Category: West Africa

Nigerian equities hit a one-month high shortly after the stock market opened for trade on Friday following President Muhammadu Buhari’s return home from an extended medical leave in Britain. Stocks rose 1.29 percent at 0936 GMT to levels last seen in February, according to Thomson Reuters data. Stocks, which are down 6.3 percent on the…

Nigerian Abdulhakim Mohammed has just graduated in architecture but, like many people ranging from unemployed locals to foreign investors and Africa’s richest man, he has decided the future lies in rice farming. The reason is that domestic rice prices have more than doubled in the last two years due to an import ban and a…

Shell Nigeria Exploration and Production Company (SNEPCo) halted production at Nigeria’s Bonga oil field on March 4 for maintenance that will last at least a month. SNEPCo said in a statement that Bonga, which has the capacity to produce 225,000 barrels per day (bpd) of oil and 150 million standard cubic feet (scf) of gas,…

Only one foreign airline has agreed to use the Kaduna International Airport, as the Nigerian government officially announced the closure of the Abuja International Airport on Monday. The Minister of State for Aviation, Hadi Sirika, told journalists that so far only Ethiopian Airlines has agreed to use the Kaduna airport as an alternative. The government…

The presidency has advised Nigerians who have no “compelling or urgent” reason to travel to the U.S. not to do so. The Senior Special Assistant to the President on Foreign Affairs, Abike Dabiri-Erewa, advised Nigerians who have no compelling or urgent reason to travel to the U.S. to postpone their travel plans until the Donald…

The Nigerian Customs Services on Thursday gave a one-month grace period for all vehicles in the country whose customs duties have not been paid to do so or risk being impounded. The Comptroller-General of Customs, Hameed Ali, a retired Army colonel, who approved the grace period said it would last between Monday, March 13 and…

The Nigeria Deposit Insurance Corporation (NDIC) has said three million Nigerians lost N18 billion in the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM). Speaking yesterday during the NDIC day at the 38th Kaduna International Trade Fair, the Managing Director, Alhaji Umaru Ibrahim, said despite repeated warnings by the Central Bank of Nigeria (CBN) and…