Nigeria wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said on Tuesday. Africa’s biggest economy needs to plug a gap in its record 7.3 trillion naira ($23.17
BUSINESS
The Minister of Finance, Kemi Adeosun, has said that Nigeria does not need loan from world financial body, International Monetary Fund, IMF. Featuring on CNBC Africa, the Minister said the programmes that come with IMF loan are currently being executed by the Nigerian government, and as such, the loan is not needed. Noting that the […]
Nigerians on Monday expressed outrage after it emerged that Indian-packaged garri was being sold in the country. The garri is packed in a 500g bag, which has the picture of a lady and an inscription, ‘TRS’ (Asia’s Finest Foods) on it, with a price tag of N450. The Executive Director, Natural Nutrient Limited, Sola Adeniyi, […]
Rolls-Royce has reported £4.6bn ($5.7bn) annual loss largely due to currency depreciation and payment of $808m fine to affected countries where it was involved in corrupt practices. According to a news agency, The Nerve, the motoring company had last month (January) apologised for the corruption case that centred around allegations that the group hired middlemen […]
The Kaduna State Internal Revenue Service on Friday obtained a court warrant to seal the premises of Union Bank Plc in Kaduna over non remittance of N19.3 million. The money is outstanding Pay As You Earn (PAYE) tax liability for 2014. The revenue service had on Feb. 8 dragged the bank before Justice Gideon Kurada […]
Barclays Plc (BARC.L) and Citigroup (C.N) approached South African competition regulator with information relating to the alleged rigging of the rand currency’s exchange rate, two sources with direct knowledge of the matter said on Friday. South Africa’s Competition Commission said on Wednesday it had found more than a dozen local and foreign banks colluded to
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