ASSETS & FINANCIALS

The construction of Nigeria’s only large-scale commercial gold mine has begun in Osun State and the facility will start producing gold in 2021. According to the Federal Ministry of Mines and Steel Development, the facility demonstrates the Federal Government’s desire …

Stock market investors have lost over N2.3 trillion barely three weeks after the first case of coronavirus, which is currently ravaging the whole world, was confirmed in Nigeria on January 28, 2020. Specifically, the market capitalisation of listed equities, which …

Eko Hotels & Suites has announced a partial closure of parts of its services for at least three weeks over COVID-19. The management on Sunday stated on its Instagram page that only a part of Eko Signature and Eko Hotel …

*Urges forex end-users to report violation The Association of Bureaux De Change Operators of Nigeria (ABCON) has directed bureaux de change (BDCs) across the country to comply with the new official exchange rate of N380 per dollar as well as …

There are several reasons nations devalue their currencies. Some devalue currencies to combat trade imbalance. Others devalue their currencies to enable their exports become less expensive and competitive globally. This makes imports more expensive, such that local consumers are less …

Banks in the country have urged their customers to utilise their digital self-service solutions because of the coronavirus affecting different sectors globally. Fidelity Bank said in a mail to its customers that, “Our industry has been drastically impacted by the …

•To probe environmental impact of NLNG $10bn project The House of Representatives has given the Chief Executive Officers of telecommunications service providers a seven-day ultimatum to appear before its Committee on Finance or a warrant for their arrest will be …

The naira exchanged to the dollar for between N372 and N374 at the Bureau De Change segment of the market on Thursday. The naira had recently suffered some beating due to the impact of the coronavirus in the global economy, …

The House of Representatives Committee on Public Accounts has summoned the Governor of the Central Bank of Nigeria, Godwin Emefiele, and former managing directors of Nigerian Security Printing and Minting Plc for allegedly failing to audit the accounts of the …

The Federal Government on Wednesday announced a slash in the 2020 budget by N1.5tn as part of measures to respond to the impact of coronavirus on the economy. Included in the N1.5tn is over N457bn the government spends on fuel …

Keystone Bank Limited has said it is partnering the Lagos Chamber of Commerce and Industry to provide business consultancy services for the Micro, Small and Medium Enterprises in Lagos State to help small businesses grow. A statement quoted the Group …

Former Vice President, Atiku Abubakar, on Tuesday, urged the Federal Government to reduce the price of petrol in line with the reduction in the landing cost of the product. He also called on the Federal Government to temporarily suspend stamp …

The price of Brent crude oil, the international benchmark, extended its decline on Tuesday, trading around $28 per barrel. Brent, against which Nigeria’s crude is priced, fell by $1.40 to $28.65 per barrel as of 8:15 pm Nigerian time on …

African Development Bank has debarred Beulah Universal Link Resources Limited and Bluestream Systems and Device Limited for fraudulent practices The two companies were registered in Nigeria, the bank said in a statement on Tuesday. The AfDB announced the debarment of …

Despite price gains that outweighed losses, the Nigerian equities market reopened the week on a downturn, causing the All-Share index (ASI) to plummet further by 0.12 per cent. Specifically, at the close of trading yesterday, the ASI fell by 28.16 …

The Central Bank of Nigeria (CBN) has disclosed that the interest rates on all applicable apex bank’s intervention facilities have been reduced from 9% to 5% per annum for 1 year effective March 1, 2020. This was disclosed by the CBN …

The Federal Government has told the Socio-Economic Rights and Accountability Project (SERAP) that it had “no record of the exact amount of public funds stolen by a former military Head of State, Gen. Sani Abacha, and the spending of about …

The Federal Government has released N285bn for capital projects from the 2020 budget. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this in Abuja on Friday. Ahmed spoke after a meeting with the President, Major General …

Contributions to the National Housing Fund reached N372.82bn in January, information obtained from the Federal Mortgage Bank has shown. The number of contributors has also risen to 5, 027, 489 across the country. The FMBN had in 2016 put the …

The Kaduna State Governor, Mallam Nasir El-Rufai on Thursday said the payment of the N30,000 new minimum pension for retirees on the old Defined Benefits Pension scheme would commence this month. The governor through his Special Adviser on Media and …