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Global economy forecast for strong growth in 2018

Global economy forecast for strong growth in 2018 Global economic growth is expected to rise from 2.5 percent last year to 2.9 percent in 2017 and 3.1 percent in 2018 – its highest rate since 2010 – rating agency Fitch Ratings said Monday. “Faster growth this year reflects a synchronised improvement across both advanced and emerging market economies,” Fitch...... more

BREAKING NEWS: Banks take over Etisalat

BREAKING NEWS: Banks take over Etisalat Some banks have now taken over the management of telecommunication company, Etisalat Nigeria. The Banks, led by Access Bank PLC and other local and foreign banks have taken over the telecommunication company effective June 15. The take-over came as a result of a futile effort by Emerging Markets Telecommunications Services, EMTS,...... more

British Airways cancels flights as global IT outage takes toll

British Airways cancels flights as global IT outage takes toll British Airways has cancelled all flights from London’s Heathrow and Gatwick airports as a global IT failure causes severe disruption for travellers. The airline said it has suffered a “major IT systems failure” and apologised to its passengers. BA said terminals at Heathrow and Gatwick have become extremely congested and it...... more

MTN in fresh trouble, fined $8.5m

MTN in fresh trouble, fined $8.5m Rwanda’s telecom industry regulator has fined MTN Rwanda, a division of South Africa’s MTN Group, 7 billion francs (8.5 million dollars) for running its IT services outside the country in breach of its licence. The regulator said in a ruling posted on its website in Kigali that MTN Rwanda was hosting...... more

Shell JV pays $29bn to Nigeria •Says commitment to the country remains strong

Shell JV pays $29bn to Nigeria •Says commitment to the country remains strong Shell remains strongly committed to the development of Nigeria, Osagie Okunbor, Country Chair, Shell Companies in Nigeria, said in Lagos, while announcing that The Shell Petroleum Development Company of Nigeria Ltd (SPDC) operated Joint Venture alone contributed $29 billion to the Nigerian purse between 2012 and 2016. Also in 2016, the...... more

NLNG cries out over amendment of Act by Reps, says action not in Nigeria’s interest

NLNG cries out over amendment of Act by Reps, says action not in Nigeria’s interest The Nigeria LNG Limited (NLNG) on Tuesday evening cried out over the amendment, earlier in the day, of the passing of a bill for the amendment of the NLNG (Fiscal Incentives, Guarantees and Assurances) Act by the Federal House of Representatives. It said in a statement signed by Kudo Eresia-Eke, General...... more

Nigeria set to get new $15bn refinery

Nigeria set to get new $15bn refinery The Nigerian Agip Oil Company (NAOC) has accepted to build a 150,000 barrels per day refinery in either Port Harcourt or Brass worth 15 billion US dollars, the Minister of State, Petroleum, Dr Ibe Kachikwu, said on Tuesday. Kachikwu briefed State House Correspondents on the deal after a meeting with acting...... more

Mass sack of workers at MTN Nigeria

Mass sack of workers at MTN Nigeria MTN Nigeria said it had to disengage 280 staff because it wanted to delve into full Information and Communication Technology (ICT) and digital operations. An official who pleaded anonymity told the News Agency of Nigeria (NAN) in Lagos on Monday, that the company would inject another group of new employees, capable...... more

Adeosun takes economic reform agenda to World Bank spring meetings

Adeosun takes economic reform agenda to World Bank spring meetings Finance Minister, Mrs. Kemi Adeosun, is attending the World Bank and IMF Spring Meetings in Washington DC where she is participating in a range of events focused on different aspects of the Nigeria’s economic reform agenda. At her opening event on Monday, she gave an address to the Global Parliamentary Conference, alongside...... more

20 African business leaders commit to promoting women’s leadership

20 African business leaders commit to promoting women’s leadership The African Women in Business working group met in Geneva at the 2017 Africa CEO Forum and made concrete commitments towards fostering female entrepreneurship in Africa and improving women’s access to decision-making positions in African companies. Building on the success of the African Women in Business initiative launched this year by...... more

MTN loses 714,000 internet subscribers •Etisalat 267,285, Airtel 149,801, Glo 143,787

MTN loses 714,000 internet subscribers •Etisalat 267,285, Airtel 149,801, Glo 143,787 Nigeria’s telecommunications networks lost 1,275,573 internet users in February, with MTN losing 714,700 subscribers, the highest. The NCC made the disclosure in its internet subscribers’ data for February. The publication indicated that internet users on both Global System for Mobile communications (GSM) and Code Division Multiple Access (CDMA) networks dropped from...... more

Crude swap: NNPC debunks claims Aiteo is owing •Says Bonga FPSO shutdown will be well managed

Crude swap: NNPC debunks claims Aiteo is owing •Says Bonga FPSO shutdown will be well managed The Nigerian National Petroleum Corporation (NNPC) has debunked claims in some quarters that Aiteo Eastern Exploration and Production Company is among the oil firms from which it is allegedly set to recover crude oil allocation accruals worth $42 million spanning 2012 through 2014. A top NNPC source who spoke in Abuja...... more

NLNG, Nigeria’s best success story — Minister

NLNG, Nigeria’s best success story — Minister The Minister of Information and Culture, Alhaji Lai Mohammed, has described the Nigeria Liquefied Natural Gas (NLNG) Limited as a shining example of the Nigerian success story in management and technical competence. The Minister showered the encomiums on Tuesday on Bonny Island, Rivers State, after a facility tour of the plant...... more

Oil Deal: FG files fresh charges against Shell, Eni, 9 others

Oil Deal: FG files fresh charges against Shell, Eni, 9 others The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge of conspiracy and corruption against two multinational oil firms, Shell and Eni, for their roles in the alleged Malabu $1.1 billion scandal. Nine others were also charged along with the two multinational companies before an FCT High Court in...... more

Militants give South African firms ultimatum to leave Nigeria

Militants give South African firms ultimatum to leave Nigeria Militants in the Niger Delta have called on the Federal Government to order all South African owned businesses out of the country within 30 days, a report this morning in Vanguard said, quoting a statement jointly issued on Wednesday in Port Harcourt by the Niger Delta Watchdogs, Niger Delta Volunteers and...... more

Dangote revs up cement export

Dangote revs up cement export Following continuous increase in its production capacity, foremost cement manufacturer, Dangote Cement Plc, has finally ended the era of Nigeria’s dependence on importation as the company exported 0.4 million tons of the product to other countries in 2016. The 2016 full year audited results presented on the floor of the Nigerian...... more

BREAKING NEWS: Protesters invade MTN Office in Abuja

BREAKING NEWS: Protesters invade MTN Office in Abuja The office of MTN Nigeria located in Abuja, the Nigerian capital, was invaded on Thursday afternoon by a group of angry Nigerians protesting the continued Xenophobic attacks on their fellow countrymen and other Africans in South Africa, the home country of the telecoms giant. A senior manager in the MTN Abuja...... more

InnJoo and TD showcase world’s most romantic laptop in Lagos

InnJoo and TD showcase world’s most romantic laptop in Lagos The Innjoo Leap Mobile, a Dubai-based telecommunications company, in conjunction with Technology Distributions Ltd., a sister company of Zinox Technologies, has introduced to the West Africa market what is described as the “world’s slimmest laptop: Light, thin and stylish.” Reacting to the slim, style and thin feature, as well as the...... more

BREAKING NEWS: FG takes over Arik Airline

BREAKING NEWS: FG takes over Arik Airline The Federal Government has taken over Arik Airline, which has been experiencing difficulties in recent times. According to the Asset Management Corporation of Nigeria (AMCON), the decision to intervene “clearly underscores the government’s commitment to instilling sanity in the country’s aviation sector and prevent a major catastrophe.” The airline will now...... more

British Airways, Air France reject Kaduna airport

British Airways, Air France reject Kaduna airport Two more international airlines are refusing to fly to an alternative hub when the only airport serving Nigeria’s capital shuts down, forcing travellers to make lengthy detours at extra cost. Nnamdi Azikiwe International Airport in Abuja closes completely for runway repairs on March 8, 2017. Domestic and international flights will be...... more

Chevron in major roll-out with Zinox Computers

Chevron in major roll-out with Zinox Computers Chevron Nigeria, a world leading integrated energy multinational corporation with headquarters in the United States, has engaged the services of Africa’s leading technology company, Zinox Technologies Ltd., for the implementation of a massive roll-out of thousands of high-end personal computers (PCs), desktop units, monitors and other accessories with which it is...... more

Shell nears another $5 billion in sales

Shell nears another $5 billion in sales Royal Dutch Shell (RDSa.L) is close to selling assets totalling $5 billion to cut debt following its acquisition of BG Group, the oil major said on Thursday as it reported its lowest full-year earnings in more than a decade. Dealmaking in the oil and gas sector has been muted for more...... more

Let NLNG be; it’s the best thing to have happened to Nigeria’s oil industry — THE NATION Editorial

Let NLNG be; it’s the best thing to have happened to Nigeria’s oil industry — THE NATION Editorial The common saying is: if it ain’t broke, don’t fix it. Or, don’t change a winning formula. This simple principle ought to apply to the Nigeria Liquefied Natural Gas (NLNG). The 28-year-old firm can be described as the flagship company of the Nigerian oil industry, having remained a success story since...... more

US to investigate Apple following Nokia complaint

US to investigate Apple following Nokia complaint The U.S. International Trade Commission (USITC) announced Tuesday it will investigate complaints from Nokia that Apple infringed on patents with its famed iPhone. The Finnish technology company fired the first volley in a massive legal war against Apple last year when it filed 40 lawsuits in 11 countries, ranging from Europe...... more

FG, GE plan collaboration on railway lines

FG, GE plan collaboration on railway lines The Federal Government and General Electric (GE) are in talks over the planned concession of railway projects in the country in line with the Public Private Partnership agreement of the government. The Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, disclosed this when the Global Chairman and Chief Executive Officer of...... more

MMM releases 2017 rules, expected to unfreeze accounts of Nigerian participants on Jan. 14

MMM releases 2017 rules, expected to unfreeze accounts of Nigerian participants on Jan. 14 As it may probably unfreeze accounts of its users on January 14, Mavrodi Mondial Movement (MMM) ponzi scheme has released 2017 guidelines for the Nigerian participants. According to Nigerian Bulletin, MMM programmers are working earnestly with a new model which will be announced and implemented at a later date. This, the...... more

MMM has not collapsed; it will safely resume its work in January — Founder •Descends heavily on Nigerian media

MMM has not collapsed; it will safely resume its work in January — Founder •Descends heavily on Nigerian media MMM founder, Sergey Mavrodi, has written another letter to Nigeria – this time he wrote to the Nigerian media, journalists and experts. In the letter which was contained on the dashboard of all Nigerian participants, Mavrodi berated the media and sent across the message: “Nothing has collapsed, and MMM will safely...... more

Emefiele elected Chairman of International Islamic Liquidity Management Corporation (IILM) Board

Emefiele elected Chairman of International Islamic Liquidity Management Corporation (IILM) Board The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been elected as the chairman of the International Islamic Liquidity Management Corporation (IILM) on Thursday, December 15, 2016 in Jakarta, Indonesia. In a press release the CBN’s Acting Director, Corporate Communications, Mr Isaac Okorafor, says that by this development, Mr....... more

General Electric, Northern Governors sign MoU on power generation

General Electric, Northern Governors sign MoU on power generation The Northern States Governors Forum and the General Electric ‎International, on Monday, signed a Memorandum of Understanding for the construction of five solar plants, aimed at generating 500 megawatts of electricity in some parts of Northern Nigeria. Borno State Governor, Kashim Shettima, signed the agreement on behalf of the ‎governors while...... more

MTN, SEC meet to discuss sale of shares to Nigerians

MTN, SEC meet to discuss sale of shares to Nigerians MTN has met Nigeria’s Securities and Exchange Commission (SEC) to discuss a possible initial public offering and how it wants to structure the share sale, the head of Nigeria’s SEC told Reuters. SEC director general Mounir Gwarzo said MTN had discussed the possibility of issuing various classes of shares to targeted...... more

 

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