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Latest News FG sets up committee to review minimum wage Zimbabwe: Is the tyranny over? NASENI invents alternative to voter’s card reader Ekwueme: SGF heads National Burial Committee Anambra PDP kick-starts reconciliation moves •Embraces zoning, fixes dates for state congress Why we won’t send husband killer to prison: Police Prof. Adebayo Williams: Celebrating my Mentor, Beacon of Hope, Inspiration and Voice of Courage, By Friday Olokor 2019: APGA chieftain tasks politicians not to destabilise Imo State over zoning Wall Street Journal’s Africa Bureau Chief to give Keynote Speech at AUN’s 12th Founder’s Day Biafra: FG taking due advantage of our disunity — BNYL Activist petitions Imo Police boss over illegal detention Mnangagwa takes over power in Zimbabwe

 

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Facebook announces scheme to empower 50,000 Nigerians

Facebook announces scheme to empower 50,000 Nigerians Facebook on Wednesday announced a new nationwide initiative in Nigeria (http://APO.af/2y13ue) to further cement its commitment and investment in the country, and across the continent. Incorporating a series of high profile partnerships, training programmes and a physical space that will serve as a centre for learning and skills development, this set...... more

Skye Bank releases new TV commercial highlighting the importance of consumer power in modern marketing

Skye Bank releases new TV commercial highlighting the importance of consumer power in modern marketing Skye Bank Plc has released a new television commercial designed to leverage its robust, onmi-channel SkyeXperience platform to reinforce its pedigree as leader in the use of technology to facilitate financial services transactions. Themed “You are in Control,” the new television commercial leverages the uniform experience of Skye Bank’s internet banking...... more

Uber fined $8.9m for using criminals as drivers

Uber fined $8.9m for using criminals as drivers Uber is in the news again and this time a Colorado, U.S. regulators issued an $8.9 million fine against its parent company for allowing employees with serious criminal or motor vehicle offenses to work for the company as drivers. The Colorado Public Utilities Commission said it launched an investigation into the...... more

George Thorpe identifies 6 key tasks for research and action in advertising

George Thorpe identifies 6 key tasks for research and action in advertising Marketing communication entrepreneur and thought leader, Mr George Thorpe, has called on scholars as well as professionals to research and tackle six key emergent challenges facing the advertising and marketing communications industry. Thorpe was concerned with the impact of “the globalisation of brands”, resulting in centralisation of the creation of adverts...... more

CBN holds main lending rate, calls recovery 'fragile'

CBN holds main lending rate, calls recovery 'fragile' The Central Bank of Nigeria held its benchmark interest rate at 14 percent on Tuesday and said the recovery of Africa’s biggest economy from its first recession in a generation remained fragile.   Governor Godwin Emefiele said eight committee members had voted to hold the main rate, while one voted for...... more

Nigeria, USA sign Commercial Investment Dialogue

Nigeria, USA sign Commercial Investment Dialogue Nigeria and the United States of America (USA) have signed a Memorandum of Understanding (MOU) on an investment instrument titled US-Nigeria Commercial Investment Dialogue (CID). The two countries signed the MOU at the Federal Ministry of Industry, Trade and Investment in Abuja, today. Minister of Industry, Trade and Investment Dr. Okechukwu...... more

Bitcoin hits record high after smashing through $8,000 for first time

Bitcoin hits record high after smashing through $8,000 for first time Bitcoin hit a new record high on Monday after smashing through the $8,000 level for the first time over the weekend, marking an almost 50 percent climb in just eight days. The new high came after leading U.S. payments company Square Inc. said late last week that it had started allowing...... more

CBN injects $210m into forex market

CBN injects $210m into forex market As the Monetary Policy Committee of the Central Bank of Nigeria (CBN) commenced its last meeting for 2017, the bank on Monday intervened in the inter-bank Foreign Exchange Market to the tune of $210,000,000. Figures obtained from the CBN revealed that the interventions were in the Wholesale, Small and Medium Enterprises...... more

Dangote, Glo, Airtel, 7 others battle for 9mobile

Dangote, Glo, Airtel, 7 others battle for 9mobile The scramble to acquire 9mobile, Nigeria’s fourth largest network operator, has advanced to the next stage, with 10 out of the 16 firms that submitted expressions of interest (EoIs) for the telecoms firm, prequalified by Barclays – the financial adviser to the deal – to proceed to the financial bid stage...... more

Nigerian economy grows 1.4 pct in Q3

Nigerian economy grows 1.4 pct in Q3  Nigeria’s economy grew 1.4 percent year-on-year in the third quarter, the statistics office said on Monday, extending its slow climb out of its first recession in a generation. Africa’s largest economy returned to growth in the second quarter of 2017 but the recovery has been fragile due to the continuation of...... more

Mastercard and Nigerian business leaders commit to transforming Nigeria’s cities into strong economic hubs

Mastercard and Nigerian business leaders commit to transforming Nigeria’s cities into strong economic hubs With half of Nigeria’s population currently living in cities, it is critical that a development framework is in place to ensure that future growth is sustainable. This was a key message highlighted at the Mastercard CEO Conversations dinner held on Tuesday night in Lagos, where dialogue focused on: ‘Developing Nigeria’s Smart...... more

IMF warns Nigeria, others over high debt service

IMF warns Nigeria, others over high debt service The International Monetary Fund (IMF) has warned Nigeria and other sub-Saharan African countries of excessive debt services in the respective economies. According to IMF regional outlook unveiled in Abuja yesterday,  debt servicing costs are becoming a burden especially in oil-producing countries, noting that such costs are expected to absorb over 60...... more

Ambode identifies permanent solution to Apapa gridlock

Ambode identifies permanent solution to Apapa gridlock Lagos State Governor Akinwunmi Ambode on Thursday identified seamless port operations as a condition that would enable permanent resolution of the Apapa gridlock. Speaking at the second edition of Lagos Corporate Assembly tagged ‘A+ Meets Business’, a forum organised by the state government to interact with members of the Organised Private...... more

Multiple taxation: 95 per cent Nigerian SMEs collapse within a year — Elumelu

Multiple taxation: 95 per cent Nigerian SMEs collapse within a year — Elumelu Mr Tony Elumelu, the Chairman, Heirs Holdings, on Thursday said that 95 per cent of Small and Medium Enterprises (SMEs) fold up within a year in Nigeria due to multiple taxes and levies. Elumelu said this at the Lagos Business School Alumni Association (LBSAA) ‘2017 Alumni Day’ in Lagos with the...... more

Ikeja Electric apologises for prolonged power outage

Ikeja Electric apologises for prolonged power outage Ikeja Electric has appologised to residents in its area of operation that have been experiencing regular power outage for some time now. A press statement issued on Wednesday by the company said it “wishes to sincerely apologise for the prolonged outage you have been experiencing, following the rehabilitation of the Maryland...... more

Nigeria’s debt hits N20.373 trillion

Nigeria’s debt hits N20.373 trillion The Total Public Debt Stock, comprising the Federal Government, States and Federal Capital Territory, stood at N20.373 trillion as at September 30, 2017, according to the Debt Management Office (DMO). This represents a marginal increase of 3.6 per cent from the N19.637 trillion as at June 30, 2017.  A breakdown of...... more

SEC decries low enrolment of investors to e-dividend payment platform

   SEC decries low enrolment of investors to e-dividend payment platform The Securities and Exchange Commission (SEC) on Monday decried low investors enrolment to the e-dividend payment platform in the last three months. Mr Mounir Gwarzo, SEC Director-General, who said this at the third quarter post-Capital Market Committee news conference held in Lagos, said that only 46,176 investors enrolled during the period....... more

8 Nigerian banks downgraded

8 Nigerian banks downgraded  Moody’s Investors Service (Moody’s) has downgraded to B2 from B1 the long-term local currency deposit and issuer ratings of four Nigerian banks: Access Bank Plc (Access), Guaranty Trust Bank Plc (GTBank), United Bank for Africa Plc (UBA) and Zenith Bank Plc (Zenith) and the long-term local and foreign currency issuer ratings...... more

Nigeria needs $35bn yearly to sustain economic growth

Nigeria needs $35bn yearly to sustain economic growth Mr Adekunle Oyinloye, Managing Director, The Infrastructure Bank, has said that Nigeria needed 35 billion dollars per annum for five years to sustain a robust economic growth. Oyinloye, said this in Abuja while presenting a paper on “Economic Indices and Relationship with Infrastructure Development” at a forum for set 1988 Economics...... more

Alibaba breaks record with world’s biggest shopping day, makes $25bn in 24 hours

Alibaba breaks record with world’s biggest shopping day, makes $25bn in 24 hours The biggest shopping day on the planet raked in an eye-popping $25.4 billion. Chinese e-commerce giant Alibaba (BABA, Tech30) said Saturday that sales soared past $18 billion after just 13 hours of the retail blitz known as Singles Day, eclipsing the $17.8 billion it managed in the full 24 hours last...... more

NSE market capitalisation improves by N24bn

NSE market capitalisation improves by N24bn Transactions on the Nigerian Stock Exchange (NSE) ended on the upbeat on Friday with the market capitalisation improving by N24 billion following marginal gains by some blue chips. The News Agency of Nigeria (NAN) reports that the market capitalisation, which opened at N12.823 trillion, rose by N24 billion or 0.19 per...... more

Petrobras, BTG Pactual to sell Nigerian oil venture

Petrobras, BTG Pactual to sell Nigerian oil venture State-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments, it said on Thursday. Heavily indebted Petrobras announced plans this week to sell its 50 percent...... more

Apple sets record with market value over $900 billion

Apple sets record with market value over $900 billion The market capitalisation of Apple on Wednesday closed above $900 billion, making it the first publically traded company in the United States to do so. Shares of Apple have sent the company’s market cap briefly above $900 billion before, but Wednesday marked the first time Apple finished the day above that...... more

10 bank branches sealed over tax offences

10 bank branches sealed over tax offences The Nasarawa State Internal Revenue Service (NSIRS) has sealed off 10 branches of three banks over alleged failure to remit taxes deducted from customers in the state. Alhaji Usman Okposhi, Chairman of NSIRS, told journalists in Lafia on Wednesday that four branches each of Skye Bank and Unity Bank, and two...... more

Senate clears MTN over forex transfers

Senate clears MTN over forex transfers Nigeria’s Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group Ltd’s Nigerian unit, after the business was accused of illegally repatriating $14 billion to its parent. But the Senate report also asked Nigeria’s central bank to sanction Stanbic IBTC Bank “for improper documentations in respect of...... more

Allianz pioneers blockchain prototype for the captive insurance market

Allianz pioneers blockchain prototype for the captive insurance market Allianz Global Corporate & Specialty SE (AGCS) has successfully trialed blockchain technology for a global ‘captive’ insurance program including cash transfer between countries. AGCS’s Allianz Risk Transfer (ART) line of business has teamed up with EY (Ernst & Young) as blockchain advisory service provider and digital agency Ginetta to successfully create...... more

NSE market capitalisation inches N29bn over investors renewed interest

  NSE market capitalisation inches N29bn over investors renewed interest The market capitalisation of Nigerian Stock Exchange (NSE) rose by N29 billion on Tuesday following rekindled investors’ confidence. The News Agency of Nigeria (NAN) reports that the market capitalisation rose by N29 billion or 0.23 per cent to close at N12.810 trillion from N12.781 trillion recorded on Monday. Also, the All-share index grew by 82.74...... more

BREAKING: Buhari presents 2018 budget proposal of N8.6 trillion to National Assembly

BREAKING: Buhari presents 2018 budget proposal of N8.6 trillion to National Assembly President Muhammadu Buhari has presented the 2018 Appropriation Bill of N8.6 trillion to a joint session of the National Assembly. The budget has a 30 per cent increment over that of 2017 which was N7.298 trillion. Speaking during the presentation attended by members of the Federal Executive Council (FEC), the President...... more

Apple implicated in ‘Paradise Papers’ tax scandal

Apple implicated in ‘Paradise Papers’ tax scandal The world’s most profitable firm has a secretive new structure that would enable it to continue avoiding billions in taxes, the Paradise Papers show. They reveal how Apple sidestepped a 2013 crackdown on its controversial Irish tax practices by actively shopping around for a tax haven. It then moved the firm...... more

Oil hits highest levels since 2015

Oil hits highest levels since 2015 Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests. Brent futures, the international benchmark for oil prices, hit 62.44 dollars per barrel early on Monday, their highest level...... more

 

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