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Latest News Obiano swears in 21 Anambra transition chairmen and councillors FG establishes second female prison Presidential Aide calls for calm over attacks on Nigerians in India Herdsmen strike in Cross River; kill native Dickson signs Bayelsa education bills into law; appoints Prof. Isoun head INEC Chairman elected President of ECOWAS Network of Electoral Commissions Civil Defence arrests suspected 11 oil thieves, destroys 29 illegal refineries 13 seized vehicles not Senator’s: Customs Ambode has made me proud — Tinubu Troops attack Boko Haram hideout, foil ambush Modular refineries: NNPC unveils plan to organise Niger Delta youths into consortia Protesting workers allege massive fraud in Information Ministry, demand Lai Mohammed’s sack

 

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Nnanna appointed Chairman of Africa Finance Corporation

Nnanna appointed Chairman of Africa Finance Corporation Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, on Wednesday announced the appointment of Dr Joseph Nnanna, Deputy Governor at the Central Bank of Nigeria (CBN), as the new Chairman of the AFC Board of Directors. It said that the appointment is with effect from...... more

Amazon to acquire Arab world’s biggest e-commerce retailer

Amazon to acquire Arab world’s biggest e-commerce retailer Amazon announced Tuesday it would acquiring Middle East online retailer Souq.com, the largest e-commerce platform in the Arab world. Amazon nor Souq, which is based in Dubai, United Arab Emirates, disclosed details of the deal, but Amazon approached Souq last November about acquiring a 30 percent stake for $1 billion. Goldmann...... more

Breaking News: CBN approves licence for Development Bank of Nigeria (DBN) Plc

Breaking News: CBN approves licence for Development Bank of Nigeria (DBN) Plc The Central Bank of Nigeria (CBN) has approved the grant of a Wholesale Development Finance Institution Licence with national authorisation to the Development Bank of Nigeria (DBN) Plc, the Minister of Finance, Mrs. Kemi Adeosun has confirmed. A statement issued Wednesday evening and signed by Finance Ministry’s Director (Information) Salisu Na’inna...... more

UBA hits N91 billion Profit Before Tax •Declares 55 kobo final dividend per share

UBA hits N91 billion Profit Before Tax •Declares 55 kobo final dividend per share United Bank for Africa (UBA) Plc has released its audited 2016 full year results, showing significant growth in gross earnings and profits, an attestation to its resilience, enhanced productivity and geographic diversification, evident in the impressive contribution from its African subsidiaries. The pan-African financial services group recorded an impressive 22 percent...... more

Shell sells onshore Gabon oil assets for $587m

Shell sells onshore Gabon oil assets for $587m The Carlyle Group has bought Royal Dutch Shell’s onshore assets in Gabon for $587 million, the firm said on Friday. The firm said in London that by the sale, Shell’s Gabon assets would be incorporated into Carlyle-backed Assala Energy. Carlyle-backed Assala Energy is led by former Tullow Oil executive David Roux...... more

Conference on Cryptocurrencies holds April 7 in Lagos

Conference on Cryptocurrencies holds April 7 in Lagos   The African Youth Peace Call (AYPC), Nigeria, is set to host CoinFest Nigeria, an international gathering of BitCoiners, Crypto-Enthusiasts, Programmers/Developers (eCommerce) Entrepreneurs, Merchants, and Traders. AYPC in a statement made available to News Express said that the conference is designed to “incentivise Cryptocurrency acceptance while educating the public on the importance of...... more

Dollar set to crash further as CBN injects more FOREX into the market

Dollar set to crash further as CBN injects more FOREX into the market The US Dollar is set to crash further in the coming week as the Central Bank of Nigeria (CBN) plans to inject more FOREX into the market to meet the requests of genuine customers. The CBN has so far kept to its earlier assurance to continue to supply enough forex to...... more

Bitcoin’s value crashes; loses nearly $2 billion in three days

Bitcoin’s value crashes; loses nearly $2 billion in three days Just under $2 billion has been wiped off the value of bitcoin (Exchange: BTC=-USS) in under three days as a fight over the future of the technology underpinning the cryptocurrency wages on. Bitcoin was trading at around $1,142.60 at time of publication, giving it a market cap of $18.53 billion, according...... more

Transcorp Hotels Plc posts N4.5bn profit, announces dividend

Transcorp Hotels Plc posts N4.5bn profit, announces dividend Transcorp Hotels Plc has announced a profit after tax of N4b at its 3rd Annual General Meeting (AGM) which took place at Transcorp Hilton Abuja on Wednesday. At the meeting, the shareholders of Transcorp Hotels Plc commended the management and staff of the Company for recording a strong financial and operational...... more

Mastercard partners Mobile Money Africa to host CashlessAfrica Conference and Expo in Lagos

Mastercard partners Mobile Money Africa to host CashlessAfrica Conference and Expo in Lagos Leading digital payment solutions provider, Mastercard, has been unveiled as the major sponsor of the 6th Edition of the CashlessAfrica Conference and Expo. The event is organised by Mobile Money Africa and is scheduled between 22 and 23 March, at the Oriental Hotel, Lekki in Lagos, Nigeria. The CashlessAfrica Conference and...... more

Telcom firms to pay N16bn yearly to subscribers for unsolicited SMS: NCC

Telcom firms to pay N16bn yearly to subscribers for unsolicited SMS: NCC The Nigerian Communications Commission (NCC) has said that telecom firms in the country may pay over N16 billion in fines annually to subscribers as compensation for sending unsolicited SMS or calls to them. This was disclosed to newsmen on Wednesday by the Executive Vice Chairman of NCC, Prof. Umar Danbatta, when...... more

Inflation declines for the first time in 15 months

Inflation declines for the first time in 15 months Nigeria’s headline inflation has declined for the first time in 15 months, showing 17.78 percent year on year in February, from 18.72 percent posted in January. According to the latest report released by the National Bureau of Statistics (NBS) on Tuesday, food inflation rose to 18.53 percent year-on-year from 17.82 percent...... more

Chinese CEOs protest curbs on foreign investments

Chinese CEOs protest curbs on foreign investments China is witnessing a rare protest from heads of some major Chinese companies who say government controls on the outflow of funds are hurting their ability to strike business deals overseas. Starting late last year, the government began imposing strict controls on currency transfers in a desperate bid to curb outbound...... more

Foreign reserves hit $30 billion

Foreign reserves hit $30 billion For the second time since President Muhammadu Buhari assumed office in May 2015, Nigeria’s foreign reserves have hit the 30 billion dollar mark. The latest figures from the nation’s apex bank (CBN) show that the reserves which have experienced a steady day-on-day increase of between 2.30 and 2.75 % since January...... more

Emefiele identifies cause of economic recession, gives solution

Emefiele identifies cause of economic recession, gives solution Governor of the Central Bank of Nigeria (CBN) Godwin I. Emefiele has identified the course of the economic recession in the country, urging Nigerians to see current restrictions and policies as an opportunity to encourage local production and job creation. Emefiele who spoke at the Vanguard Newspaper Award Dinner held in...... more

NCC, CBN rescue Etisalat

NCC, CBN rescue Etisalat   The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have succeeded in halting an attempt by Etisalat’s creditors to take over the company. A statement by the spokesman for NCC, Tony Ojobo, said reprieve came for the mobile network operator during a meeting held on Friday. According...... more

How to use gas to transform Nigeria’s economy — NLNG MD

How to use gas to transform Nigeria’s economy — NLNG MD   The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Tony Attah, has said that it is time for Nigeria to use gas as a catalyst for industrial and economic transformation and rise to become a great gas producing country. Attah made the declaration while welcoming the Honourable...... more

CBN sustains forex supply

CBN sustains forex supply The Central Bank of Nigeria (CBN) on Thursday offered the sum of $100,000,000 as wholesale interventions, just as it sold about $70,000,000 to meet requests for Business/Personal Travel Allowances. Disclosing this to newsmen yesterday, the CBN Acting Director, Corporate Communications, Isaac Okorafor, said that the apex bank remained resolute in ensuring...... more

Banks set to take over Etisalat over N541.8bn debt

Banks set to take over Etisalat over N541.8bn debt A consortium of Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank are set to take over the management of Etisalat Nigeria following the inability of the network provider to pay back a loan facility totaling N541.8 billion obtained in 2015. The loan, which involved a foreign-backed guaranty bond,...... more

Fidelity Bank reiterates support for SMEs, disburses N2.3bn to customers

Fidelity Bank reiterates support for SMEs, disburses N2.3bn to customers Fidelity Bank Plc. has pledged commitment to help Small and Medium Scale Enterprises (SME) in Nigeria particularly, in the South East to grow the zone’s economy. Managing Director/Chief Executive Officer of the Bank, Nnamdi Okonkwo, disclosed this during the bank’s customer for a last week. The bank flagged off its nationwide...... more

Dollar crashes again at parallel market

Dollar crashes again at parallel market The greenback on Monday crashed against the Naira, as the Nigerian currency gained 5 points at the parallel market against the Dollar. The Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday. However, the Naira weakened against the Pound Sterling...... more

Bitcoin worth more than gold in US for first time

Bitcoin worth more than gold in US for first time The value of digital currency bitcoin hit a record high Friday buoyed by investors hoping the U.S. government would approve an exchange-traded fund. Known as a cryptocurrency, bitcoin was invented in 2009 by a group of engineers under the name Satoshi Nakamoto. No printed currency is involved; instead, a computer algorithm...... more

Why the naira is getting stronger: CBN

Why the naira is getting stronger: CBN   The Central Bank of Nigeria (CBN) said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention. The Acting Director, Corporate Communications of the CBN, Mr Isaac Okorafor, on Thursday in Sokoto refuted the claim that the allegations by Mr Babatunde Gbadamosi...... more

MMM investors lose N18 billion

MMM investors lose N18 billion An estimated three million Nigerians have lost about N18 billion in the Mavrodi Mundial Moneybox (MMM) Ponzi scheme, the Nigerian Deposit Insurance Corporation (NDIC) has said. Speaking at the NDIC Day at the ongoing 38th Kaduna International Trade Fair yesterday, the Managing Director of the corporation, Alhaji Umaru Ibrahim, decried that...... more

Fidelity Bank disburses N2.3bn to 110 SMEs •Threatens to sue loan defaulters

Fidelity Bank disburses N2.3bn to 110 SMEs •Threatens to sue loan defaulters The Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, Thursday said the bank has disbursed N2.3 billion to 110 persons in the country through its Small and Medium Scale Enterprises (SME) scheme. He made the statement in Onitsha during the bank’s Customers’ Forum, saying that N400 million had already been repaid from...... more

MTN posts heavy loss

MTN posts heavy loss   South African telecoms giant MTN said Thursday that it made a $200 million loss in 2016 – the company’s first – after suffering a huge fine in Nigeria and currency challenges in key markets. “MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,”...... more

Court, CBN asked to wind up Heritage Bank over insolvency, distress

Court, CBN asked to wind up Heritage Bank over insolvency, distress   The Federal High Court in Abuja and the Central Bank of Nigeria (CBN) have been asked to wind up and revoke the operational licence of the Heritage Bank over an alleged state of financial insolvency of the financial institution. The court and CBN were asked to invoke the provisions of...... more

Bad Ecobank loans still haunt South African bank

Bad Ecobank loans still haunt South African bank   The ghost of bad loans past at Ecobank Transnational Incorporated (ETI) is still haunting Nedbank, which has reported headline earnings growth substantially lower because of its holding in the West African bank. Nedbank said on Tuesday it had grown earnings 16.2% to R11.8bn for the year to December. Including ETI,...... more

Naira continues upward swing in parallel market

Naira continues upward swing in parallel market The naira continued to regain strength and appreciate in value in the parallel market on Tuesday as it was sold for N425 to a dollar. However, it was N450 to a dollar at the close of transactions on Monday. A survey carried out by the News Agency of Nigeria (NAN) on...... more

Development Bank to boost SMEs’ growth: Adeosun

Development Bank to boost SMEs’ growth: Adeosun The Minister of Finance, Mrs. Kemi Adeosun, has stated that the Development Bank of Nigeria (DBN) is being positioned to galvanise the Small and Medium Scale Enterprises sector for the overall development of the nation’s economy. According to her, the present administration is aware of the role of SMEs in national...... more

 

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