Category archives for: Business

Nigeria Govt Loses Billions To False Declaration At Ports

LAGOS APRIL 2ND(NEWSRANGERS)-Despite the establishment of Pre-Arrival Assessment Report (PAAR) and Automated System for Customs Data plus, plus (ASYCUDA++) designed to facilitate trade and block revenue loss at the ports and borders, one of the biggest challenges facing Nigeria Customs Service (NCS) is lack of compliance by some importers and agents, investigation has revealed. Non-compliance, […]

Nigerian Naira Black-Market Rate Traded At N415, Weakest In Three Years

LAGOS APRIL 1ST (NEWSRANGERS)-The Nigerian currency depreciated to its weakest level since February 2017 in the unofficial black market after the country’s central bank cut supply to dealers. The local unit traded at 415 naira per dollar according to abokiFX.com, which collates rates from street-traders in Lagos. In the official spot market, naira traded 386.51 […]

COVID-19: Group Canvasses For Total Lockdown Of Nigerian Seaports

By Mcanthony Onuoha LAGOS MARCH 31ST (NEWSRANGERS)-Following the exemption of the Nation”s Seaports from the lockdown order by President Muhammadu Buhari, to curb the spread of Covid-19 which has been ravaging countries of the world, a Maritime advocacy group, Maritime Integrity Initiative (MII)  has asked for total shutdown of seaports saying that it was of […]

Access Bank Closes Lagos Branch After Visitor Tested Positive For Coronavirus

LAGOS MARCH 24TH (NEWSRANGERS)-Access Bank Plc has temporarily closed its Ligali Ayorinde branch  in Victoria Island, Lagos after a visitor tested positive for coronavirus.  “We have confirmed that an individual who visited our Ligali Ayorinde branch on Monday 16th March 2020, has tested positive for coronavirus,” Accessbank said in a statement on Monday. “He was […]

Federal Govt Technically Devalues The Naira

LAGOS MARCH 21ST (NEWSRANGERS)-Nigeria has technically devalued the naira at the Investors and Exporters (I&E) trading window from N366.70 to N380.20. A source at the Central Bank of Nigeria, who asked to remain anonymous confirmed the development Friday to THEWILL. The move is expected to sustain foreign portfolio investors’ interest in Nigeria’s financial instruments. Nigeria […]

Zenith Bank To Merge With Union Bank

LAGOS MARCH 16TH (NEWSRANGERS)-Zenith Bank Plc has reportedly been given the green light to merge or acquire Union Bank Nigeria Plc. our correspondent got wind of this from a reliable source. We understand talks are currently ongoing between the banks and a tentative arrangement may have been reached to commence due diligence. Zenith Bank is […]

Buhari Directs Urgent Review Of 2020 Budget As Crude Oil Price Crashes

LAGOS MARCH 10TH (NEWSRANGERS)-President Muhammadu Buhari Monday responded to the drastic crash of crude oil in the international markets by constituting a presidential committee to review the 2020 budget and the oil benchmark and recommend realistic options that will make the document significantly implementable. The Nigerian blend, Bonny Light closed at $46.33 Monday from about […]

Coronavirus: Crude Oil Prices Slumps More Than 20%

LAGOS MARCH 9TH (NEWSRANGERS)-The world’s faltering effort to contain the coronavirus outbreak hammered stocks and crude oil on Sunday, as new cases surfacing across the U.S. amplified fears of a global downturn. Brent crude (BZ=F) prices collapsed, falling by as much as 31% on Sunday evening in what was the largest single-day drop since the […]

LCCI Laments Rise Of Nigeria Debt From N12.6trillion To N26.2trillion In Four Years

LAGOS MARCH 8TH (NEWSRANGERS)-The Lagos Chamber of Commerce and Industry (LCCI) on Thursday lamented the rise of   Nigeria’s debt profile  from N12.6trillion in 2015 to N26.2trillion in 2019. According to a statement signed by the Director-General of the LCCI, Muda Yusuf on Thursday, the nation’s national debt saw an increase of 108 percent within the […]

Why Dakuku Peterside Was Removed As NIMASA DG?

LAGOS  MARCH 6TH (NEWSRANGERS)-Fresh facts have emerged on why Dakuku Peterside was not favoured to sit for another four years as Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA). Besides the inability of Peterside to develop indigenous shipping tonnage, his failure to curb piracy in the nation’s territorial waters and a frosty […]

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