Business

Oil prices held steady on Monday as fears of conflict between the United States and Iran eased, with investors shifting their focus to this week’s scheduled signing of an initial U.S.-China trade deal, which could boost economic growth and demand. Brent crude LCOc1 was up 1 cents at 64.99 dollars per barrel at 0737 GMT, […]

There are strong indications that a huge chunk of the $7bn reserves which the Central Bank of Nigeria under a former Governor Charles Soludo gave to 14 banks had yet to be repaid 13 years after it was collected. The CBN had in 2006 apportioned $7bn out of the nation’s external reserves, which stood at […]

The Federal Government will sign an agreement with German-based Siemens AG on Monday (today) on an electrification roadmap aimed at addressing the nation’s power crisis, our correspondent has learnt. The PUNCH exclusively reported last month that the Chief of Staff to the President, Mr Abba Kyari, had meetings with the power distribution companies and other stakeholders […]

“We’ve stopped all business transactions with Huawei and its 68 group companies… that are subject to the US government ban,” Panasonic spokesman Joe Flynn told AFP. “Yesterday an internal instruction to fully enforce that rule was issued,” he added. Flynn said Panasonic’s business with Huawei involves the supply of “electronic parts,” but declined to provide […]

The quantum of investment in the Nigerian economy by Chinese companies has hit $20bn, the President, China Chambers of Commerce in Nigeria, Mr Ye Shuijin, has disclosed. He explained that the 160 Chinese firms operating in the country had also employed over 200,000 Nigerians, noting that the companies were promoting what he called the ‘people […]

The nation’s electricity generation plunged to 2,616.7 megawatts on Tuesday, a day after heavy rainfall in Lagos damaged some power facilities and worsened supply in parts of the state. Total power generation declined to 3,978.5MW as of 6.00am on Monday from 4,297MW on Sunday, according to data from the Nigeria Electricity System Operator, an arm […]

The ongoing reconstruction work on section 1 of the Lagos-Ibadan Expressway has progressed up to 40 per cent, the Federal Controller of Works, Lagos, Mr Adedamola Kuti, has said. The completion date of section 1, also known as the Sagamu-Lagos end of the Lagos-Ibadan Expressway project, was last year reviewed up to 2021 to accommodate […]

Investors in the equities market have recorded losses amounting to N352bn following an eight-day losing streak witnessed on the Nigerian Stock Exchange. The market capitalisation of equities listed on the NSE, which rose to N10.979tn on May 3 drop below the N11tn mark, has dropped consistently, closing at N10.627tn on Wednesday. Wapic Insurance, Forte Oil […]

Nigeria supplies about 80 per cent of the total quantum of electricity consumed in the Republic of Benin but power is more stable in the neighbouring country than it is in Nigeria, the Transmission Company of Nigeria has said. Aside from the Republic of Benin, Nigeria, through the TCN, supplies power to the Republics of […]

Financial and economic experts have demanded an independent audit of the Central Bank of Nigeria following the alleged missing of N500bn. They made this call while speaking in exclusive interviews with our correspondents. The Director-General, Nigeria Employers’ Consultative Association, Mr Timothy Olawale, said despite the denial of the CBN that no N500bn was missing, there […]


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