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Latest News Osun Guber Update: Adeleke wins polling unit as vote counting begins THIS AFFLICTION called ONWUEMEODO shall also pass, By Uche Onwuchekwa Buhari’s 10 million imaginary millionaires BREAKING: Security agents swoop on vote buyers as Osun elects new Governor •Card reader rattles Adeleke Cross River community where girls are sold to settle their parents’ debt Battle for Lagos: Ambode turns to God as APC elders seal his fate Osun Guber: Police talk tough, vow to arrest errant politicians Communications Minister, Adebayo Shittu, confirms dodging NYSC Akwa Ibom: Police gives Etim Ekpo, Ukanafun youths 5 days to surrender arms Crisis hits Kaduna PDP; 5 governorship aspirants battle state chairman Skye Bank: Customers storm ATMs in panic withdrawal Osun Guber: We’ll keep tabs on vote buying — EU observers

 

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Rivers displaces Lagos as top investment destination

Rivers displaces Lagos as top investment destination Rivers State dislodged Lagos State as the number one foreign investment destination in Nigeria in the first half of 2018, according to an investment profile report by the Nigeria Investment Promotion Commission (NIPC). Rivers received 35% of the $45.74 billion invested in 42 projects in nine states and the Federal Capital...... more

CBN injects $317.52m, CNY 58.40m into Forex market

CBN injects $317.52m, CNY 58.40m into Forex market The Central Bank of Nigeria (CBN) has continued its intervention in the retail Secondary Market Intervention Sales (SMIS) by injecting a total of $317.52million in that segment of the market in addition to CNY58.40 million in the spot and short-tenored forwards segment. The figures obtained from the apex Bank on Friday...... more

NNPC denies hiding $470.5m, N8bn in commercial banks

NNPC denies hiding $470.5m, N8bn in commercial banks The Nigerian National Petroleum Corporation (NNPC) says it has no hidden 470.5 million dollars and N8 billion in any commercial bank as alleged by the Nigerian police. The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in Abuja on Friday, explained that the...... more

BREAKING NEWS: CBN revokes Skye Bank’s licence

BREAKING NEWS: CBN revokes Skye Bank’s licence The operating licence of Skye Bank has been withdrawn, Governor of the Central Bank of Nigeria (CBN), Godwin I. Emefiele, CON, announced on Friday evening in Abuja, the nation’s capital. He told the media: “You will recall that on 4th July 2016, we took a regulatory action on Skye bank Nigeria...... more

Nigeria’s foreign debt hits $22.08bn

Nigeria’s foreign debt hits $22.08bn The National Bureau of Statistics (NBS) says the country’s foreign debt stands at 22.08 billion dollars and the domestic debt N3.48 trillion. The bureau disclosed this in its “Nigerian Domestic and Foreign Debt’’ Q2 2018 report released in Abuja, on Friday. According to the bureau, further disaggregation of Nigeria’s foreign debt...... more

MTN shares rise after Nigeria says reviewing information to resolve $8.1bn dispute

MTN shares rise after Nigeria says reviewing information to resolve $8.1bn dispute Shares in South Africa's MTN rose 5% on Thursday, after Nigeria's central bank said on Wednesday that it was reviewing information provided by the telecoms firm and four banks over a dispute on the repatriation of dividends. "The statement suggests there are some talks going on and the market welcomed the...... more

$470.5m NNPC Brass LNG fund found hidden in banks: Police

$470.5m NNPC Brass LNG fund found hidden in banks: Police The Nigerian Police Force announced today that it was able to trace $470.5million belonging to NNPC Brass LNG squirrelled away in some accounts in some commercial banks in Nigeria. Even more stunning, the police also said they traced another N8,807,264,834.96, belonging to the same project in the banks. According to the...... more

AfDB bans consulting firm for fraud

AfDB bans consulting firm for fraud The African Development Bank Group on Thursday banned for 48 months, Geo Sciences International Sarl, a consulting firm based in Yaoundé, Cameroon for alleged fraudulent practices. An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that GEO SCIENCES engaged in numerous fraudulent practices in bidding for a consulting...... more

Ibom International Airport MRO to begin operations

Ibom International Airport MRO to begin operations Akwa Ibom State government has reiterated its readiness to ensuring that the Maintenance, Repair and Overhaul (MRO) Unit of Ibom International Airport is made functional for enhancement of aviation services in the country. The State Governor, Mr Udom Emmanuel, stated this while receiving a report of Assessment of the Maintenance, Repair...... more

Tony Elumelu Foundation to launch world’s largest digital platform for African Entrepreneurs at TEF Forum 2018

Tony Elumelu Foundation to launch world’s largest digital platform for African Entrepreneurs at TEF Forum 2018 Africa’s leading entrepreneurship focused philanthropy, The Tony Elumelu Foundation, is launching the world’s largest digital platform for African entrepreneurs and the African entrepreneurship ecosystem –  TEFConnect. TEFConnect will officially be unveiled at this year’s TEF Forum, taking place on October 25, 2018, at Federal Palace Hotel, Lagos, Nigeria. Harnessing and building...... more

FG’s Economic Management Team meets on minimum wage, budget

FG’s Economic Management Team meets on minimum wage, budget Vice President, Yemi Osinbajo presided over the meeting of the Economic Management Team (EMT) meeting, specially dedicated to discuss the review of the national minimum wage. The meeting, which held at the Presidential Villa, had in attendance the Ministers of Finance, Zainab Ahmed, Budget and National Planning, Udoma Udo Udoma, Industry,...... more

Forex: CBN intervenes again with $210m

Forex: CBN intervenes again with $210m The Central Bank of Nigeria (CBN) has again intervened in the inter-bank Foreign Exchange Market to the tune of $210 million. According to the figures obtained from the CBN on Tuesday, September 18, 2018, the bank offered $100 million to authorised dealers in the wholesale segment of the market, while the...... more

Why NNPC opted for contractor-financing of pipeline projects — Baru

Why NNPC opted for contractor-financing of pipeline projects — Baru The Nigerian National Petroleum Corporation (NNPC) has explained why it has resorted to contractor-financing of its pipeline and other facilities development in recent times in the Industry. Delivering the Keynote speech at the Nigerian International Pipeline Technology and Security Conference (NIPITECS 2018) Tuesday in Abuja, the NNPC Group Managing Director, Dr....... more

NPC raises alarm over low birth registration in Ogun

NPC raises alarm over low birth registration in Ogun The National Population Commission (NPC) on Tuesday raised the alarm over the high rate of unregistered children in Ogun. The State Director of NPC, Mr Gbolahan Olude, told a UNICEF-backed meeting on media campaign for promoting birth registration that the situation called for a redress. Olude lamented that the state, according...... more

Stanbic IBTC takes financial literacy campaign to Covenant University

Stanbic IBTC takes financial literacy campaign to Covenant University In a move to impact financial knowledge on Nigerian youths, Stanbic IBTC Bank, in partnership with Creative Youth Community Development Initiative, a Wole Soyinka Foundation has organised a Financial Literacy forum for students of Covenant University, Ota, Ogun State during which they were taken through basis issues in finance, banking and...... more

Naspers to unbundle and list MultiChoice

Naspers to unbundle and list MultiChoice The transformation of Naspers, which was founded more than a century ago to produce Dutch-language newspaper De Burger, into an online-only behemoth is almost complet Africa’s most valuable company, which owns a 31% interest in Chinese internet giant Tencent, said on Monday it planned to unbundle its pay-TV business MultiChoice onto...... more

Nigeria facing serious revenue challenges — Finance Minister

Nigeria facing serious revenue challenges — Finance Minister The supervising Minister of Finance, Zainab Ahmed, has said that Nigeria is facing serious revenue challenges and assured that the ministry will do everything possible to shore up the revenue base of the country. The minister stated this on Monday when she assumed duties at the Ministry of Finance. She said,...... more

FG, Niger Republic to partner on rail construction — Amaechi

FG, Niger Republic to partner on rail construction — Amaechi The Minister of Transportation, Chief Rotimi Amaechi, says the Federal Government is partnering with the government of Niger Republic to construct standard gauge rail-line to attract and facilitate businesses to Nigerian ports. Amaechi said this at the opening of the maiden edition of the International Association of Port and Harbours (IAPH),...... more

Nigerians prefer mobile phones to toilets: UNICEF

Nigerians prefer mobile phones to toilets: UNICEF The United Nations Children’s Fund (UNICEF) has expressed concern over the poor attitude of people towards healthy sanitary conditions, saying Nigerians prefer cell phones to improved toilets. Specifically, the UN agency said 140 million Nigerians have cell phones more than toilets in Nigeria. The Chief of Water and Sanitation Hygiene (WASH),...... more

Buhari, Abdulsalami, Amaechi grace opening of first IAPH Maritime Regional Conference

Buhari, Abdulsalami, Amaechi grace opening of first IAPH Maritime Regional Conference President Muhammadu Buhari on Monday advised African nations to take full advantage of maritime endowments within the continent as part of measures to strengthen economic development. Speaking at the opening ceremony of the first International Association For Ports and Harbours (IAPH), Africa Regional Conference hosted by the Nigerian Ports Authority in...... more

Tax default: Oyo Govt. seals 13 banks in Ibadan

Tax default: Oyo Govt. seals 13 banks in Ibadan Business activities were on Monday morning paralysed as many banks in Ibadan, Oyo state capital, were sealed by the officers of Oyo state board of internal revenue under the task force team tagged Oyo State Inter ministerial Enforcement Unit for their failure to pay Environmental Developmental Levy (EDI) levy in the...... more

Illegal repatriation of revenue: CSNAC petitions EFCC, seeks probe of MTN, collaborators

Illegal repatriation of revenue: CSNAC petitions EFCC, seeks probe of MTN, collaborators The Civil Society Network Against Corruption (CSNAC) has urged the Economic And Financial Crimes Commission (EFCC) to investigate the alleged illegal repatriation of export revenue by communication giant company, MTN, and her collaborators. In a petition forwarded to the EFCC and signed by CSNAC’s chairman, Mr. Olanrewaju Suraju, the Network said...... more

$10bn fraud: NLC blasts MTN, demands refund to FG

$10bn fraud: NLC blasts MTN, demands refund to FG The Nigeria Labour Congress (NLC) has urged communication giant, MTN Nigeria to comply with the directive of the Federal Government to pay the over $10 billion tax arrears and illegal repatriation. Mr Ayuba Wabba, NLC president, made the call in a statement on Sunday in Abuja. Specifically, he said the NLC...... more

Bank of Industry, Export-Import Bank of China sign MoU on $500m financing support

Bank of Industry, Export-Import Bank of China sign MoU on $500m financing support The Bank of Industry (BOI), Nigeria’s leading Development Finance Institution (DFI), and the Export-Import Bank of China (CEXIM) have signed a Memorandum of Understanding (MoU) on a $500 million financing support. Speaking on the development on Sunday, the bank’s Managing Director/Chief Executive Officer, Mr. Olukayode Pitan, said the partnership has an...... more

Insurance: NAICOM releases business conduct, sanctions in new Tier-Based Regime

Insurance: NAICOM releases business conduct, sanctions in new Tier-Based Regime The National Insurance Commission (NAICOM) on Sunday released conduct of business practices and sanctions for insurance companies under the new Tier-Based Minimum Solvency Capital (TBMSC) regime. A statement signed by the Director Supervision, NAICOM, Mr Barineka Thompson, said the ethical codes would enhance soundness of insurers. NAICOM explained that in the...... more

How South-East will benefit from FG’s industrial investments ― Buhari

How South-East will benefit from FG’s industrial investments ― Buhari President Muhammadu Buhari on Friday said the South-East will richly benefit from the new industrial investment plans which will soon be implemented in Nigeria’s textile sector. President Buhari gave this assurance when he received traditional rulers from Abia State led by His Royal Majesty, Dr. Isaac Ikonne, Enyi 1 of Aba...... more

Okowa receives US Ambassador to Nigeria •Calls on international community to sponsor skill acquisition programmes for Nigerians

Okowa receives US Ambassador to Nigeria •Calls on international community to sponsor skill acquisition programmes for Nigerians TO ensure a peaceful and more progressive country, Governor Ifeanyi Okowa of Delta State has called on the international community to engage in the sponsorship of training programmes for Nigerian youths in the area of skill acquisition. Governor Okowa made the call on Thursday when the Ambassador of the United States...... more

Public sector strikes counterproductive, says FG *Nigeria loses about $2 billion yearly due to poor healthcare

Public sector strikes counterproductive, says FG *Nigeria loses about $2 billion yearly due to poor healthcare The Federal Government on Thursday expressed concern over the spate of industrial crises in the health sector, saying “incessant strikes in public sector are counterproductive.” The government which stated that Nigeria has been losing foreign exchange drain estimated at about $2 billion yearly, due to loss of confidence in the health...... more

5 banks land in trouble for aiding corruption

5 banks land in trouble for aiding corruption The Central Bank of Kenya on Wednesday penalised five banks in the East African nation for facilitating the transfer of money looted from the National Youth Service (NYS). The banks have been fined between 200,000 dollars and 1.5 million dollars for their role in the scandal, Central Bank Governor, Patrick Njoroge,...... more

MTN says $10.1bn Nigeria demand makes local listing challenging

MTN says $10.1bn Nigeria demand makes local listing challenging A $10.1 billion demand by Nigerian authorities from South African telecoms group MTN makes its planned debut stock market listing in the country “pretty challenging and awkward”, the group’s chief financial officer said on Wednesday. Nigeria’s central bank has asked MTN to repatriate $8.1 billion in monies sent abroad, claiming the...... more

 

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