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Latest News Certificates of Return and May 29 Handover: Obey the rule of law, Intersociety tells INEC, parties and electoral courts Court watches lawmaker’s nude video Tinubu, Osinbajo may clash over 2023 presidency BREAKING: Presidency orders immediate clearance of Apapa Port congestion, traffic menace Visa: FG engages US over dropbox suspension Okorocha’s court action won’t stop EFCC — Magu Obiano ‘plotting to install Chief of Staff as APGA National Chairman’ Bunkering: Army clears accused General, indicts Governor Wike Okowa, at valedictory session, gives Commissioners Friday deadline to hand over Bayelsa oil spill victims will get justice, Environmental Panel Chair assures No plans to proscribe NUPENG — Ngige Arewa group decries smear campaign against CBN Governor Emefiele

 

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9mobile creates WhatsApp customer care platform

9mobile creates WhatsApp customer care platform Telecommunications company 9mobile, said on Tuesday it had introduced a personalised WhatsApp Customer Care channel to allow subscribers have uninterrupted access to the network. According to Adebisi Idowu, the Vice President, Marketing, 9mobile, the channel would be on 09092000192. Idowu in a statement in Lagos, said that through the app, which...... more

Arik, Aero merger for national carrier foreclosed

Arik, Aero merger for national carrier foreclosed The Federal Government has foreclosed the possible merger of two of the country’s local airlines, Arik Air and Aero Contractors Limited, into a national carrier, says Minister of State for Aviation Mr Hadi Sirika. Sirika, who is on a country tour of aviation sector projects initiated by the Buhari administration, said...... more

NAICOM Raises Insurance Firms’ Operating Capital by 200 percent

NAICOM Raises Insurance Firms’ Operating Capital by 200 percent The insurance sector regulator, the National Insurance Commission (NAICOM), yesterday announced a major increase in the minimum paid-up share capital of insurance and reinsurance firms. Under the new capital regime, life insurance underwriting firms, which currently have a minimum paid up share capital of N2 billion, will compulsorily shore up their...... more

FEC approves N3.8bn for execution of projects in Abuja

FEC approves N3.8bn for execution of projects in Abuja The Federal Executive Council (FEC) at its extra-ordinary session, on Monday, presided over by Vice-President Yemi Osinbajo approved N3.8billion for the execution of various development projects within the Federal Capital Territory (FCT), Abuja.  The Minister of FCT, Malam Muhammed Bello, who announced this at the end of the meeting at the...... more

Google cuts ties with Huawei

Google cuts ties with Huawei US internet giant Google, whose Android mobile operating system powers most of the world’s smartphones, said Sunday it was beginning to cut ties with China’s Huawei, which Washington considers a national security threat. In the midst of a trade war with Beijing, President Donald Trump has barred US companies from engaging...... more

NNPC set to inaugurate largest LPG storage in Benin

NNPC set to inaugurate largest LPG storage in Benin The Nigerian National Petroleum Corporation (NNPC) says it will unveil the largest Liquefied Petroleum Gas (LPG) also known as cooking gas and Propane Storage and dispensing facility in Oredo, Benin City, Edo State. The Corporation disclosed this in a statement by its spokesman, Mr. Ndu Ughamadu, in Abuja on Sunday. He...... more

NIBSS pays N879bn in 117,130 P.O.S deals in Q1 2019

NIBSS pays N879bn in 117,130 P.O.S deals in Q1 2019 Reports from the Nigerian Interbank Settlement System (NIBSS) indicate that Nigeria’s Point of Sales (POS) recorded 117,130.91 transactions from January to April. The report, obtained by the News Agency of Nigeria (NAN) on Sunday, showed an increase of 42,816.99 when compared to the 74,313.92 that was recorded in the corresponding period...... more

Finance Minister unveils scorecard as foreign reserves hit $44.69bn

Finance Minister unveils scorecard as foreign reserves hit $44.69bn The Minister of Finance, Zainab Shamsuna Ahmed, has unveiled the achievements of her ministry as the clock ticks for her exit, revealing that Nigeria’s foreign reserves stood at $44.69 billion as at May 13, 2019. The foreign reserves stood at $28.3 billion in May 2015 when President MuhammaduBuhari took over governance...... more

MTN Nigeria in N200bn loan deal with 7 banks

MTN Nigeria in N200bn loan deal with 7 banks MTN Nigeria Communications Plc on Friday signed a seven-year 200 billion naira medium term facility with a consortium of seven mostly local banks. The company stated this in a statement by its Company Secretary, UtoUkpanah, to the Nigerian Stock Exchange (NSE) in line with its post listing requirements. The company said...... more

MTN stocks gain 21 per cent in 48 hours

MTN stocks gain 21 per cent in 48 hours The share price of MTN on Nigeria’s bourse soared by 21 per cent in two days, closing at N108.90 on Friday.  The telecommunications giant, which is the only one listed in the sector by the Nigerian Stock Exchange gained the maximum 10 per cent each of the two days of trading....... more

Nigerians to own 20 percent MTN shares

Nigerians to own 20 percent MTN shares Mr Terri Moolman , MTN Chief Executive Officer  said that the listing of the company at the Nigerian Stock Exchange (NSE) would afford Nigerians the opportunity to own 20 per cent of the company’s shares.  The News Agency of Nigeria (NAN) on Thursday reports that the exchange achieved a milestone with...... more

SEC warns Nigerians against trending ponzi scheme Loom Money Nigeria

SEC warns Nigerians against trending ponzi scheme Loom Money Nigeria The Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online investment scheme tagged “Loom Money Nigeria”.  Acting Director-General of the commission, Ms Mary Uduk, gave the warning at a news conference on Thursday in Abuja.  A statement by SEC’s Head of Media, Mrs Efe Ebelo, said...... more

CBN to revive 20 textile firms by Dec 2019

CBN to revive 20 textile firms by Dec 2019 With less than seven months to the end of the year, Central Bank of Nigeria (CBN) Thursday set machinery in motion to revive at least 20 textile companies.  At the inauguration of Textile Revival Implementation Committee, CBN Governor, Mr Godwin Emefiele, said the cotton and textile (CTG) sector has suffered many...... more

LPG: Association commends FG for VAT removal

LPG: Association commends FG for VAT removal The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) on Thursday commended the Federal Government for the removal of Value-Added Tax (VAT) on locally sourced Liquefied Petroleum Gas (LPG). The NALPGAM President, Mr Nosa Ogieva-Okunbor, said on Thursday in Lagos that the Federal Government had approved the removal of VAT on...... more

FEC approves fresh $1bn Chinese loan for Gurara hydropower project

FEC approves fresh $1bn Chinese loan for Gurara hydropower project The Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday approved $1billion Chinese loan from Chinese EXIM Bank for the Gurara II Hydropower project which has the capacity to generate 360 megawatts electricity. Minister of Water Resources, Sulieman Adamu, said the approval was part of the four...... more

Emefiele appears before Senate, says road to economic emancipation rough

Emefiele appears before Senate, says road to economic emancipation rough Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has stated that the road to Nigeria’s economic emancipation is rough and tough, noting that it will take intense hard work and renewed commitment from Nigerians to make the desired headways. He stated this on Wednesday while appearing before the Senate...... more

FG only owes N12bn in domestic Debts — CBN

FG only owes N12bn in domestic Debts — CBN The Central Bank of Nigeria (CBN) on Wednesday said the country’s outstanding domestic debt stood at N12.44 billion as at December 2018. This was contained in the bank’s 2018 Annual Activity Report released by the Financial Markets Department, CBN, and posted on its Website on Wednesday in Lagos. The CBN said...... more

Shell targets about 2,400MW electricity from new gas project

Shell targets about 2,400MW electricity from new gas project The ongoing Assa North/Ohaji South gas development project in Imo State, southeast Nigeria, will produce 600 million standard cubic feet of gas per day, energy equivalent of about 2400 Megawatts which is enough to provide uninterrupted electricity to about 2.4 million homes, Managing Director, The Shell Petroleum Development Company of Nigeria...... more

FAAC disbursements, IGR can’t fund 28 states’ 2019 budgets — NEITI

FAAC disbursements, IGR can’t fund 28 states’ 2019 budgets — NEITI The 2019 budgets as already presented by 35 states cannot be adequately funded even by combined net Federation Allocation Account Committee (FAAC) disbursements to each state in 2017 and 2018, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.  NEITI in its latest Quarterly Review released on Sunday in Abuja also...... more

FG targets $30bn from products exports, 1.5m direct jobs

FG targets $30bn from products exports, 1.5m direct jobs The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has revealed that the Federal Government targets $30 billion from export of various finished products from Nigeria in line with its industrialisation agenda, via the establishment of industrial parks/special economic zones across the country. He also said 1.5 million direct and...... more

POS operator sues UPSL, CBN, banks over N2.6m non-remittance of profit

POS operator sues UPSL, CBN, banks over N2.6m non-remittance of profit   An operator of Point of Sale (POS) machines under the business registered name ‘Twistwell Multiventures’, Mr Joseph Okodua, has charged a payment system service provider in Nigeria, Unified Payment Services Limited (UPSL), to court for non-remittant profit of N2.6 million. Twistwell Multiventures brokered a business transaction agreement with Unified Payment Services...... more

Prices Of Tomatoes, Pepper Skyrocket In Enugu

Prices Of Tomatoes, Pepper Skyrocket In Enugu The prices of tomatoes and pepper have increased considerably in major markets in Enugu metropolis, the News Agency of Nigeria (NAN) reports. A market survey conducted by NAN on Saturday reveals that prices of both commodities have increased when compared to some months back. The price of a big basket of...... more

Kaduna Dry Ports to boost business in the state, entire North ─Shippers Association boss

Kaduna Dry Ports to boost business in the state, entire North ─Shippers Association boss With the flag-off of activities of the Kaduna Dry Ports, business community in Kaduna State and the entire North will receive a tremendous boost. This was the assurance of the President of Kaduna State Shippers Association, Mr. Austin Achilike, to members of the business community who had hitherto experienced tremendous security...... more

Nigeria’s April oil production below budget benchmark

Nigeria’s April oil production below budget benchmark Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Although OPEC and 10 non-OPEC partners had in December, agreed on a new supply accord, which...... more

Delta Line buses not sold, 10 new ones added to fleet, says DTSG

Delta Line buses not sold, 10 new ones added to fleet, says DTSG The Delta State Government has described as mischievous an online publication by certain Ochuko Okagbare that the 20 new buses commissioned for Delta Line early this year by the state Governor, Senator Dr. Ifeanyi Okowa, have all disappeared from the roads.  The state Commissioner for Transport, Mr. Vincent Uduaghan, on Thursday...... more

FG woos international community for investments in Nigerian waters, mulls special tax regime

FG woos international community for investments in Nigerian waters, mulls special tax regime Investors coming into Nigeria, especially the telecommunications sector, have been guaranteed a 30 per cent cut in company income tax payment payable to the government. Besides, there will be relaxation of monetary and fiscal policies; access to foreign exchange; reduction in waivers and Custom Duties and be opened to improved ease...... more

SEC approves MTN listing on NSE

SEC approves MTN listing on NSE The Securities and Exchange Commission (SEC) said that it has approved MTN Nigeria’s  application to list on the Nigerian Stock Exchange (NSE) by way of introduction. Mrs Efe Ebelo, SEC Head, Corporate Communications, confirmed this to the News Agency of Nigeria (NAN) in Lagos. Ebelo said  the commission has approved the...... more

AfDB, Fidelity Bank sign $50m financing agreement for MSMEs

AfDB, Fidelity Bank sign $50m financing agreement for MSMEs The African Development Bank (AfDB) and Fidelity Bank Plc Tuesday signed a $50 million financing agreement, designed to boost the Nigerian bank’s impetus in promoting the growth of the micro, small and medium enterprises (MSMEs) segment of the economy.  The agreement-signing ceremony in Abuja Tuesday was a formal consummation of the...... more

CBN injects $205m into Forex Market

CBN injects $205m into Forex Market The interbank segment of the Foreign Exchange Market has received a boost of $205 million from the Central Bank of Nigeria (CBN) following the sales concluded on Tuesday. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of $100 million,...... more

MTN registers 20.3m shares for listing on Nigerian Stock Exchange

MTN registers 20.3m shares for listing on Nigerian Stock Exchange MTN Nigeria Communications Plc (MTN) has completed the registration of 20,354,513,050 ordinary shares of N0.02 each with the Securities and Exchange Commission (SEC). A statement from the telecommunication on Tuesday said the successful completion of the process sets in motion the next steps in the company’s intended listing by introduction on...... more

 

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