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Latest News Kwara extends tenure of LG caretaker committees 25 Unity schools get solar boreholes 65,000 Christians in Katsina pray for Buhari Court jails driver for raping 80 year old woman Ajimobi signs New Anti-Land Seizure Bill into law Auditor-General plans weekly audit in government agencies Group hails CBN’s foreign exchange policy PDP will bounce back to power — Gov. Emmanuel NANS set to shut down Tai Solarin University Leo Stan Ekeh inspires youth with motivational tips at entrepreneurs forum We’ll wipe off all Fulani herdsmen from Niger Delta — Pro-Jonathan group Senate accuses EFCC of abuse of Service Wide Votes

 

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Africa retail giants Steinhoff, Shoprite shelve merger

Africa retail giants Steinhoff, Shoprite shelve merger South African retail firms Steinhoff International and Shoprite Holdings announced Monday they had scrapped plans to merge their local assets to form the continent’s biggest retailer. The plan announced in December 2016 was geared to create a discount retailer worth over $14 billion to target Africa’s value conscious consumers. The companies...... more

How to consolidate gains of NLNG

How to consolidate gains of NLNG   Oil workers and the National Assembly may soon be on a collision course over the underground maneuverings of the legislature to amend the Act setting up the Nigerian Liquefied Natural Gas Company (NLNG). The stakeholders were worried that the proposed may be part of government plan to dispose of the...... more

Analysts predict strong comeback for troubled MTN

Analysts predict strong comeback for troubled MTN MTN has suffered huge share price and earnings losses since October 2015, when it was hit with a multibillion-rand fine in Nigeria. Despite this, Africa’s largest wireless carrier is set for a strong comeback, analysts say. Last week, it warned that it will report a loss for the 2016 financial year...... more

Presidency to spend N100m on bullet-proof tyres in 2017

Presidency to spend N100m on bullet-proof tyres in 2017 The Permanent Secretary of the State House, Mr Jalal Arabi, during the defence of the Presidential Villa’s 2017 budget, yesterday, before the Senate Committee on Federal Character and Inter-Governmental Affairs, disclosed that N94.5 million has been proposed for the purchase of treated (bullet-proof) tyres in 2017, representing 50 percent increase compared...... more

CBN makes further clarifications on FOREX sale •Prescribes new method for rendering returns

CBN makes further clarifications on FOREX sale •Prescribes new method for rendering returns The Central Bank of Nigeria (CBN) has reacted to a media report suggesting that the Office of the Attorney General of the Federation and Minister of Justice has issued a query to the apex bank over issues relating to the sale of foreign exchange. The CBN in a statement issued on...... more

CBN boosts manufacturing, agricultures, others with $2.83B in 2 months

CBN boosts manufacturing, agricultures, others with $2.83B in 2 months The Central Bank of Nigeria (CBN) has disbursed the sum of $2.83 billion for utilisation in the critical sectors of the economy between December 2016 and January 2017. In a release by the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, stated that manufacturing, raw material and agriculture among others topped...... more

Forex Fraud: 16 local and international banks face heavy fines in South Africa

Forex Fraud: 16 local and international banks face heavy fines in South Africa Sixteen local and international banks operating in South Africa are facing fines of up to 10% of their annual turnover after the Competition Commission decided to prosecute them for colluding to fix prices and allocate markets while trading foreign currency from 2007. Among the local banks referred to the Competition Tribunal...... more

South African investor increases stake in Zenith and Access banks

South African investor increases stake in Zenith and Access banks Allan Gray Ltd., the largest manager of non-government investment funds in Africa, has increased its stake in Nigerian Zenith and Access banks. The South African investor, based in Cape Town, is betting on Nigeria’s banking industry despite poor performances by the oil companies it depends on and widespread calls for the...... more

Dangote targets one million tonnes of rice in 3 years

Dangote targets one million tonnes of rice in 3 years Aliko Dangote, President of Dangote Group of Companies, says his company plans to produce one million tonnes of rice within the next three years, to satisfy part of the yearly demand of 6.5million tonnes. Less than half of the 6.5 million tonnes is produced locally and the deficit is imported at...... more

TSA: FG realises N5.244tr, closes 200,000 bank accounts

TSA: FG realises N5.244tr, closes 200,000 bank accounts The Accountant-General of the Federation (AGF), Mr. Ahmed Idris, has revealed that the sum of N5.244 trillion has so far been realised as inflows into the TSA account following the moping-up and direct debits of Accounts by the Central Bank of Nigeria (CBN). The AGF made this disclosure during his welcome...... more

South Africa’s biggest cement maker considers merger, searches for growth opportunities on the continent

South Africa’s biggest cement maker considers merger, searches for growth opportunities on the continent PPC and Afrisam have entered into formal talks to assess the merits of a merger between the two cement producers at a time when competition in the industry is red-hot with the arrival of a number of newcomers. The proposed deal will create a South African-owned cement producer that is financially...... more

AMCON takes over OAS Helicopters

AMCON takes over OAS Helicopters The Asset Management Corporation of Nigeria (AMCON) has taken over Odengene Air-Shuttle Services, known more as OAS Helicopters in Lagos following a court order. It was the third aviation firm to be taken over by the bad bank in four months. The News Agency of Nigeria (NAN) gathered that AMCON had...... more

South African billionaire faces hurdles in bid to turn Shoprite into Africa’s largest retailer

South African billionaire faces hurdles in bid to turn Shoprite into Africa’s largest retailer Christo Wiese, SA’s fourth-richest person with a fortune of about $5.7bn, is at the centre of plans to create the continent’s largest retailer by combining the African operations of Shoprite and Steinhoff International. Here’s why a transaction makes sense for the billionaire and why a deal may face opposition from minority...... more

FG rules out tax increase but says those not paying taxes ‘must be made to pay’

FG rules out tax increase but says those not paying taxes ‘must be made to pay’ The Federal Government does not have any intention of increasing taxes but is working towards increasing its internally generated revenue through the broadening of its tax base. Responding to a comment by Senator Ben Bruce at the public hearing of the Joint Session of the National Assembly on the 2017 Budget,...... more

N10bn development fund: Bayelsa signs MoU with BOI, reviews workforce

N10bn development fund: Bayelsa signs MoU with BOI, reviews workforce Governor Seriake Dickson on Monday said, the Memorandum of Understanding signed between the Bayelsa State Government and the Bank of Industry was a part of efforts to raise the N10 billion entrepreneurship development fund to create wealth for small and medium scale entrepreneurs in the state. Dickson, who made the disclosure during the...... more

FG moves to unmask real owners of companies, investments

FG moves to unmask real owners of companies, investments The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), has revealed plans by the Federal Government to introduce a companies register that will show the real owners of investments and businesses in the country. He disclosed that this is in line with the commitment of the...... more

Dangote rice project promises hundreds of thousands of employment opportunities

Dangote rice project promises hundreds of thousands of employment opportunities Dangote Rice, a subsidiary of Dangote Group, is set to launch in Sokoto, Sokoto State, its multi-million naira 25,000 hectares of rice outgrower scheme with a prospect of hundreds of thousands of employment opportunities for inhabitants of the rural communities. President of the Group, Aliko Dangote, disclosed at the weekend that...... more

Trump’s plans endanger economies around the world, IMF warns

Trump’s plans endanger economies around the world, IMF warns International Monetary Fund chief Christine Lagarde voiced optimism Sunday that U.S. President Donald Trump’s planned tax cuts and construction spending would boost the American economy, but said they could cause trouble for the economies around the globe. Lagarde, speaking at the World Government Summit in Dubai, said, “From the little we...... more

MTN to acquire large stake in Iran’s state-owned internet provider

MTN to acquire large stake in Iran’s state-owned internet provider MTN Group is near an agreement with the Iranian government to acquire a 49% stake in a state-owned internet provider, as Africa’s biggest wireless carrier by sales seeks to expand in a fast-growing yet politically challenging market, according to two people familiar with the matter. Company officials are planning a meeting...... more

Oil prices on the upswing

Oil prices on the upswing Oil prices rose on Friday after reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January. Supply from the 11 members of the Organization of the Petroleum Exporting Countries with production targets under the deal fell to...... more

$1bn Eurobond: Fayose knocks FG, seeks explanations on beneficiaries, repayment

$1bn Eurobond: Fayose knocks FG, seeks explanations on beneficiaries, repayment Governor of Ekiti State and Chairman of the Peoples Democratic Party (PDP) Governors Forum, Mr. Ayodele Fayose has described the Federal Government’s plan to secure Eurobond which re-payment would last till 2032, as an act typical of the Biblical prodigal son, expressing the fear that the loan may plunge the nation into a prolonged economic...... more

Thusang Mahlangu succeeds Delphine Traoré Maïdou as CEO of AGCS Africa

Thusang Mahlangu succeeds Delphine Traoré Maïdou as CEO of AGCS Africa  Thusang Mahlangu (40) has succeeded Delphine Traoré Maïdou (43) as CEO of Allianz Global Corporate & Specialty (AGCS) Africa effective February 1, 2017 subject to regulatory approval. Ms. Maïdou remains on AGCS Africa Board as Non-executive Director and extends her role within Allianz SE’s Africa business.  Mr. Mahlangu hands over his...... more

Twitter stock dives after weak earnings report

Twitter stock dives after weak earnings report Shares of Twitter plunged double digits Thursday after the company released a disappointing earnings report that showed revenue growth at the slowest level since it went public in 2013. The report for the fiscal fourth quarter that ended Dec. 31, revealed the company is struggling to attract advertisers. Advertisement revenue dropped...... more

Nigeria’s $1bn Eurobond oversubscribed by 800 percent

Nigeria’s $1bn Eurobond oversubscribed by 800 percent Nigeria comfortably raised $1 billion in its return to the Eurobond market yesterday, in what signifies a global investors’ endorsement of the Federal Government’s economic recovery initiatives and growth. The issue was 750% oversubscribed, underscoring still buoyant investor appetite for scarce frontier African paper, despite a recent selloff in emerging market...... more

Revenue Commission endorses New National Tax Policy

Revenue Commission endorses New National Tax Policy The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has endorsed the new National Tax Policy recently announced by the Federal Government to shore up Nigeria’s dwindling revenue base which suffered decline as a result of the shortfall in international oil prices and activities of militant and vandals in the Niger Delta....... more

DPR seals 19 petrol stations over illegal price hike

DPR seals 19 petrol stations over illegal price hike The Department of Petroleum Resources (DPR) has sealed off 19 petrol stations in Maiduguri, the Borno state capital. The offence of the sealed stations included overpricing, under-delivery and lack of adequate security apparatus. A DPR official from the zonal office in Maiduguri, Bala Aminu Musa, said that a task force team...... more

Kogi rebrands Transport Ministry, crashes bus fares •Details of the new fares

Kogi rebrands Transport Ministry, crashes bus fares •Details of the new fares The Kogi State Ministry of Transport has crashed bus fares to major cities throughout Nigeria. The buses which were flagged off to ply various routes in Nigeria on January 2017 are fully Air Conditioned (AC) with professional drivers and modern transport architectonics in line with global best practices and industry standards....... more

Oyo releases N600m for Conditional Grant Scheme

Oyo releases N600m for Conditional Grant Scheme The Oyo State Government has released 600 million Naira for the implementation of the Conditional Grant Scheme (CGS). The Chairman, Oyo State Implementation Committee on the Conditional Grants Scheme, (CGS-SIC), Mr. Abimbola Adekanmbi, disclosed this last week during the distribution of medical equipment to the primary health care/maternity centres and state...... more

National Assembly raises hope on power sector

National Assembly raises hope on power sector The National Assembly is fully ready to support and drive every actionable initiative that is expected to boost the nation’s power sector significantly. Senate President Bukola Saraki gave this assurance in his speech at the opening of a two-day stakeholders  interactive dialogue/workshop on the Nigerian power sector organised by the National...... more

Why we won’t allow Naira to float freely: CBN

Why we won’t allow Naira to float freely: CBN The Acting Director, Corporate Communication of the Central Bank of Nigeria (CBN), Mr. Isaac Okorafor, has affirmed that there is all certainty that the free floating of the Naira will hurt ordinary Nigerians. He stated this on Tuesday while speaking on the monetary policy decisions of the CBN on a programme,...... more

 

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