Business143 Videos

Trump got $413M from his dad, much from tax dodges

The New York Times reported Tuesday that President Donald Trump received at least $413 million from his father over the decades, much of that through dubious tax dodges, including outright fraud. The 15,000-word Times report contradicts Trump’s portrayal of himself as a self-made billionaire who started with just a $1 million loan from his father. […]

World shares mixed on news that Italy may ease spending

Global shares were mixed Wednesday after reports suggested Italy will rein in spending after 2019, following heavy criticism of its budget plans. KEEPING SCORE: The CAC 40 in France edged 0.1 percent higher to 5,472.12 and Britain’s FTSE 100 added 0.1 percent to 7,482.23. Italy’s FTSE MIB gained 0.3 percent to 20,623.32, after a string […]

Zimbabwe’s 2018 budget deficit seen at 11.1 percent of GDP

Zimbabwe’s budget deficit will more than double to 11.1 percent of gross domestic product this year from an initial forecast of 5 percent due to runaway government spending, a senior treasury official said on Monday. President Emmerson Mnangagwa’s government cranked up spending by increasing public sector salaries and purchasing farming inputs for rural farmers ahead […]

Nigeria ranks low in META region’s ICT growth index

Information and Communications Technology (ICT) growth index for Middle East, Turkey and Africa (META), has ranked Nigeria low behind Kenya, South Africa, and the United Arab Emirate (UAE). According to the International Data Corporation (IDC), the META region holds greater developmental keys, especially for the adoption of new technologies. Speaking to journalists, IDC Group Vice […]

Zimbabwe sees 2019 budget deficit at 4 percent of GDP

Zimbabwe wants to reduce its budget deficit to 4 percent of gross domestic product in 2019, down from an 11.1 percent forecast this year through various expenditure cuts, Finance Minister Mthuli Ncube said on Thursday. The deficit widened after President Emmerson Mnangagwa’s government cranked up spending by increasing public sector salaries and purchasing farming inputs […]

Carmakers lure ride-hailer, delivery drivers in Africa

At Suzuki Motor Corp’s showroom in the Kenyan capital, hundreds of its Alto compact cars are waiting to be collected. Most of the customers are drivers for ride-hailing company Uber Technologies, which struck a loans and discount deal with the Japanese carmaker and South Africa’s Stanbic Bank, at the beginning of the year. Africa should […]

World Bank, others throw up competition for architects in low-cost housing

Following increase in natural disasters that have ravaged communities around the globe, a new search for architectural designs that will withstand such catastrophe has begun in earnest. The World Bank, UN-Habitat, Build Academy, Airbnb, and Global Facility for Disaster Reduction and Recovery are promoting the competition that majorly targets architects around the world to develop […]

SEC to tackle identification theft in capital market

Worried about the increasing level of identity theft in the nation’s capital market, the Securities and Exchange Commission (SEC), said yesterday it was currently working in collaboration with major stakeholders in the market to set up a committee that would proffer solutions to problems associated with identity management. Identity theft is the deliberate use of […]

NDIC’s premium contribution pool exceeds N1tr

Premium contributions by insured financial institutions in the country, under the supervision of the Nigeria Deposit Insurance Corporation (NDIC) have risen to N1.07 trillion, according to the compilation of separate figures obtained by The Guardian. Premium contribution forms a major component of the resources available to a deposit insurer (NDIC), which strengthens its capacity to […]

South African rand edge higher in early trade

South Africa’s rand rose in early trade against a softer dollar on Wednesday, in line with a rise in local bonds and stocks as investor appetite for riskier assets was boosted. At 0650 GMT, the rand traded 0.25 percent firmer at 14.0600 per dollar, after closing at 14.0950 in New York. The currency is expected […]

Trump thanks Saudi Arabia for lower oil prices

US President Donald Trump thanked Saudi Arabia Wednesday for lower oil prices — a day after pledging the US would remain a “steadfast partner” of the kingdom despite the murder of a dissident journalist. “Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82,” he […]

Africa missing out on boom in Chinese tourism

African countries are missing out on a boom in Asian tourism, mainly from China, and must ease visa and entry requirements to tap into a historic shift generating billions of dollars in revenue, government officials and industry leaders said. Over 97 million Chinese travelled abroad last year, according to research group Euromonitor, and as household […]

Qatar to quit OPEC in 2019

Qatar is to leave OPEC next month in order for the Gulf state to focus on gas production, Energy Minister Saad al-Kaabi announced on Monday. “Qatar has decided to withdraw its membership from OPEC effective January 2019,” Kaabi said at a Doha press conference. He added that Qatar would still continue to produce oil but […]

IMF agrees new loan programme for Sierra Leone

The International Monetary Fund (IMF) board has approved a new $172 million loan programme for Sierra Leone to help the West African country combat rising inflation and lacklustre economic growth. The 43-month agreement follows a previous $240 million financing plan that was suspended in February over foot-dragging on reforms such as taxing luxury car imports, […]

NIMASA challenges piracy reports on Nigerian waters

The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has called on the International Maritime Bureau (IMB) to ensure fairness and balance in its reportage of piracy issues on Nigeria’s territorial waters. Peterside regretted what he described as ‘exaggeration of reports’ on incidences on the country’s waterways by the IMB, a specialised […]

South Africa’s manufacturing output jumps, boosting rand

South Africa’s manufacturing output rose more than expected in October to its highest level since June 2016, data showed on Tuesday, lifting the rand as the economy showed further signs of recovering from recession. Africa’s most industrialised economy slipped into recession after contractions in the first two quarters of the year, but bounced back strongly […]

S.Africa’s Shoprite faces hefty fine for anti-competitive behaviour

South Africa’s Competition Commission on Thursday recommended Shoprite’s retail unit, which houses the country’s biggest supermarket chain, be fined 10 percent of its turnover for anti-competitive behaviour. Shoprite shares fell more than 4 percent after the commission referred it to the country’s Competition Tribunal, which will ultimately decide if the commission’s charges and proposed fine […]

Cheque transactions fall 5% as BVN-linked accounts hit 36m

Transactions carried out through cheques fell by 5.02 per cent in 2018, against 2017 levels, indicating that more customers are embracing other payment alternatives, especially electronic. Statistics obtained from the Nigerian Interbank Settlement System (NIBSS), showed that in 2017 there were 10,814,991 volume of cheques valued at N5.3 trillion. But in 2018, the volume of cheques […]

Nigeria recovers N1.2tr unpaid oil debts, may revoke debtor licencees

Nigeria’s Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, disclosed that the Federal Government had recovered no less than N1.2 trillion in unpaid royalty from crude oil sales, following the Ministry’s automation initiatives.With some oil firms yet to remit their royalty to the Federal Government at the expiration of the statutory deadline, the Minister […]

Poll shift hits exchange rate, stock market loses N196 billion

The financial services sector yesterday reacted negatively to the uncertainty in the nation’s political environment as investors priced in the risks of election postponement on the stock market and exchange rate. The development came just as analysts polled by The Guardian at the weekend predicted that investors and financial transactions would plummet as a first […]

‘Developing nations to push oil demand to 130mbpd’

Developing countries across the world will push demand for oil to about 130 million barrels per day (mbpd) by 2040, BP’s 2019 Energy Outlook, which accessed the future of fossil fuel, has said. Indeed, the report noted that although the use of fossil fuel is projected to decline due to the push for alternative energy, […]

Nigeria stocks, bonds rise after presidential election

Nigeria’s stocks and bonds rose on Monday after the conclusion of a presidential election over the weekend lifted a layer of political uncertainty in Africa’s biggest economy, traders said. The electoral body has started to count votes in the closely-fought election that pitted President Muhammadu Buhari against businessman Atiku Abubakar but it is unclear when […]

Enabling business, stimulating growth as next economic strategy

Enabling business includes the promotion of norms and customs, laws, regulations, policies, international trade agreements and public infrastructure that facilitate the movement of a product or service along its value chain. The reverse is inhibitive. For long, Nigeria has suffered from the inhibitive developments, wittingly and unwittingly, with its economic consequences, including the reputational risks […]

Tokyo stocks close higher on US-China trade hopes

Tokyo’s benchmark Nikkei index gained more than one percent Monday on hopes the United States and China will avoid escalating trade frictions, with a cheaper yen also supporting the market. The Nikkei 225 index added 1.02 percent, or 219.35 points, to close at 21,822.04, while the broader Topix index climbed 0.73 percent, or 11.87 points, […]

South Africa’s Bidvest appoints CEO in waiting

South Africa’s Bidvest Group has appointed Mpumi Madisa as chief executive designate to ensure a smooth transition into the top job, the company said on Monday. Madisa will work closely with current CEO Lindsay Ralphs until the 2021 financial year, the trading, distribution and services company said after posting a close to 10 percent rise […]

Nigerian, Canadian firms in N7.2b telecoms infrastructure deal

Nigerian firm, Pan African Towers (PAT) Limited, has entered into a N7.2 billion ($20 million) telecoms infrastructure investments deal with Canadian firm, Watt Renewable Corporation. Under the terms, Watt Renewable will provide alternative energy solutions like solar and other renewable to all towers owned and managed by PAT in Nigeria, to help the latter reduce […]

CBN governor restricts forex for textile products

Central Bank of Nigeria (CBN) Governor Godwin Emefiele yesterday described as wicked his alleged removal from office. He insisted that he had not received any memo from the presidency directing him to leave. Emefiele debunked the rumour yesterday in Abuja at a stakeholders’ meeting with textile manufacturers and cotton farmers where he announced the inclusion […]

FG boosts financial inclusion with TraderMoni

With over 23 million Nigerians financially excluded, the introduction of TraderMoni by the Federal Government in conjunction with Bank of Industry could not have come at a better time. According to a 2018 World Bank report, 6% of Nigerian adults use a mobile money account; this is small compared to 21% in sub-Saharan Africa overall. […]

NSE set to list 30-year FGN Eurobond

The Nigerian Stock Exchange (NSE), will on Thursday, March 7, list 5 tranches of the Federal Government (FGN) Eurobond. They include; 7.143%, 12-Year, $1.25billion FGN Eurobond; 7.696%, 20-Year, $1.25billion FGN Eurobond; 7.625%, 7-Year, $1.118billion FGN Eurobond; 8.747%, 12-Year, $1billion FGN Eurobond; and 9.248%, 30-Year, $750million Eurobond under the auspices of Nigeria’s newly established Global Medium […]

South Africa central bank still sees 2019 growth at 1.7 pct

South Africa’s central bank still expects the economy to grow by 1.7 percent this year and 2 percent in 2020, governor Lesetja Kganyago said on Wednesday after the latest fourth-quarter data showed an annualised growth of 0.8 percent. Kganyago said rising fuel and electricity prices posed a domestic risk to the inflation outlook, while the […]

IMF moves against early retirement in developing nations

The International Monetary Fund (IMF), has warned developing nations to be wary of early retirement and attendant effect on the economy. This is as IMF has projected at least two per cent rise in the global Gross Domestic Product (GDP) of cost of public pensions by 2050. According to the world monetary body, many emerging […]

MTN IPO to be executed in two phases amid row with FG

The long-awaited listing of the shares of South Africa-based, mobile network provider, MTN, will now be executed in two phases for better value, which will commence at the end of the second quarter or at the latest early third quarter.The phased listing, which will not be as big and extensive as initially anticipated, is to […]

AMCON seeks reintroduction of Failed Bank Act

Worried by the resurgence of huge toxic loans in the banking sector, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, yesterday, in Lagos, called on the financial regulators to revisit the Failed Bank Act, to make bankers accountable for their actions. He equally urged banks to immediately strengthen […]

‘VAT increase will pressure stock price, reduce patronage’

Capital market experts have faulted the proposed upward review of Value Added Tax (VAT), saying its implementation would further depress stocks’ price and increase transactions cost in the bourse. Already every purchase or sale of shares by stockbrokers to investors attracts five per cent VAT as commission on the Nigerian Stock Exchange (NSE). Operators, who […]

South Africa’s rand slips as global risk rally slows

South Africa’s rand slipped on Tuesday, surrendering the previous session’s scant gains as the dollar steadied from a sell-off triggered by fears the United States economy is heading for recession. The rand was 0.07 percent weaker at 14.3200 per dollar at 0645 GMT, compared to a close of 14.3100 overnight in New York. On Monday, […]

CBN tweaks 32-month-old policy rate, opts for growth

The Central Bank of Nigeria (CBN) yesterday took local and international investors by surprise, cutting the 32-month-old Monetary Policy Rate (MPR) by 0.5 per cent to 13.5 per cent. The new economic direction for the next two months has already been seen as growth and investment inducer, notwithstanding the size. It is capable of creating […]

Reactions trail Central Bank of Nigeria’s rates cut

Reactions have continued to trail Tuesday’s reduction of Monetary Policy Rate (MPR) to 13.5 per cent by the Central Bank of Nigeria (CBN) after holding at 14 per cent for 32 months. Addressing journalists after its Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, CBN Governor Godwin Emefiele, explained that the cut was meant […]

FG mulls new incentives to attract local, foreign capital

Efforts to attract both local and foreign capital into the country may get added boost, as the federal government has assured that it is providing enough policy incentives this year. The Minister for Finance, Zainab Ahmed, who disclosed this at the First Bank anniversary lecture, in Lagos on Tuesday, expressed worry on the level of […]

Global e-commerce sales surge to $29 trillion

Global e-commerce sales grew by 13 per cent in 2017, hitting an estimated $29 trillion, according to the latest numbers released by the United Nations Conference on Trade and Development (UNCTAD). The report noted that a similar surge was seen in the number of online shoppers, which jumped by 12 per cent and stood at […]

South African rand retreats from 5-week high

South Africa’s rand weakened in early trade on Monday, retreating from a five-week best hit in the previous session, as currency traders looked for direction from U.S.-China trade talks and updates on Brexit. At 0640 GMT, the rand traded at 14.1300 per dollar, 0.28 percent weaker than its New York close on Friday. The currency […]

Ethiopia inflation up to 11.2 pct in year to March

Ethiopian inflation rose to 11.2 percent in the year to March, the statistics bureau said on Saturday. Year-on-year inflation was 10.9 percent in February. The rise was mainly due to an increase in the price of cereals in the food basket, and non-food items such as house rent, fuel such as charcoal and wood, and […]

OPEC sees tighter 2019 market as Nigeria, others defy cuts

Organisation of the Petroleum Exporting Countries (OPEC), has forecast a much tighter market in 2019, and has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela. Last month, total OPEC-14 preliminary crude oil production averaged 30.02 million barrels per day (mb/d), a […]

Zimbabwe reaches agreement with IMF on economic reform programme

Zimbabwe has reached agreement with the International Monetary Fund (IMF) on a programme of economic policies and structural reforms that could pave the way to the crisis-hit country re-engaging with international financial institutions. Suffering from decades of decline and hyperinflation, Zimbabwe has not been able to borrow from international lenders since 1999, when it started […]

Banks’ soaring profits and customers’ losses, ignorance

Banking industry’s profit has become a manifest of tale of mixed fortunes. While the nation’s Deposit Money Banks regale with huge numbers in the harvest of earnings, their customers are losses and deprivations, mostly facilitated by low-level financial literacy. Indeed, a combined numbers of five top-flight financial institutions, among others, in the country- Access Bank, […]

Tunisia reaches an agreement with IMF on fifth review of loan

The International Monetary Fund (IMF) said on Wednesday it had reached a staff-level agreement with Tunisia on the fifth review of a loan. The agreement will allow Tunisia to benefit from a disbursement of $247 million following the Executive Board’s review that is expected to take place by early June this year. Tunisia struck a […]

Investors shun bank shares despite N720 billion profit

Though the combined profit, in excess of N720 billion, of the five top-tier banks on the Nigerian Stock Exchange (NSE) has remained strong, investors are showing apathy towards banking stocks. The five banks, which are Zenith, Guaranty Trust Bank, FBN Holdings, United Bank for Africa and Access Bank, are currently trading at a value described […]

Tanzania eyes 10,000 MW power generation capacity by 2025

Tanzania aims to have six times its current power generation capacity by 2025 through investment in thermal and renewable energy, deputy energy minister Subira Mgalu told parliament on Tuesday. The East African country boasts reserves of over 57 trillion cubic feet (tcf) of natural gas, but faces periodic power shortages. Investors have long complained that […]

NCC declares 63.2 per cent SIM registrations invalid

Telephone subscribers are once again thrown into pandemonium, as the Nigerian Communications Commission (NCC), yesterday, declared about 63.2 per cent of the Subscriber Identification Modules (SIM) cards data information processed by the Mobile Network Operators (MNOs) in the country as invalid. Invalid, in the sense that data collected are beset with some irregularities such as […]

BMW to buy cobalt direct from Australia, Morocco for EV batteries

German carmaker BMW will buy cobalt, a key component for electric vehicle (EV) batteries, directly from mines in Australia and Morocco to ensure they are not produced by child labour, an executive said on Tuesday. The announcement came as the London Metal Exchange (LME) launched an initiative under which it could ban or delist brands […]

South African rand falls as U.S. data bolsters dollar

South Africa’s rand slipped to a three-week low in early trade on Wednesday as robust U.S. economic data supported the dollar. At 0640 GMT, the rand traded at 14.3725 per dollar, 0.82 percent weaker than its New York close on Tuesday. The currency was trading at its weakest levels since April 1. The market’s appetite […]

Oil minister, Saudi Aramco discuss investment options

Nigerian Oil Minister Emmanuel Kachikwu and the president of Saudi Aramco have discussed investment options in the mid and downstream sector, Nigeria’s petroleum ministry said on Wednesday in a tweet. Aramco is expanding downstream operations such as refining and petrochemicals production as part of its drive to become the world’s largest integrated energy firm. Nigeria […]

Huawei jumps ahead of Apple in tough smartphone market

China-based Huawei outsold Apple’s iPhones in the first quarter of this year, seizing the California company’s second place spot in a tightening smartphone market dominated by Samsung, a tracker said Tuesday. A total of 310.8 million smartphones were shipped globally during the first three months of this year in a 6.6 percent decline from the […]

Total enters $8.8 bln deal with Occidental for Anadarko’s Africa assets

French energy major Total said on Sunday it had reached a binding agreement with Occidental to acquire Anadarko assets in Algeria, Ghana, Mozambique and South Africa for a consideration of $8.8 billion. The firm said the transaction was contingent upon Occidental entering into and completing its proposed acquisition of Anadarko and approval of relevant authorities. […]

Finally, SEC receives MTN application to list shares on nation’s bourse

South African telecommunications firm, MTN, yesterday moved closer to the planned listing of its shares on the Nigerian Stock Exchange (NSE), by formally submitting an application to that effect with the Securities and Exchange Commission (SEC). Confirming the submission of application, SEC said it has received an application from MTN requesting for registration of their […]

Osinbajo extends 50 per cent registration fee for businesses

Vice President Yemi Osinbajo has directed the Corporate Affairs Commission (CAC) to further extend the registration of business names at N5, 000 by 90 days from May 13 (today) to August 13, 2019. This is to give Micro, Small and Medium Scale Enterprises (MSMEs) that could not register their businesses in the first and second […]

Nigeria loses $1b to corrupt MSMEs development programmes

Latest report by the Sustainable Entrepreneurship and Economic Development Initiative (SEEDi), has revealed that Nigeria has lost over $1 billion to corruption-related Medium Small and Medium Enterprises (MSMEs) programmes in four years. The report said the amount exceeds Nigeria’s capital expenditure on health and education combined for the period covering 2014 to 2018. Based on […]

Aviation unions suspend strike, reopen NCAA offices

The offices of the Nigerian Civil Aviation Authority (NCAA) were on Friday reopened for operations following the suspension of the two-day strike by aviation unions. The News Agency of Nigeria (NAN) reports that the unions are: Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees (NUATE). Others […]

AMCON, Justice Dimgba fine-tune recovery of N5tr outstanding debt

As the noose on bad debtors tightens under the latest enforcement strategy, Justice Nnamdi Dimgba of the Federal High Court, Asaba, at the weekend, re-echoed the fact that the task to strengthen the Asset Management Corporation of Nigeria (AMCON’s) recovery drive remains a national concern and a huge burden to the judiciary and the country […]

SEC suspends Oando Plc’s AGM

Following the ex-parte order of the Federal High Court, Ikoyi Lagos in suit no: FHC/L/CS/910/19, in Mr. Jubril Adewale Tinubu and Anor V Securities and Exchange Commission (SEC) and Anor, the commission has announced the suspension of Oando Plc’s Annual General Meeting (AGM) slated for Tuesday June 11, 2019 till further notice. According to SEC, […]

CBN quashes talk of change to exchange rate policy

cbnNigeria’s central bank said it made no change to its naira policies, after a revision on its website led some analysts to speculate that it was ending a system of multiple exchange rates. “Nothing has changed in Nigeria’s exchange-rate structure,” and the naira’s value continues to be determined by trading in the Investors’ & Exporters’ […]

Nigeria’s inflation rate hits 11.40% in May —NBS

The National Bureau of Statistics, says the Consumer Price Index which measured inflation increased to 11.40 per cent (year-on-year) in May from 11.37 per cent recorded in April. The NBS made this known in its “CPI and Inflation Report’’ for May released in Abuja on Monday on its website. The bureau said the figure was […]

ECOWAS finance ministers inch closer to single currency

West African finance ministers and central bank governors agreed on technical issues surrounding the creation of a single currency for the Economic Community of West African States next year. “At a ministerial level, we’ve established a roadmap” for the establishment of a new currency, Ivory Coast Finance Minister Adama Kone told reporters Tuesday after the […]

Why fiscal policy support is needed now, by FSDH

The Central Bank of Nigeria (CBN) may be reaching the limit of its monetary policy tools in stimulating the economy. This is especially so if the fiscal complements are not immediately activated, particularly, in ensuring security, facilitating the movement of agricultural produce and the seamless export of available stock of commodities. A research by FSDH […]

SON seizes N38m substandard aluminium roofing sheets

The Standards Organisation of Nigeria (SON) has seized sub-standard aluminium roofing sheets worth over N38 million in a move to ensure that only goods that conform to the Nigerian Industrial Standards (NIS), are allowed in the market. The Director, Inspectorate and Compliance, SON, Obiora Manafa, at an enforcement exercise in Ogba area of Lagos, explained […]

Textile industry can create 2 million jobs, save $4bn, says CBN

To reposition the Nigerian economy and make it self-reliant, the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has rallied stakeholders’ support for the textile and garment industry, saying it is capable of creating over two million jobs if fully harnessed. In addition to the high employment generation capacity, Emefiele also noted that as one […]

Oxfam urges criminalisation of illicit financial flows enablers

Oxfam, a confederation of 20 independent charitable organizations focusing on the alleviation of global poverty, has called on the National Assembly to enact a law that would totally criminalize actions of banks, auditors, accountants, and lawyers that facilitate illicit financial flows from Nigeria. It also urged the lawmakers to not only introduce cutting edge technology […]

InfraCos to access N65b broadband subsidy

Infrastructure Companies (infraCos) expected to drive broadband penetration in Nigeria would have access to the N65 billion subsidies over the next four-years. However, it was gathered that InfraCos that will access the subsidy are required to meet some set milestones, as compiled by the Nigerian Communications Commission (NCC), even as it seeks to get approval […]

Investments in Fintechs in Nigeria, SSA hit $357 million

Over the last 12 to 18 months, Sub-Saharan Africa (SSA) has emerged one of the fastest growing financial technology (Fintech) hubs in the world in terms of investments, albeit from a low base. Investment in African fintechs nearly quadrupled in 2018 to $357 million, with startups in Kenya, Nigeria and South Africa accounting for the […]

SON seizes N38 million substandard cooking gas cylinders

The Standards Organisation of Nigeria (SON), has seized a 40-foot container stocked with substandard liquefied petroleum gas (LPG) also known as cooking gas cylinders worth over N38 million. The Director-General, SON, Osita Aboloma, said the cylinders failed to meet the safety requirements, and as such, pose a threat to human lives and property in the […]

NCC to decommission 693 abandoned telecoms masts

The Nigerian Communications Commission (NCC) may decommission about 693 telecoms masts alleged to have been abandoned in several parts of the country. NCC however, gave owners of the mast 90-days to rehabilitate, commence usage or dismantle and remove the masts/towers from the relevant locations. Though the Commission was not forthcoming about the operators that are […]

Buhari tells CBN gov to stop providing FX for food

Nigeria’s President Muhammadu Buhari has told the central bank to stop providing funding for food imports, his spokesman said in a statement on Tuesday, a move that has raised questions about the bank’s independence. Nigeria, which has Africa’s biggest economy, is the continent’s top oil producer and relies on crude sales for around 90% of […]

African air traffic soars by 11.7% amid global demand surge

Air traffic demand in Nigeria and other African countries improved by 11.7 per cent in June as part of the global upsurge of 5.0 per cent compared to June 2018.The International Air Transport Association’s (IATA) global passenger traffic results for June 2019 showed a steady improvement from 5.1 per cent in May. Capacity rose 7.7 […]