Business articles

Importers with Chinese Yuan invoices to pay less

•Bankers Committee backs currency swap Importers will pay less if they get Renminbi invoices from Chinese exporters, the Central Bank of Nigeria (CBN)-led Bankers’ Committee said yesterday. Rising from its meeting in Lagos, the committee, comprising commercial and merchant banks’ Chief Executive Officers, said the discount was meant to encourage importers to go for Renminbi

Activities resume at SHELL Forcados terminal

Normal operations resumed at Shell Petroleum Development Company’s (SPDC) Forcados Export Terminal in Delta state, on Thursday night after an early morning protest by contract staff shutdown the facility. . The staff were unhappy about the company’s recent ‘Brown Field’ remuneration policy, which they alleged favoured a section of the staff to the detriment of

Nigerian Stock Market index drops by 0.40%

Trading activities dropped on the Nigerian Stock Exchange (NSE) on Wednesday after two consecutive days of growth, with the All-Share Index reducing 0.40 per cent. The index closed lower at 39,031.72 against 39,187.04 recorded on Tuesday, indicating a loss of 155.32 points or 0.40 per cent. Also, market capitalisation which opened at N14.188 trillion shed

President Buhari To Sign 2018 Budget Next Week

President Muhammadu Buhari has said he will sign the 2018 budget next week.   The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this on Wednesday to newsmen at the end of the weekly Federal Executive Council meeting which was held at the Presidential Villa in Abuja, the nation’s capital.  

Addax Petroleum MD resigns

Addax Petroleum Development Nigeria Ltd., a Chinese oil firm, on Wednesday announced the resignation of its Senior Vice President/ Managing Director, Colin Klappa. Dorothy Atake, Addax’s General Manager (External and Government Affairs), made the disclosure in a statement in Lagos. Ms Atake said that Yonghong Chen, the company’s Deputy Managing Director (Operations), would be the

Lagos Chamber of Commerce calls for review of import duty

The Lagos Chamber of Commerce and Industry (LCCI) has called for the review of import duty and Customs administration as part of the ongoing tax reform towards enhancing ease of doing business in the country. Muda Yusuf, Director-General of LCCI, made the call in an interview with the News Agency of Nigeria (NAN) on Monday