Current Business News: NNPC Crashes Diesel Price Nationwide by 42%

It is reported that NNPC has announced a 42% in the reduction of price for diesel nationwide. This is contained in a press statement released by the corporation. Read it below

Base on report the Price of Automotive Gas Oil (AGO), also known as Diesel, has crashed to about 42% nationwide, a huge downslide over the last six months, following key strategic interventions by the Nigerian National Petroleum Corporation (NNPC).

It would be recalled that in the first quarter 2017, retail prices of AGO, which is one of the deregulated products, shot to an all-time high of N300/litre in major demand centres across the

Here is latest news as Completed Shopping mall built on government land demolished in Edo

The current latest news update revealed that A Shopping Mall allegedly built on Government Land without approval, was this morning demolished on the orders of the Edo state government. The shopping mall is owned by a high chief in the state, Chief Osamede Adun. More photos below...

See Current Value as Naira Depreciates Slightly in the Parallel Market

It is reported that the greenback has suffered a minor setback in the black market as the apex bank continues to intervene in the financial market.

 

Information gathered revealed that the naira depreciated slightly from 380 per United States dollar to 381/dollar on the parallel market on Monday.

This came despite a $205m dollar injection into the foreign exchange market by the Central Bank of Nigeria.

In a statement on Monday, the CBN said ahead of the

Latest Update: Naira Weakens At Parallel Market

Current news update as the Naira on Wednesday, weakened against the Dollar at the parallel market, the News Agency of Nigeria (NAN) reports.


It is gathered that the Nigerian currency lost 8 points to exchange at N398, weaker than N390 recorded on Tuesday, while the Pound Sterling and the Euro closed at N485 and N415.

At the Bureau de Change (BDC) window, the Dollar was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430.

At the interbank window, the Naira closed at N306.2 to the Dollar.

Traders at the market said that they expected the Naira to

See How Naira Falls Further in the Black Market

Fresh news as these are the currency exchange rates for 02/09/16 as of 10:00am. This provision is powered by Zenith Bank.

 

The value of the naira may not be revived soon as anticipated by Nigerians who

News as CBN Affirms Confidence in Skye Bank, Institutes Guarantee Line

Current business news as the Central Bank of Nigeria (CBN), has affirmed its confidence in Skye Bank Plc., through a guarantee line which ensures that withdrawals it suffered in the wake of undue panic recently does not adversely affect its operations.

MYNATION BUSINESS reporters gathered that this development analysts believe lends credence to the regulator’s earlier assertion that Skye Bank is a Strategically Important Bank (SIB), with substantial market share, interconnectedness and significant relevance to the nation’s financial systems stability.

Bloomberg, reported that the central bank confirmed this development through its spokesman, Isaac Okoroafor, who stated that

News as Gas Price Hike: The Aggrieved Motorists Threaten to Shutdown NIPCO’s Stations

Latest news reveal as barely few weeks after NIPCO Plc reopened its seven Compressed Natural Gas (CNG) Filling Stations in Benin, Edo State, after they were shutdown for several days by aggrieved motorists in protest against the hike in price of gas, the motorists are threatening fresh showdown with the company.

We observe that over 4,000 motorists, who use CNG as vehicular fuel had shutdown the company’s seven CNG Filling Stations after the company increased the gas price from N55 per standard cubic meter to N95 per standard cubic meter for commercial vehicles.

For private cars, the company had also increased the

Hero (O'MPA) Is A Biafran Beer; Peter Obi Is Making Money With Late Ikemba Ojukwu, Rising Sun - Bianca Ojukwu

Report reveal that most people who are used to drinking the Hero Beer because of the Rising Sun which makes it look like a Biafran beer are just being deceived by former Governor of Anambra State, Peter Obi who owns the brand.

According to Bianca Ojukwu, the wife of the late Biafran warlord Ikemba Dim Chukwuemeka Odumegwu Ojukwu, the owner is intentionally using the name of Biafra and Ojukwu to make money and to lure unsuspecting Biafrans into buying the products thinking they are patronizing their own.  See her short video below.

News as Fidelity Bank Beautify PCS Classrooms in Lagos

Latest news as Fidelity Bank Plc has handed over a renovated, fully equipped block of classrooms to the management of Police Children School 2, Obalende, Lagos.
The bank also promised to renovate the two buildings beside the renovated block to make the environment conducive for children to learn.
The Managing Director/CEO, Fidelity Bank, Mr. Nnamdi Okonkwo, at the commissioning of the classrooms last Friday in Lagos also announced that to mark the Children’s Day for the pupil of the school, the bank would also give the school a power generating set to power its lab as a result of irregular power supply in the country.

The pledge followed the appeal by Mrs. Moninuola Gbadegesin, Deputy Director/Zonal Inspector, Lagos Quality Assurance Office, who lamented the poor electricity supply in the area which prevents the

Fuel Deregulation ’ll Soon Happen – Oil Marketers

 

Just as they predicted two weeks ago that the Federal Government would raise the pump price of Premium Motor Spirit, which eventually happened, oil marketers have stated that the country may be heading for a total deregulation of its downstream oil sector.

Few weeks ago, It was reported that the Federal Government might increase petrol price based on the statements and calculations of oil marketers at the time.

A few days after the report, the Federal Government announced an increase in the pump price of petrol from between N86 and N86.5 per litre to between N135 and N145 per litre, ushering in a

- The New Conversion Rate to Dollar as Petroleum Price Crashes Naira

Naira-Dollar exchange

 

The fresh report following the Nigerian President, Buhari-led federal government’s decision to remove fuel subsidy and liberalise sales of petrol the Nigerian naira suffered a setback, crashing to N345 against the dollar on Thursday.

 

Report veal that the nation's currency also exchanged at 475 to the British pounds less than 24 hours after the announcement was made by the Minister of State for Petroleum, Dr. Ibe Kachikwu, 

 

A bureau de change operator in

FIRS Shuts Glo Offices Over N24.3bn Tax Fraud

 

News as the Federal Inland Revenue Service on Wednesday came hard on a major telecommunications company, Globacom Limited by shutting its offices in Lagos for failure to remit N24.3bn in Value Added Tax.

 

FIRS also did not spare Erin Petroleum Nigeria Limited, formerly known as Camac Petroleum Limited, as its offices was also closed for not remitting N107.3m and $10.6m.

 

This comes after FIRS served the companies a six-week notice earlier given to them to pay up.

 

The embarrassing drama was led by FIRS, Director of Enforcement, Mr. Emeka Obiagwu who stormed the work stations to seal the offices.

 

The affected offices are Globacom Towers, located on

News Reveal that FIRS Demands over N3bn Unremitted Taxes from Cross River

Bassey Inyang in Calabar

Trending businessnews update hasit that the Federal Inland Revenue Service (FIRS) has commenced moves to recover over N3 billion from taxes and other deductions made by the Cross River State Government from contractors and other sources, but were not remitted to the federal government as statutorily provided.

Report reveal that the move came to the fore during a recent visit of a delegation of the service to the state to discuss the way forward on how to get the

CBN Officials Ransack Fidelity Bank Headquarters

Latest update as Officials of the compliance unit of the Central Bank of Nigeria (CBN) on Tuesday afternoon ransacked the headquarters of Fidelity Bank Plc, Lagos, as part of investigations into the $115 million affair.

The bank’s managing director, Nnamdi Okonkwo (pictured), is currently with the Economic and Financial Crimes Commission (EFCC) over suspicion that the money was used to bribe officials of the Independent National Electoral Commission (INEC) during the 2015 elections.

The bank has maintained that the transactions were duly reported to the appropriate agencies as required by law.

Sources informed TheCable that the bank’s executive committee has already made a comprehensive presentation to the CBN on the transactions.

The visit by the compliance department of the apex bank, The Cable understands, is to

Fidelity Bank Appoints Balarabe Ag MD/CEO

Latest business/Economy update aas following the arrest of its Managing Director/Chief Executive Officer (MD/CEO), Mr. Nnamdi Okonkwo, by the Economic and Financial Crimes Commission (EFCC), Fidelity Bank Plc monday announced the appointment of its Executive Director North, Alhaji Mohammed Lawal Balarabe, as its acting MD/CEO.

The appointment was announced after a board meeting which ended last night.

A two-paragraph statement at the end of the meeting said Balarabe’s appointment, which took effect last night, was subject to regulatory approval even as the

BUSINESS As TSA Transaction Fees: CBN, OAGF Seek Resolution

Latest business news as the Central Bank of Nigeria (CBN) and the Office of the Accountant General of the Federation (OAGF) are in active engagement to resolve the issue of fees payable based on existing contract to the federal government’s Treasury Single Account (TSA) platform provider and commercial banks.

It is gathered as the engagement comes six months after the platform providers and the commercial banks were directed to hand over processing fees for

News - 51 Foreign Investors Exit Equities, Bond Markets

Current update as fifty-one foreign investors repatriated profits from their investments in equities and Federal Government of Nigeria (FGN) bonds last week.

The investors considered Nigeria’s foreign exchange policies of the Central Bank of Nigeria (CBN), especially its refusal to devalue the naira, unfavourable to their investments. They pushed the transactions through Stanbic IBTC Bank, published data on forex disbursement for last week showed.

The major part of the $15.91 million forex was disbursed by the lender to investors divesting from the country, local businesses importing petroleum products, payment of school fees

Exiting Equities, Bond Markets - Banks Channel Forex

Country's economic news as foreign investors repatriating profits and others exiting the Nigeria equities and bond markets last week triggered a rise in foreign exchange (forex) disbursement by leading banks.

Many of the investors, after liquidating their investments, secured forex to repatriate their funds through Stanbic IBTC Bank. The lender disbursed $19,305,571.50 to 68 customers,   according to published disbursement data for last week.

JPM London secured $3,331,564.24 from Stanbic IBTC for its divestment of

The Nigerian Stock Exchange Deadline Report

Business update as ahead of tomorrow’s deadline for quoted companies to submit their audited reports and accounts for the past business year, several companies are making last-minute efforts to meet the deadline and avoid the poor corporate governance tag and sanction of the Nigerian Stock Exchange (NSE).

Post-listing rules at the NSE require quoted companies to submit their earnings reports, not

Some Companies Have 19 Working Days to Submit Their Audited Report and Accounts

News as some companies quoted on the Nigerian Stock Exchange (NSE) have 19 working days to submit their audited report and accounts for the past business year to the regulators and the  investing public.

Post-listing rules at the NSE require quoted companies to submit their earnings reports, not later than three months after the expiration of the business period.

Most quoted companies, including banks, major manufacturers, oil and