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Latest News BREAKING: Kidnappers invade Lagos school, abduct principals, students Lagos court orders Ifeanyi Ubah’s release, Abuja court okays continued detention by DSS Implications of dislocating South-East from the coastal rail project, By David Onuoha Bourdex Why Buhari is marginalising Igbos — Ngige Pastor adopts kissing as healing strategy Kogi Governor in voter registration scandal How FG worsened Boko Haram insurgency: Obasanjo Kano seals deal with 10 companies on power, infrastructure Nigerian app developer wins £25,000 UK engineering award Instagram, Snapchat rated worst social media platforms for young people My administration spends N1bn monthly on pensions — Okowa Desmond Elliot, Mercy Aigbe volunteer to champion campaign against maltreatment of widows

 

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Kano seals deal with 10 companies on power, infrastructure

Kano seals deal with 10 companies on power, infrastructure The second Kano Economic and Investment Summit ended yesterday with 10 companies signing Memorandum of Understanding (MoU) with the state government for investment in various economic and business subsectors in the state. The companies include Brains & Hammers, Milestone International, Arewa Solar PV Synergy; Black Rhino & Dangote; Broad base Nig...... more

Group mobilises for bank boycott over new bank charges

Group mobilises for bank boycott over new bank charges The Consumer Advocacy Foundation of Nigeria (CAFON) has started mobilising for the closure of bank accounts “in view of the public outcry against CBN’s directive to increase approved bank charges with effect from May 1, 2017.” CAFON Founding President Sola Salako in a statement issued in Lagos on Monday called for...... more

UBA introduces world class Mobile Banking App

UBA introduces world class Mobile Banking App  Pan-African financial institution, United Bank for Africa Plc, on Tuesday announced the launch of a brand new mobile banking application with many user friendly features. The launch, it said in a statement issued in Lagos, is in demonstration of its commitment to deliver superior and innovative banking solutions to its customers....... more

SNEPCo’s Bonga delivers 702 million oil barrels for Nigeria

SNEPCo’s Bonga delivers 702 million oil barrels for Nigeria The Bonga oil field has produced about 702 million barrels of oil since inauguration in 2005, and operated at more than 92 percent availability in 2016, Managing Director of the oil field operator, Shell Nigeria Exploration and Production Company (SNEPCo), Bayo Ojulari, has said. The volumes came from the Bonga main...... more

CBN retains benchmark rate, Cash Reserve Ratio at same levels again

CBN retains benchmark rate, Cash Reserve Ratio at same levels again  The Central Bank of Nigeria’s Monetary Policy Committee has decided to retain the country’s benchmark interest rate at 14 percent. The CBN also decided to leave the existing cash reserve ratio for commercial banks at 22.5 percent and the Liquidity Ratio at 30 per cent. Asymmetry Corridor is maintained at +200...... more

Bitcoin value reaches record level

Bitcoin value reaches record level The digital currency Bitcoin saw its value gain almost 10 percent and climb to a record level of $2,235 on Monday at 1930GMT. After rising more than 120 percent since the beginning of the year, the value of the digital currency passed the $2,000 mark during the weekend with rising political...... more

S&P rates UBA ‘B/B’ and stable

S&P rates UBA ‘B/B’ and stable  International Rating Agency, Standard and Poor’s (S&P), assigned  its ‘B’ long term and ‘B’ short term global scale counterparty credit ratings to the United Bank for Africa Plc (UBA). These ratings on the pan-African financial institution are at par with S&P ratings on the Nigerian Sovereign. More so, S&P’s ‘B’ rating...... more

British Airways slashes Abuja - London fare

British Airways slashes Abuja - London fare Customers flying British Airways (BA) through its Abuja-London route would pay a slashed fare of $277 between May 15, 2017 and June 30, 2017 for one way trip. Mr. Kola Olayinka, British Airways Regional Commercial Manager, West Africa, said this in statement on Sunday in Lagos. The statement was made available...... more

MAN wants CBN to reduce lending rate •MPC Meeting to review developments in global, domestic markets

MAN wants CBN to reduce lending rate •MPC Meeting to review developments in global, domestic markets The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to drop the lending rate from 14 per cent to accelerate productivity and economic growth. The President of MAN, Mr Frank Jacobs, made the appeal in an interview with the News Agency of Nigeria (NAN) on...... more

Oil cracks $50 a barrel for the first time in three weeks

Oil cracks $50 a barrel for the first time in three weeks U.S. crude surged above $50 a barrel for the first time in more than three weeks, as a report surfaced that OPEC members are considering cutting production more deeply to tackle a persistent supply glut that has weighed on prices. U.S. West Texas Intermediate crude (New York Mercantile Exchange: @CL.1) futures...... more

Obasanjo seeks strong challenge for South Africa’s ruling party, government

Obasanjo seeks strong challenge for South Africa’s ruling party, government The ruling African national Congress (ANC) in South Africa will have to be given a “fight for its money” before it fixes itself, says former Nigerian president Olusegun Obasanjo. His comments come as the ANC faces criticism from opposition parties, religious bodies and its alliance partners over President Jacob Zuma’s leadership....... more

NNPC packages $6bn worth of oil-for-product swap deals

NNPC packages $6bn worth of oil-for-product swap deals Nigeria’s state oil company is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day (bpd) of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters. The contracts, which come three months later than expected,...... more

CBN releases list of items valid for forex

CBN releases list of items valid for forex The Central Bank of Nigeria (CBN) yesterday released a list of items that can source foreign exchange (forex) from the market. The list, sent to all authorised dealers, Nigeria Customs and the public, has 36 categories. It is endorsed by Director, Trade and Exchange, W. D. Gotring. He said the list...... more

CBN floods forex market with $457.3m

CBN floods forex market with $457.3m After a lull witnessed in the foreign exchange market last week, the Central Bank of Nigeria (CBN) on Monday injected the sum of $457.3 million into various segments of the market. A breakdown of the offers indicates that both the spot and forwards segments garnered a total of $267.3 million while...... more

Africa investors eye niche markets as biggest economies slip

Africa investors eye niche markets as biggest economies slip Investors targeting Africa are broadening their horizons in their search for yield as sluggish growth and policy uncertainty in Nigeria and South Africa, the continent’s biggest economies, weigh on returns. Ivory Coast, Senegal, Ghana, Rwanda and Ethiopia are among countries featuring on the radar screens of investors attending the World Economic...... more

Oando seeks approval to refurbish refineries

Oando seeks approval to refurbish refineries Mr. Wale Tinubu, the Managing Director, Oando Plc, on Thursday said that the company would seek approval from the Federal Government for the refurbishment of one or two refineries. The company’s facts behind the figures at the Nigerian Stock Exchange (NSE) in Lagos, show that refurbishment of the refineries would enable...... more

FG raises N110b bonds

FG raises N110b bonds At an auction on Wednesday, the federal government raised N110 billion worth of bonds to mature in 2021, 2027 and 2037. The bond obtained from its website of the Debt Management Office (DMO) shows that fewer bonds were sold at the auction than the N140 billion anticipated. It also said DMO...... more

Emirate Airlines announces $670m profit

Emirate Airlines announces $670m profit Emirate Airlines said it recorded profit of 670 million dollars in its 2016/2017 financial year, which ended on March 31, 2017. The airline, which made this known in a statement by its spokesman, Ijeoma Okolie, on Thursday in Abuja, said that the performance reflected steady business growth in 29 consecutive years....... more

Calabar firm seeks partnership with Aba shoe makers

Calabar firm seeks partnership with Aba shoe makers Golden Giants Industries Limited, a Calabar-based textile firm, on Tuesday solicited collaboration with shoe, leather and fabric makers in Aba, to enhance the quality of their products. Mr David Ajayi, the Deputy General Manager of the company, made the call in an interview with the News Agency of Nigeria (NAN) at...... more

FG reassures on reforms to sustain economy

FG reassures on reforms to sustain economy The Federal Government on Tuesday, promised to implement daring reforms that would revive and sustain economic growth and development in the country. The Minister of Finance, Mrs Kemi Adeosun, made the promise in Abuja at the launch of the International Monetary Fund’s Regional Economic Outlook report on Sub-Saharan Africa. According to...... more

MTN to invest fresh R540m in Iran despite risk of not being able to repatriate funds

MTN to invest fresh R540m in Iran despite risk of not being able to repatriate funds MTN has reached a nonbinding preliminary agreement to invest R540m in Iranian Net to widen the telecommunication group’s reach in that country even as it faces the risk of not being able to repatriate funds from it. The investment in the fixed-broadband provider, with further investments of about R3.4bn in equity...... more

Tomachy, Nigeria’s largest online guide to restaurants, bars and night life, debuts

Tomachy, Nigeria’s largest online guide to restaurants, bars and night life, debuts Nigeria has joined the league of countries where online search for best places to wine and dine have been made easy with the launch of Tomachy, a restaurant search and discovery web platform. Tomachy incorporates mobile app, currently listing information for over 20,000 restaurants, bars, and night clubs across 36 states...... more

Shoprite forced to repurchase shares from former CEO

Shoprite forced to repurchase shares from former CEO In an unprecedented move, Shoprite/Checkers is being forced to repurchase R1.8bn worth of shares from former CEO Whitey Basson. The move, which will add about R144m to Shoprite’s annual interest bill, has been slammed as a misalignment of interests between a company and one of its former top executives. On Friday,...... more

12 Japanese firms storm Nigeria in search of investment opportunities

12 Japanese firms storm Nigeria in search of investment opportunities Japanese companies have indicated strong interest in Nigeria, with 12 of them presently in the country to sniff for possible investment opportunities. The 12 private companies include trading houses, manufacturers, banks, insurance and relevant companies from all development sectors in Japan. They are part of a 32-man Joint Trade and Investment...... more

Aiteo dismisses allegation of complicity in $1.2bn crude swap deal

Aiteo dismisses allegation of complicity in $1.2bn crude swap deal Integrated energy group Aiteo has denied claims it is the subject of an inquiry by the House of Representatives over an alleged payment of $1.2billion into the Central Bank of Nigeria’s (CBN) Petroleum Profit Tax (PPT) account and involvement in questionable crude oil transactions from 2011 through 2014. In a release...... more

Ban on 41 items still in force: CBN

Ban on 41 items still in force: CBN The Central Bank of Nigeria (CBN) has explained that the ban it placed on 41 items that are not eligible for foreign exchange is still in place as the policy has not been reversed. A statement issued on Thursday in Abuja by CBN Ag. Director, Corporate Communications, Isaac Okorafor indicated that media reports...... more

FEC approves $250m soft loan to 14 million Nigerians

FEC approves $250m soft loan to 14 million Nigerians The Federal Executive Council has approved a US$150 million soft loan from African Development Bank (AfDB) and US$100 million from African Development Finance (ADF) for Rural Water Supply and Sanitation Initiative (RWSSI) as well as a Grant of five million Euro to finance Inclusive Basic Service Delivery and Livelihood Empowerment Integrated...... more

Anchor Borrowers’ Programme: Farmers repaying loans, says CBN

Anchor Borrowers’ Programme: Farmers repaying loans, says CBN Contrary to insinuations about the unwillingness of farmers to pay up their loans, the Central Bank of Nigeria (CBN) says farmers who accessed under its Anchor Borrowers’ Programme (ABP) have indeed commenced repaying their loans. Details of the loan disbursement and repayment obtained from the apex bank indicate that as at...... more

NNPC shops for $16.5 billion investments

NNPC shops for $16.5 billion investments The Nigerian National Petroleum Corporation (NNPC), has disclosed that it would be shopping for about 16.5 billion dollars to execute several oil and gas projects lined up for execution. The Group Managing Director of the NNPC, Dr Maikanti Baru, said this at a function organised by the Petroleum Technology Association of...... more

MTN suffers decline in subscriber numbers

MTN suffers decline in subscriber numbers MTN suffered a 1.5% decline in its total subscriber numbers to 237-million in the first quarter of 2017 from 240-million in the fourth quarter of 2016. “While our reported subscriber numbers are lower than we had expected, this is largely the result of an ongoing review of subscriber definitions. We are...... more

 

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