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Nigeria Has a Lot of Exciting Investment Opportunities

Notwithstanding the seeming tension in Nigeria as the general election looms, a renowned global investor and former Chairman of the Asset Management Division of Goldman Sachs Group, Dr. Jim O’Neill, has advised investors not to be distracted, insisting that the country has a lot of exciting investment opportunities. O’Neill said this in an exclusive interview on Sunday. The economist is ... Read More »

Honda Hit With $70 Million Fine

Honda was hit Thursday with a record $70 million in fines for failing to report accidents and other safety issues over 11 years. Honda failed to report 1,729 accidents that caused deaths or serious injuries to the National Highway Traffic Safety Administration. The agency said it does not yet know how many deaths are tied to these accidents. The Japanese ... Read More »

PDP, APC Disagree Over Reform Policies in Oil Sector

Ahead of next month’s general elections in the country, the People’s Democratic Party (PDP) and All Progressives Congress (APC) have presented divergent viewpoints on how to tackle the challenges facing  the operations of oil and  gas sectors. Speaking at a debate organized by the Centre for Democracy and Development in conjuntion with Open Society Initiative for West Africa (OSIWA) which ... Read More »

APC Demands Reduction Of Crude Oil Price

THE All Progressives Congress in Oyo State has demanded from the Federal Government, an immediate reduction in the pump prices of petroleum products in view of the crash of the price of crude oil in the international market. In a statement in Ibadan on Sunday by its Director of Publicity and Strategy, Olawale Sadare, the APC recalled that President Goodluck ... Read More »

Nigeria-India trade volume hits $17bn -Envoy

India’s Acting High Commissioner in Nigeria Kaisar Alam on Sunday said the trade volume between Nigeria and India reached 17 billion dollars from April 2013 to March 2014. He told the News Agency of Nigeria (NAN) in Abuja that India imported 14 billion-dollar worth of goods from Nigeria during the year while Nigeria imported three billion-dollar worth of goods from ... Read More »

35% Levy On Imported Cars To Kickoff This April

The 35 per cent levy on imported used vehicles (aka Tokunbo) will begin on April 30, the Nigerian Automotive Council (NAC) has said: In a statement, the council said: “The automotive policy has five elements, one of which is market development. Under market development, tariffs are increased on Fully Built Unit (FBU) vehicle imports. These tariffs are to be reduced ... Read More »

Crude Oil Price Falls Below $56 per Barrel

As the Organisation of Petroleum Exporting Countries (OPEC) refuses to cut crude oil production, coupled with the shale oil boom in the United States, the glut in the oil market on Wednesday forced the price to fall below $56 per barrel. With this development, it is feared that the price of crude oil is heading for its biggest yearly decline ... Read More »

Rice import waivers to cost Fed Govt N40 billion

The Federal Government’s backward integration plan in the rice industry may cost the nation over N40 billion through indiscriminate granting of waivers and concessions to non-committed investors as well as smuggling of the product unless, it has been has learnt. Many of the non-committed investors, who got the import allocation quotas for rice, are trading it to interested stakeholders at between ... Read More »

Customs Rake In N308m In 4 Months

The Federal Operations Unit, Zone `A` of the Nigeria Customs Service (NCS) on Friday said it recorded a revenue of N308 million between Sept. 17 and Dec. 15. Mr Uche Ejesieme, the Public Relations Officer (PRO) of the Unit, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos. He said that the unit recorded 2, ... Read More »

Skye Bank Acquires Mainstreet Bank

Banking has got another giant, with the  Asset Management Corporation of Nigeria (AMCON) at the weekend transfer ownership of Mainstreet Bank to Skye Bank Plc. The transfer took place after a completion meeting where AMCON divested its interest and transferred  ownership of the bridge bank to  Skye Bank, which paid 100 per cent of the acquisition value. It was reported ... Read More »