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Latest News U.S. university closed after 100 students fall ill FG Special Investigator spits fire, vows to recover all illegally-acquired funds, properties INEC explains controversy trailing alleged creation of 30,000 polling units 4.3 million children in Nigeria miss out on vaccinations every year — UNICEF Lagos saves n4.5bn from non-sponsorship of religious pilgrimage Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia Zakzaky: Police, Shiites clash again in Abuja China to scrap import tariffs on cancer drugs, 27 others Power restored to Lagos community after 9 months outage Vice President Osinbajo commissions The Dome May 11 University of Maiduguri produces 78 First Class graduates Ebonyi to empower 235 spouses of security personnel

 

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Why we didn't attend US-Nigeria Investment Summit: Emefiele, Adeosun

Why we didn't attend US-Nigeria Investment Summit: Emefiele, Adeosun The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, and Minister of Finance, Mrs. Kemi Adeosun, Sunday gave reasons why they were absent at the US-Nigeria Investment Summit 2018 in Washington DC. The duo said the summit was not part of their schedule in Washington DC and were only informed about the summit...... more

Nigeria to sustain positive growth outlook — Adeosun, Emefiele

Nigeria to sustain positive growth outlook — Adeosun,  Emefiele   Rachael Ishaya The Minister of Finance, Mrs Kemi Adeosun, and the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, affirmed on Sunday that the country’s positive growth outlook would be sustained. The Minister and the CBN Governor gave this assurance at a joint press briefing at the end of the...... more

World Bank jacks up share capital by $13 billion

World Bank jacks up share capital by $13 billion World Bank shareholders have approved an increase in the bank’s lending capacity after the United States backed a reform package that curbs loans and charges more for higher income countries like China. World Bank President Jim Yong Kim said neither China nor any middle income countries was happy about the prospect...... more

Forex: IMF Seeks Unified Exchange Rate Regime

Forex: IMF Seeks Unified Exchange Rate Regime   The International Monetary Fund (IMF) has welcomed the stability recorded in Nigeria’s foreign exchange market, just as it urged the Central Bank of Nigeria (CBN) to continue to push for a unified exchange rate regime. In a related development, the Minister of Finance, Kemi Adeosun, yesterday said that at 20...... more

Zinox Boss bets on CashToken •Tasks banks, govt. to empower young techpreneurs

 Zinox Boss bets on CashToken  •Tasks banks, govt. to empower young techpreneurs  Serial digital entrepreneur and Chairman of Zinox Group, Leo Stan Ekeh, has heaped praises on Keystone Bank, describing its partnership with CeLD to launch CashToken as a move that will go a long way to revolutionise customer loyalty in Nigeria. CashToken is an electronic reward and celebratory gift commodity designed to...... more

Crude oil price rises to $74, highest in 4 years

Crude oil price rises to $74, highest in 4 years With the declining United States crude oil inventories, the price of oil Thursday hit $74 per barrel, its highest in nearly four years as Saudi Arabia moved to push for a price rise of $80 -$100 per barrel. Reuters reported that Brent crude futures reached $74.74 per barrel yesterday, the highest...... more

CBN boosts forex market with $396.18m

CBN boosts forex market with $396.18m   In its relentless move to guarantee liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) segment of the market to the tune of $396.18 million. According to figures obtained from the CBN on Friday, the released sum...... more

Dangote, Globacom, GTB, 3 others make list of companies driving African economy

Dangote, Globacom, GTB, 3 others make list of companies driving African economy  Dangote Group, Globacom and Guaranty Trust Bank have been listed among six Nigerian companies driving amalgamation of economic activities in Africa. The listing was done by Boston Consulting Group (BCG) in its report entitled, ‘Pioneering One Africa: African Corporations Trail-blazing across the Continent’. A statement issued by Globacom in Lagos on...... more

DBN gets $70 million support from EIB, AFDB

DBN gets $70 million support from EIB, AFDB   The European Investment Bank has finalized a $20 million equity stake in a new Nigerian-backed development bank set up to boost lending to small businesses and agriculture. The African Development Bank (AfDB) will also invest $50 million in the Development Bank of Nigeria, the two development lenders said in a...... more

“Your children will learn less, earn less in the future”, World Bank tells Nigeria, others

“Your children will learn less, earn less in the future”, World Bank tells Nigeria, others   The world bank President, Jim Young Kim has said many African Countries are not prepared to compete in what is increasingly becoming a digitalized economy, noting that many of the low skill jobs will be taken over by technology. Kim made the remark at the ongoing spring meetings of the International...... more

NNPC retail devises new measures to check marketers

NNPC retail devises new measures to check marketers The Nigerian National Petroleum Corporation (NNPC) says its downstream subsidiary, NNPC Retail Limited, has introduced stricter measures to scrutinize and supervise the operations of its mega and affiliate retail outlets across the country. The Corporation disclosed this in a statement signed by its spokesman, Mr. Ndu Ughamadu, on Thursday in Abuja. It disclosed that...... more

Shell to invest $15bn in Nigeria

Shell to invest $15bn in Nigeria The Shell Group is preparing to invest $15bn in Nigeria, President Muhammadu Buhari said yesterday. The president disclosed this at the Commonwealth Business Forum at Guildhall, London, where he also canvassed for a healthier business relationship among Commonwealth nations. “Before I came here (Commonwealth Business Forum), the Shell group came and...... more

Access Bank, Ecobank, UBA branches sealed over unpaid taxes

Access Bank, Ecobank, UBA branches sealed over unpaid taxes   The Benue Board of Internal Revenue Service (BIRS) has sealed up six firms, including three commercial banks, over alleged non-payment of taxes to the tune of N 774.5 million. Mrs. Mimi Orubibi, Executive Chairman, BIRS, who led the team that carried out the exercise on Wednesday in Makurdi, said that the firms...... more

CBN injects another $210 million into Forex market

CBN injects another $210 million into Forex market   In continuation of its intervention in the inter-bank sector of the Foreign Exchange market, the Central Bank of Nigeria (CBN) has intervened with another sum of $210 million in the forex market to meet the requests of customers. A breakdown of the figures obtained from the Bank in Abuja on...... more

Groups decry excessive taxation on young entrepreneurs in Ebonyi

   Groups decry excessive taxation on young entrepreneurs in Ebonyi   A cross section of youth groups in Ebonyi has decried the multiple taxations imposed by the state government on young entrepreneurs. The groups made the observation on Wednesday in Abakaliki at a forum organized by a Non-Governmental Organization, South Saharan Social Development funded by Open Society for West Africa (OSIWA). The youth...... more

Germany to help develop water transportation in Lagos

 Germany to help develop water transportation in Lagos   The German government has expressed its willingness to assist Lagos State to develop a virile water transportation system, the German Consul-General in Nigeria Mr Ingo Herbert has said. Herbert stated this on Tuesday when he paid a working visit to the State’s Commissioner for Transportation Mr Ladi Lawanson in his office. He...... more

Contract for Lagos Fourth Mainland Bridge to be awarded in June

Contract for Lagos Fourth Mainland Bridge to be awarded in June   The Lagos State Government will in June award contract for the construction of the Fourth Mainland Bridge, an official said on Wednesday.  The state Commissioner for Works and Infrastructure, Mr Ade Akinsanya, gave the assurance at a ministerial press briefing at Alausa, Ikeja.  He said that the state was collating...... more

Japan and Africa to meet at First Japan-Africa Economic Forum in Joburg

Japan and Africa to meet at First Japan-Africa Economic Forum in Joburg   Despite recent economic slowdown both regionally and globally, Africa, with its dynamic private sectors, growing population and abundant resources, continued to grow 2.2 % in 2016 and is estimated to have rebounded to 3.4% in 2017 and accelerate to 4.1% in 2018 and 2019.  Strengthening “connectivity” is a key driver...... more

First Africa Blue Economy Forum holds June 7-8 in London

First Africa Blue Economy Forum holds June 7-8 in London   The first Africa Blue Economy Forum (ABEF) is to be held in London on 7-8 June 2018, to coincide with World Oceans Day. More than 150 delegates and speakers are expected to attend, including government ministers, business leaders, ocean experts and environmental and maritime organisations, to discuss the economic contribution...... more

Appoint substantive board for SEC, stakeholders urge FG

   Appoint substantive board for SEC, stakeholders urge FG   Some capital market operators have urged the Federal Government to appoint a substantive board for the Securities and Exchange Commission (SEC), to forestall loss of confidence by investors.  They gave the advice on Tuesday in Lagos in separate interviews with the News Agency of Nigeria (NAN) while reacting to appointment...... more

UBA, Seplat, Lafarge and Access make NSE Premium Board

   UBA, Seplat, Lafarge and Access make NSE Premium Board   The Nigerian Stock Exchange on Monday migrated the ordinary shares of United Bank for Africa (UBA) Plc to its Premium Board, in what capital market analysts describe as an attestation to the Bank’s strong adherence to international best practices on corporate governance. The Premium Board is the newly created platform for elite...... more

Elumelu opens Digital Economy for Africa Forum with World Bank President and LinkedIn CEO

Elumelu opens Digital Economy for Africa Forum with World Bank President and LinkedIn CEO   Chairman, Heirs Holdings and Founder, The Tony Elumelu Foundation, Tony O. Elumelu, will join Jim Yong Kim, President, World Bank Group, and Jeff Weiner, LinkedIn CEO, at the opening debate of the ‘Digital Economy for Africa’ Forum in Washington, D.C., organised by the World Bank Group. The event, which will...... more

Experts say CBN’s 2018 single-digit inflation rate target not feasible

Experts say CBN’s 2018 single-digit inflation rate target not feasible   Two financial experts on Monday said that the 2018 single-digit inflation target of the Central Bank of Nigeria (CBN) would not be feasible, due to the downside risks occasioned by electioneering spending.  The experts expressed the viewpoint in separate interviews with the News Agency of Nigeria (NAN) in Lagos while...... more

Adeosun, Emefiele join economic experts to discuss global issues at IMF/World Bank meeting

Adeosun, Emefiele join economic experts to discuss global issues at IMF/World Bank meeting   The Minister of Finance, Mrs Kemi Adeosun and Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, left Nigeria for Washington DC on Sunday to join other economic experts from around the world to discuss issues affecting global economy.  Discussions would take place under the auspices of the World Bank Group...... more

European development bank eyes Africa for next wave of expansion

European development bank eyes Africa for next wave of expansion   The European Bank for Reconstruction and Development is eyeing a new wave of expansion into sub-Saharan Africa and new parts of the Middle East in the coming years that could raise its lending by as much as a third, its president told Reuters. Set up in 1991 to invest in...... more

DMO injects N400bn into the economy

DMO injects N400bn into the economy   Mrs Patience Oniha, Director-General, Debt Management Office, said in Lagos on Friday that the Federal Government had released about N400bn government securities into the economy to service its debt and improve liquidity. Oniha made the assertion at the 2nd Vanguard Economic Discourse tagged; “Economy in Rebound: Pitfalls, Trajectories and Resetting.”...... more

FG empowers micro entrepreneurs with interest-free loans

FG empowers micro entrepreneurs with interest-free loans  Vice President, Prof Yemi Osibanjo, on Thursday launched the micro and small holder farmers and enterprising youths programme in the commercial city of Onitsha, Anambra State. He said at the occasion that no fewer than 600,000 Nigerians have so far benefitted from the Federal Government’s social intervention scheme under the Government...... more

Kogi, Anambra and Enugu at war over oil well •Senate wades in

Kogi, Anambra and Enugu at war over oil well •Senate wades in   The renewed agitation over ownership of oil wells being claimed by Kogi, Anambra and Enugu will soon be a thing of past as Senate has mandated its Committee on Petroleum (Upstream) to investigate the matter and report back to it.  Sen. Chukwuka Utazi (Enugu-PDP) at plenary on Thursday raised a...... more

UBA Chairman Tony Elumelu tours East Africa

UBA Chairman Tony Elumelu tours East Africa   Entrepreneur, and philanthropist, Tony O. Elumelu, will lead a five-day working visit to East Africa, where he will meet with national leaders of Kenya and Uganda.  In his capacity as Chairman of United Bank for Africa (UBA), Mr. Elumelu has travelled to Uganda (April 10) and will be in Kenya...... more

Stakeholders react as FCT gives Abuja taxi drivers ultimatum to install air conditioners

Stakeholders react as FCT gives Abuja taxi drivers ultimatum to install air conditioners Stakeholders have reacted to the ultimatum given to Abuja taxi drivers by the Federal Capital Territory Administration (FCTA) to install Air Conditioners (A/C) in their cars on or before the end of October.  Some of the commuters, who spoke with the News Agency of Nigeria (NAN) correspondent in separate interviews, on...... more

 

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