Business

Fuel shortages are set to worsen in Nigeria as international traders and local marketers back away from imports over fears that the cash-strapped new government will halt costly subsidy payments. Already, lines at petrol stations in the major cities are...

African business leader and philanthropist, Mr. Tony O. Elumelu, CON will speak at a White House event hosted by U.S. President Barack Obama this Monday, to celebrate emerging entrepreneurs around the globe. The May 11thevent is a prelude to...

Agrochemicals firm Syngenta on Friday rejected a $45 billion takeover offer from Monsanto, saying the offer undervalued the Swiss firm and did not fully take into account regulatory risks. Sources had told Reuters overnight that the two agricultural companies were...

Microsoft Corp (MSFT.O) currently is not weighing an offer for Salesforce.com Inc (CRM.N), two people familiar with the matter said on Thursday, dampening speculation that Microsoft could be drawn into bidding for the cloud software company. Bloomberg News, citing people...

BEVERLY HILLS, May 07, (THEWILL) – The Chairman of Lee Engineering and Construction Company, one of Nigeria’s leading indigenous oil, gas and power engineering service providers, Chief Leemon Ikpea, has called on the Nigeria Government to further strengthen the...

BEVERLY HILLS, May 07, (THEWILL) – An Abuja-based media consultant and former newspaper editor, Simon Imobo-Tswam, has dragged the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, before an FCT High Court, claiming N1billion as “general and compensatory damages,” for...

Alibaba Group Holding Ltd's (BABA.N) quarterly revenue rose 45 percent, beating analysts' expectations, as the Chinese e-commerce company reported a jump in gross merchandise volume. Alibaba's American depository shares were up 7.5 percent at $86 in premarket trading. The company also...

Telecom equipment maker Alcatel-Lucent (ALUA.PA), which is set to be bought by larger rival Nokia (NOK1V.HE), improved profit margins in the first quarter despite a marked sales slowdown in its biggest market, the United States. Although it reported a net...

The House of Representatives in Nigeria has summoned the Coordinating Minister for the Economy and the Minister of Finance, Dr Ngozi Okonjo-Iweala, and the Minister of Agriculture and Rural Development, Mr Akinwumi Adesina, over the alleged 21 billion Naira...

...Drop in revenues prompts govt to cut subsidies ...Nigeria tried to end subsidies in 2012 ...Fuel shortage as marketers worry over payments Nigeria will slash petrol subsidies by 90 percent this year because government revenues have been hit by the slump in...