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Latest News DSS nabs 2 suspected Islamic State commanders in Abuja 2018 Budget: SERAP recommends ICC prosecution of lawmakers over cutting of critical projects Windstorm, Fire Disaster: Buhari weeps in Bauchi nPDP members to attend APC Convention: Baraje 2018 budget: FG to borrow N1.6tn to fund deficit N282.7m UBA fraud: Absence of witness stalls oil marketer’s trial Pharmacists destroy N452m worth of drugs Projects' probe: ICPC makes U-turn, withdraws charge against NDDC boss NERC grants electricity generation, distribution licences to Ariaria Market Absence of judge stalls El-Zakzaky’s trial Over 337 schools to participate in Lagos coding competition Saraki assures Russian investors of conducive business environment

 

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Pharmacists destroy N452m worth of drugs

Pharmacists destroy N452m worth of drugs Association of Community Pharmacists of Nigeria (ACPN) has destroyed expired drugs worth N452 million in the Federal Capital Territory (FCT). The destruction of the drugs was carried out in conjunction with the Pharmaceutical Society of Nigeria (PSN), Pharmacists Council of Nigeria (PCN), NAFDAC, NDLEA, among others. Mr Sunday Ike, FCT Chairman...... more

Saraki assures Russian investors of conducive business environment

Saraki assures Russian investors of conducive business environment President of the Senate, Bukola Saraki, has assured the Russian Government that Nigeria is conducive for investors especially in the oil, gas, agriculture, mining and power sectors of the economy. Saraki stated this during a meeting with the leadership of the Upper Chamber of the Russian Parliament – Federation Council of...... more

New mobile operator takes battle over data prices to Vodacom, MTN

New mobile operator takes battle over data prices to Vodacom, MTN The new mobile operator backed by prominent businessmen Patrice Motsepe, Paul Harris and Michael Jordaan is taking the fight over data prices to sector giants Vodacom and MTN. Rain, a data-only network operator that launched mobile services two weeks ago, wanted to win over its rivals’ heavy data users with a...... more

CBN boosts forex market with $210 million

CBN boosts forex market with $210 million Mr Isaac Okorafor, Acting Director, Corporate Communications, Central Bank of Nigeria (CBN) said the apex bank boosted the foreign exchange market with 210 million dollars to meet customers’ requests in various segments.  Okoroafor said this in a statement on Wednesday in Abuja.  According to him, the bank, in its desire to...... more

Breaking: Buhari signs 2018 budget

Breaking: Buhari signs 2018 budget President Muhammadu Buhari has signed the 2018 Appropriation Bill of N9.12 trillion into law after seven months of its submission to National Assembly (NASS). The President, who signed the budget on Wednesday, however, expressed concern over changes made by NASS to the budget proposal. The Federal Executive Council (FEC) had on...... more

Wealth of the world’s millionaires and billionaires grows to more than $70 trillion for first time ever

Wealth of the world’s millionaires and billionaires grows to more than $70 trillion for first time ever The cumulative wealth of the world’s millionaires and billionaires rocketed over 10 percent in 2017 to reach $70.2 trillion, a report revealed Tuesday. Last year was the first time that the wealth of the richest people on earth surpassed $70 trillion. It was also the second largest annual increase in terms...... more

20 German firms seek investments in Nigeria

20 German firms seek investments in Nigeria No fewer than 20 German firms are in Nigeria to explore investment opportunities in the country. The Chief Executives of the visiting firms, led by the Minister of Industry, Trade and Investments, Dr Okechukwu Enelamah, on Tuesday, paid a courtesy visit to Vice President Yemi Osinbajo to obtain first-hand information on...... more

Fidelity Bank launches FlashKey; an innovative phone keyboards payments solution

   Fidelity Bank launches FlashKey; an innovative phone keyboards payments solution Fidelity Bank Plc launched an innovative solution designed primarily to allow customers send money and pay bills using their phone keyboards without recourse to the online banking platform installed on their mobile devices. The solution known as Flashkey is a ground-breaking initiative; a first its kind in the Nigerian banking industry...... more

FG orders MDAs, FIRS to authenticate Tax Certificates before payment to contractors

FG orders MDAs, FIRS to authenticate Tax Certificates before payment to contractors The federal government has directed all ministries, departments and agencies (MDAs) and the Federal Inland Revenue Service (FIRS) to authenticate all Tax Clearance Certificates (TCCs) presented by companies and individuals engaged in public procurement processes. The Ministry of Finance said in a statement that the directive was in response to the...... more

FG offers N60bn worth of bonds on June 27

FG offers N60bn worth of bonds on June 27 The Federal Government has offered for subscription by auction, N60 billion worth of bonds in its June 27 auction, the Debt Management Office (DMO) has said. The offer circular obtained from its website on Tuesday in Abuja stated that it would sell N20 billion of a five-year re-opening issue maturing in...... more

N1.2tr cash backed for capital expenditure in 2016 — FRC report

N1.2tr cash backed for capital expenditure in 2016 — FRC report N1.2tr cash backed for capital expenditure in 2016 — FRC report The Fiscal Responsibility Commission (FRC), says out of the N1.58 trillion allocated for capital expenditure in 2016, only N1.219 trillion was cash backed. According to the commission’s 2016 Annual Report and Audited Accounts obtained, on Tuesday, in Abuja, the cash...... more

Training, re-training very essential for effective service delivery — NAFDAC chief

Training, re-training very essential for effective service delivery — NAFDAC chief The National Agency for Food, Drug Administration and Control (NAFDAC), says training and re-training of staff is very essential for efficient and effective service delivery to Nigerians. Mrs Olajumoke Ojetokun, South-East Zonal Director of NAFDAC, stated this while opening a training for NAFDAC Regulatory Officers in Enugu on Tuesday. “It is...... more

OPEC sees strong oil market in 2nd half of 2018

OPEC sees strong oil market in 2nd half of 2018 Russia and Saudi Arabia are pushing OPEC and its allies to raise oil output steeply from July to meet growing demand and cover supply outages in Venezuela and Libya despite opposition from several members of the producer group including Iran. “Oil demand usually grows at the steepest pace in the third...... more

Unilever gets tough on influence marketing

Unilever gets tough on influence marketing Consumer goods giant Unilever, the world’s second-biggest advertiser, is cutting ties with digital media "influencers" that buy followers, saying that it wants to help make advertising more transparent. With big brands advertising more on social media sites like Instagram and Facebook, a cottage industry of "influencers" has sprung up, in which...... more

Shell tasks contractors over safety, rewards champions

 Shell tasks contractors over safety, rewards champions Vice President of Shell Companies in Nigeria (SCiN) and Gabon, Peter Costello, has charged contractors working for and with Shell Companies in Nigeria to prioritise safety and be relentless in discussing the challenges and dilemmas, noting that the international oil giant was poised to help improve safety performance throughout the energy...... more

How Nigerian advertisers waste billions of naira on celebrity endorsements — Study

How Nigerian advertisers waste billions of naira on celebrity endorsements — Study Celebrity endorsement has been regarded as one of the most successful marketing/advertising strategies since time immemorial. However, in Nigeria, with companies spending billions of Naira on endorsement deals involving celebrities, the phenomenon is not yielding the desired result, a new study has found. By hiring endorsers, advertisers are of the opinion...... more

FG plans artificial insemination of cows for quality milk production

 FG plans artificial insemination of cows for quality milk production The Federal Government says it will commence artificial insemination of cattle at its different research institutes and centres to aid multiplication of cows and increase milk production in the country. Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, said this while speaking with youths at a `Leadership Clinic’ organised...... more

Abuja airport records 1.02m passengers in Q1 – FAAN

Abuja airport records 1.02m passengers in Q1 – FAAN The Federal Airports Authority of Nigeria (FAAN), says that no fewer than 1.02 million passengers travelled through the Nnamdi Azikiwe International Airport, Abuja during the first quarter of 2018. FAAN’s First Quarter Report obtained by the News Agency of Nigeria (NAN), on Monday, in Abuja showed a 38.9 per cent growth...... more

Development veteran and former head of UK’s Ebola Task Force joins IFAD as Associate Vice-President

Development veteran and former head of UK’s Ebola Task Force joins IFAD as Associate Vice-President Donal Brown of the United Kingdom has joined the International Fund for Agricultural Development (IFAD) as Associate Vice-President of the Programme Management Department. In his role at IFAD, Brown is responsible for developing and managing the operations that the Fund supports through its loans and grants. In addition, he oversees the...... more

Google invests $500m in Chinese e-commerce powerhouse

Google invests $500m in Chinese e-commerce powerhouse Google will invest $550m in Chinese e-commerce powerhouse JD.com, part of the US internet giant’s efforts to expand its presence in fast-growing Asian markets and battle rivals including Amazon.com. The two companies described the investment as one piece of a broader partnership that will include the promotion of JD.com products on...... more

FG loses N100bn on aviation charges—Expert

FG loses N100bn on aviation charges—Expert An aviation expert, Capt. John Ojikutu (retd.) says the Federal Government lost over N100 billion in Ticket Sales Charges (TSC) and Cargo Sales Charges (CSC) in the aviation sector between 2013 and 2017. Ojikutu, a member of the Aviation Round Table (ART) and Chief Executive Officer of Centurion Securities said this...... more

Diaspora remittances to developing countries to exceed $6.5trn between 2015-2030

Diaspora remittances to developing countries to exceed $6.5trn between 2015-2030 The International Fund for Agricultural Development (IFAD) has estimated that remittances sent to developing countries could cross 6.5 trillion dollars between 2015 and 2030, involving over one billion senders and receivers. IFAD said in 2017, 200 million migrants sent 481 billion dollars to remittances-reliant countries of which 466 billion dollars went...... more

BDCs want Yuan for customers

BDCs want Yuan for customers The Association of Bureaux De Change Operators of Nigeria (ABCON) on Saturday urged the CBN to approve the Renminbi (Yuan) disbursements to its members, to deepen the China-Nigeria Swap deal. Alhaji Aminu Gwadabe, President, ABCON, told the News Agency of Nigeria (NAN) in Lagos that the approval would enable BDCs to...... more

FG to execute projects across the country to entrench justice, equity and fair play —Udoma

FG to execute projects across the country to entrench justice, equity and fair play —Udoma The Federal Government will continue to execute projects across the country, which demonstrates the sincerity of purpose of the Buhari administration towards entrenching justice, equity and fair play to all, the Budget and National Planning Minister, Senator Udoma Udo Udoma, said in Kaduna on Thursday. The Minister underscored the Buhari Administration’s...... more

Nigeria loses 320,000 bpd to US as India, China take deliveries

Nigeria loses 320,000 bpd to US as India, China take deliveries India and China have turned to the United States of America (USA) for their supply of crude oil despite Nigeria’s sweet crude oil’s refining ease. Reuters trade flows data shows that 320,000 barrels per day (bpd) of U.S. crude will travel to China this month, compared with 280,000 bpd in June...... more

Nigeria ranks 4th among countries with highest net mobile subscriptions

Nigeria ranks 4th among countries with highest net mobile subscriptions A multinational networking and Telecommunications company, Ericsson, on Friday said that Nigeria ranked fourth among the top five countries with the highest net addition of mobile subscriptions in the first quarter of 2018. Ericsson made this known in its global mobility report for June 2018 posted on its website. The report...... more

CBN boosts Forex market with $343.06m

CBN boosts Forex market with $343.06m The retail Secondary Market Intervention Sales (SMIS) has received a boost of $343.06 million from the Central Bank of Nigeria (CBN), following the Bank’s intervention in the Foreign Exchange market on Thursday. Figures obtained from the Bank indicate that the amount released was for requests in the agricultural, airlines, petroleum products...... more

Minister challenges Telcos, corporate organisations on CSR

Minister challenges Telcos, corporate organisations on CSR The Minister of Communications, Adebayo Shittu, has challenged telecommunications companies (Telcos) and other corporate organisations, including wealthy individuals to support humanitarian causes through their corporate social responsibility (CSR) initiatives as a way of helping to reduce the rate of poverty in the country. The Minister who spoke at the premiere of...... more

Court rejects appeal to stop Shell, Eni corruption trial

Court rejects appeal to stop Shell, Eni corruption trial  Italy’s Supreme Court threw out an appeal from Shell and four former Shell managers to stymie a corruption trial that has also involved Eni’s chief executive, legal sources said on Wednesday. The long-running graft case on alleged corruption in Nigeria revolves around the 2011 purchase by Eni and Shell of Nigeria’s...... more

22 non-performing firms delisted from Nigerian Stock Exchange

The Nigerian Stock Exchange (NSE) expelled not less than 22 companies between 2016 and 2017 over non-performance and failure to meet the required post-quotation standards. Data obtained by the News Agency of Nigeria (NAN) from the exchange showed that the delisted companies included Cappa and D’Alberto, Intercontinental Bank Preference shares, IPWA,...... more

 

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