(BUSINESS) Oil Price To Hit $100 – Iran

 

   A senior Iranian commander has dismissed the United States’ aggressive posturing against Iran, reasoning that any potential confrontation in the Persian Gulf would instantly increase oil prices to over 100 dollars per barrel, something that Washington and its allies would not be able to endure.

(BUSINESS) CBN Has No Multiple Exchange Rates

   

   The CBN Director spoke at the University of Ibadan (UI) Distinguished Leadership Lecture Series, organised by the university in collaboration with the apex bank in Ibadan. The multiple forex windows ensures that forex reaches critical sectors of the economy, he added.

(BUSINESS) Amazon Offers To Pay Employees $10k To Quit Their Jobs

    Amazon, which is racing to deliver packages faster, is turning to its employees with a proposition: Quit your job and we'll help you start a business delivering Amazon packages.

(BUSINESS) U.S. Futures Lurch Lower as Trade War Escalation Looms

   According to investing.com,  U.S. stocks are under pressure again Thursday, after China vowed to retaliate if the U.S. proceeds with its intention to raise tariffs on $200 billion worth of Chinese goods from the end of the week.

    China’s Commerce Ministry said overnight it would take 'necessary retaliatory measures' if U.S. tariffs are raised – a step that now seems near-certain since the publication of the measures in the Federal Register on Wednesday. Dow futures were down 168 points or 0.6% by 6:45 AM ET (1045 GMT), while S&P 500 futures lost 19 points or 0.7% and the tech-heavy Nasdaq 100 futures contract was down 61 points or 0.8%.

(BUSINESS) Galaxy CEO Babagana Dalori’s N7b Company Face Financial Downtime

   

  The Economic and Financial Crimes Commission (EFCC) has given an insight into how Chief       Executive Officer of Galaxy Transportation and Construction Services Limited, Mr Babagana Dalori, built a N7billion Ponzi scheme over seven years. The bubble has now burst. Dalori has been arrested and 27,400 Nigerians have lost their investments. Dalori had lured them into investing in his companies, promising irresistible returns.

   The commission’s acting publicity secretary, Mr Tony Orilade, said Dalori took off with his Ponzi idea, by incorporating a firm in 2012, with the asset being a tricycle (Keke NAPEP). By pooling investments from members of the public, the firm later boasted of 50 tricycles. “The entrepreneur later diversified into other business ventures while promising mouth-watering returns to investors.

(BUSINESS) FIRS To Collect 5% VAT On Lottery, Gaming Activities

 

   The Federal Government has announced plans to charge Value Added Tax (VAT) on lottery and gaming activities.

  This was announced  in Lagos at a stakeholders’ engagement session with lottery and gaming operators. The session, organised by the Federal Inland Revenue Service (FIRS) in conjunction with the National Regulatory Commission (NLRC), had in attendance top brass of the revenue agency, led by FIRS Chairman, Mr. Tunde Fowler; Mr. Lanre Gbajabiamila, NLRC Director-General; representative of the Senate Committee Chairmen on Sports, representative of the Chairman, House Committee on Governmental Affairs; and industry operators.

(BUSINESS) World Bank Appoints David Malpass As New President

    The World Bank in a press release published on its website, said the appointment followed a transparent nomination process where any national of the Bank’s membership could be proposed by any Executive Director or Governor.

   Malpass previously served as Under Secretary of the Treasury for International Affairs for the U.S.
As Under Secretary, Malpass represented the United States in international settings, including the G-7 and G-20 Deputy Finance Ministerial, World Bank-IMF Spring and Annual Meetings of the World Bank.

(BUSINESS) Gayle Benson, Daryl Berger To Buy Hyatt Regency Hotel

   

   Daryl Berger, left, and New Orleans Saints and Pelicans owner Gayle Benson are buying the Hyatt Regency New Orleans Hotel, pictured in the background next to Benson Tower. Benson announced the deal Thursday, April 4, 2019.

(BUSINESS) Air Peace Orders 30 New E195-E2 Jets Worth $2.1bn

 

 
   In line with its route expansion programme, West and Central Africa’s biggest airline, Air Peace, yesterday, set what could become a continental record with a firm order for 10 brand new Embraer 195-E2 aircraft valued at $2.1 billion.

(BUSINESS) Innoson Motors To Seal GTB Head Office Over N8.8b Debt

 

  Innoson Motors said it would move to the headquarters of Guaranty Trust Bank in Lagos to effect the judgement of courts that awarded it an estimated N8.8billion.

  The company’s spokesman Cornell Osigwe said this in an interview with Daily Trust on Saturday. Already, Innoson’s agents had sealed seven branches of the bank in Awka and Enugu and plans to take further action by sealing the head office of the top flight bank.

(BUSINESS) Cadbury Nigeria Gets Female MD

     Oyeyimika Adeboye as its first female managing director since the company was established in 1965. According to a notice posted on the Nigeria Stock Exchange (NSE) on Thursday, Adeboye’s appointment is effective from April 1.

(BUSINESS) World Most Expensive Perfume Launched In Dubai

     The world’s most expensive and luxurious unisex perfume,Shumukh, valued at Dh4.752 million has been unveiled by The Spirit of Dubai Parfums by Nabeel.

(BUSINESS) Total Signs Deal To Explore Oil On Nigeria-Sao Tome Border

   Nigeria and São Tomé and Principe have awarded French oil giant Total exclusive right to begin oil exploration in three blocks 7, 8 and 11, located within the oil-rich Joint Development Zone (JDZ) owned by both countries.

(BUSINESS) UK To Inject £30m Through New Partnership

 

   United Kingdom is set to inject up to £30 million into prosperity and security projects across Africa as it steps up its investment in the continent, Minister of State for Africa Harriett Baldwin has announced.

(BUSINESS) Oil Prices Slide As Economic Outlook Darkens

 

  Oil prices dropped on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned overnight of continued weakness and fresh data showed Chinese exports and imports slumped last month. With surging U.S. supply also unsettling markets, international benchmark Brent crude futures were at 65.78 dollars per barrel at 0528 GMT, down 52 cents, or 0.8 per cent from their last close.

(BUSINESS) MTN To Be Listed In Nigera Stock Exchange

 
    MTN Group says it will list Nigerian Stock Exchange (NSE) in the first half of 2019, after recording very positive trade numbers in 2018 fiscal year. The telecommunication giant made this disclosure in a mailed statement seen by TheCable on Thursday, as its results showed a total revenue of 37,971,000,000 South African rand (N965.3bn).

(BUSINESS) Nigeria Overtakes Egypt As Largest Rice Producer

   Nigeria has overtaken Egypt as the largest rice producer in Africa, Director-General,Africa Rice Center, Benin Republic, Dr Harold Roy-Macauley has said. Roy-Macauley, told The Nation that Nigeria is now the largest rice producer at 4 million tonnes a year.

(BUSINESS) Nigeria’s Trade Surplus N1.44 Trillion In Fourth Quarter Of 2018

     Nigeria recorded a favourable trade balance of N1.44 trillion in the fourth quarter of 2018, being 125.5 per cent higher than the record of the third quarter of the year. The Foreign Trade in Goods Report released by the National Bureau of Statistics (NBS), yesterday, showed that during the fourth quarter of 2018, Nigeria’s total merchandise trade stood at N8.61 trillion, down from N9.11 trillion recorded in the third quarter by N460.96 billion or 5.1 per cent.
   Analysis showed that the total export component of this trade was recorded at N5.02 trillion, representing an increase of 3.5 per cent over the third quarter of the same year and 28.5 per cent over the corresponding quarter of 2017.

(BUSINESS) Dangote Gains $5.8bn In 24hrs, World’s 64th Richest

 

  Alhaji Aliko Dangote catapulted up the world’s billionaires list to become the 64th richest person in the world.

(BUSINESS) Oil Sector Tops $218bn Illicit Financial Flows From Nigeria

 

   Oil and gas sector of the Nigeria economy is responsible for 92.9 per cent of illicit financial flows (IFF) with over $217.7 billion said to have flowed out of the country between 1970 and 2008. This is contained in report entitled, “Averting Illicit Financial Flows in Nigeria’s Extractive Industry,” released yesterday by the Nigeria Extractive Industries  Transparency Initiative (NEITI).