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Latest News 2019: Buhari floors Atiku in UK poll PDP loses all elections held on Saturday SERAP asks INEC to probe ‘campaign spending by Saraki, other contributions’ Atiku/Obi Advocacy Group flays Buhari over ‘despotic and totalitarian’ statement 2019: Don’t vote for any APGA candidate, Uwazuruike tells BIM-MASSOB members Nigerians want proper agenda not propaganda, Atiku tells Buhari Fire destroys 77 shops in Kano market 2019: The irony of a Buhari’s second term as campaign begins, By Rev. Fr. Evaristus Bassey Hypocrisy of Western countries on MTN $8.1 billion fine, by Femi Falana Unidentified gunmen kill Gov. Bello’s aide in Okene Crisis trails INEC listing of Imo SDP guber Nigeria may become desert, NCF warns

 

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Hypocrisy of Western countries on MTN $8.1 billion fine, by Femi Falana

The British and American governments have criticised the $8.1 billion fine imposed on the nation’s leading telecommunication firm, MTN,  by the Central Bank of Nigeria (CBN) for alleged roles in alleged illegal dividend repatriation and other contravention of  Nigeria’ s financial regulations. Speaking through John Bray, US Consul General, and Laura Beaufils, British Deputy High Commissioner...... more

Buhari laying foundation for economic growth — Fashola

Buhari laying foundation for economic growth — Fashola The Minister of Power, Works and Housing, Mr Babatunde Fashola, said on Saturday that President Muhammadu Buhari was laying the foundation for economic growth of Nigeria through infrastructure renewal. Fashola said this during an inspection of the Apapa-Wharf Road Reconstruction project and flag-off of the reconstruction of the Apapa-Oshodi-Oworonshoki-Ojota Expressway in...... more

Volkswagen votes $50b for electric cars

Volkswagen votes $50b for electric cars German auto giant Volkswagen said Friday it will invest 44 billion euros by 2023 in the smarter, greener cars of the future as it ramps up efforts to shake off the “dieselgate” emissions cheating scandal. Over the coming five years, VW said it aims to spend “almost 44 billion euros” ($50...... more

CBN injects $318.03m, CNY 62.18m into Forex market

CBN injects $318.03m, CNY 62.18m into Forex market In its last sale before the final Monetary Policy Committee (MPC) meeting for 2018, the Central Bank of Nigeria (CBN) on Friday injected the sum of $318.03 million in the retail Secondary Market Intervention Sales (SMIS) of the inter-bank foreign market The CBN also on Friday offered CNY62.18 million in the...... more

NIPOST revokes licences of 30 courier companies

NIPOST revokes licences of 30 courier companies The Courier Regulatory Department (CRD) of the Nigerian Postal Service (NIPOST) has revoked licences of 30 courier companies in the country. The General Manager, CRD, Dr Ishaya Diwa, made the disclosure at a media briefing in Lagos on Thursday. Diwa said that the licences of the companies were revoked because the...... more

Preferred bidder for Ibom Deep Seaport selected

Preferred bidder for Ibom Deep Seaport selected PowerChina International Group Limited Consortium (the “BolloréPowerChina Consortium”) has emerged the preferred bidder for the Ibom Deep Seaport Project (IDSP). This selection followed a rigorous evaluation process conducted by the Evaluation Committee convened by the IDSP Ministerial Project Development and Steering Committee (MPDSC) on competing bids received in response to the...... more

NIPR, PRNigeria partner on National PR Awards

NIPR, PRNigeria partner on National PR Awards The Nigeria Institute of Public Relations (NIPR) has agreed in principle to partner with the international award-winning Image Merchants Promotions Limited (IMPR), publishers of PRNigeria and Economic Confidential Magazine for instituting annual national public relations awards to promote excellence in all spheres of life in Nigeria.  Speaking when he hosted the...... more

FG raises $2.86bn Eurobonds to fund 2018 budget

FG raises $2.86bn Eurobonds to fund 2018 budget The Federal Government on Wednesday said it had raised 2.86 billion dollars three-series international bond under its Global Medium Term Note Programme. Mr Paul Abechi, Special Adviser to the Minister of Finance on Media and Communications disclosed this in a statement in Abuja. He said that the offering attracted significant interests from leading...... more

MTN shares rise on report that Nigeria could reduce $10.1bn fine

MTN shares rise on report that Nigeria could reduce $10.1bn fine Shares in South Africa's MTN Group rose 2.6% on Wednesday on a media report that Nigerian authorities could reduce the $10.1-billion sum they are demanding from the telecoms company in a dispute. The sum covers the return of funds transferred overseas by MTN and a separate $2-billion tax bill. "Someone in...... more

Nigeria’s cash-strapped statistics office can’t provide data

Nigeria’s cash-strapped statistics office can’t provide data Nigeria’s current rate of unemployment is unknown because the body responsible for providing such data is broke. The last official unemployment data published by the National Bureau of Statistics was for the third quarter of 2017, with the unemployment rate standing at 18.80 percent, an increase of 2.60 on the figures...... more

World Bank rates Bayelsa number one in Ease of Doing Business in South-South

World Bank rates Bayelsa number one in Ease of Doing Business in South-South Bayelsa State Deputy Governor, Rear Admiral Gboribiogha John Jonah (Rtd), on Wednesday said the recent ranking of Bayelsa, as first in the Ease of Doing Business in the South-South zone of the country by the World Bank was attributable to the successes recorded in the development of Small and Medium Scale...... more

Japan’s economy has a $5 trillion problem

Japan’s economy has a $5 trillion problem An epic bond-buying spree by Japan's central bank means it's now sitting on assets worth more than the country's entire economy. Data released by the Bank of Japan on Tuesday show that its total holdings stand at 553.6 trillion yen ($4.9 trillion) following years of money printing aimed at jump starting...... more

CBN injects another $210m into Forex Market

CBN injects another $210m into Forex Market In its latest round of intervention, the Central Bank of Nigeria (CBN) on Tuesday injected the sum of $210 million in the inter-bank foreign exchange market. Figures obtained from the CBN indicate that the authorised dealers in the wholesale segment of the market received the sum of $100 million while the...... more

MTN to offer mobile banking in Nigeria next year

MTN to offer mobile banking in Nigeria next year MTN Group will apply for a mobile banking licence in Nigeria and plans to launch the service there next year, its CEO said on Tuesday, further embedding the South African telecoms company in its biggest but increasingly problematic market.   Nigeria announced last month that it would allow telecom companies to...... more

Vodacom eyes partnership with Safaricom in Ethiopia

Vodacom eyes partnership with Safaricom in Ethiopia Vodacom is eyeing an entry into Ethiopia, Africa’s fastest-growing and second-most populous country, in partnership with its Kenyan associate company, Safaricom, CEO Shameel Joosub says. The East African state, which said in June that it  will open its state-run telecoms monopoly to foreign investors, is “probably the most attractive” potential new...... more

Teleology takes over 9Mobile, appoints new board of directors

Teleology takes over 9Mobile, appoints new board of directors Teleology has formally taken over control of Nigeria’s troubled telecommunication company, 9mobile, by appointing a new board of directors, headed by 54 year-old Nasiru Ado Bayero. Stephane Beuvelet will serve as the acting managing director, according to a statement by Mohammed Edewor, a new non-executive director of the new 9Mobile. The...... more

Access Bank moves to acquire Diamond Bank

Access Bank moves to acquire Diamond Bank Access Bank is set to add Diamond Bank’s portfolio to its assets in the next few months. According to The Nation, talks on the acquisition are on, according to sources, who said the fusion is set for the first quarter of next year. Both financial institutions have reached an agreement in broad terms on...... more

SABC, Multichoice deal ruled a merger

SABC, Multichoice deal ruled a merger The Competition Commission has ruled that a channel distribution agreement between the SABC and MultiChoice signed in 2013 constitutes a notifiable merger. It wants the public broadcaster and Africa’s largest pay-TV operator to register the transaction as a merger, failing which they will be in violation of competition laws. The five-year...... more

Alibaba breaks sales record on singles day

Alibaba breaks sales record on singles day Chinese e-commerce giant Alibaba filled a record $30.7 billion in orders on Sunday during its annual “Singles Day” shopping frenzy, but growth slowed from previous years. The world’s biggest 24-hour shopping event, celebrating its tenth year, kicked off early Sunday and once again shattered its own sales mark as Chinese online...... more

Foreign flight operations: Air Peace decries int’l politics

Foreign flight operations: Air Peace decries int’l politics Nigerian carrier, Air Peace, says it has capacity to operate its designated foreign routes but is being frustrated by international aero politics. The Chief Operating Officer of Air Peace, Mrs Oluwatoyin Olajide, said this on Sunday in Lagos while reacting to criticism that the airline lacked capacity to begin operations on...... more

Vlisco proposes $200m investment in Nigeria

Vlisco proposes $200m investment in Nigeria Vlisco Group, a Dutch clothes firm, has proposed an investment of 200 million dollars by the company in Nigeria, which would, in turn, create 700,000 jobs. President Muhammadu Buhari has welcomed the proposal and pledged to revive the ‘good old days’ when the cotton and textile industry employed hundreds of thousands...... more

Nigeria’s airlines fly Africa’s oldest planes, Dana’s aircraft 28 years old

Nigeria’s airlines fly Africa’s oldest planes, Dana’s aircraft 28 years old Nigeria’s commercial airlines have the oldest aircraft fleet in Africa, with the age of an aircraft in one of the airlines, being 28.1 years, the age many planes are either due for retirement or decommissioning or may have been retired at least some years earlier. In sharp contrast, major African airlines,...... more

U.S unveils new trade policy to boost investment in Nigeria, others

U.S unveils new trade policy to boost investment in Nigeria, others The United States Government has unveiled a new trade policy to increase American corporate investment in Nigeria and other developing countries.  U.S. Assistant Secretary of State for African Affairs, Ambassador Tibor Nagy, disclosed this during a media chat on Saturday in Abuja, the nation’s capital. This comes as concerns grow in...... more

Fintech will decide fate of banking services in Nigeria —Aderemi Atanda

Fintech will decide fate of banking services in Nigeria —Aderemi Atanda As technology continues to dominate and permeate every segment of human endeavour, activity and field of knowledge, there is strong indication that Fintech, a new trending innovative technology, will to a very large extent redefine and determine the survival of global banking services delivery in Nigeria and other countries of the...... more

Africa Investment Forum exceeds expectations; transactions worth billions of dollars sealed

Africa Investment Forum exceeds expectations; transactions worth billions of dollars sealed The curtain fell on a three-day marathon investment marketplace, on Friday, with transactions worth billions of dollars sealed. The Africa Investment Forum ended on a high note with the closing panel comprising heads of Development Finance Institutions (DFIs) unanimously lauding the unique initiative, calling it an exceptional gathering that “exceeded all...... more

Elumelu to African Presidents: Develop policies to attract private sector investments

Elumelu to African Presidents: Develop policies to attract private sector investments Chairman, Heirs Holdings and Founder, Tony Elumelu Foundation; Tony O. Elumelu, CON, has called on African Heads of State to develop policies to attract Private Sector Investment. He made the call on Thursday while speaking to private sector captains, global investment leaders and key players in Africa’s development sector at a...... more

We have not received offers of cash from foreign investors — Diamond Bank

We have not received offers of cash from foreign investors — Diamond Bank Nigeria’s Diamond Bank said on Friday that no investors had come forward to inject cash into the company and that its board was reviewing all strategic options. The bank’s comment comes after it said last month that four of its directors, including its Chairman Oluseyi Bickersteth, had resigned, fuelling speculation that...... more

First Bank launches WhatsApp banking

First Bank launches WhatsApp banking First Bank of Nig. Plc on Friday launched a WhatsApp application to make banking more convenient for its 12.5 million customers. The FirstBank Chat Banking on WhatsApp was launched at the bank’s Digital Lab, Yaba, Lagos. The bank’s Managing Director, Dr Adesola Adeduntan, said at the launch that, as a leading...... more

FIRS generates N4.3trn tax revenue from Jan to Oct — Fowler

FIRS generates N4.3trn tax revenue from Jan to Oct — Fowler The Federal Inland Revenue Service (FIRS) on Friday said it generated N4.3 trillion as tax revenue between January and October this year.  FIRS Executive Chairman, Babatunde Fowler, disclosed this during the “Federal Inland Revenue Service Special Day” at the ongoing Lagos International Trade Fair held at Tafawa Balewa Square. Represented by...... more

NNPC slides into loss after six months of profit

NNPC slides into loss after six months of profit The August 2018 edition of the monthly financial and operations report of the Nigerian National Petroleum Corporation (NNPC) released Thursday indicated that after about six months of recording back-to-back profit on its operations, the corporation slid back to loss-making with about N3.90 billion incurred as operational deficit for the period. The...... more

 

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