Oil rises to $58, set for weekly gain

Oil prices rose on Friday as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. U.S. crude was down 8 cents at 51.48 dollars a barrel after earlier rising slightly. Still the contract is heading for a fourth consecutively weekly gain. Global benchmark Brent crude  was…

First Bank of Nigeria Limited has announced the acquisition of the remaining shares in FBNBank DRC Limited, making it a First Bank’s wholly-owned subsidiary. First Bank said this followed its initial investment in FBNBank DRC (formerly Banque Internationale de Credit) in 2011, when it acquired a 75 per cent stake in FBNBank DRC. The lender…

Rice importation drops by 88.4% – FG

The importation of rice into Nigeria dropped by 88.4 per cent in one year, the Federal Government announced on Friday. It stated that rice importation dropped from 500,000 metric tonnes imported in 2015 to 58,000MT in 2016. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, disclosed this to delegates who participated at the…

‘Compulsory insurance’ll not increase patronage in Nigeria’

The Group Chief Executive Officer, Old Mutual West Africa, Mr. Zomunoda Chizura, has said that making insurance compulsory through regulation will not encourage more Nigerians to embrace it. Chizura explained that Nigerians’ interest in insurance could only increase with attractive programmes, solutions and visible benefits that could be seen across generations. Speaking during a customers’…

Don’t let economy relapse into recession – MAN

The Director-General, Manufacturers Association of Nigeria, Mr. Segun Ajayi-Kadir, has urged the Federal Government to intensify efforts so that the country’s economy will not relapse into recession. He warned that if the country did not sustain the growth in productivity that had helped the economy exited recession, there could be a relapse. Ajayi-Kadir spoke in…