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Latest News Buhari can’t win without nPDP –Saraki Kaduna appoints 77 new district heads APC faction upsets Tinubu, holds separate congress in Lagos Ohanaeze youths back Ijaw youths on restructuring Rampaging herdsmen kill 6 in another deadly attack in Benue Okorocha kicks as Imo holds congress 110 confirmed dead in Cuba plane crash; black box found Abdullahi says APC won’t recognise parallel congresses Miyetti Allah backs WAANSA Nigeria in battle against small arms proliferation Weather Report: Expect clouds and thunderstorms today — NiMet The Senate and IGP Ibrahim Idris, By Adewole Kehinde Hope rises in Abia as Ikpeazu reshapes health sector, By Okechukwu Keshi Ukegbu

 

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2018 Economic Summit: FG, NESG to focus on economic transformation

2018 Economic Summit: FG, NESG to focus on economic transformation   The Federal Government, in collaboration with the Nigerian Economic Summit Group (NESG), will focus on economic transformation at the forthcoming 2018 National Economic Summit (NES). The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said this on Friday in Abuja while inaugurating the Joint Planning Committee for the...... more

Stock Market: Total, Mobil oil top losers’ chart

Stock Market: Total, Mobil oil top losers’ chart   Total Nigeria Plc on Friday at the Nigerian Stock Exchange (NSE) topped the losers’ chart, dropping by N9.80 to close at N212 per share, the News Agency of Nigeria (NAN) reports. Mobil Oil trailed with a loss of N7 to close at N181, while Dangote Cement was down by N3 to close...... more

Naira depreciates against dollar at parallel market

Naira depreciates against dollar at parallel market The Naira on Friday depreciated against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports. The Nigerian currency lost one point to exchange at N363, weaker than N362 posted on Thursday, while the Pound Sterling and the Euro closed at N496 and N429, respectively. At...... more

CBN lifts Forex market with $293m

CBN lifts Forex market with $293m   The Central Bank of Nigeria (CBN) on Friday lifted the Retail Secondary Market Intervention Sales (SMIS) of the Inter-bank Foreign Exchange Market with the sum of $293m. A statement from the Bank’s Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, confirming the figures, indicated that the sum, as in previous interventions, were...... more

Shell declares Bonny force majeure

Shell declares Bonny force majeure Shipments of Nigerian Bonny Light crude were suspended on Thursday, after an outage prompted operator Shell to declare force majeure, but traders said a surplus of unsold cargoes was so large that differentials struggled to hold steady. * Royal Dutch Shell’s Nigerian subsidiary said on Thursday it had declared force majeure...... more

NNPC, others to refund N526bn, $21bn

NNPC, others to refund N526bn, $21bn   The National Economic Council (NEC) has confirmed that the N526 billion and 21 billion dollars was underpaid to the federation account by some Federal Government revenue generating agencies between 2010 and 2015. Gov. Ibrahim Dankwambo of Gombe state made the disclosure while briefing State House correspondents after the meeting of...... more

Oil hits $80, highest since Nov 2014

Oil hits $80, highest since Nov 2014   Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude...... more

Devaluation takes toll as Nigerian banks absent from S&P top 30

Devaluation takes toll as Nigerian banks absent from S&P top 30 The latest global bank rankings report from S&P Global Market Intelligence found that South African and Egyptian banks dominated the list of largest banks in Africa in 2017, accounting for (7) of the 30 largest banks in the Middle East and Africa region, collectively reporting N668.18 billion in assets at the...... more

Okowa empowers 745 youths

Okowa empowers 745 youths   Delta State Governor, Senator Dr Ifeanyi Okowa, on Wednesday, inducted 745 beneficiaries of the 3rd Programme Cycle 2017/2018 of the Skills Training & Entrepreneurship Programme [STEP] and the Youth Agricultural Entrepreneurship Programme [YAGEP] with a charge to them to be role models for youths in their communities. Speaking at the Induction Ceremony...... more

Shell Nigeria Gas boosts domestic gas distribution capacity by 150 percent

   Shell Nigeria Gas boosts domestic gas distribution capacity by 150 percent   Shell Nigeria Gas (SNG) Limited has increased its domestic gas distribution capacity by 150% over the last six months. The increase in capacity will enable the company to distribute more than 100 million standard cubic feet of gas per day (MMscf/d) to businesses in its western operations. The new capacity...... more

China cuts commercial, industrial electricity prices for 2nd time since April 1

   China cuts commercial, industrial electricity prices for 2nd time since April 1   China’s state planning agency said on Wednesday it cut electricity prices for commercial and industrial use by a total of 21.6 billion yuan (3.39 billion dollars) from May 1. This is the second such cut within a month. The National Development and Reform Commission lowered power prices for commercial and industrial consumers...... more

ERGP Focus Labs to unlock $22.5 billion in potential investment

ERGP Focus Labs to unlock $22.5 billion in potential investment   The Ministry of Budget and National Planning today (Tuesday) held an Open Day to mark the end of the first phase of the Economic Recovery and Growth Plan (ERGP) Focus Labs. It was an opportunity to present the outcomes of the labs which took place over a six week period...... more

FOREX market gets additional $210m CBN boost

   FOREX market gets additional $210m CBN boost   In another round of intervention, the Central Bank of Nigeria (CBN) on Tuesday injected the sum of $210 million into the Inter-bank Foreign Exchange Market to boost liquidity in the system.  The figures released by the Bank in Abuja indicate that it allocated the sum of $100million to dealers in the wholesale...... more

Dangote to employ 350 LSETF Employability Support Project trainees

 Dangote to employ 350 LSETF Employability Support Project trainees   Mr Akintunde Oyebode, the Executive Secretary of Lagos State Employment Trust Fund (LSETF), says the Dangote Group in collaboration with its partner vendors are set to employ 350 LSETF Employability Support Project Trainees. Oyebode disclosed to newsmen on Tuesday in Lagos that the employment opportunity followed the completion of an...... more

FG reaffirms commitment to reduce dependence on oil

   FG reaffirms commitment to reduce dependence on oil   The Minister of Trade, Industry and Investment, Dr Okechukwu Enelamah, on Saturday addressed the RCCG Region 19 Men’s Conference, themed, The Nigeria Dream Beyond Oil, during which he explained that the thrust of this government’s program is to create the right enabling environment, rebuild market confidence and Address huge infrastructure gap and...... more

Paschal Dozie, Stella Okoli, Ernest Ebi to unveil ABC Transport book Wednesday

   Paschal Dozie, Stella Okoli, Ernest Ebi to unveil ABC Transport book Wednesday   Chairman of MTN Nigeria, Paschal Dozie, Chairman of Fidelity Bank Plc, Ernest Ebi, Chief Executive Officer of Emzor Pharmaceutical Limited, Stella Okoli, are among topnotch captains of industry expected to grace the book launch of founder of ABC Transport Plc, Frank Nneji. The event comes up on Wednesday, May 16 at...... more

Nigeria’s growth excites World Bank

Nigeria’s growth excites World Bank   The World Bank Group has expressed satisfaction with the performance of the Nigerian economy as it continues on the path to growth. The commendation was contained in a statement by the bank on Monday, after the conclusion of a visit to Nigeria by 10 Executive Directors of the bank from May...... more

FirstBank launches contactless Naira MasterCard

 FirstBank launches contactless Naira MasterCard   FirstBank of Nigeria Limited has announced the introduction of a contactless naira MasterCard to its array of debit cards. The move, according to the bank, was to promote convenience, ease of transactions and the security of funds. According to a statement from the bank, FirstBank debit cards are accepted nationwide and globally, adding...... more

FG to close 2017 budget with N1.5trn excess capital spending

FG to close 2017 budget with N1.5trn excess capital spending The Minister of Finance, Mrs Kemi Adeosun, says the Federal Government will be closing the 2017 budget with a capital spending in excess of N1.5 trillion. Mrs Adeosun. who revealed this development on Sunday in a series of tweets on her Twitter handle, said the figure is higher than what the...... more

Zinox attains Intel Platinum status

Zinox attains Intel Platinum status   Zinox Technologies Ltd., foremost ICT Solutions Company, has become the region’s first local Original Equipment Manufacturer (OEM) to achieve the status of Platinum Technology Partner by Intel Corporation, the world’s leading makers of computer processors and technology solutions. Zinox has successfully passed through all technological trainings by Intel to gain...... more

Rich Nigerians soon to lose their sleep — Soludo

Rich Nigerians soon to lose their sleep — Soludo   The former governor of the Central Bank of Nigeria, CBN, Professor Charles Soludo has decried a situation where only eight percent of the Nigerian population is controlling ninety percent of the nation’s wealth. Speaking at the maiden District conference of Rotary 9142 in Awka, Soludo said that for the country...... more

Malabu Scam: Shell, Eni, others in court over alleged corruption

Malabu Scam: Shell, Eni, others in court over alleged corruption   Royal Dutch Shell, Italian oil giant Eni and a number of senior executives at the two firms face trial in Milan on Monday over corruption charges relating to a $1.1billion (£800m) deal for a Nigerian oil block tagged Malabu Oil scandal.  The Milan public prosecutor alleges that $520million from a...... more

Osinbajo: FG to generate $1 billion from entertainment industry by 2020

Osinbajo: FG to generate $1 billion from entertainment industry by 2020 Vice President Yemi Osinbajo has disclosed that the Federal Government, through its Economic Recovery and Growth Plan (ERGP), is targeting to generate at least $1 billion by the end of 2020 from the entertainment and creative industry. According to him, this is in line with the Federal Government’s diversification policy that seeks...... more

Foreign investors, others bring $6.3bn into Nigeria

Foreign investors, others bring $6.3bn into Nigeria   (Reuters) - Capital inflow into Nigeria rose almost sixfold in the first quarter compared to a year ago, following last year’s liberalisation of the currency for foreign investors and steps to tighten liquidity to attract offshore funds. Figures released on Friday by the National Bureau of Statistics showed capital inflow had hit...... more

Celebrity chef Miyonse hits goldmine, signs multimillion naira deal with Indomie

   Celebrity chef Miyonse hits goldmine, signs multimillion naira deal with Indomie   Dufil Prima Foods Plc, producers of Nigeria’s number one instant noodles, Indomie, has officially welcomed and endorsed celebrity chef, Chef Miyonse Amosu into the Indomie family as its brand ambassador. Miyonse’s partnership with Indomie follows in the footsteps of Nigerian rapper, singer-songwriter, actor, Sound Sultan’s work with the brand for...... more

Amend outdated financial laws to improve IGR, financial governance - Expert

 Amend outdated financial laws to improve IGR, financial governance - Expert    Task Team Leader of State and Local Governance Reform (SLOGOR), Mr Ikechukwu Nweje has urged state governments to amend outdated financial laws to improve their Internal Generated Revenue (IGR) and financial governance. Nweje made the call at a retreat organised for the six SLOGOR states participating in the Public Financial...... more

Huawei assures customers of quality service delivery

   Huawei assures customers of quality service delivery   The Director, Huawei Nigeria Enterprise Channel Department, Mr. Ken Zhao, has restated the company’s resolve to always deliver quality solutions to customers through its partners in the Nigerian market. He made this disclosure at a joint partner summit organised by foremost ICT distributors, Technology Distributions Ltd. (TD) and Huawei on...... more

PSIN pledges to boost IGR through partnership with MDAs, private sector

PSIN pledges to boost IGR through partnership with MDAs, private sector   The Public Service Institute of Nigeria (PSIN) has expressed its commitment to boost Internally Generated Revenue (IGR) through partnerships with Ministries, Departments and Agencies of institutions in the private and public sectors. The institute said it would explore all avenues to ensure that the facilities donated were put to maximum...... more

Fidelity Bank records over N100bn savings deposits in 2017 •Doles out N110m to 185 customers through ‘Get Alert in a Million’ promo

Fidelity Bank records over N100bn savings deposits in 2017 •Doles out N110m to 185 customers through ‘Get Alert in a Million’ promo Mr Mohammed Balarabe, the Deputy Managing Director of Fidelity Bank Plc, said the bank recorded an increase of over N100 billion in the bank’s savings deposit account in 2017. Balarabe, who said this at the final draw of Fidelity Bank’s “Get Alert in Millions Promo,” in Abuja on Wednesday, said the...... more

Over 5 million Nigerians enter tax net – Osinbajo

 Over 5 million Nigerians enter tax net – Osinbajo   Vice President Yemi Osinbajo on Wednesday in Abuja said that over five million new taxpayers have been enrolled in the last 12 months. Speaking at the 20th annual tax conference of the Chartered Institute of Taxation of Nigeria (CITN), Osinbajo said that the tax compliances are closely linked to good governance. He...... more

 

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