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Latest News Angela Merkel wins fourth term as Germany’s leader South South, South West leaders warn against military deployment •Allege hidden agenda Coalition demands repatriation of White Supremacist wanted in the U.S. Why Nigeria must be restructured — Tinubu •Identifies cause of secession agitations IPOB: APC lawmakers give FG 21-day ultimatum Senators, Reps sucking Nigeria dry with their jumbo salaries, allowances — Prof. Sagay Flood displaces 3,200 people in Imo, submerges 450 rice farms in Kwara 36 State Houses of Assembly endorse LG autonomy ULC strike politically motivated, says labour group Delta: Navy seeks compensation for Oghara landowners Iworiso-Markson woos Ogbia youths for Dickson IPOB not a terrorist group — U.S. Government

 

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Nigeria exited recession in Q2 of 2017 — Budget Ministry

Nigeria exited recession in Q2 of 2017 — Budget Ministry Contrary to reports in some sections of the media last Tuesday that Nigeria’s economy will finally be out of recession in 2020, the economy actually climbed out of recession in the second quarter of 2017, as indicated by the National Bureau of Statistics (NBS), the Budget Ministry has said. “The reports...... more

Foreigners rush to buy Nigeria’s debt

Foreigners rush to buy Nigeria’s debt Nigeria’s central bank on Wednesday raised more money from an auction of treasury bills than originally planned after it received subscriptions for almost four times the amount of debt initially on offer, traders said. The bank raised 215.88 billion naira ($686 million) at the auction, 75 billion naira more than planned,...... more

35 foreign companies to showcase products at 12th Abuja Trade Fair

35 foreign companies to showcase products at 12th Abuja Trade Fair A total of 35 foreign companies have indicated interest to participate at the 12th Abuja International Trade Fair, scheduled to hold from Sept. 21 – Oct. 7, an official has said. Mrs Tonia Shoyele, Director, Membership and Business Development of Abuja Chamber of Commerce and Industry (ACCI), made the disclosure at...... more

Lagos, Kaduna, Edo lead in foreign debts

Lagos, Kaduna, Edo lead in foreign debts The National Bureau of Statistics (NBS) has listed Lagos among states with the highest domestic debt and the highest foreign debt estimated at $15.05 billion as at June 30, 2017. According to NBS, other states with high foreign debts include Kaduna, Edo, Cross River and Ogun. In its report on Nigerian...... more

FG woos American investors, targets $25bn

FG woos American investors, targets $25bn Officials of the Nigerian Government have assured U.S. investors of the favourable investment climate, promising the highest returns on investments, more than anywhere else in the world. The Minister of Trade, Industry and Investment Okechukwu Enelamah, and his Foreign Affairs counterpart Geoffrey Onyeama, stated this at the Nigeria-U.S. Business and Investment...... more

NEPAD launches initiative to bridge Africa’s $68bn infrastructure finance gap

NEPAD launches initiative to bridge Africa’s $68bn infrastructure finance gap The New Partnership for Africa’s Development (NEPAD) on Monday gathered international investors and CEO-level business leaders at the NASDAQ Stock Market for the launch of its 5% Agenda campaign. The launch took place five years after a January 2012 African Union Summit adopted the Programme for Infrastructure Development in Africa (PIDA)...... more

Forex: CBN goes tough on banks •Floods market with $545m

Forex: CBN goes tough on banks •Floods market with $545m The Central Bank of Nigeria (CBN) on Monday threatened to sanction any Deposit Money Bank (DMB) in breach of its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates...... more

Good news as oil prices rise toward $56

Good news as oil prices rise toward $56 Oil prices were lower on Friday but on course for weekly gains, the third in a row in the case of Brent as the clean-up after hurricane in the United States gathers pace and the outlook for demand rise. U.S. West Texas Intermediate crude was above 50 dollars on hitting a...... more

Dangote bids for South African cement company

Dangote bids for South African cement company Africa’s richest man Aliko Dangote has joined the race to buy South African cement maker PPC, which is already the subject of a takeover bid valuing the company at $700 million. Dangote Cement, which is controlled by Dangote and is the biggest cement maker in Africa with a capacity of nearly...... more

Apple unveils 3 new iPhones

Apple unveils 3 new iPhones    Apple unveiled three new iPhones on Tuesday, including the button-free iPhone X, at the 10th iPhone news event, CEO Tim Cook first revealed the iPhone 8 and iPhone 8 Plus, next iteration of the legendary smartphone. Then, telling the crowd that he had “one more thing”, Cook announced the release...... more

Aiteo raises alarm over fresh orchestrated campaign to malign its image

Aiteo raises alarm over fresh orchestrated campaign to malign its image Aiteo Group has alerted its stakeholders including host communities, investors and the general public of a fresh campaign aimed at maligning the image of the company. Ndiana-Abasi Matthew, Senior Manager, Corporate Communications of the Group, in a statement issued on Monday in Lagos said the campaign was clandestinely contrived and executed...... more

Arik shareholders slam N20bn suit on FG, Ethiopian Airlines

Arik shareholders slam N20bn suit on FG, Ethiopian Airlines Shareholders of Arik Air Limited have filed a N20 billion suit against the federal government and Ethiopian Airlines over recent stories in the media that they were in negotiations on the takeover of the airline. Ethiopian Airlines had stated that it has submitted a bid for Nigeria’s largest carrier, but this...... more

Court awards N50bn damages against Stanbic IBTC Bank

Court awards N50bn damages against Stanbic IBTC Bank Justice Candide-Johnson of an High Court of Lagos State has ordered Stanbic IBTC Bank Plc to pay the sum of N50 billion as general damages to one of its customers, Longterm Global Capital Limited, for breaching a contractual agreement between them. Apart from the judgement sum, the judge also ordered the...... more

Senator threatens to expose banks partnering MMM to defraud Nigerians

Senator threatens to expose banks partnering MMM to defraud Nigerians Commercial banks in the country used by operatives of the now collapsed ponzi scheme popularly known as MMM (Mavrodi Mondial Movement), will soon be exposed and made to face appropriate sanctions, the Vice Chairman, Senate Committee on ICT and Cybercrime, Foster Ogola, has said. Ogola who made the declaration yesterday, during...... more

RenMoney launches bundle offer financing initiative with Smile Communications

RenMoney launches bundle offer financing initiative with Smile Communications RenMoney, the simple money solutions company, has announced the launch of a flexible financing initiative in partnership with Smile Communications Nigeria Limited, the leading mobile broadband telecommunications service provider. This initiative offers everyone the opportunity to own a Smile 4GLTE device that includes a data plan, especially for individuals and families....... more

Emefiele vindicated as Nigeria exits recession

Emefiele vindicated as Nigeria exits recession At last, as predicted by the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Nigeria has exited recession that lasted for about five quarters since 2016.  According to the National Bureau of Statistics (NBS) in its Quarter 2, 2017 GDP Report released today, Tuesday, September 5, 2017, the...... more

FIRS generates N2.11tr in 7 months

FIRS generates N2.11tr in 7 months The Federal Inland Revenue Service (FIRS), through tax collections, generated the sum of N2.11 trillion as revenue from January to July, 2017. This is contained in a progress report of the FIRS from Jan. to July, 2017 obtained by the News Agency of Nigeria (NAN) on Monday, showing their revenue performance...... more

Global economy rebounds

Global economy rebounds Factories across Asia and Europe cranked up production last month as global demand remained strong, confounding expectations that growth may have peaked. The strength will add fuel to an expected rollback of monetary stimulus in the West. Since the global financial crisis, central banks have funnelled trillions of dollars into the...... more

Petrol prices to fall, says Kachikwu

Petrol prices to fall, says Kachikwu Cheap petrol is coming, Minister of State for Petroleum Resources Dr. Ibe Kachikwu, predicted yesterday. His forecast is based on what he described as the competition inherent in the Premium Motor Spirit (PMS) price modulation. He said the price of diesel, which is now 40 per cent down amid surplus supply,...... more

Ethiopian Airlines plot Arik takeover

Ethiopian Airlines plot Arik takeover Nigeria’s leading airline could soon be under new management. Ethiopian Airlines has submitted a formal offer to take charge of troubled carrier Arik Air, which accounts for more than half of Nigerian air passenger traffic, according to official statistics. “We have outlined our terms and conditions to the Nigerian government and...... more

Fidelity Bank’s profits soar by 66 percent

Fidelity Bank’s profits soar by 66 percent   Top Nigerian lender, Fidelity Bank, recorded a very strong financial performance in the first half of 2017, posting impressive growth in profits, gross earnings and other indices for the six months period ended June 30, 2017. Details of the audited results, released at the Nigerian Stock Exchange (NSE) on Tuesday...... more

Uber gets new CEO

Uber gets new CEO Dara Khosrowshashi, currently chief executive of online travel service Expedia, confirmed Tuesday he would accept the CEO position at Uber. Khosrowshashi announced his intention to take the helm of the San Francisco-based transportation company in interviews with both the Wall Street Journal and Bloomberg. Uber’s board of directors unanimously voted Sunday...... more

Uber launches safety features to protect drivers

Uber launches safety features to protect drivers Uber has launched new safety features in the wake of a recent spate of attacks on driver-partners and passengers. Introduced after engagement with drivers, the features include Social Connect and Share My Trip. Uber said Social Connect would require new Uber cash customers to link their Facebook profile to their Uber...... more

Economic Summit makes case for innovation to transform Nigeria

Economic Summit makes case for innovation to transform Nigeria The WorldStage Economic Summit 2017 held at the Event Centre of the Nigerian Stock Exchange (NSE), Lagos on August 23, 2017 with the theme ‘Transforming Business and Economy Through Innovation’ has made a very strong case for innovation in the public and private sectors, noting that the first problem that the...... more

Inflation rate drops to 16.05 percent

Inflation rate drops to 16.05 percent    The inflation report for July 2017 made available from the National Bureau of Statistics (NBS) reveals that headline inflation has again reduced to 16.05 percent (year-on-year) in July 2017, compared to 16.10 percent in June 2016. This makes it the sixth consecutive decline in the rate of headline year on...... more

NEPZA: Jime reshuffles General Managers, makes new appointments

NEPZA: Jime reshuffles General Managers, makes new appointments Managing Director of Nigeria Export Processing Zones Authority (NEPZA), Hon. Emmanuel Jime, has reshuffled General Managers (GMs) at the Authority’s Head-Office. He has also made new key appointments, according to a statement issued on Sunday afternoon by NEPZA Head, Corporate Communications, Simon Imobo-Tswam. The statement quoted Jime as saying: “The changes...... more

UBA delivers spectacular half-year performance •Grows profit by 66 per cent, declares N0.20 Per Share Interim Dividend

UBA delivers spectacular half-year performance •Grows profit by 66 per cent, declares N0.20 Per Share Interim Dividend Pan African financial institution, United Bank for Africa (UBA) Plc, on Thursday announced its audited half year financial results ended June 30, 2017, showing remarkable performance across major metrics. UBA grew its gross earnings for the period by 34.5 percent to N222.7 billion, as against N165.6 billion reported in June 2016....... more

Investors shun Nigeria’s bond

Investors shun Nigeria’s bond Nigeria raised 56.05 billion naira ($179 million) in a bond auction on Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said on Thursday. The Debt Management Office (DMO) offered 135 billion naira worth of bonds maturing in...... more

CBN moves to boost Islamic banking

CBN moves to boost Islamic banking Nigeria’s central bank said on Thursday it is setting up two financial instruments to provide liquidity support to its non-interest paying lenders. It is a push by Nigeria, home to the largest Muslim population in sub-Saharan Africa, to establish itself as the African hub for Islamic finance, which follows religious principles...... more

NNPC, oil firms work to curb gas sabotage

NNPC, oil firms work to curb gas sabotage The Nigerian National Petroleum Corporation (NNPC) says it is working closely with the international oil companies (IOCs) incidence of oil and gas infrastructure sabotage in the country. This was disclosed in Abuja by the General Manager, Group Security Department of the NNPC, Sam Otoboeze. Otoboeze said the security synergy with the...... more

 

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