contracted to -1.30% (year-on-year) in the fourth quarter of 2016.
A new United Nations Industrial Development Organization (UNIDO) project will develop an entrepreneurship curriculum for senior secondary schools in Nigeria.
General Electric and leading entrepreneurship The Tony Elumelu Foundation have announced a partnership that would allow up to 25 Tony Elumelu EF Entrepreneurs to participate in a dedicated 4-week advanced manufacturing training program every year at GE’s Lagos Garage – a hub for advanced manufacturing-based innovation, strategy development, idea generation and collaboration
Ahead of plans by the Nigerian government to close the Nnamdi Azikiwe International Airport by March 8, 2017, Ethiopian Airlines has announced plans to route flights through Kaduna airport with daily flights with its Dream Liner during the six-week closure.
Arik Air, West and Central Africa’s largest carrier, has announced a special promotional fare that will enable passengers buy a-one-way ticket to any destination in Nigeria from N16, 000.
The South African fintech startup that slashed the costs for Zimbabweans living in SA to send money home when it launched two years ago has expanded its money transfer service into Nigeria, Ghana and Tanzania.
Nigeria is set to capture at least 10 per cent of the global market share of Liquefied Natural Gas, LNG, as part of the concerted efforts to harness the nation’s gas resources which currently stand at 192 Trillion Cubic Feet of proven reserve.
The AIDS Healthcare Foundation (AHF) has officially unveiled two newly constructed facilities in Nigeria in partnership with the Benue State Ministry of Health and Benue State AIDS Control Agency (BENSACA).
For companies in Nigeria currently battling the recession, the challenges are slowing sales and reduced earnings due to spiraling costs from high inflation and forex rates.
To complement its N7 billion Surgical and Diagnostic Centre (SDC) currently under construction, the Dangote Foundation has concluded the renovations of some sections of the Murtala Muhammed Specialists’ Hospital, Kano which gulped over N200 million.
The Nigerian National Petroleum Corporation, NNPC has expressed its commitment to grow the Nigerian Petroleum Development Company’s, NPDC, crude oil production to 500,000 barrels per day by 2020.
South Africa’s Liberty Holdings has announced that it will acquire a 75 percent stake in a Nigerian insurer, UNIC Insurance Plc, for 160 million rand ($12 million), an equivalent of N3.72billion.
African telecommunications giant MTN warned shareholders Monday to expect big losses caused by a $1 billion regulatory fine in Nigeria.
Sliide Airtime has today been named as the World’s Most Innovative App at the Global Mobile World awards, dubbed the ‘Oscars’ of the global telecom industry.
Nigeria heralds new dawn in cement production with 0.4 million tons export to neighbouring countries
Following continuous increase in its production capacity, cement manufacturer, Dangote Cement Plc has finally ended the era of Nigeria’s dependence on importation as the company exported 0.4 million tons of the product to other countries in 2016.
The process of obtaining a Nigerian visa has been likened to a “camel passing through the eye of a needle.” To visit, foreigners need to successfully navigate a maze of paperwork both before and after they get into the country.