Federal government has substituted Lufthansa Airline as a member of the consortium engaged to provide transaction advisory services for the establishment of National carrier. Minister of State, Aviation, Hadi Serika disclosed this while briefing State House Correspondents after the weekly Federal Executive Council meeting presided over by President Muhammadu Buhari

Nigerian equities declined for the second consecutive trading session yesterday as investors stepped up profit-taking amidst concerns that global equities slowdown may negatively impact the domestic market.

Most advanced and emerging global markets have witnessed contractions in recent days.

The Consul-General of the People’s Republic of China in Lagos, Mr Chao Xiaoliang, has announced that bilateral trade between China and Nigeria in 2017 amounted to about N4.97 trillion (13.78billion dollars). Chao made the announcement at the celebration of the Chinese New Year, also known as the Spring Festival in Lagos by hundreds of Chinese nationals, with their Nigerian and non-Nigerian friends.

The management of the Nigerian Ports Authority (NPA) says in 2017 fiscal year, it generated N299.56 billion – its highest revenue in five years. The agency made this known in a statement signed by Abdullahi Goje, its General Manager, Corporate and Strategic Communications.

MTN Group Ltd. plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter.

Standard Bank Group Ltd. and Citigroup Inc. have been advising Africa’s largest mobile-phone company on the disposal of as much as 30 percent of the Lagos-based unit on the Nigerian Stock Exchange, said the people, who asked not to be identified as the details aren’t public. Most of the shares will be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process is a success, one of the people said.

The Nigerian Stock Exchange (NSE) recorded a turnover of N197. 22 billion on 21.71 billion shares transacted in 168,649 deals in January 2018, amid increased confidence. The turnover and volume grew by 313.46 percent and 167.36 percent respectively when compared with figures achieved in January 2017.

OLX, an online marketplace owned by Naspers, has shut down its offices in Nigeria, a move that will affect over 100 of its employees.

It was gathered that the workers were formally informed of the decision on Tuesday through a notice of termination, which will commence in March, and will be followed by the management team in April.

In an emailed response by the Public Relations and Communications Lead, OLX Nigeria, Uche Nwagboso, the company confirmed that it made a decision to consolidate its business operations in Nigeria.

Vice President Yemi Osinbajo has reaffirmed the commitment of the Nigerian government to partner and work with the private sector to achieve the economic objectives of the President Muhammadu Buhari administration. Professor Osinbajo was speaking on Tuesday as he inaugurated the Core Working Teams for the Economic Recovery and Growth Plan, ERGP, Focus Labs at the Banquet Hall of the Presidential Villa, Abuja.

Members of the Bankers’ Committee have agreed that banks in the country should stop charging commission on the sale of foreign exchange to customers, particularly those meant for Personal Travel Allowance, Business Travel Allowance, tuition and medical bills payment.

The Bankers’ Committee comprises the CBN governor, the chief executive officers of all commercial banks and merchant banks in the country, and the CEOs of other key agencies and organisations in the financial industry.

Bitcoin fell to USD 6,190 for the first time in three months. The virtual currency saw an unprecedented and meteoric 26-fold rise last year before falling by a very sharp 20 percent.

This crash comes six weeks after Bitcoin hit USD 19,511. There are however warning that the cryptocurrency would fall by another 50 percent.

Across the globe, Bitcoin has faced severe crackdowns by governments. On February 1, the Indian Finance Minister, Arun Jaitley, said during his Budget 2018 speech that the government would take all measures to eliminate its use in the payment system. "The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system," he said.