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Latest News Governorship aspirant boasts of bedding 50 women 3 dead as irate youths burn senator’s house FG embarks on mass housing scheme •Set to prosecute energy thieves 4 female suicide bombers strike in Borno Ex-Governor and 6,000 others dump PDP for APC Missing journalist found dead near Onitsha Ekiti 2018: Why South Zone should produce next Governor, By Emmanuel Onotevure Wise men still come from the East, By Femi Adesina Anambra poll: Obiano, Chidoka vote How to stop child labour, human trafficking — Osun NIS Comptroller Dee Bob: A Legend, Pan-Africanist steps aside, By Ikenna Samuelson Iwuoha Police destroy illegal refineries with more than 30 pits in Edo

 

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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

Apple on track to hit $1 trillion market capitalisation

Apple on track to hit $1 trillion market capitalisation Apple’s valuation briefly topped $900 billion for the first time Friday. Shares of the tech giant were boosted by an impressive quarterly earnings report released a day earlier as well as the release of the highly anticipated new flagship iPhone X. By midday trading, Apple’s market capitalisation had fallen to $892...... more

Shoprite shareholders reject pay policy

Shoprite shareholders reject pay policy A hefty 65% of Shoprite’s “outside shareholders” voted against the group’s remuneration policy at the 2017 annual general meeting, but not all of them want to participate in next week’s unprecedented teleconference called to discuss their concerns. Mehluli Ncube, representing the Sentinel pension fund, described the invitation to participate in the...... more

Nigeria seals $1 billion deal with Turkish investors

Nigeria seals $1 billion deal with Turkish investors Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency. The Badeggi Crop Processing Zone in Niger state is expected to start in June next year, with an...... more

CBN pumps another $195m into Forex market

CBN pumps another $195m into Forex market The Central Bank of Nigeria (CBN), on Tuesday injected another $195 million into the inter-bank Foreign Exchange market. The apex bank offered the sum of $100 million to the wholesale window and intervened in the Small and Medium Enterprises (SMEs) segment with $50 million. The invisibles segment, comprising tuition, medical payments...... more

Nigeria moves up 24 points on World Bank Ease of Doing Business

Nigeria moves up 24 points on World Bank Ease of Doing Business The World Bank on Tuesday said that Nigeria now ranked 145th position out of 190 countries in the Ease of Doing Business index for 2018 The World Bank stated this in its just released Ease of Doing Business report titled, “Doing Business 2018: Reforming to create jobs”. The report indicated that...... more

MTN files defence plea in $4.2bn suit

MTN files defence plea in $4.2bn suit MTN sees a $4.2 billion claim by Turkcell in a South African court over a disputed Iranian mobile phone licence as “opportunistic” and “baseless”, the company said on Tuesday after filing a defence plea. Turkcell first sued MTN in a U.S. court in 2012, alleging the company used bribery and wrongful...... more

African Development Bank commits to Nigeria’s economic recovery efforts

African Development Bank commits to Nigeria’s economic recovery efforts The African Development Bank (AfDB) on Tuesday “categorically” refuted the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott. AfDB Director, Communication and External Relations, Dr. Victor Oladokun, said in a statement issued...... more

Oil prices rise ready to go above $70

Oil prices rise ready to go above $70 Oil prices were up early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged. Brent crude futures, the international benchmark for oil prices, were at 60.84 dollars per barrel at 0027 GMT. Brent was 60.91 dollars...... more

Naira closes at N360.16/$ at investor’s window

   Naira closes at N360.16/$ at investor’s window The Naira on Monday traded at N360.16 to the US dollar at the investor’s window, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N362 to the US$ at the parallel market, while the Pound Sterling and the Euro closed at N475 and N425 respectively. The Naira also...... more

Nigeria ready for business now, Emefiele tells investors in London

Nigeria ready for business now, Emefiele tells investors in London Governor of the Central Bank of Nigeria (CBN) Mr.  Godwin Emefiele has urged investors to come over to Nigeria as the nation’s returns on investment in all sectors of the economy were among the best in the world. Addressing an elite gathering of capital and money market players, investment bankers, treasurers...... more

 

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