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Latest News Anxiety over Buhari’s failure to constitute cabinet Fear grips lawmakers as FG begins probe of constituency projects Kogi 2019 Guber: 20 APC governorship aspirants move against Yahaya Bello Ihedioha suspends Imo LG chairmen, councillors, appointees; dissolves ISIEC, statutory boards, all government agencies Why we can’t disclose asset declarations by presidents, governors — CCB Insecurity: Police to install CCTVs nationwide Magu warns LG chairmen, councillors against corruption UNICEF condemns use of children as human bombs in Nigeria’s North-East 10,665 killed in Nigeria in 2018: Report Prevail on FG to convoke a constitutional conference, Intersociety begs EU, US, Canada, others •Identifies 8 missing points in EU Report on 2019 Polls Akeredolu sacks three commissioners No court order stopped investigation into Kano Emirate funds, says anti-graft agency

 

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Foreign Direct Investment into Nigeria has not dropped — CBN

Foreign Direct Investment into Nigeria has not dropped — CBN The Central Bank of Nigeria (CBN), on Monday, dismissed a Reuters report quoting World Investment Report, 2019, recently released by UNCTAD on Foreign Direct Investment (FDI) to African countries. The report alleges a decrease of over 40% in FDI inflows to Nigeria in 2018. “While the CBN is not privy to...... more

FG saves N594b in 2 years through PICA

FG saves N594b in 2 years through PICA The Presidential Initiative on Continuous Audit (PICA), on Monday, said it saved N594, 089,136,242.41 billion from auditing Ministries Departments and Agencies (MDAs) between 2016 and 2018. Mr. Johnson Oludare, Assistant Director, Special Investigation and Assignment, PICA made this known during a media workshop on “Whistle-blowing and Fight Against Corruption in Nigeria”...... more

Dangote Cement to earn $700m forex from terminals

Dangote Cement to earn $700m forex from terminals The Dangote Cement Plc on Monday said its cement terminals being constructed in Lagos State and Onne in Rivers would be concluded before the end of this year. Alhaji Aliko Dangote, the company’s Chairman, said this while addressing shareholders at the 10th Annual General Meeting (AGM) of the company in Lagos....... more

IFC, AMC to sell 14.1% stake in Ecobank Transnational

IFC, AMC to sell 14.1% stake in Ecobank Transnational The International Finance Corporation (IFC) and its Asset Management Company have reached advanced discussions to sell equity holding in Ecobank Transnational Incorporated (ETI). Ecobank The company said that IFC and the Asset Management Company (AMC) had entered into a share purchase agreement with Dutch investment firm, Arise BV for the sale...... more

Buhari directs CBN to blacklist firms smuggling 43 banned items

Buhari directs CBN to blacklist firms smuggling 43 banned items President Muhammadu Buhari has directed the Central Bank of Nigeria to blacklist any firm, its owner and top management caught smuggling or dumping any of the 43 restricted items into Nigeria. The Presidential directive was disclosed by the CBN Governor, Mr. Godwin Emefiele, on Friday, in Abuja, during a meeting with...... more

Gov. Wike warns against shutting down oil production facilities

Gov. Wike warns against shutting down oil production facilities Rivers State Governor Nyesom Wike has warned that the State Government will not tolerate the shutting down of oil production facilities of operating companies in the state. Governor Wike said under no circumstances should communities take laws into their hands by preventing oil production companies from working. Speaking during a meeting...... more

CBN dismisses reports on floating of the Naira

CBN dismisses reports on floating of the Naira The Central Bank of Nigeria (CBN) has dismissed reports (not by News Express) claiming that it has started to float the country’s currency, the Naira. “There has been NO change in Nigeria’s exchange rate structure,” CBN’s Director, Corporate Communications, Isaac Okorafor, said Wednesday in a statement. He emphasised that “the CBN has...... more

CBN injects $210m into Forex market

CBN injects $210m into Forex market The interbank segment of the Foreign Exchange market has received a boost of $210 million from the Central Bank of Nigeria (CBN), following sales concluded on Tuesday, June 11, 2019. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of...... more

NPA slashes habour dues for vessels calling at Eastern Nigerian ports

NPA slashes habour dues for vessels calling at Eastern Nigerian ports As part of efforts to increase patronage at the Eastern Ports, the Management of the Nigerian Ports Authority (NPA) has approved a ten per cent (10%) discount on harbour dues in all concession terminals at the ports. “Ports that will be affected by this initiative are Calabar, Rivers and Delta Ports,”...... more

Foreign investors pull out N1.77tr over insecurity

Foreign investors pull out N1.77tr over insecurity Foreign investors pulled out N1.77 trillion from the nation’s stock market in the last two years, citing insecurity and economic uncertainties. Many blue-chip companies quoted on the stock exchange also experienced huge losses within the period. Specifically, N435.31 billion in foreign portfolio investment outflow was recorded in 2017, while foreign investors...... more

NNPC records N174.62bn petroleum products sales in March — Report

NNPC records N174.62bn petroleum products sales in March — Report The Nigerian National Petroleum Corporation (NNPC), on Sunday, said it recorded N174.62 billion sale of white petroleum products in March. The corporation disclosed this in its March Monthly Financial and Operations Report (MFOR) released in Abuja. It says that March sales figure was higher than the N168.65 billion recorded in February....... more

Nigerian Economy: Emefiele seeks stronger efforts against global shocks

Nigerian Economy: Emefiele seeks stronger efforts against global shocks  Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Saturday, emphasised the need to strengthen efforts over the coming years to stimulate growth and create jobs in critical sectors to insulate the economy from global shocks. Emefiele said this while giving a welcome address at a consultative roundtable...... more

Armese pledges lifeline for meter firms grappling with local content requirement

Armese pledges lifeline for meter firms grappling with local content requirement Indigenous meter asset provider, Armese Power Solutions, has pledged its capacity to help Meter Asset Providers (MAP) newly engaged by the 11 distribution companies (DisCos) meet local content requirements for meter rollout in line with the Federal Government’s MAP regulation. The regulation specifies a mandatory local content threshold, which requires MAPs...... more

NAFDAC shuts company packaging unregistered honey in Abuja

NAFDAC shuts company packaging unregistered honey in Abuja The National Agency for Food and Drug Administration and Control (NAFDAC) has carried out a raid of a manufacturing facility which packaged honey under poor hygiene in Abuja. In a statement by Prof. Moji Adeyeye, NAFDAC’s Director-General, the action was based on information on social media which indicated that the product,...... more

Ibom Air to begin commercial operations today — Govt official

Ibom Air to begin commercial operations today — Govt official Ibom Air, the first commercial airline to be owned and operated by a state government in Nigeria and Africa, will begin full commercial operations today, June 7, an official said. Mr. Ekerete Udoh, the Chief Press Secretary to Gov. Udom Emmanuel, made this known in a statement on Thursday. Udoh said...... more

Shell Nigeria expands domestic gas distribution network •Targets industries, manufacturing firms in Niger Delta, Lagos and Ogun states

Shell Nigeria expands domestic gas distribution network •Targets industries, manufacturing firms in Niger Delta, Lagos and Ogun states Shell Nigeria Gas (SNG), the country’s first and wholly-owned subsidiary of an international oil company involved in domestic gas distribution in Nigeria, increased its gas distribution capacity by over 150% following the safe completion of its second gas train, the Agbara-Ota Capacity Increase Project. The world-class facility enables SNG and its...... more

Okowa, Obaseki brainstorm on economic, social ties between Edo, Delta states •Make case for improved governance structure in NDDC

Okowa, Obaseki brainstorm on economic, social ties between Edo, Delta states •Make case for improved governance structure in NDDC The Delta State Governor, Senator Dr. Ifeanyi Okowa, and his Edo State counterpart, Mr. Godwin Obaseki, cut short their Sallah holiday yesterday (05/06/19) to brainstorm on how to deepen economic ties and improve on the security situation in the two states.  Goverrnor Obaseki arrived the Government House, Asaba, in Delta State,...... more

Oando saga: Operators seek FG intervention

Oando saga: Operators seek FG intervention Capital market operators on Wednesday called for urgent intervention of the Federal Government in the conflict between the Securities and Exchange Commission (SEC) and Oando Plc. They made the call in interviews with the News Agency of Nigeria (NAN) in Lagos They reacted to the outcome of a forensic audit on...... more

Court stops SEC from replacing Wale Tinubu as Oando CEO

Court stops SEC from replacing Wale Tinubu as Oando CEO The Federal High Court has restrained the Securities and Exchange Commission (SEC) from removing Messrs Wale Tinibu and Omamofe Boyo as Oando Plc’s Group Chief Executive  Officer (GCEO) and Deputy Group Chief Executive  Officer (DG/CEO), respectively. Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction following an application by the...... more

70 SMEs to get credit, client support from NGO

70 SMEs to get credit, client support from NGO Shop and Play, a quarterly event designed to increase client base and access to credit for Small and Medium Enterprise (SMEs) says it will support 70 SMEs in the next edition. On the sideline of the event in Abuja, the lead organiser, Mrs Fayi Adurogbangba told News Agency of Nigeria (NAN)...... more

Lagos residents lose over N100m to Ponzi scheme

Lagos residents lose over N100m to Ponzi scheme It was horror for residents of Cow Lane and its environs on Thursday morning, when the Lagos Island community woke up to a rude realisation that some fraudsters had defrauded them of over N200 million and vanished into thin air. Saturday Telegraph learnt that many Islanders are still boiling with rage,...... more

Oando vows to challenge SEC order on resignation of Board members

Oando vows to challenge SEC order on resignation of Board members The management of Oando Plc has said that it would take all legal steps to protect itself and interests following an order by the Securities and Exchange Commission (SEC). The oil and energy company said this in a statement released few hours after the Commission (SEC), gave a directive for the...... more

E-payments worth N34trn made in Q1 2019

E-payments worth N34trn made in Q1 2019 A total of 557,083,712 electronic-payment transactions valued at N34.02 trillion were recorded in selected banks across the country in the first quarter, 2019, Nigeria’s statistics bureau has said. The National Bureau of Statistics (NBS) said this in a report on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and...... more

MTN Nigeria posts N1.04trn revenue in 2018, pays N55bn to NCC to clear fine

MTN Nigeria posts N1.04trn revenue in 2018, pays N55bn to NCC to clear fine Two weeks after listing on the Nigerian Stock Exchange (NSE), MTN Nigeria Communications Plc on Friday announced a revenue of N1.04 trillion for the financial year ended Dec. 31, 2018. The News Agency of Nigeria (NAN) reports that the revenue was higher when compared with N887 billion achieved in the comparative...... more

CBN intervenes, injects $294.7m, CNY 31.43m into Forex market

CBN intervenes, injects $294.7m, CNY 31.43m into Forex market The Central Bank of Nigeria (CBN), on Friday, again intervened in the retail Secondary Market Intervention Sales (SMIS) to the tune of $294.7million. Figures obtained from the Bank, on Friday, indicated that the sum of CNY 31.43million was also offered in the spot and short-tenored forwards segment of the inter-bank foreign...... more

2019 Budget: Nigerians should expect brighter future, says Senator Udoma

2019 Budget: Nigerians should expect brighter future, says Senator Udoma The Minister for Budget and National Planning, Senator Udoma Udo Udoma, at the 2019 Budget Breakdown Session, in Abuja, on Tuesday, told Nigerians to be hopeful of a brighter future as the seeds of development planted in the last four years are germinating and soon will be bearing fruits. While acknowledging...... more

Multinational firms dodge $500bn in corporate tax yearly – Study

Multinational firms dodge $500bn in corporate tax yearly – Study Estimated $500billion in corporate tax is dodged each year globally by multinational corporations in tax havens, a new study, The Corporate Tax Haven Index (CTHI), launched by Tax Justice Network (TJN), claimed on Wednesday. The CTHI shows an aggressive dispossession of low-income countries’ tax rights spearheaded by the United Arab Emirates...... more

Shareholders kick over N83.58bn banks’ contributions to AMCON

Shareholders kick over N83.58bn banks’ contributions to AMCON Shareholders of five banks are up in arms over N83.58 billion contribution into the sinking fund of the Asset Management Corporation of Nigeria (AMCON) in 2018. The News Agency of Nigeria (NAN) reports that the banks are Sterling Bank, United Bank for Africa (UBA), Guaranty Trust Bank, Zenith International Bank and...... more

Bayelsa declares N1.88bn deficit in April as revenue nosedives •Accuses FG of manipulation

Bayelsa declares N1.88bn deficit in April as revenue nosedives •Accuses FG of manipulation Bayelsa State Government has declared a N1.88 billion deficit as balance for April, 2019, saying that its earnings from the Federation Account Allocation Committee (FAAC) have been suffering a setback in the past four months. The state Deputy Governor, Rear Admiral Gboribigha John Jonah (Retd), disclosed this on Tuesday at the...... more

CBN injects $205m into Forex market

CBN injects $205m into Forex market The Central Bank of Nigeria (CBN), on Tuesday, injected the sum of $205 million into the Inter-bank Foreign Exchange Market, in its continued push to sustain liquidity in the sector. Figures obtained from the CBN indicated that authorised dealers in the wholesale segment of the market were offered the sum of...... more

 

NNPC Financial reports February 2019

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