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Latest News U.S. bans Nigeria’s 2019 election riggers, imposes visa restrictions 8 men suffocate to death inside septic tank Ministerial list: Enugu APC rejects Onyeama’s re-appointment Man kills wife, commits suicide after getting divorce papers Troops kill 138 bandits in 2 months, rescue 50 victims No land for Ruga settlement in Edo, says Obaseki Pirates kill 2 soldiers in Bayelsa Gunmen abduct 18 traders El-Zakzaky: Be ready to kill all of us, Shi’ites tell Police Buhari’s ministerial list uninspiring, waste of time — PDP Bayelsa Government employs 904 additional workers N400m theft: Hand over GOC to EFCC, HURIWA charges Nigerian Army

 

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NNPC signs $3.15bn financing for OML 13

NNPC signs $3.15bn financing for OML 13   The Nigerian National Petroleum Corporation (NNPC) says it has signed a 3.15 billion Dollars Financing and Technical Services Agreement between Sterling Oil Exploration and other partners for the development of Oil Mining Lease (OML) 13. The Corporation disclosed this in a statement signed by Mr. Ndu Ughamadu, Group General Manager,...... more

NNPC records trading surplus of N6.33bn in May - Report

NNPC records trading surplus of N6.33bn in May - Report The Nigerian National Petroleum Corporation (NNPC) said it recorded a trade surplus of N6.33 billion for the month of May, 13 per cent higher than the N5.60 billion surplus made in April. The corporation disclosed this in its Monthly and Operations report (MFOR) released on Sunday in Abuja It attributed the...... more

Stakeholders differ on proposed national air carrier

Stakeholders differ on proposed national air carrier The Managing Director of Air Peace, Mr. Allen Onyema, has said Nigeria does not require the support of any foreign airline to set up a national air carrier. Onyema also described as insulting the move by another carrier to help Nigeria in setting up a national carrier, saying the Federal Government...... more

CBN to partner state governments on livestock, dairy production

CBN to partner state governments on livestock, dairy production The Central Bank Governor, Mr. Godwin Emefiele, has expressed the readiness of the apex bank to provide a wide range of agricultural opportunities for the country by assisting state governments not only in the areas of rice and cassava production but most importantly in the development of livestock and diary business....... more

AfDB team meets Fayemi in Ekiti, considers state’s request for support

AfDB team meets Fayemi in Ekiti, considers state’s request for support The African Development Bank (AfDB)’s team of technical experts  on Thursday met with Ekiti State Governor, Dr Kayode Fayemi, and his team in Ado-Ekiti in furtherance of ongoing talks between the Bank and the state government on support for the upgrade of its infrastructure. The meeting which took place at the Governor’s...... more

JTB targets 45m taxpayers by Q3 2019 — Fowler

JTB targets 45m taxpayers by Q3 2019 — Fowler The Federal Inland Revenue Service (FIRS) has said it is targeting getting 45 million Nigerians into the tax net before the end of third quarter 2019. Mr. Tunde Fowler, Executive Chairman FIRS/Chairman Joint Tax Board (JTB) gave the target at the Go-Live ceremony for the new National Tin Registration System in...... more

CBN intervenes in Forex market with $210 million

CBN intervenes in Forex market with $210 million The interbank segment of the Foreign Exchange Market has received a fresh boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, July 16, 2019. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were again offered the...... more

Total, NNPC inaugurate N1bn projects in 8 states

Total, NNPC inaugurate N1bn projects in 8 states Total Upstream Limited, in partnership with Nigerian National Petroleum Corporation (NNPC) and three other oil firms, on Tuesday, inaugurated 10 projects worth one billion Naira in eight Northern states of Nigeria. At the ceremony in Abuja, Dr. Ahmadu-Kida Musa, Deputy Managing Director, Deepwaters, Total Upstream Companies in Nigeria, said that the...... more

NNPC awards oil-for-fuel swap deals — Sources

NNPC awards oil-for-fuel swap deals — Sources Nigerian state oil firm, Nigerian National Petroleum Corporation (NNPC), issued award letters, on Monday, for highly sought-after contracts to exchange crude oil for imported fuel, oil industry sources told Reuters. A total of 15 groupings, with at least 34 companies in total, received award letters, four sources with knowledge of the...... more

CBN boosts Forex market with $298.71m, CNY39.69m

CBN boosts Forex market with $298.71m, CNY39.69m The Central Bank of Nigeria (CBN) has made another intervention in the retail Secondary Market Intervention Sales (SMIS) to the tune of $2698.71 million in addition to CNY 39.69 million in the spot and short tenured forwards segment of the inter-bank foreign market. The Director, Corporate Communications Department at the Bank,...... more

Textile industries have potential to create 2m jobs — Emefiele

Textile industries have potential to create 2m jobs — Emefiele The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, says the Nigerian Cotton, Textile and Garment (CTG) sector holds huge potentials to create more than two million jobs and reduce 4.0 billion dollars import bill incurred annually on textile. Emefiele said this at the meeting with the Service...... more

Buhari gives Nigerian Security Printing Company sole right to produce e-Passport

Buhari gives Nigerian Security Printing Company sole right to produce e-Passport   The Presidency, on Thursday, said that President Muhammadu Buhari had directed that the production and personalisation of all Nigerian E-passports and related documentation shall be the sole responsibility of the Nigerian Security Printing and Minting Company (NSPMC). A statement issued by Femi Adesina, Special Adviser to the President (Media and...... more

NSE: Investors lose N265bn

NSE: Investors lose N265bn   The Nigerian equities market dipped further, on Thursday, with the market capitalisation losing N265 billion within seven hours of trading due to price loses by blue chips. Specifically, the market capitalisation closed lower at N13.993 trillion having lost N265 billion or 1.86 per cent from the N14.258 trillion achieved on...... more

TCN receives $I.6bn from multilateral donors to boost power Supply

TCN receives $I.6bn from multilateral donors to boost power Supply The Transmission Company of Nigeria (TCN) says it has received 1.661 billion dollars from multi-lateral donors to boost power supply in the country. Mr Usman Mohammed, the Managing Director of TCN, made this known at the organisation’s quarterly news conference in Abuja on Thursday. Mohammed said that TCN had raised significant...... more

Lagos State revenue tops entire South-East in 2018

Lagos State revenue tops entire South-East in 2018 Quarterly review document of the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the total revenue received by the Lagos State government in 2018 was higher than what was received by the entire south-east region. The South-East region consists of five states namely: Abia, Anambra, Ebonyi, Enugu and Imo. The...... more

Trade associations lament plight of Informal Sector, suggest remedies

Trade associations lament plight of Informal Sector, suggest remedies Speakers at the second edition of the Conference of Nigeria Trade Associations (CONITA) 2019 have enumerated challenges faced by the informal sector to include poor infrastructural facilities, lack of patronage from the government, local government harassment and poor economy, amongst others The co-host of the discussion, Mr. Nelson Obine, noted that...... more

Anchor borrower: Bank expresses worry over farmers’ attitude to loan repayment

Anchor borrower: Bank expresses worry over farmers’ attitude to loan repayment Zenith Bank has expressed dissatisfaction over farmers’ attitude toward repayment of loans obtained through the Anchor Borrower Scheme. Mr Oluwaseun Arigbade, the Regional Agric Finance Officer, Zenith Bank, said this at a programme tagged: “agricultural training for banking professionals of finance service providers” on Tuesday in Abuja. The programme was organised...... more

Afreximbank announces $1 billion Adjustment Facility for AfCFTA

Afreximbank announces $1 billion Adjustment Facility for AfCFTA The African Export-Import Bank (Afreximbank) says it is providing one billion Dollars grant to African countries to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA). In a statement by Afreximbank’s spokesman, Mr. Obi Emekekwue, the bank’s president said this to the African Heads of States...... more

I’ll revive four refineries by 2023, says Kyari

I’ll revive four refineries by 2023, says Kyari The new Group Managing Director Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, on Monday took over the mantle of leadership, vowing to repair the four national refineries before the end of President Muhammadu Buhari administration in 2023. He also pledged to work towards the delivery of the Dangote Refinery by...... more

NSE expels 38 stockbroking firms

NSE expels 38 stockbroking firms The Nigerian Stock Exchange (NSE) has expelled 38 stockbroking firms from the capital market. Regulatory documents obtained by The Nation at the weekend indicated that the stockbroking firms were expelled in two batches within the past six months. The latest expulsion brought the number of stockbroking firms expelled over the past...... more

Air Peace now national carrier on Lagos-Dubai route - Envoy

Air Peace now national carrier on Lagos-Dubai route - Envoy Nigeria’s Bilateral Air Services Agreement (BASA) with the United Arab Emirates (UAE) recognises Air Peace as Nigeria’s flag carrier on the lucrative Lagos-Dubai air route, a Nigerian envoy has announced in Dubai on Sunday. “Air Peace is now recognised as a national carrier, based on the BASA and whatever the airline...... more

SEC approves Airtel Africa’s listing on NSE

SEC approves Airtel Africa’s listing on NSE The Securities and Exchange Commission (SEC) has finally approved the planned secondary listing of Airtel Africa Plc on the Nigerian Stock Exchange (NSE). A source close to the transaction told the News Agency of Nigeria (NAN) in Lagos that the commission granted the approval on Friday, July 5. The source said...... more

NSE postpones Airtel Africa listing

NSE postpones Airtel Africa listing The Nigerian Stock Exchange (NSE) on Friday postponed the planned cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa. The Exchange, in a mail, said that the postponement was necessitated by the need to ensure that the company met all the post NSE approval pre-requisites for listing on NSE....... more

Fidelity Bank partners PwC on SME funding

Fidelity Bank partners PwC on SME funding Fidelity Bank Plc is collaborating with PricewaterhouseCoopers (PwC) to provide funding for Small and Medium Enterprises (SMEs) operating in Nigeria. Mr Nnamdi Okonkwo, Managing Director, Fidelity Bank, said in Lagos on Wednesday that the bank came up with the initiative tagged, ‘SME Funding Connect,’ to deepen funding, which remained the biggest...... more

Buhari set to sign Africa Free Trade agreement

Buhari set to sign Africa Free Trade agreement President Muhammadu Buhari has approved the recommendations of the Presidential Committee on the Impact and Readiness Assessment of the African Continental Free Trade Area (AfCFTA) agreement. By this, he will be signing the Phase one of the agreement in the course of his attendance at the Mid-Year Coordination Meeting of the...... more

Nigeria, Saudi Arabia, others sign new OPEC Charter

Nigeria, Saudi Arabia, others sign new OPEC Charter The Organisation of the Petroleum Exporting Countries (OPEC) and the non-member countries of the organisation (OPEC+), on Tuesday, signed a draft `Charter of Cooperation’ in a bid to further strengthen their partnership. The charter now replaces the `Declaration of Cooperation’, which was reached in Dec. 2016 between the two groups. Speaking...... more

New tax ID: FG directs CBN, others to synergise with JTB

New tax ID: FG directs CBN, others to synergise with JTB The Federal Government has directed the Central Bank of Nigeria (CBN), Nigeria InterBank Settlement System (NIBBS), the National Identity Management Commission (NIMC), to cooperate with the Joint Tax Board (JTB) in the release of relevant individual records. Vice-President Yemi Osinbajo stated this while inaugurating the New National Tax Identification Number (TIN)...... more

CBN injects $242.04m, CNY 32.3m into Forex market

CBN injects $242.04m, CNY 32.3m into Forex market In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN), on Friday, injected the sum of $242.04 million into the retail Secondary Market Intervention Sales (SMIS) and CNY 32.3 million in the spot and short tenored forwards segment of the inter-bank foreign market. The...... more

NAFDAC registers 601 MSME products in South-East

NAFDAC registers 601 MSME products in South-East No fewer than 601 Medium, Small and Micro Enterprises (MSMEs) have been registered by National Agency for Food and Drug Administration and Control (NAFDAC) in South-East Nigeria. Mr Venatus Ihekire, NAFDAC’s Assistant Director, Food Safety and Applied Nutrition, said this on Thursday in Enugu while delivering a lecture titled: “MSME Registration...... more

Cashless policy: CBN to reduce Naira notes in circulation

Cashless policy: CBN to reduce Naira notes in circulation The Central Bank of Nigeria (CBN), on Thursday, said it would soon reduce much of the currency in circulation in order to make government’s cashless policy more effective. Speaking at a two-day CBN fair themed: “Promoting Financial Stability and Economic Development,” the branch controller of CBN in Cross River State, Chuks...... more

 

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