Brent crude climbs to $49.22 per barrel

Brent crude powered back above $49 a barrel in Asia today as oil prices resumed their rise after the dollar eased and militants blew up another pipeline in African producer Nigeria. A rally that pushed oil prices to a series of 2016 highs since last week had taken a breather over the past two days Read more

Yamaha opened First Motorcycle Assembly Plant in Nigeria

Yamaha opened First Motorcycle Assembly Plant in Nigeria Marks Second Foray into African Continent Yamaha Motor Co., Ltd. (Tokyo: 7272) announced today that CFAO Yamaha Motor Nigeria Ltd., a joint venture between Yamaha Motor and CFAO S.A., opened its first motorcycle assembly plant in Africa within the Amuwo Odofin Industrial Scheme area of Lagos, Nigeria Read more

Nigeria’s central bank launches banking investigation

Nigeria’s central bank (CBN) and law enforcement agencies have launched an investigation into various banking deals after allegations of illegal transactions, it said on Tuesday. President Muhammadu Buhari took office a year ago after campaigning on an anti-corruption ticket, and authorities have made a number of high-profile arrests since then, including several former executives from Read more

Ukrain Ready to Invest $1bn in Ajaokuta Steel Company

Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk has disclosed that his country is ready to invest $1billion in Ajaokuta Steel Company in order to revive the plant. The Ambassador who made this known in Abuja during a courtesy call on the Acting Director General of the Bureau of Public Enterprises, BPE, Dr. Vincent Onome Akporaire said Read more

Nigerian Billionaire Femi Otedola Loses $400 Million In 9 Weeks

Nigerian billionaire Femi Otedola has lost more than $400 million of his personal fortune over the last 9 weeks as the stock price of Forte Oil, the Nigerian-listed energy behemoth he controls, shed off 43.5% in value within that period. The report from forbes says in late February the share price of Forte Oil hit Read more

Aero sacks 100 workers

Aero Contractors Friday sacked over 100 workers from its payroll industry sources hinted. But, the airline according to statement by its public relations consultants, SY& T said it only reviewed its contract with the out sourcing firm: SBL.Aero Contractors Friday sacked over 100 workers from its payroll industry sources hinted. Most of those affected by Read more

South African supermarket operator Pick n Pay plans to expand into Nigeria

South African supermarket operator Pick n Pay plans to expand into Nigeria next year through a partnership with a local conglomerate, as it seeks to reduce its reliance on its home market, it said on Tuesday. Pick n Pay already operates in Botswana, Zimbabwe and Namibia and plans to open new stores in Ghana next Read more

Banana disease: Banana crops are under attack by disease

Banana crops are under attack by a disease that is spreading around the globe and threatening the long-term survival of the world’s most popular fruit. The humble banana is under attack by a disease that is spreading around the globe, and threatening Latin America’s all-important export industry. The industry is so worried about it, that Read more

Dangote Discloses Plan for Further Investment Expansion

President of Dangote Group, Aliko Dangote, yesterday announced that plans were on in the company  to intensify its investments in the private sector through the expansion of its existing capacity and increased stakes in fresh investments. Dangote who made the announcement at a dinner in his honour to mark his emergence as The Guardian Newspapers Read more

‘NNPC Used to Fund Political Parties’

In line with its anti-corruption drive, the Federal Government has been challenged to recover over N7.1trillion, being all the outstanding sums trapped in among individuals and operators in Nigeria’s petroleum industry. The charge comes as the President Muhammadu Bahari’s administration is desperately looking for ways and means, including borrowings from offshore to fund its N6.01 Read more