Category Archives: Business News

Nigeria Earns N472bn From Cocoa, Others

The country earned a total sum of $2.4bn (N472bn) from the exportation of cocoa, rubber, and other non-oil commodities within the 2014 fiscal period, figures obtained from the Nigerian Export Promotion Council have revealed.

The country’s export figure of $2.4bn for 2014, according to trade statistics from the NEPC, represents a decline of 19.19 per cent over the $2.97bn (N585bn) earned in the previous year.

Nigeria’s Gas Reserves To Last 79 Years – DPR

Nigeria’s gas reserve life index stands at 79 years as of January 1, 2015, according to the latest data from the Department of Petroleum resources.

Out of this figure, some volumes are said to stranded or not developed.

The country is also said to have 188 trillion cubic feet in gas reserves as of January 1 this year.

Nigerian Armed Forces Radio begins live transmission

The Nigerian Armed Forces Radio station which was commissioned in May by former President Jonathan has started transmitting live on 107.7.

The radio station, which is located in Abuja, is to provide balanced and fair reporting of Nigerian military and their operations.

EXPOSED: The Secret Oil Deals That Cost Nigeria Billions

Despite elaborate efforts to sweep it under the carpet, facts have shown that a strategic alliance agreement between the Nigerian Petroleum Development Company (NPDC) and Atlantic Energy Drilling Concepts Nigeria Limited Limited (AEDCNL) has helped parties in the agreement to swindle Nigeria.

After wide-ranging investigations, The Nation’s assistant editor Adekunle Yusuf uncovers the details of the deal that set Nigeria back by about $2billion.

Stanbic IBTC Records N68bn Half-year Revenue

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has announced its six months unaudited results for the period ended 30 June 2015, with gross earnings at N68.3 billion, an increase of 11 per cent over the N61.7 billion recorded in the comparable period of last year.

According to the result, which was presented at the Nigerian Stock Exchange in Lagos at the weekend, its profit before tax, during the period stood at N9.5 billion, while profit after tax was N9.6 billion. Total assets went up nine per cent to N1.03 trillion from N944.5 billion in December 2014.

Sterling Bank PLC Rewards 40 Customers with Cash

Sterling Bank Nigeria Plc at the weekend rewarded 40 customers in the New Sterling Plus Cash Reward Scheme.

The customers were selected via an electronic raffle draw and winners emerged from various parts of the country.

Sterling Plus is a new proposition for the retail segment of the market.

India Increases Crude Oil Demand From Nigeria

India has shown greater desire for crude oil from Nigeria and other West African countries.

The country’s appetite for the West African (WAF) crude has surged in recent months as one of the world’s biggest consumers of oil looks to shift its focus away from the Middle East.

CBN Demands BVN From Bureaux De Change Customers

To ensure greater transparency in the transactions of licenced Bureaux de Change (BDCs) in Nigeria, the Central Bank of Nigeria (CBN) has directed that with effect from August 1, 2015, all transactions consummated by any licenced BDC must have the Bank Verification Number (BVN).

This means that customers without the BVN will be barred from accessing foreign exchange from the BDCs when this policy becomes effective from next month.

Electricity Generation Hits New All-time High Of 4656mw – TCN

A new all time high in power generation has been recorded as the country attained 4,656 megawatts (mw) on Wednesday this week, breaking the recent all time high record of 4,545mw attained a few days ago, according to the Transmission Company of Nigeria (TCN).

All generated power has been successfully wheeled by the national grid network, a press release by the TCN, signed yesterday by the general manager, Public Affairs, Seun Olagunju, informed, and noted that the new peak was attained at 10pm on Wednesday, July 15, 2015.

Two FirstNation Airline Plane Collide At Lagos Airport

Tragedy was averted on Friday at the Murtala Muhammed Airport Terminal 2 (MMA2) in Lagos following a ground collision of two aircraft belonging to FirstNation Airways.

The News Agency of Nigeria (NAN) reports that a similar incident had occurred at the airport on July 6, following the collision of two aircraft belonging to Emirates and Hak Air.

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