The federal government, through the Ministry of Communications Technology, has ordered the sack of the Managing Director of the Nigerian Communications Satellite (NigComSat), Timasaniyu Ahmed-Rufai, and has ordered a full investigation of the financial status of the company
Updated 7 Years ago

While the Commercial Aircraft Corporation of China (Comac) has yet to win any big international orders with its C919 passenger airplane, you may be flying on an aircraft manufactured by China's state-owned commercial aerospace company sooner than you think. John Leahy, chief operating officer of Airbus said he believes Comac will emerge as a serious competitor in the mainstream commercial aviation market over the next 20 years.
Updated 7 Years ago

The Asset Management Corporation of Nigerian (AMCON) Monday disclosed how it redeemed its N1.7 trillion bonds in December 2013, an amount it described as the largest bond redemption so far in the history of Nigeria.
Updated 7 Years ago

Australia's stock exchange operator ASX and Bank of China said on Tuesday that they will provide a yuan settlement service to Australian and Chinese financial markets by mid-year, marking the latest step in the yuan's development as a global currency. China is Australia's biggest trading partner and Australian firms have increasingly been settling their Chinese trade in yuan rather than U.S. dollars, according to local media reports.
Updated 7 Years ago

Russia will buy $2 billion of Ukrainian eurobonds this week, Russian Finance Minister Anton Siluanov said on Monday, in a move that may bolster Ukraine's president and the country's struggling currency. The purchase will be the second tranche of a $15-billion loan plan agreed in December between Russian President Vladimir Putin and Ukrainian President Viktor Yanukovich.
Updated 7 Years ago

The head of the world's biggest oil trading company has called for immediate and far-reaching reform of Brent, the oil marker for more than half of the world's internationally traded crude oil supplies. The comments by Vitol chief executive Ian Taylor mark the latest intervention in a debate about the effectiveness about Brent, which critics claim is a "broken" benchmark.
Updated 7 Years ago

Coming to Enugu in August is one of the most interesting events I have ever seen. It is called NESDES for short and stands for the “Nigerian Economic and Social Development Summit”... For 1 week in August Enugu will light up like never before as 1200 delegates made up of top C.E.O’s, Directors and Chairmen of the largest most innovative and impactful organizations in Nigeria meet to think about the Nigerian Project.
Updated 7 Years ago

About 600 of over 800 microfinance banks in the country may be closed down soon by the Central Bank of Nigeria unless they merge within the next few months, investigation, by our correspondent has shown.
Updated 7 Years ago

The Federal Inland Revenue Service (FIRS) has developed a strategy to ensure appropriate taxation of multinationals and enterprises operating in the country. The move is part of efforts to boost revenue generation.
Updated 7 Years ago

The Excess Crude Account (ECA), which was created to provide succour in rainy days for the federation, now has only about $2.1 billion in its kitty.
Updated 7 Years ago