Nigeria’s Ambassador to the Russian Federation, Prof. Abdullahi Shehu, on Sunday restated Federal Government’s plans to resuscitate the Ajaokuta Steel Company, one of nation’s largest assets, through new discussions with potential Russian investors. The envoy was quoted by the News Agency of Nigeria (NAN) as giving this hint in Moscow during an interview, recalling that […]
Privatisation & Commerce
CBN, AMCON Announce Polaris Bank’s Sale To New Investor
The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’). This is even as the House of Representatives on Wednesday endorsed the sale […]
Nigerian Exchange, U.S Consulate Collaborate To Boost Investment, Trade
The United States Consulate and Nigerian Exchange Limited (NGX) on Friday announced their decision to collaborate on boosting investments and trade between Nigeria and the United States. The partnership was made public at the Closing Gong Ceremony held to commemorate the US Consul General’s courtesy visit to NGX on Friday, 14 October 2022. In his […]
LCCI Tasks FG On Export Trade Infrastructure Investment, Others
The Lagos Chamber of Commerce and Industry (LCCI) has charged the Federal Government on the need to attract more investments in export infrastructure and other critical areas to sustain the nation’s balance of merchandise trade surplus in the years ahead. The President of the organized private sector (OPS) group, Dr. Michael Olawale-Cole, gave the charge […]
N206.18Bn Privatisation Proceeds To Partly Fund 2023 Budget – BPE
Barely two hours after President Muhammadu Buhari presented the 2023 Appropriation Bill fiscal estimates to the joint session of the National Assembly on Friday, the Bureau of Public Enterprises (BPE) stated that the N206.18 billion generated through privatisation proceeds would be used to partly fund the deficit in the proposed budget. The President had while […]
FG Not Planning To Sell Transmission Company Of Nigeria – BPE
The Bureau of Public Enterprises (BPE), late Sunday restated its earlier position that the Federal Government had no plans to sell the Transmission Company of Nigeria (TCN). The privatization agency made this clarification in a statement which came some few weeks after it hinted of plans to revive ailing government owned enterprises. Reacting to news […]
FG Inaugurates TWGs To Resuscitate Ailing Privatized Enterprises
The Federal Government has inaugurated four Technical Working Groups (TWGs) to review and implement a strategic roadmap for the resuscitation of ailing privatized enterprises in the Automobile, Housing (Bricks and Clay), Mines and Steel and Oil Palm sectors of the nation’s economy. Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, while […]
Confusion Trails Seplat’s Purported Acquisition Of Mobil
…….As NUPRC counters President Buhari’s order on deal Less than 24 hours after Seplat Energy Plc announced that President Muhammadu Buhari had approved its cash acquisition of the share capital of Mobil Producing Nigeria Unlimited (MPNU), emerging developments at the highest level of government have indicated that the purported approval may not have passed through […]
Nigeria’s AFEX Expands Operations To Kenya With $1Mn Loan Package
Nigeria’s commodities exchange, AFEX, has expanded its operations to Kenya, following a successful pilot phase in the East African country. To support the expansion initiative with funding, AFEX Fair Trade Limited (AFTL), has launched a $1 million loan programme that will allow farmers to gain access to seed and fertilizer for their crops and by […]
Parallel Market’s Exchange Rates Hampering Nigeria’s Trade Balance Efforts – IMF
The International Monetary Fund (IMF) has said that efforts to address Nigeria’s merchandize trade imbalances are not achieving the desired results due to Foreign Exchange (forex) strains relating to exchange rate premiums in the nation’s parallel market. The Fund made this disclosure during its staff meetings with the Nigerian authorities from June 6-10, 2022, to […]