Category Archives: Business & Finance News Updates

Nigeria Loses $400m Annually to Foreign Software Developers

Nigeria Loses $400m Annually to Foreign Software Developers

Experts have decried the huge loss Nigerian incurs annually on foreign software. According to them, Nigeria spends over $400 million annually on foreign software licence

Insurance industry’s assets hit N1.26tn

Insurance industry’s assets hit N1.26tn

The total assets of the Nigerian insurance industry rose to N1.263tn as of the end of the 2018 financial period. Figures obtained by our correspondent

AMCON seeks reintroduction of Failed Bank Act

AMCON seeks reintroduction of Failed Bank Act

Worried by the resurgent huge toxic loans in the banking sector, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria, Mr Ahmed Kuru, on

FG to cut stakes in JV with Shell, Chevron, others

FG to cut stakes in JV with Shell, Chevron, others

The Federal Government plans to cut its stakes in joint oil ventures with international oil companies to 40 per cent this year, the Minister of

Convergence Triggers Disruption in Telecoms Business, Says ITU

Convergence Triggers Disruption in Telecoms Business, Says ITU

The International Telecommunications Union, the United Nations’ agency in charge of the regulation of global telecoms operations, has raised the alarm that convergence, which is

MTN revenue climbs on data, serves 20m Nigerians exclusively

MTN revenue climbs on data, serves 20m Nigerians exclusively

Data subscriptions in Nigeria lifted MTN’s revenue by 15 per cent in 2018. The firm grew its active data users from 4.5 million customers to

Heritage Bank Supports ICT Innovation

Heritage Bank Supports ICT Innovation

Heritage Bank Plc has charged applicants of HB Lab start-ups to support Nigeria’s aspiration and roadmap to become a leading Information Communication Technology (ICT) Hub

NSE suspends trading in Diamond Bank shares

NSE suspends trading in Diamond Bank shares

The Nigerian Stock Exchange (NSE) has placed trading in the shares of Diamond Bank Plc on full suspension effective Monday, March 20. But a statement

Budget: How NNPC will meet 2.3m barrels daily crude oil target

Refineries Lost N132bn Last Year

The Nigerian National Petroleum Corporation (NNPC) said on Wednesday it would achieve the 2.3 million barrels per day production target in the 2019 budget by

Refineries Lost N132bn Last Year – NNPC

Refineries Lost N132bn Last Year

The operating deficit recorded by the nation’s refineries rose by 39 per cent to N132.5bn in 2018, compared to the previous year, data from the

Senate approves N30,000 minimum wage

Senate approves N30,000 minimum wage

The Senate on Tuesday approved N30,000 as the new national minimum wage. This decision was reached after the upper chamber’s ad-hoc committee on new minimum

Fidelity Bank supports financial inclusion with N13m

In a bid to boost financial inclusion, Fidelity Bank Plc., on Tuesday splashed 12 of its loyal customers with N13 million at the fifth draw

Money is not for spending

Money is not for spending

Many folks have the mindset that money is for spending. Consequently, the only thing they know how to do when it comes to money is

New Perm. Sec. solicits staff cooperation

New Perm. Sec. solicits staff cooperation

Mr Istifanus Fuktur, the new Permanent Secretary, Ministry of Communications, has solicited the support of members of staff to achieve the set goals of the