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Latest News Benin chief priest suspended over corruption BREAKING NEWS: Niger Delta militants dare FG, blow up pipeline hours after Osinbajo’s visit 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

 

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MMM releases 2017 rules, expected to unfreeze accounts of Nigerian participants on Jan. 14

MMM releases 2017 rules, expected to unfreeze accounts of Nigerian participants on Jan. 14 As it may probably unfreeze accounts of its users on January 14, Mavrodi Mondial Movement (MMM) ponzi scheme has released 2017 guidelines for the Nigerian participants. According to Nigerian Bulletin, MMM programmers are working earnestly with a new model which will be announced and implemented at a later date. This, the...... more

MMM has not collapsed; it will safely resume its work in January — Founder •Descends heavily on Nigerian media

MMM has not collapsed; it will safely resume its work in January — Founder •Descends heavily on Nigerian media MMM founder, Sergey Mavrodi, has written another letter to Nigeria – this time he wrote to the Nigerian media, journalists and experts. In the letter which was contained on the dashboard of all Nigerian participants, Mavrodi berated the media and sent across the message: “Nothing has collapsed, and MMM will safely...... more

Emefiele elected Chairman of International Islamic Liquidity Management Corporation (IILM) Board

Emefiele elected Chairman of International Islamic Liquidity Management Corporation (IILM) Board The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been elected as the chairman of the International Islamic Liquidity Management Corporation (IILM) on Thursday, December 15, 2016 in Jakarta, Indonesia. In a press release the CBN’s Acting Director, Corporate Communications, Mr Isaac Okorafor, says that by this development, Mr....... more

General Electric, Northern Governors sign MoU on power generation

General Electric, Northern Governors sign MoU on power generation The Northern States Governors Forum and the General Electric ‎International, on Monday, signed a Memorandum of Understanding for the construction of five solar plants, aimed at generating 500 megawatts of electricity in some parts of Northern Nigeria. Borno State Governor, Kashim Shettima, signed the agreement on behalf of the ‎governors while...... more

MTN, SEC meet to discuss sale of shares to Nigerians

MTN, SEC meet to discuss sale of shares to Nigerians MTN has met Nigeria’s Securities and Exchange Commission (SEC) to discuss a possible initial public offering and how it wants to structure the share sale, the head of Nigeria’s SEC told Reuters. SEC director general Mounir Gwarzo said MTN had discussed the possibility of issuing various classes of shares to targeted...... more

224 firms bid for NNPC crude contracts

224 firms bid for NNPC crude contracts Transparency in the operations of the Nigerian National Petroleum Corporation, NNPC, was sustained on Thursday with the public opening of 224 bids submitted by companies seeking to buy and lift Nigerian crude oil grades for 2016/2017. Successful companies would participate in the lifting of about 700, 000 barrels per day of...... more

World Bank appoints female chief executive

World Bank appoints female chief executive Kristalina Georgieva, Bulgaria’s European commissioner who lost out in the race to become United Nations secretary-general in September, was named yesterday as chief executive of the World Bank. “The European Commission said that Ms Georgieva, 63, a vice-president at the EU executive responsible for the EU’s budget, will resign and take...... more

Uber drivers in UK win right to paid time off and minimum wage

Uber drivers in UK win right to paid time off and minimum wage Uber drivers in the UK won a landmark court case Friday that means they will qualify for the minimum wage, paid time off and other perks. An employment tribunal in London ruled that the drivers should be considered “workers” rather than self-employed contractors, dealing a major blow to Uber. “This is...... more

Tony Elumelu Foundation convenes Africa’s largest gathering of entrepreneurs

Tony Elumelu Foundation convenes Africa’s largest gathering of entrepreneurs Today, The Tony Elumelu Foundation (TEF) opened the 2nd TEF Entrepreneurship Forum – the largest gathering of African entrepreneurs and the highlight of the annual TEF Entrepreneurship Programme. The Forum celebrates the 2016 cohort of Elumelu Entrepreneurs – selected from over 45,000 applicants in 54 African countries – and their completion...... more

ExxonMobil discovers one billion barrels of oil offshore Nigeria

ExxonMobil discovers one billion barrels of oil offshore Nigeria Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria. The development is a boost to Nigeria’s efforts to increase her crude oil reserves from...... more

Spanish companies set to exploit business opportunities in Nigeria

Spanish companies set to exploit business opportunities in Nigeria The Government of Spain has indicated its intention to bring in Spanish companies to explore economic potentials and build business relations in a further effort to improve trade relations with Nigeria. The trip which is billed for May 2017 will see the delegation having discussions with government agencies and familiarising itself...... more

Why Emirates Airlines and Kenya Airways are suspending flights to Abuja

Why Emirates Airlines and Kenya Airways are suspending flights to Abuja Emirates Airlines and Kenya Airways say they will suspend flights to Abuja, the Nigerian Capital. Emirates in a statement announced it will suspend flight from October 22 2016, while Kenya Airways says it will stop flights from November 15. According to Emirates, the reason for its decision is irregularities in the...... more

US banks reportedly planning exodus from Brexit Britain

US banks reportedly planning exodus from Brexit Britain The French finance minister, Michel Sapin, has said that US banks have told him they will move some activities out of Britain to other European countries in the wake of the referendum decision to leave the EU. Sapin said that until now US banks had adopted a wait-and-see approach towards their...... more

Chevron faces class action from aggrieved dealers

Chevron faces class action from aggrieved dealers Disgruntled Caltex dealers in South Africa are proceeding with plans to institute a class action suit against US oil giant Chevron Corporation. The retailers, who on Tuesday held a mass meeting to give an update on planned court action, are accusing the company of turning a blind eye to unethical business...... more

Protesters attack Dangote’s Ethiopia factory; burn trucks, equipment

Protesters attack Dangote’s Ethiopia factory; burn trucks, equipment A cement factory owned by Africa’s richest man, Nigerian business tycoon Aliko Dangote, has been attacked by protesters in Ethiopia’s Oromia region, the regional government has said in a statement. The protests were in response to the deaths of at least 55 people in a stampede at a religious festival of...... more

Samsung recalls 2.5 million phones over fire risk

Samsung recalls 2.5 million phones over fire risk Samsung on Saturday has urged users of their Galaxy Note 7 to stop using their phones immediately and exchange them, following reports of the battery exploding. The announcement is part of a global recall affecting up to ten countries. South Korean consumers were told to go to service centers for replacement...... more

Oil soars above $50 per barrel

Oil soars above $50 per barrel Oil prices surged over 4 percent on Thursday, with Brent briefly touching $50 (37.5992 pounds) a barrel for the first time in two weeks, after a surprisingly huge drawdown in U.S. crude stocks as Gulf Coast imports slumped to a record low. Brent (LCOc1) rose $2.01, or 4.2 percent, to settle...... more

MTN shops for billions through IPO

MTN shops for billions through IPO MTN Group, Africa’s biggest wireless operator by sales, and minority shareholders in its Nigerian business are seeking to raise about $1bn in an initial public offering (IPO), a condition tied to the settlement of a record fine imposed by the West African government, people familiar with the plan said. Minority shareholders...... more

Customs detain South African vessel for sailing into Nigeria illegally

Customs detain South African vessel for sailing into Nigeria illegally The operatives of the Nigeria Customs Service (NCS), Eastern Marine Command, Port Harcourt in Rivers, have detained a vessel named ‘MV Defender V’ for sailing without a valid Bank Bond. Usman Bello, Customs Area Controller, who made the disclosure over the weekend, said the vessel is a patrol vessel from South...... more

Nigeria, Spain to strengthen bilateral trade relations in oil and gas

Nigeria, Spain to strengthen bilateral trade relations in oil and gas Nigeria and Spain have expressed their readiness to strengthen their bilateral trade relationship in every spectrum of the oil and gas industry for the benefit of the two countries. Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Kachalla Baru stated this while receiving the Spanish ambassador to...... more

14,000 employees to lose jobs at Cisco Systems

14,000 employees to lose jobs at Cisco Systems Technology news site, CRN is reporting that about 14,000 jobs would be axed at Cisco Systems Inc., representing nearly 20 percent of the network equipment maker's global workforce. Citing sources close to the company, the report stated that the San Jose, California-based Cisco is expected to announce the cuts within the...... more

South Africa overtakes Nigeria as Africa’s biggest economy

South Africa overtakes Nigeria as Africa’s biggest economy South Africa is once again the biggest economy on the African continent, a position it reclaims from Nigeria, thanks to a surging rand. Using the gross domestic product at the end of 2015 published by the International Monetary Fund, Bloomberg reported that the size of South Africa’s economy is $301 billion...... more

CBN bursts money transfer racket •Warns against patronage of unregistered operators

CBN bursts money transfer racket •Warns against patronage of unregistered operators By a seemingly innocuous circular released on July 22, 2016, the Central Bank of Nigeria (CBN) appears to have dealt a heavy blow to a money transfer business that has ripped off the Nigerian economy for years. Nigerians working abroad remit home over $21 billion annually, but the benefits of this...... more

Oil prices plunge to three-month lows

Oil prices plunge to three-month lows World oil prices descended this week to their lowest levels for more than three months, rocked by renewed worries about a global supply glut and increased production. The market extended its losses on Friday to a seventh straight day, as traders’ screens were awash with red. In morning deals in London,...... more

Innjoo Management restates commitment to Nigeria

Innjoo Management restates commitment to Nigeria The Management of TecSync Technologiesy Co., Ltd., makers of fast-selling smart mobile device brand InnJoo have restated their commitment to the growth of the Nigerian ICT sector and economy in general, with the company keen to revamp the technological landscape in Nigeria by expanding the rapid adoption of smart mobile devices...... more

G20 commits to open global economy amid slowdown

G20 commits to open global economy amid slowdown Trade ministers from G20 countries have committed to an open global economy during a meeting in China, pledging to improve trade governance with the aim of combating a slowdown in growth. In a joint statement released at the conclusion of the Trade Ministers Meeting in Shanghai on Sunday, they agreed to...... more

Entrepreneurs from 170 countries gather in US for Global Summit

Entrepreneurs from 170 countries gather in US for Global Summit Hundreds of entrepreneurs from 170 countries are taking part in the U.S.-sponsored Global Entrepreneurship Summit being held this week in Palo Alto, California. The summit launched in 2010 in Washington and returned to the U.S. this year after stops in Turkey, the United Arab Emirates, Malaysia, Morocco and Kenya. GES offers...... more

MTN gets new Management

MTN gets new Management MTN Group has tapped competitors and the banking sector’s talent pool to strengthen its executive team and improve on risk management and governance. Rob Shuter was on Monday named group CEO, effective July 2017, to replace Sifiso Dabengwa, who resigned in November 2015 after Nigerian authorities slapped the company with a...... more

Niger Delta-style oil-targeted militancy likely in Angola

Niger Delta-style oil-targeted militancy likely in Angola As oil-targeted militancy in Nigeria remerges to threaten the country’s entire industry and put significant amounts of oil offline, foreign operators in oil-rich Angola’s may be facing a similar threat. On Tuesday, Reuters cited unidentified industry sources as saying that a rebel group raided a Chevron gas platform in late May,...... more

Global oil majors look to shed refineries as crude prices rebound

Global oil majors look to shed refineries as crude prices rebound Global oil majors Chevron Corp and Royal Dutch Shell Plc are putting small refineries on the auction block as they look to trim lower-margin assets in the face of headwinds from rising crude oil prices. Chevron, the second largest U.S. oil company, is soliciting interest in its Burnaby, British Columbia, refinery...... more

 

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