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Latest News Dust haze, clouds to dominate weather condition today: NIMET NANS President’s efforts to reinstate 23 UNIPORT expelled students hit brick wall United Capital Plc, Societe Generale, Orange, others support African SMEs with €77m Fund Wike scolds Education Ministry over illegal levies passed to parents Another UNIOSUN student killed in Osogbo Lagos to increase GDP through entertainment — Ambode •Tasks artistes on structured framework to transform industry National Human Rights Commission writes UNAAB over whistleblowers Reps summon Service Chiefs over Southern Kaduna killings Nigeria to unify exchange rates: Osinbajo FG begins verification of pensioners in Nigeria and Diaspora Army dangles N500,000 reward for information on suicide bombers Nigerian warship heads for The Gambia

 

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UBA sends strong delegation to World Economic Forum

UBA sends strong delegation to World Economic Forum The United Bank for Africa (UBA) has sent a strong delegation to the annual meeting of the World Economic Forum (WEF), which began in Davos, Switzerland, today. UBA CEO Kennedy Uzoka leads a senior executive team, at one of the most important events on the global economic calendar. The UBA delegation...... more

Car dealers seek reduction of Customs duties, promotion of locally assembled vehicles

Car dealers seek reduction of Customs duties, promotion of locally assembled vehicles Some car dealers in Abuja have called on the Federal Government to reduce customs duties of imported cars and to formulate policies to encourage Nigerians to patronise locally assembled vehicles. The dealers told the News Agency of Nigeria (NAN) on Monday that high customs duties and the high exchange rate of the naira...... more

Heritage Bank sacks 400 staff

Heritage Bank sacks 400 staff Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December. Investigations by the News Agency of Nigeria (NAN) on Monday indicated that more workers are penciled for sack. NAN reports that the bank, in October 2014, acquired Enterprise Bank with about N56 billion (281 million dollars). A...... more

MMM help providers shrink; those seeking funds frustrated

MMM help providers shrink; those seeking funds frustrated The euphoria which greeted the news of the unfreezing of Mavrodi Mondial Moneybox, a ponzi scheme popularly known as MMM, may have subsided as a result of the dearth of people willing to provide financial help. Subscribers to the scheme had gone into wild jubilations as news of the unfreezing of...... more

Inflation gallops to 18.55 percent in December

Inflation gallops to 18.55 percent in December Annual inflation in Nigeria rose in December to 18.55 percent. The National Bureau of Statistics released the latest figure on Friday. It is Nigeria’s highest in more than 11 years and the eleventh straight monthly rise. The rise from 18.48 percent in November was driven by surges in housing, water and...... more

Setback for MMM as FG bans use of bitcoin, digital currencies investments

Setback for MMM as FG bans use of bitcoin, digital currencies investments Popular Ponzi scheme MMM, which resumed operations in Nigeria today, Friday, January 13, 2017, has suffered a setback following a warning to Nigerians to disregard any agency or individual promoting crypto currencies investment in the country. MMM Nigeria, which announced their long awaited resumption via their official twitter handle after one...... more

Abia targets N2.5b monthly IGR from December 2017

Abia targets N2.5b monthly IGR from December 2017 Abia State Governor, Dr. Okezie Ikpeazu, on Thursday said the state is targeting N2.5b monthly Internally Generated Revenue (IGR) from December 2017. The governor, who spoke during an interactive/dinner session with some Abians in the Diaspora at the Banquet Hall, Governor’s Lodge, Umuahia, assured that the target would be met. Dr...... more

Hope rises for MSMEs as Development Bank gets set to takes off

Hope rises for MSMEs as Development Bank gets set to takes off The Federal Ministry of Finance has confirmed the completion of the recruitment exercise for the Executive Management team of the Development Bank of Nigeria (DBN), and has formally applied for the issuance of its operational license from the Central Bank of Nigeria (CBN), which is expected imminently. The DBN was conceived...... more

Emerging markets still deprived of fit-for-purpose financial systems

Emerging markets still deprived of fit-for-purpose financial systems   The lack of an efficient and resilient financial system is still holding back inclusive and sustainable growth in emerging markets. Policymakers, regulators and financial services organisations should more actively shape a financial system that is fit for purpose. These are the main findings of a new PwC Project Blue report...... more

Yudala spreads goodwill to all Nigerians

Yudala spreads goodwill to all Nigerians Pioneer composite and fastest growing e-commerce outfit Yudala has continued to live up to its status as a company that cares, with the propagation of a video through which the organisation is spreading goodwill to its numerous customers and other Nigerians for a rewarding 2017. The minute-long video, which has been...... more

BDCs to start weekly publication of black market rates

BDCs to start weekly publication of black market rates Nigeria’s money-changers will introduce an exchange rate for the naira to help the central bank combat unregulated trading. Licensed dealers, known as bureaux de change, or BDCs, will post an exchange rate each Monday on their website from Jan. 16 to “highlight positive rate development in the market” and counter domains...... more

FG issues new guideline for collation of surplus funds

FG issues new guideline for collation of surplus funds The Federal Government has issued a new guideline for the computation of operating surpluses in order to reduce cases of under-remittance of funds by revenue-collection agencies. The guideline was issued over the weekend through the Ministry of Finance. Financial statements are expected to contain details of projected internally generated revenue, personnel...... more

Nigerian company among finalists for the Africa Finance & Investment Awards

Nigerian company among finalists for the Africa Finance & Investment Awards   Six African SMEs have been nominated as finalists for the AFIF Entrepreneurship Award 2017, supported by the Rabobank Foundation. Out of the 51 projects from around the continent and following a few rounds of selection, the jury has selected these innovative projects from Ethiopia, Kenya, Nigeria and Tanzania for their...... more

MMM opts for Bitcoin as countdown continues for resumption of Nigerian operations

MMM opts for Bitcoin as countdown continues for resumption of Nigerian operations   MMM Nigeria, popular Ponzi scheme, has introduced Bitcoin, the world’s best performing currency, as part of its mode of payment in its comeback plans. The Ponzi scheme, which froze accounts of participants on December 13, 2016, is preparing to return, and it is throwing up a number of plans to...... more

NNPC moves to boost local refining, reduce fuel import

NNPC moves to boost local refining, reduce fuel import   The Nigerian National Petroleum Corporation (NNPC) has commenced moves to reduce fuel import by boosting the capacity utilization of the refineries to 60 per cent by the end of 2017. This was disclosed by the Group Managing Director of NNPC, Dr Maikanti Baru, during a courtesy call on him by...... more

MMM introduces innovations ahead of Jan. 14 return to Nigeria

MMM introduces innovations ahead of Jan. 14 return to Nigeria Controversial money-making scheme Mavrodi Mundial Moneybox (MMM), which abruptly suspended its activities in Nigeria in December 2016, has introduced a number of innovations ahead of the expected resumption date of Saturday, January 14, 2017. Prominent among the innovation initiated by the promoters of the scheme is a phone number on its...... more

5 website fails your business should avoid

5 website fails your business should avoid Businesses today now consider owning a website a necessity rather than a luxury. This is because they recognise the impact an effective website will have, not only, on their businesses but also publicity. This said, there are some business websites that never attract traffic let alone customers. This may be due...... more

Nigeria Breweries, Access Bank, Etisalat, NSE, Seven Energy lead in CSR Report

Nigeria Breweries, Access Bank, Etisalat, NSE, Seven Energy lead in CSR Report Communication is as old as mankind. It was the very first thing that happened between man and other creatures. Communication in its simplest form is known as the passing of information and understanding of such information being passed. The content of communication, its level of authenticity and reliability is of a...... more

Expert wants CBN to review forex policy, lift ban on 41 items

Expert wants CBN to review forex policy, lift ban on 41 items A financial expert on Monday called on the Central Bank of Nigeria (CBN) to review the foreign exchange restriction placed on 41 items imported into the country. Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University, Keffi, made the suggestion in an interview with the News Agency...... more

Access Bank affirms industry leadership with ‘Bank of the Year’ Award

Access Bank affirms industry leadership with ‘Bank of the Year’ Award Access Bank has affirmed its leadership of the Nigerian banking industry with its recent recognition as the ‘Bank of the Year’ at the 17th annual Bank of the Year awards black-tie dinner in London. The award, which validates other nine international honors earned by the Bank over the past ten months...... more

Lagos, issuing houses seal deal on N47bn Bond

Lagos, issuing houses seal deal on N47bn Bond The Lagos State Government on Friday announced the closing of its N47 billion 16.5 per cent 2023 Series 1 Bond Issuance under the N500 billion Third Debt Issuance Programme targeted at improving the physical and social infrastructure base of the State. At the signing ceremony held at the Lagos House, Ikeja,...... more

Ikpeazu presents N102.5 billion 2017 Budget to Abia House of Assembly

Ikpeazu presents N102.5 billion 2017 Budget to Abia House of Assembly Abia State Governor, Dr Okezie Ikpeazu, Friday evening presented the 2017 Appropriation bill with an estimate of N102, 549, 340,283 (N102.5 billion) to the state House of Assembly. The estimate is 3.14 percent lower than that of 2016. The budget estimates are made up of N57.4 billion projected for Recurrent Expenditure...... more

CEO resigns after overworked employee commits suicide

CEO resigns after overworked employee commits suicide The head of the Japanese advertising giant Dentsu has resigned after the suicide of a junior employee was linked to a company culture that required staffers to work huge amounts of overtime. The company confirmed Thursday that its president and CEO, Tadashi Ishii, would step down after its January board meeting....... more

Labour plans fresh showdown with 7 banks

Labour plans fresh showdown with 7 banks Seven deposit money banks may be facing a fresh hurdle in the early months of 2017, as organised labour is engaging in clandestine talks within its ranks for a showdown with the affected banks in the New Year. Leading in the planned onslaught against the banks, as revealed by investigations, are...... more

Financial Markets reopen after Christmas Holiday

Financial Markets reopen after Christmas Holiday Financial markets reopen in Nigeria on Wednesday, after the two-day national holiday declared to celebrate Christmas and Boxing Day. The Nigerian stock market is open for business and as the year winds down, analysts expect sentiments to remain positive. At the close of Friday’s session, the market closed negative for the...... more

EPZ: 15 firms to invest in Jigawa

EPZ: 15 firms to invest in Jigawa At least 15 companies have indicated interest to invest in the Maigatari Export Processing Zone (EPZ), in Maigatari Local Government Area of Jigawa. Malam Zubairu Sulaiman, the spokesperson, Jigawa Ministry of Commerce, disclosed this in a statement released on Saturday in Dutse. The statement said the Commissioner for Commerce and Industry,...... more

Shell storms Ogoni communities with campaign against crude oil theft

Shell storms Ogoni communities with campaign against crude oil theft A campaign against crude oil theft mounted this year by The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has highlighted the dangers of crude oil theft and sabotage of pipelines to more than 40 communities in the four local government areas in Ogoni land – Khana, Gokana, Tai and Eleme....... more

Bank customers groan as cash dries up in ATMs

Bank customers groan as cash dries up in ATMs   Commercial bank customers on Friday decried lack of money in many Automated Teller Machines (ATMs) within the Federal Capital Territory (FCT). A News Agency of Nigeria (NAN) correspondent, who visited some banks in the city, also observed long queues in most of the banks. Some of the banks visited were:...... more

CBN issues Guidance Note to banks on International Financial Reporting Standards 9 implementation

CBN issues Guidance Note to banks on International Financial Reporting Standards 9 implementation The Central Bank of Nigeria (CBN) has issued an initial guidance note to all financial institutions on the implementation of the International Financial Reporting Standards number 9 (IFRS 9). The guidance note communicates supervisory expectations for the implementation of the new standard, especially in areas where banks are expected to exercise...... more

Coca-Cola to spend $3.15bn on new African acquisition

Coca-Cola to spend $3.15bn on new African acquisition The world’s largest soft-drink maker, Coca-Cola, is to buy multinational beverage and brewing giant Anheuser-Busch InBev’s 54.5% stake in Coca-Cola Beverages Africa (CCBA), including the South African operation, for $3.15bn, AB InBev announced on Wednesday.The deal includes CCBA’s operations in Namibia, Kenya, Uganda, Tanzania, Ethiopia, Mozambique, Ghana, Mayotte and Comoros. In...... more

 

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