AFDB approves $14.12mn to support Nigeria’s ATI membership

The African Development Bank (AfDP) Group through its Trade Finance operations, on Tuesday announced the approval of a US$14.12 million facility to support Nigeria’s membership in the African TradeInsurance Agency (ATI). The funding support is critical and mandatory step to enable ATI commence its operations in Nigeria, as the country joins 14 other African countries […]

Oil marketers demand payment of N800bn subsidy debt

Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA), at the weekend appealed to the Federal Government for immediate payment of over N800 billion outstanding subsidy debt owed them to enable them sustain their operations. The marketers made the appeal during an interactive session with journalists in Lagos lamented […]

Experts seek improved private sector investments in infrastructure

Financial analysts at FSDH Research have expressed the need for the Federal Government to involve the private sector to finance the infrastructure gap in Nigeria. Noting that it is estimated that about $100 billion must be invested annually to finance infrastructure development in Nigeria to close the deficit, the analysts stated that the weak revenue generation […]

Access Bank may soon acquire Diamond Bank

Access Bank Plc may soon acquire Diamond Bank. This is coming barely a couple of months after the regulatory agencies staved off the collapse of Skye Bank and renamed it Polaris Bank. Reports have it that the fusion is set for the first quarter of next year. Both financial institutions, according to the paper, have […]

NNPC records $470m oil, gas export sales in August

The Nigerian National Petroleum Corporation (NNPC) on Wednesday disclosed that its crude oil and gas export sale in August 2018 generated $470 million, indicating an increase of about $78 million when compared to the $391.91million it raked in July. The corporation’s Monthly Financial and Operations Report for August 2018 published by the corporation’s Group General […]

NSC issues Oyo Govt OBC certificate on dry port project

The Nigeria Shippers Council (NSC) has presented the Outline Business Case Compliance (OBC) certificate of the planned $134 million Ibadan Inland Dry Port to the Oyo State Government. The dry port project, which is to be sited at Olorisa-Oko, at the terminal end of the ongoing Lagos-Ibadan standard guage railway line, is a Public Private […]

NDIC assures failed MFBs, PMBs’ depositors on claims

The Nigerian Deposit Insurance Commission (NDIC) on Tuesday restated its commitment to ensuring that insured depositors’ claims on failed microfinance banks (MFBs) and primary mortgage banks (PMBs) would be paid to them. The corporation’s assurance came on the heels of the recent revocation of licenses of 154, MFBs, and six PMBs, by the Central Bank […]

Shell, ExxonMobil seek crude swap deals with Nigeria

The , Nigerian National Petroleum Corporation’s (NNPC’s) Chief Operating Officer for Upstream Sector, Bello Rabiu on Monday hinted that Shell Petroleum Development Company (SPDC) and ExxonMobil could sign crude-for-product deals with the corporation if ongoing discussions on deal were finalized. The two exploration and production (E & P) companies had exited Nigeria’s downstream sector a […]

Afrexim Bank moves to bridge Africa’s trade financing gap

The African Export-Import (Afrexim) Bank has introduced a trade facilitation programme aimed at reducing trade financing gap in Africa. The bank also charged Nigerian banks to explore its credit lines as option for managing capital adequacy and liquidity issues in trade financing deals. Afrexim Bank’s Executive Vice President, Business Development and Corporate Banking, Mr Amr […]

AG Leventis records N564m loss in Q3, 2018

AG Leventis (Nigeria) Plc posted a loss after tax of N574.360 million for the nine months ended September 30, 2018 as against a loss after tax of N1.065 billion reported in 2017. According to a report from the Nigerian Stock Exchange (NSE), the group also reported pre-tax loss of N844.647 million during the period under […]