SEC Bars Oando Boss Tinubu From Being Director Of Public Firm For 5-year

Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC) has barred the chief executive of Oando Plc, Wale Tinubu and his deputy Omamofe Boyo from being directors of public companies for a period of five years, According to a statement by the regulator, its investigations into the operations of the energy company has found the two principal officers of the company wanting in serious infractions. “The findings from the report...

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Why Gbajabiamila Is President Buhari's Choice For Speaker ~El-Rufai

Kaduna State Governor, Nasir El Rufai has revealed the reason behind President MohammaduBuhari's support for Femi Gbajabiamila as the next speaker of the House of Representatives. According to the governor, long before Buhari became president he has been watching Gbajabiamila's dedication and contributions on the floor of the lower chamber and convinced about his choice as the speaker. He said people might not know but Gbajabiamila was not Asiwaju...

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MTN Nigeria unveils Yello Digital Financial Service As Tts Mobile Money Operators

MTN Nigeria Plc said it has registered a wholly owned entity to carry out mobile financial services across the country. In its first financial report submitted to the Nigerian Stock Exchange (NSE) as a quoted company, MTN said it has incorporated a company known as Yello Digital Financial Services to play in the fintech industry in the country.However, the telecoms firm said the new company is yet to commence operations but did not disclose if it...

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Court Nulifies Gwarzo, SEC DG's Suspension, Orders His Reinstatement

The National Industrial Court, Abuja has ordered the immediate reinstatement of Mounir Gwarzo, the suspended Director-General of the Securities and Exchange Commission (SEC), back to his position.Justice Sanusi Kado, in his judgment, held that the Minister of finance, named as second defendant in the suit lacked the power to suspend the claimant. Kado, who dismissed three issues raised by defence counsel through their preliminary objection, ruled...

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Nigerians Became Poorer Under Buhari Govt – The Economist

More Nigerians slipped below the poverty line in the first term reign of President Muhammadu Buhari, the influential financial magazine The Economist has said in its latest report on the country.  According to the magazine, Nigerians became poorer during the president's first four years in office.The magazine wrote that while the Nigerian economy was “stuck like a stranded truck,” average incomes fell during the four-year period covering...

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World Bank Grants Kenya $750 Mln Facility To Support Agric, Housing

The World Bank has extended a $750 million credit facility to Kenya to help the east African country focused mainly on support for agriculture and housing. For the first time in years the World Bank is putting cash straight into the Treasury to be used at the discretion of the government, a source with knowledge of the issue said on Tuesday.The East African nation has multiple development funding programmes, worth billions of dollars, with the Washington-based lender, but for years the funding bypassed the Treasury and is usually channelled straight...

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Nigeria's Access Bank Plans To Repay $400 Mln Eurobond Ahead Of 2021 Maturity

Nigeria's Access Bank plans an early redemption of the $400 million Eurobond issued in 2014 ahead of the June 2021 maturity date, the lender said in a regulatory filing on Thursday. The bank had raised the $400 million 7-year debt note at 9.25 percent interest in 2014 to strengthen its operations.According to the filing posted on the Nigerian Stock Exchange (NSE) website on Thursday, the bank expressed its intention to pay off investors with accrued...

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High Expectations As African Continental Free Trade Agreement Takes-Off

As the new continent-wide free trade agreement comes into force today (May 30), many African countries will take a big step towards tackling entrenched economic problems including a dearth of intra-regional trade. Proponents of the African Continental Free Trade Agreement (AfCFTA) say it has the potential to boost economic growth on a continent of 55 nations with a combined gross domestic product of more than $3 trillion and a young, expanding population....

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Ecobank Chief Seeks Framework To Resolve Huge Industry's NPLs

Nigerian banks are facing tremendous financial pressure as the industry Non-Performing Loans (NPLs) mount daily, Ecobank Group Chairman has said. Emmanuel Ikazoboh who led a delegation of the bank's top management to visit President Mohammadu Buhari in Abuja said the major problems confronting commercial lenders are the issues of recalcitrant debtors who took loans from banks and refused to pay back."We have a number of debtors both corporate and...

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President Buhari Says Has No New Houses, Shares In Four Years

President Muhammadu Buhari, who took the oath of office for a second term as civilian leader said that he has not acquired any new house nor shares during his first tenure of four years in office.According to the assets declaration form submitted to the Code of Conduct Bureau on Tuesday, the president said he has not added any new property to the assets he declared in 2015 when he began his first term.By constitutional provisions, the declaration...

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Nigeria Sets To Sell 20% of Oil Assets To Fund 2019 Budget

Nigeria plans to sell 20 percent of its stake in petroleum joint venture as part of measures to reduce the burden of sourcing for finance to fund its portion of the joint venture while raising money to fund its 2019 budget. Africa's biggest oil producer currently maintain a 60 percent stake in joint oil venture with some International Oil companies (IOCs).In a document released by the government on Tuesday, Nigeria will reduce all shares in joint...

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Nigeria Committed To Economic Diversification, Says Osinbajo

Nigeria is determined to diversifying the country's economy through the establishment of special economic zones, investment in the agricultural sector and partnership with the Brazilian government under the Green Imperative initiative. According to Vice President Yemi Osinbajo, the government has set out to ensure the diversifications of the economy away from oil. “So, our special economic zones in all the six geopolitical zones, starting from the...

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Nigeria FIRS To Spend 1.24 Bln On Security, Drivers' Uniform, Refreshment

The Federal Inland Revenue Service (FIRS) plans to spend a total of 1.24 billion naira on uniforms for its drivers, security votes and entertainment in the course of 2019 fiscal year, its chairman has disclosed. A breakdown of the proposed budget for the tax-collecting agency showed that it plans to spend 160 million naira on uniforms for its drivers, and 250 million naira for security vote and 825 million for refreshment in 2019 fiscal year,Babatunde...

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Airtel Considering Listing On Nigeria Bourse, Plans London Share Sale

Nigeria's unit Bharti Airtel Ltd is considering listing on the Nigerian Stock Exchange (NSE) but after its Africa unit concludes a proposed Initial Public Offering (IPO) in London. The continent second-biggest wireless carrier aimed to raise fund on the London Market to help reduce debt and strengthen its network.The offer by the wireless carrier on the London Stock Exchange would comprise new shares and the sale would seek a free float of at least...

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Supreme Court Ruling On Zamfara Election, Oshiomhole Says APC 'II Take Case To God

Adams Oshiomhole has condemned the Supreme Court ruling which Upturned the All Progressives Congress (APC) electoral victory in Zamfara on grounds of technicality but said the party has taken its case to God. The APC chairman, who spoke at the end of the party’s National Working Committee (NWC) meeting noted that the court judgment was an injustice to the people of the state.“There is something I learnt from Lord Denning, a famous British Supreme...

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Government Rekindles Hope On Nigeria Air Take-Off, Allocates 47.4 Bln Naira For Operations

There were glints of hope that the dream of a national carrier, Nigeria Air will soon come to be as the government approved a 47.43 billion naira take-off grant for the airline this year, outgoing minister of aviation has disclosed. “President Muhammadu Buhari directed that the viability gap funding for the project be provided for in the 2019 Appropriation which the National Assembly had graciously done.” Hadi Sirika said.The outgoing minister of...

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Nigeria Sets To Create 20 Mln Jobs In Next Four Years

Nigeria said it is evolving strategies to create about 20 million job in four sectors of the economy in the next four year in a bid to reduce the negative impact of unemployment in the country. The outgoing minister of Industry, Trade and Investment Okechukwu Enelamah, the government has instructed the Industrial Training Fund to come up with innovative solutions to create 20 million jobs in four sectors of the economy within the next four years.The...

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Nigeria Plans To Raise 15 Bln Naira in Green Bond To Fund Renewable Energy

Nigeria plans to raise up to 15 billion naira from Green Bond sale to finance environmental projects in the West African country, the Debt Management Office (DMO) said in a statement on Monday.Africa's biggest economy first issued 10.69 billion naira in Green Bond in 2017 as part of efforts to fund renewable energy projects and align with global best practice in raising finance for projects.According to the debt office, Nigeria was the first African...

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Court Acquits Ex-President Jonathan’s Cousin Of $40 Mln Fraud Charges

A Federal High Court in Abuja has dismissed money laundering charges involving the sum of $40 million preferred against a cousin of former President Goodluck Jonathan, Robert Azibaola. Azibaola and his company, One Plus Holdings Nigeria Limited were charged by the Economic and Financial Crimes Commission (EFCC) with money laundering offences for allegedly receiving the sum of $40 million from the Office of the then National Security Adviser, Col....

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MTN Sets To Pay Off 330 Bln Nigeria Fine, As Shares Close At 132 Naira On NSE

MTN Nigeria Plc has paid 275 billion naira into the government coffer as part payment on the 330 billion naira fine imposed on the telecoms giant over its refusal to disconnect unregistered SIM on the order of the industry regulator. According to the Nigerian Communications Commission (NCC), the telecoms firm, which was listed on the local bourse last Thursday as part of settlement agreement with the government plans to liquidate the balance of 55 billion naira by the end of this month. The local unit of South African telecoms firm was originally...

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President Buhari Signs 8.9 Trln '19 Budget, Frowns At Parliament Over Increase

Nigerian President Mohammadu has frowned at the manner the National Assembly increased the 2019 budget to accommodate new projects not initiated by the executive. President Buhari stated this on Monday while signing into law the 2019 appropriation bill in the presence of the leadership of the parliament.The president signed the 8.9 trillion naira budget approved by the parliament into law and promised to consult with the leadership of National Assembly...

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Aviation Unions Suspend Strike, Reopen NCAA Offices

Aviation workers' unions have suspended their to-day strike and reopened the shut office of the Nigerian Civil Aviation Authority (NCAA).  The workers began the strike on Wednesday to press for the review of the collapsed organogram which they claimed could lead to redundancy in the agency. The unions are: Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees (NUATE). Others are the Association of Nigerian Aviation Professionals (ANAP) and the National Association of Aircraft...

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UK Prime Minister Quit On failed Brexit Deal, Steps Down June 7

British Prime Minister Theresa May has finally offered to quit her job following her failure to obtained a deal on the proposed United Kingdom (UK) move to exit the European Union (EU). She is expected to step down by June 7, this year. May, who broke down in tears on Friday as she read the last rites on her troubled premiership after bowing to a massive Tory mutiny over her Brexit plans.The Prime Minister announced her departure in an emotional...

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Supreme Court Annul APC Victory In Zamfara, Transfers Mandates To PDP

The Supreme Court on Friday nullified the elections of all the candidates of the All Progressives Congress (APC) in Zamfara State in the 2019 general elections and transferred their mandates to the main opposition party candidates. Delivering a unanimous judgment of the five-man panel led by the Acting Chief Justice of Nigeria, Justice Tanko Muhammad, the apex court declared the first runners-up in the 2019 general elections in the state as the...

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We Usually Target Newly-Wed Women For kidnapping, Says Suspect

A suspected kidnapper who was arrested by the Police in Niger State has confessed that his gang usually targetted newlywed women for kidnapping to extort money from their bridegroom. The suspect, Mohammed Yakubu, 25, was said to have kidnapped his victim one Halima Ibrahim on May 11 and held her in captivity for over two weeks while demanding N150,000 ransom before her release.Yakubu stated that members of his gang were interested in kidnapping...

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Court Convicts Ex-NIMASA Acting Director General Obi Of Money Laundering

An ex-acting Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Calistus Obi was on Thursday convicted for converting the agency’s funds to personal use. Justice Mojisola Olatoregun of Lagos division of the Federal High Court found Obi guilty of money laundering. The Economic and Financial Crimes Commission (EFCC) arraigned Obi on April 12, 2016 on eight counts of converting N378, 810, 000 from NIMASA. Obi,...

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Nigerian Parliament Indicts 16 Banks For Non-Remittance Of 1.6 Bln Naira Stamp Duty

Nigeria House of Representatives has indicted 16 banks for under-remitting stamp duty revenue to the tune of 1.6 billion naira and asked the Central Bank of Nigeria (CBN) to sanction them appropriately. The parliament also asked the CBN to ensure the banks pay the outstanding revenue back to the treasury with interests. The banks named in the report of the House are defunct Diamond Bank, now Access Bank with 545.87 million naira; Zenith Bank, with...

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President Buhari Confirms Adamu Mohammed As Police IG

President Muhammadu Buhari has confirmed Adamu Mohammed as the Inspector General of police.The confirmation was announced at the police council meeting presided over by the president.Mohammed was appointed in the acting capacity on Jan. 15 when he took over from former IGP, Ibrahim Idris. “The Police Council chaired by President Muhammadu Buhari today (Thursday) confirmed Mohammed Adamu as the substantive Inspector General of Police (IGP).”Buhari...

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Nigeria To Sign Africa Free Trade Zone Agreement Soon ~ Trade Minister

Nigeria plans to sign the Africa Continental Free Trade Agreement (ACFTA) as soon as President Muhammadu Buhari approves an impact-assessment report he asked for, the country’s trade minister said. Nigeria is one of 29 countries yet to sign the agreement seeking to boost intra-African trade, stimulate investment and innovation. The trade deal comes into effect May 30 after 22 African countries ratified it.“I think the president has a sense of urgency...

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Nigeria Records $48 Bln Transactions On I&E Forex Window In 2-Year ~CBN

Nigeria has so far recorded $48 billion transactions on the Investors' and Exporters' Foreign exchange window in two years, Central Bank of Nigeria (CBN) governor has disclosed. Godwin Emefiele said the effect of the establishment of the forex window has been positive on the country's foreign exchange reserves since it was created in April 2017.Emefiele, who spoke at a lecture in the University of Benin, said Nigeria's external reserves have rose...

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Ekiti Governor Fayemi Emerges Chairman Nigerian Governors Forum

The Nigerian Governors Forum, comprising the chief executives of the 36 states in the country has elected Ekiti State Governor, Kayode Fayemi as its chairman. The forum elected Fayemi to replace the outgoing governor of Zamfara State Abdul’aziz Yari at its meeting in Abuja late Wednesday. The Governor of Sokoto State, Aminu Tambuwal, of the Peoples Democratic Party (PDP), was elected as the Deputy. Yari disclosed that Fayemi was nominated...

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Air Peace To Begin Flights To Johannesburg, Sharjah In June

Nigerian carrier, Air Peace, says it will begin flight operations to Johannesburg, South Africa and Sharjah, United Arab Emirates next month. Chairman of Air Peace, Allen Onyema, announced the new routes at the inauguration of the airline’s Board of Directors on Wednesday in Ikeja.He said Dubai, Johannesburg, London, Houston, Guangzhou and Mumbai would soon join the airline’s international route network while plans were also on to connect more cities...

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Nigeria Says More Investors Embracing 30-year Bond As DMO Raises 111.3 Bln NairaAt Auction

Nigeria raised a total of 111.31 billion naira worth in domestic bond on Wednesday at an auction where investors' appetite for the longer tenor 30-year bond was apparent. According to the Debt Management Office (DMO), demand at the auction was stronger on the 10-year tenor debt with investors willing to buy 124.22 billion naira worth of the paper compared with 35 billion naira worth initially offered by the debt office. Investors also demanded a...

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Nigeria Central Bank Moves To Help Banks Recover 8.17 Trln Naira NPLs

The Central Bank of Nigeria (CBN) may adopt a stringent administrative, legal and regulatory framework to help banks recover all delinquent debt in their books to save the industry from imminent collapse. Godwin Emefiele, Governor of the CBN said while the bank welcomes the improvement in the size of Non-Performing Loans (NPLs) of commercial lenders, the present level remains a concern to the regulator.The banking industry currently reeking under...

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Nigeria Central Bank Holds Interest Rate At 13.5 Pct As GDP Slides

The Central Bank of Nigeria (CBN) retained its benchmark interest rate at 13.5 percent for the second consecutive time, the governor of the regulatory bank announced on Tuesday after a two-day meeting of the Monetary Policy Committee (MPC) in Abuja. Godwin Emefiele said the committee also maintained the asymmetric corridor around the Monetary Policy Rate (MPR) at +200/-500 basis points at the end of the meeting.Cash Reserves Ratio (CRR) was also...

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