Category: BUSINESS

The minister of budget and national planning, Senator Udoma Udoma, on Wednesday said the 2018 budget will be ready in January 2018 instead of the October 2017 he earlier announced. Udoma, represented by Aso Vakporoye, deputy director, economic growth in the ministry, spoke in Abuja on Wednesday during the public presentation and capacity building on 2017 agriculture budget. “For 2018, the federal government part of it has been concluded with the hope that it will be submitted to the national assembly in January,” he said. “Government is putting more effort…

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The telecoms regulatory body of the country, Nigerian Communications Commission (NCC), has, in the last two years, remitted a total sum of N133,426,062,786 to the consolidated revenue fund of the Federal Government. Although NCC’s primary role is not to generate revenue for the government, but to nurture and regulate the industry, figures obtained from the commission show impressive remittance of funds to the coffers of the consolidated revenue of the Federal Government, especially in the last two years. For instance, the Commission’s last remittance to the consolidated revenue fund, which…

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The Central Bank of Nigeria (CBN) on Monday, September 18, 2017, threatened to sanction any Deposit Money Bank (DMB) in breach of its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates of all trading currencies. This is even as the Bank sustained its intervention in the various sectors of the inter-bank Foreign Exchange market with the injection of $545 million. A circular issued by the Bank warned…

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Nigeria’s economic, industrial Fu Depends On Stainless Steel – SSDAN The world is moving away from carbon steel to stainless steel and Nigeria can’t be an exception. This was the position of the Stainless Steel Development Association of Nigeria (SSDAN) during the recently concluded first meeting of the National Council on Mines and Minerals Resources Development (NCMMRD). Speaking at the event which held in Abuja, Director General SSDAN, Timothy Onwughai, in a paper titled ‘Strategies for Implementation of the Roadmap for National Development disclosed that mining minerals and stainless steel…

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The President of the African Development Bank Group and Chairman of the Board of Directors of Africa50, Akinwumi Adesina, will attend the third shareholders meeting of Africa50, the pan-African infrastructure investment platform, in Dakar, Senegal, on Tuesday, September 12. The event will be held by 11:00 a.m GMT at the King Fahd Hotel. Macky Sall, President of the Republic of Senegal, as well as Bruno Tshibala, Prime Minister of the Democratic Republic of Congo, [please double check] will also participate in the event. Africa50’s 23 shareholder governments will be represented…

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The Central Bank of Nigeria (CBN), in its relentless effort to keep the inter-bank foreign exchange market liquid, on Monday, September 11, 2017 intervened with another sum of $250 million. A breakdown of Monday’s intervention indicates that the wholesale sector was offered the sum of $100 million, just as theSmall and Medium Enterprises (SMEs) window received a boost of $80 million. Those requiring foreign exchange to address needs such as Business/Personal Travel Allowances, school tuition, medicals, etc. were allotted the total sum of $70 million. The Bank’s Acting Director in…

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Arik Air Limited has dragged the Federal Government and Ethiopian Airlines before the Federal High Court in Lagos over the alleged ongoing negotiating over the takeover of the airline between the government and the foreign carrier. Arik Air Limited is asking the court to declare that the negotiations null and void and also to award it the sum of N20 billion as punitive damages against the defendant for inducing or partaking in the interference of its rights and the administration of justice.   The airline in the suit which is…

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The Central Bank of Nigeria (CBN) has assured of its continued intervention in the inter-bank Foreign Exchange market in order to sustain liquidity and stability in the sector. The Acting Director, Corporate Communications Department at the Bank, Mr. Isaac Okorafor, gave the assurance in Abuja on Friday, September 8, 2017, stressing that the measures being taken by the Bank had yielded positive results as far as forex supply was concerned. While acknowledging a marginal fluctuation in the exchange rate, he noted that the naira remained stable against other major currencies…

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…provides insurance cover of up to N1million for registered NBA members Lagos, Nigeria – 06 Sept, 2017: Nigeria’s foremost insurer, Leadway Assurance has reiterated its commitment to providing insurance protection to practicing lawyers who are members of the Nigerian Bar Association (NBA). Leadway asserted this in its partnership with the NBA for the week long 2017 Nigerian Bar Association General Conference which held from August 18th to 24th, 2017 at the Landmark Centre, Lagos. The conference themed, “African Business: Penetrating through Institution Building” drew participants cutting across different sectors and…

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