Govt agencies, ministries owe Ikeja Electric N70.97 Bln debt: Ikeja Electric (IE) Plc is reeking under the weight of N70.97 billion debt owed to the company by its customers, according to its Chief Marketing Officer (CMO).
Saturday, 31 July 2021
UPDATE: EFCC grants Saraki bail after interrogations
UPDATE: EFCC grants Saraki bail after interrogations: In May 2019, A Federal High Court In Abuja Had Issued An Order Restraining The EFCC, Department Of State Services (DSS), And Other Agencies From Probing Saraki Over Allegations Of Money Laundering.
EFCC quizzes Ex-Senate President, Saraki, may spend weekend with agency
EFCC quizzes Ex-Senate President, Saraki, may spend weekend with agency: Saraki was said to have honoured the commission’s invitation shortly after attending a wedding ceremony in Abuja on Saturday.
An Abuja Court stops AMCON board appointment for NICON, Nigeria Re
An Abuja Court stops AMCON board appointment for NICON, Nigeria Re: The interim order was sequel to a Ex Parte Motion filed by Jimoh Ibrahim and NICON Investment Limited and others against the recent reconstitution of the board and management of NICON by the country’s ‘bad bank.’
OPEC July oil output hits 15-month high as demand recovers
OPEC July oil output hits 15-month high as demand recovers: OPEC and allies, known as OPEC+, have been unwinding record output cuts agreed in April 2020, as demand and the economy recover. With oil prices rising to a 2 1/2-year high, OPEC+ decided this month on further hikes from August.
Ecobank assures retail forex customers easy access to dollars
Ecobank assures retail forex customers easy access to dollars: Ecobank Nigeria has assured its customers that the bank has put in place every arrangement for the implementation of the foreign exchange policy issued by
$98 mln Thor Explorations Ltd. rolls out Nigeria’s first commercial gold
$98 mln Thor Explorations Ltd. rolls out Nigeria’s first commercial gold: “The process plant ramp up will continue over the next six weeks with commercial production targeted for September 2021.
Nigerian sprinter Okagbare suspended from Olympics after failing drugs test
Nigerian sprinter Okagbare suspended from Olympics after failing drugs test: The 32-year-old, who has also won world championship medals in the 200m and long jump and is competing in her fourth Olympics, had comfortably won her 100m heat in Tokyo with a time of 11.05 seconds, qualifying for Saturday’s semi-finals.
Qatar sovereign wealth fund unit invests $200 mln in Airtel mobile money firm
Qatar sovereign wealth fund unit invests $200 mln in Airtel mobile money firm: Qatar Holding LLC, an arm of the sovereign wealth fund of the State of Qatar has invested a total of $200 million in the mobile money unit of Airtel Africa Plc.
Friday, 30 July 2021
Flood cuts off Bauchi-Kano road as travellers stranded, two dead, many missing
Flood cuts off Bauchi-Kano road as travellers stranded, two dead, many missing: Two persons were reported missing after their car was carried away by the flood at Malka village in Ningi local government area of Bauchi State.
Nigeria’s naira appreciates to N515/$, its 2nd consecutive day gains vs dollar
Nigeria’s naira appreciates to N515/$, its 2nd consecutive day gains vs dollar: However, on Thursday, the local currency reversed its two consecutive day loss against the dollar on the parallel market, gaining 0.95 percent to close at N520 to a dollar.
EFCC recovers N5.4 bln for NHIS ~Exec Secretary
EFCC recovers N5.4 bln for NHIS ~Exec Secretary: Sambo said, “In total, the EFCC has been able to recover about N5.4 billion for us out of the N12.08 billion that has been trapped.
Malabu oil deal: Nigeria appeals against ruling in favour of Shell, Eni
Malabu oil deal: Nigeria appeals against ruling in favour of Shell, Eni: The Nigerian government said at the time it was surprised and disappointed by the verdict and would consider lodging an appeal.
Human rights abuse: US to withhold sales of $1 bln weapons to Nigeria
Human rights abuse: US to withhold sales of $1 bln weapons to Nigeria: Foreign Policy reported earlier this week that the State Department had informally notified Congress of the proposed sale but it was frozen in the Senate committee. The package includes a dozen helicopters, spare engines, navigation systems, and 2,000 precision guided munitions, it said.
NCC pleadges to ensure fair, competitive telecoms market
NCC pleadges to ensure fair, competitive telecoms market: The Nigerian Communications Commission (NCC) has said that the ongoing amendments to two major regulatory instruments of the Commission will help in
Residents of Mowe apprehend alleged lunatic in possession of N0.25 mln, 3 iPhones
Residents of Mowe apprehend alleged lunatic in possession of N0.25 mln, 3 iPhones: A supposedly lunactic has been apprehended by residents of Mowe in the Obafemi Owode Local Government Area of Ogun State for allegedly being in possession of
Thursday, 29 July 2021
Despite CBN dollar sales suspension, BDCs continue to provide forex services ~ABCON
Despite CBN dollar sales suspension, BDCs continue to provide forex services ~ABCON: “BDCs are licensed to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions namely Personal Travel Allowance (PTA), Business Travel Allowance (BTA), payment of medical and school fees,” Gwadabe said.
Nigeria naira reverses loss against dollar, strengthens 0.95% at parallel market
Nigeria naira reverses loss against dollar, strengthens 0.95% at parallel market: By Wednesday, the naira had lost about 4.16 percent against the dollar on the parallel market, shedding N21 to the dollar to close at N525 a dollar.
Economists want CBN to reappraise forex policy to eliminate arbitrage
Economists want CBN to reappraise forex policy to eliminate arbitrage: “A country whose total exports and receipts were approximately $59.8bn, was spending $5bn to subsidize supposed Nigerian tourists during a covid year.
Wednesday, 28 July 2021
Nigeria records highest daily Covid-19 infection in 4-month
Nigeria records highest daily Covid-19 infection in 4-month: The NCDC in a Tweet said the additional infections represents the highest number of daily cases recorded in over four months, taking the total tally to 171,728 and 2,134 casualties.
President Buhari pledges to increase education budget by 50% in 2-year
President Buhari pledges to increase education budget by 50% in 2-year: “We commit to progressively increase our annual domestic education expenditure by 50 percent over the next two years and up to 100 percent by 2025 beyond the 20 percent global benchmark,” Adesina quoted the president as saying.
UPDATE: Nigeria naira weakens 4.16% to N525/$ after CBN suspends dollar sale to BDCs
UPDATE: Nigeria naira weakens 4.16% to N525/$ after CBN suspends dollar sale to BDCs: In reaction to the Central Bank of Nigeria (CBN) decision to suspend dollar sales to Bureau de Change operators on Tuesday, the naira declined to N520 to the dollar from N504 a dollar on late Tuesday.
Kaduna Court frees leader of Shi’ites in Nigeria, El-Zakzaky, wife
Kaduna Court frees leader of Shi’ites in Nigeria, El-Zakzaky, wife: Briefing journalists on Wednesday after the secret trial, counsel to Zakzaky, Marshal Abubakar, said the court upheld their no-case submission and agreed the case lacks merit.
How Private Sector operators aid Illicit Financial Flows out of Africa – ICPC
How Private Sector operators aid Illicit Financial Flows out of Africa – ICPC: The ICPC boss stated that the perpetrators of illicit financial flows (IFFs) channeled the funds through commercial activities enabled by the private sector.
Nigeria’s naira weakens further to N522 to dollar on parallel market
Nigeria’s naira weakens further to N522 to dollar on parallel market: The local currency has declined by 3.57 percent against the greenback since the CBN announced the suspension of dollar sales to BDCs.
Nigerian foreign missions to deliver passports by mail nationals
Nigerian foreign missions to deliver passports by mail nationals: “We are already talking with some courier companies that will pick passports to the applicants’ doorsteps when they have made all the necessary payments and fill the forms online.
Death toll in Nigeria from cholera rises to 479
Death toll in Nigeria from cholera rises to 479: Over 19,000 people in the country have been diagnosed with cholera since January.
US to ship 10 million doses of Covid vaccines to Nigeria, S/Africa
US to ship 10 million doses of Covid vaccines to Nigeria, S/Africa: Four million doses of the Moderna COVID-19 vaccine will go to Nigeria and 5.66 million doses of the Pfizer vaccine to South Africa, the officials said.
57 migrants die in shipwreck off Libyan coast ~UN
57 migrants die in shipwreck off Libyan coast ~UN: At least 57 people drowned on Monday after a boat capsized off the Libyan coast near Khums, the latest tragedy in the Mediterranean where more than 1,100 have
Foreign capital inflow to Nigeria declines 54% to $875.6 mln in Q2 ~NBS
Foreign capital inflow to Nigeria declines 54% to $875.6 mln in Q2 ~NBS: According to the NBS, capital importation into the country also declined by 32.38 percent on year-on-year basis when compared with the figure for the second quarter of last year.
CBN wants federal govt to issue diaspora bonds to fund infrastructure
CBN wants federal govt to issue diaspora bonds to fund infrastructure: At their meeting on Tuesday, the monetarists said poor infrastructure has contributed to the rising domestic price and urged the government to prioritize investment in public infrastructure.
Tuesday, 27 July 2021
US moves to revive trade pact with African countries, to focus on health, energy
US moves to revive trade pact with African countries, to focus on health, energy: Dana Banks, senior director for Africa at the White House National Security Council, told a conference that the administration planned to “re-imagine” and revive Prosper Africa, an initiative launched by former-President Donald Trump in 2018, as the “centerpiece of U.S. economic and commercial engagement with Africa.”
Nigeria naira falls 3.17% after CBN suspends dollar sales to BDCs
Nigeria naira falls 3.17% after CBN suspends dollar sales to BDCs: The naira traded at N520 to the dollar on the bureau de change segment on Tuesday after the Central Bank of Nigeria (CBN) suspended dollar sales to BDCs.
Nigeria’s central bank to launch ‘e-naira’ in Oct, says Emefiele
Nigeria’s central bank to launch ‘e-naira’ in Oct, says Emefiele: Central Bank Governor Godwin Emefiele said the “e-naira” would operate as a wallet against which customers can hold existing funds in their bank account.
AMCON takes over NICON, Nigeria Re over Ibrahim N63 bln debt, appoints new board
AMCON takes over NICON, Nigeria Re over Ibrahim N63 bln debt, appoints new board: In a statement, the corporation announced the appointment of Henry Uko Ationu as the new Chief Executive Officer of NICON and Olugbenga Falekulo as the new Chief Executive Officer of the Nigeria Re.
No more dollar sales to Bureau de change operators, says CBN
No more dollar sales to Bureau de change operators, says CBN: CBN Governor, Godwin Emefiele said at the briefing to announce the decision of the Monetary Policy Committee (MPC) that the regulatory bank will henceforth channel weekly allocations of dollar sales to commercial banks to meet legitimate FX demands.
Nigeria tackling inflation, other causes of food insecurity ~ Osinbajo
Nigeria tackling inflation, other causes of food insecurity ~ Osinbajo: While speaking at the virtually preparatory meeting of the United Nations Food Systems Summit 2021, the Vice President noted that “the Nigerian Government is committed to addressing the drivers of food insecurity such as food inflation, changing consumption patterns and climate change, amongst other things.”
Pension Commission begins payment of 2.5% pension differentials
Pension Commission begins payment of 2.5% pension differentials: The Director General, PenCom, Aisha Dahir-Umar, who said this in Lagos, noted that the payment of 2.5 percent differential in the rate of employer’s pension contribution for FGN retirees and employees was approved by President Muhammadu Buhari.
Ecobank Group posts 33% PBT growth in H1 2021
Ecobank Group posts 33% PBT growth in H1 2021: Commenting, Ade Ayeyemi, Ecobank Group CEO, said: “We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive.
Analysts rule out hawkish position on interest rate by MPC
Analysts rule out hawkish position on interest rate by MPC: In a note to clients on Tuesday, analysts at the investment banking group said “we think the MPC will be reluctant to ease monetary policy, despite the positive implication for economic recovery, as it could trigger inflationary pressures and possible weakness in the Naira.
Former Nigeria’s SEC Chief Arunma Oteh elects RSA chair
Former Nigeria’s SEC Chief Arunma Oteh elects RSA chair: Former Nigeria's Securities and Exchange Commission (SEC) Director General, Arunma Oteh has been elected the new chair of The Royal African Society (RAS).
Nigeria’s power distribution firms increase revenue collections to 63%
Nigeria’s power distribution firms increase revenue collections to 63%: “It is anticipated that all electricity market revenues will be obtained from the market with limited subsidies as reforms in metering and efficiency with the Discos continue to improve.
Ex-Glencore trader indicts NNPC officials over Nigerian oil bribery scheme
Ex-Glencore trader indicts NNPC officials over Nigerian oil bribery scheme: A former U.K.-based trader for Glencore Plc pleaded guilty on Monday over what U.S. prosecutors called his role in a scheme to bribe officials in Nigeria in
Monday, 26 July 2021
Vice President Osinbajo wants Nigerian judiciary to embrace technology
Vice President Osinbajo wants Nigerian judiciary to embrace technology: “With the continuing progress in technology, it is only a matter of time before the time capsule catches up with us in Nigeria,” he stated while calling for continuous improvement in the institutional capacity of judges, court registries, court staff, and court infrastructure.
President Buhari signs N983 bln supplementary budget
President Buhari signs N983 bln supplementary budget: The supplementary budget is consisted of N123.3 million earmarked for recurrent (non-debt) expenditure while the sum of the N859.3 billion is for contribution to the Development Fund for the capital expenditure for the year ending on the 31st day of December, 2021.
Global Private equity assets hit $4.5 trln as FMDQ sets to release its equity guideline
Global Private equity assets hit $4.5 trln as FMDQ sets to release its equity guideline: “Our equity guideline should be coming out very soon, FMDQ is known for bonds but we have been in discussion with venture capital community, the private equity community on how to develop this equity market for them.
Germany to return stolen Benin bronzes in October
Germany to return stolen Benin bronzes in October: Government of Germany will return about 7,000 artefacts plundered from Benin Kingdom to Nigeria in October, Nigeria’s Ministry of Foreign Affairs has said.
Buhari jets out to London to attend education summit, medical check-up
Buhari jets out to London to attend education summit, medical check-up: “After the Summit, the President will spend a few days for an earlier scheduled medical check-up. He is due back by second week of August, 2021.
Drama as retired PHCN director asks DisCo to disconnect house over crazy billing
Drama as retired PHCN director asks DisCo to disconnect house over crazy billing: “When I went to see the Ibadan Garage Business Unit Manager on my June bill, he said I shouldn’t bother, that it was a result of the mandate that they were given to generate over N90 millio. Should I now be the one to carry the burden?
Fidelity Bank elevates 745 staff as a major moral booster
Fidelity Bank elevates 745 staff as a major moral booster: Staff performance and reward is a critical to us, and as an organisation, we will continue to make available adequate resources to deepen the skills and
FCC Chairman, Dankaka denies certificate forgery allegations
FCC Chairman, Dankaka denies certificate forgery allegations: “Recently, the media was inundated with publication by some faceless group hired by some unscrupulous people to tarnish the image and integrity of the Executive Chairman of the Federal Character Commission (FCC), Hajiya M. F. Dankaka, for reasons best known to them.
A Nigeria court stops govt plans to take over unclaimed dividends, dormant accounts
A Nigeria court stops govt plans to take over unclaimed dividends, dormant accounts: In February, Palm Wealth Shareholders Association (PWSA) filed a suit against the implementation of a portion of the 2020 Finance Act which confers power of the government to set up a trust fund to take over both unclaimed dividend and dormant accounts in the banks.
Nigeria again extends deadline for mobile subscribers to link their SIM with NIN
Nigeria again extends deadline for mobile subscribers to link their SIM with NIN: “There are now a total of 59.8 million unique NIN enrolments, with average of 3 to 4 SIMs per NIN. With the great number of enrolment centres within and outside the country, and many more coming up, every citizen, legal resident, and Nigerian citizens living in diaspora should be able to obtain their NINs.
Sunday, 25 July 2021
Nigeria spends N7 trln on power generation annually
Nigeria spends N7 trln on power generation annually: “A significant amount of the economy is powered largely by small scale generators and almost 50 per cent of the population have limited or no access to the grid.
WTO Chief, Okonjo-Iweala tasks Nigerians in diaspora to support their home economy
WTO Chief, Okonjo-Iweala tasks Nigerians in diaspora to support their home economy: “So, what we should be thinking of is how we can help to make things better wherever we are, be it in the village or the town to make things better at home, either through creating employment, business, a civil society organisation, or helping to support what the local government is trying to do.
Israeli airlines start direct flights to Morocco after improved ties
Israeli airlines start direct flights to Morocco after improved ties: Two Israeli carriers on Sunday launched nonstop commercial flights to Marrakesh from Tel Aviv following the upgrading of diplomatic relations last year
Terrorists in Kaduna release 28 abducted students of Bethel Baptist School Kaduna
Terrorists in Kaduna release 28 abducted students of Bethel Baptist School Kaduna: The so-called bandits attack the Kaduna boarding school ealier in the month and demanded ransom from parents of the students before they can be released.
Saturday, 24 July 2021
113 illegal immigrants from Liberia, Senegal, two other African nations repatriated from Algeria
113 illegal immigrants from Liberia, Senegal, two other African nations repatriated from Algeria: “IOM offered targeted assistance to migrants with specific situations of vulnerability such as unaccompanied migrant children, victims of trafficking, and immigrants with medical conditions,” the IOM said.
Nasarawa Police arrests 7-member fake currency syndicate in Lafia
Nasarawa Police arrests 7-member fake currency syndicate in Lafia: According to the Commissioner of Police in the state, Bola Longe, two of the suspects were arrested on June 4, when they attempted to pay some money into an account using Point of Sale (PoS) located around the College of Agriculture in Lafia.
Friday, 23 July 2021
Joshua, ex-Fidelity Bank ED joins FCMB Group
Joshua, ex-Fidelity Bank ED joins FCMB Group: His appointment into the board of FCMB was like a home coming, having worked with the bank as head of performance management between March 2006 to February 2008.
Industrial Court restricts labour union from picketing, embark on strike at FIRS
Industrial Court restricts labour union from picketing, embark on strike at FIRS: In his ruling, Justice Anuwe said; “the Respondents are restrained from picketing the offices of the applicant on 26th July 2021 or any other day pending the determination of the Motion on Notice.
Surge in pirate activities threaten West African maritime trade
Surge in pirate activities threaten West African maritime trade: “The attacks have been increasing, and it is more pervasive in the Gulf of Guinea than any other region,” Fiatui said, noting that the Gulf of Guinea accounted for about 95 percent of all reported piracy attacks over the same period.
Abuja Court orders DSS to produce detained Igboho’s aides
Abuja Court orders DSS to produce detained Igboho’s aides: Egwuatu also ordered the Nigeria’s secret police to come and show course why the applicants should not be granted bail.
Commodity firm, Trafigura faces corruption allegations in Nigeria, Mexico
Commodity firm, Trafigura faces corruption allegations in Nigeria, Mexico: The Nigerian Economic and Financial Crimes Commission (EFCC) has charged Trafigura in relation to an oil deal in 2008, which allegedly resulted in 6.4 million tonnes of diesel being stolen.
UK Financial Reporting Council knocks KPMG on quality of banking audits
UK Financial Reporting Council knocks KPMG on quality of banking audits: “Overall Inspection results at KPMG did not improve and it is unacceptable that, for the third year running, the FRC found improvements were required to KPMG’s audits of banks and similar entities.
Nigeria to lift suspension on Twitter once it registers with NBC, CAC ~Court Document
Nigeria to lift suspension on Twitter once it registers with NBC, CAC ~Court Document: The government told the court that the Twitter suspension would be lifted once the platform registers with the NBC and the Corporate Affairs Commission.
Labour union commends FIRS on improved revenue generation
Labour union commends FIRS on improved revenue generation: “We wish to commend the management team of the agency led by the Executive Chairman, Muhammad Nami, and members of staff for this outstanding performance,” the Union stated.
Nigeria’s central bank to launch digital currency on Oct 1
Nigeria’s central bank to launch digital currency on Oct 1: The move to adopt the digital currency was first mulled by the CBN Governor, Godwin Emefiele, during the Monetary Policy Committee (MPC) in May.
Nigeria experience worst unemployment in a decade, as more youth seek migration to escape poverty ~W/Bank
Nigeria experience worst unemployment in a decade, as more youth seek migration to escape poverty ~W/Bank: The World Bank has said that Nigeria is currently going through one of its worst unemployment crises in recent times.
Abuja chamber warns FCT against imposition of generator tax on bakers
Abuja chamber warns FCT against imposition of generator tax on bakers: It reiterated that imposing generator and equipment taxes on businesses will further increase the cost of doing business in the federal capital city.
Thursday, 22 July 2021
Nigeria takes delivery of six Super Tucano aircraft from US
Nigeria takes delivery of six Super Tucano aircraft from US: Gabkwet had on July 15 said the aircraft had departed the US and will move through five countries before arrival in Nigeria.
Dangote Cement, Total lift Nigerian equity market as index closes up 1.67%
Dangote Cement, Total lift Nigerian equity market as index closes up 1.67%: Details of trading showed that the market main index, the All Share Index (ASI) closed at 38,585.52 points while market capitalisation also moved up.
IMF projects 4.7% economic rebounds for Ghana in 2021
IMF projects 4.7% economic rebounds for Ghana in 2021: “Growth expected to rebound to 4.7 percent in 2021, supported by a strong cocoa season and mining and services activity, and inflation remaining within the Bank of Ghana target.
Nigeria inaugurates NEITI governing board
Nigeria inaugurates NEITI governing board: The Secretary to the Government of the Federation (SGF), Boss Mustapha who performed the inauguration on Thursday in Abuja, congratulated the members, saying their appointment as NEITI board members was based on individual merits and track records.
LGAs/LCDAs Election: Lagos imposes restrictions on movement on Saturday
LGAs/LCDAs Election: Lagos imposes restrictions on movement on Saturday: In a statement on Thursday, the Commissioner of Information, Gbenga Omotoso, said the restriction of movement would enable the state electoral body conduct hitch free election into various offices in the state local government.
Unequal access to vaccine slowing down global economic recovery~ WTO Chief
Unequal access to vaccine slowing down global economic recovery~ WTO Chief: African countries are lagging behind in their vaccination programme as only 20 million or 1.5 percent of the population have been fully vacinated compared with 42 percent of people in the developed countries, according the the heard of glogal trade watchdog.
Oyo State budgets N330 mln monthly to support community policing in LGAs
Oyo State budgets N330 mln monthly to support community policing in LGAs: Makinde explained that the initiative amounts to spending N330 million in the 33 local government areas, besides other efforts the state government had put in place to tighten security.
Nigeria may adjust VAT rate to 15% in next three years ~EIU
Nigeria may adjust VAT rate to 15% in next three years ~EIU: The Unit also projected that increase in VAT rate would be implemented instalmentally in the next three year to 2025.
Nigeria records N53.3 bln loss to gas flaring in two months
Nigeria records N53.3 bln loss to gas flaring in two months: The NNPC report, said out of the 206.05 billion scf produced in February, a total of 133.06 billion scf was commercialised, consisting of 40.15 billion scf and 92.91 billion scf for the domestic and export market respectively.
Wednesday, 21 July 2021
Nigeria moves to boost export with N50 bln expansion facility
Nigeria moves to boost export with N50 bln expansion facility: The NEPC has started repositioning the nation’s export through the implementation of its N50 billion Export Expansion Facility Programme (EEFP).
Gulf American University Graduates Students In Relevant Disciplines
Gulf American University Graduates Students In Relevant Disciplines: The Gulf American University, UAE held its 2021 graduation ceremony last week with a charge from its Advisory Board Official, Mohan Agarwal, to the graduands
Two people arrested for injecting 800 people with fake Covid-19 vaccine
Two people arrested for injecting 800 people with fake Covid-19 vaccine: The people received fake Covid-19 vaccines in June from “unscrupulous people” as employers rushed to inoculate workers amid a spike in infections.
Air Peace deploys 3 new aircraft on domestic route
Air Peace deploys 3 new aircraft on domestic route: The three ultramodern 124-seat capacity jets, which were delivered in the first half of 2021, started operation on Monday, July 19, 2021, according to the airline’s spokesperson Stanley Olisa.
Port Harcourt Refinery to start production in Sept 2022 ~NNPC
Port Harcourt Refinery to start production in Sept 2022 ~NNPC: NNPC officially signed the contract with Tecnimont SPA for the $1.5 billion rehabilitation project the refinery on April 6 and parties in the agreement announced the commencement of the project.
Nigeria could not meet 83.4% of national electricity requirement ~NESO
Nigeria could not meet 83.4% of national electricity requirement ~NESO: To make matters worse, the TCN, which is fully owned by the federal government, is not able to wheel the entire generation to Nigerian homes, sometimes, due to dilapidated infrastructure.
Tuesday, 20 July 2021
Petrol subsidy removal could lead to fuel selling at N1,000 per liter ~DPR
Petrol subsidy removal could lead to fuel selling at N1,000 per liter ~DPR: He stated that Nigerians may be paying as high as N1,000 to buy one litre of petrol in the country when subsidy on petrol is removed and when the alternative energy or autogas gas policy becomes fully operational.
Bandits in Zamfara unconditionally release 100 victims after 42-day in captivity
Bandits in Zamfara unconditionally release 100 victims after 42-day in captivity: Rabiu in a statement by his Police Public Relations Officer, Mohammed Shehu said the victims were released without giving any financial or material gain.
Nigeria’s attempt to squeeze tax from foreign firms could harm investment flow
Nigeria’s attempt to squeeze tax from foreign firms could harm investment flow: Nor does it enhance the credentials of Africa’s most populous nation as an investment destination. At the height of its dispute, MTN even threatened to pack up and go home.
Britain asks Nigeria to explain circumstances of IPOB leader, Kanu arrest
Britain asks Nigeria to explain circumstances of IPOB leader, Kanu arrest: “We are seeking clarification from the Nigerian government about the circumstances of the arrest and detention of Nnamdi Kanu,” said Tariq Ahmad, a junior minister at Britain’s Foreign Office.
France telco, Orange bids for stake in Ethiopia Telecom
France telco, Orange bids for stake in Ethiopia Telecom: Last month, Ethiopia launched a tendering process for the proposed sell-off of a 40 percent stake in the state-owned carrier Ethio Telecom to private investors, part of the government’s broader plan to open up the Horn of Africa country’s economy.
Court rejects two US-based Basketball players’ request to represent Nigeria at Olympic
Court rejects two US-based Basketball players’ request to represent Nigeria at Olympic: They requested an “exceptional change” of their national status, but basketball’s world governing body FIBA declined and the pair went to sport’s highest court.
Abductors of Kaduna baptist school students demand N80 mln ransom
Abductors of Kaduna baptist school students demand N80 mln ransom: The unknown gunmen also gave the parents of the students a deadline of Monday for the ransom to be paid to them.
CBN to collaborate with NALDA to revive agricultural sector
CBN to collaborate with NALDA to revive agricultural sector: He expressed the CBN’s readiness to work with NALDA to replicate similar integrated farm projects in rural communities in order to make life more meaningful for inhabitants of those areas through the provision of affordable and accessible finance to the beneficiaries under the integrated farm programme.
Nigeria housing challenges are result of rapid urbanisation ~Fashola
Nigeria housing challenges are result of rapid urbanisation ~Fashola: According to the minister, many of the people sweating for an apartment in the city of Lagos, Aba, Port Harcourt, Abuja, Kaduna, Kano, probably have a 4-bedroom or 5-bedroom bungalow in their village that are empty and unused.
Nigerian military claim elimination of Boko Haram fighters, arrests informants, suppliers
Nigerian military claim elimination of Boko Haram fighters, arrests informants, suppliers: Nwachukwu said the troops of 151 Task Force Battalion eliminated the terrorists in an ambush operation on their crossing point along Banki Junction – Miyanti road, while others escaped with gunshot wounds.
President Buhari says lifting 100 million Nigerians out of poverty is realisable in 10-year
President Buhari says lifting 100 million Nigerians out of poverty is realisable in 10-year: He said the mainstay of the Nigerian economy remains agriculture, where the country already commands a competitive advantage, with good weather conditions for crop and livestock farming, available manpower and willingness to learn new skills, and good soil types for all season farming.
Monday, 19 July 2021
Nigeria raises N341.97 bln on domestic debt market at lower yields
Nigeria raises N341.97 bln on domestic debt market at lower yields: Yields on the debt also declined across board with the 30-year paper sold 45 basis point cheaper than the returns attracted by similar paper at the last month’s auction.
Nigerian Airforce confirm bandits shut down fighter jet as pilot return unhurt
Nigerian Airforce confirm bandits shut down fighter jet as pilot return unhurt: He stated that Dairo escaped when he ejected from the aircraft before it crashed, adding that when he landed, the armed bandits gave him a hot chase.
Of Airtel licence renewal claim and NCC disclaimer
Of Airtel licence renewal claim and NCC disclaimer: However, his claim that the company has renewed its operating licence for another ten years did not go down well with the telecom industry regulator, the Nigerian Communication Commission (NCC).
N29 bln fraud: Abuja court says ex-Adamawa Gov Nyako, Son, others have case to answer
N29 bln fraud: Abuja court says ex-Adamawa Gov Nyako, Son, others have case to answer: In his ruling on the no-case-submission filed by the former Adamawa governor, his son Abdul-Aziz and other defendants in the matter, Justice Okon Abang said prosecutors have established a prima facie case against the defendants.
Why Presidency is after Bishop Kuka
Why Presidency is after Bishop Kuka: From its inception as an independent nation, Nigeria has remained a volatile country. Home to almost two hundred million people communicating in over five hundred tongues, Nigeria remains one of the most enigmatic pieces of God’s real estate on earth.
Lagos sets up database on residents employment status
Lagos sets up database on residents employment status: Lagos State Government has revealed that formulation of a data system for the Labour market, as well as scaling up skill development capacity with technical,
Nigeria to release N12.3 bln cash support for 2.2 mln farmers
Nigeria to release N12.3 bln cash support for 2.2 mln farmers: Nigeria to distribute about N12.3 billion to 2.2 million farmers as agricultural subsidy in coming weeks, according to a report.
OPEC to boost Nigeria’s oil output to 1.83 mbpd by April 2022
OPEC to boost Nigeria’s oil output to 1.83 mbpd by April 2022: The new output will take effect from April 2022 and last till May 2022, according to latest quota by the global oil cartel.
Nigeria puts Lagos, Kano, 4 other states on COVID-19 red alert
Nigeria puts Lagos, Kano, 4 other states on COVID-19 red alert: The head of the presidential steering committee on COVID-19, Boss Mustapha, said Lagos, Oyo, Rivers, Kaduna, Kano, Plateau and the Federal Capital Territory had been placed on red alert as part of preventive measures against the pandemic.
British plans to stimulate trade with 70 developing economies
British plans to stimulate trade with 70 developing economies: “Now the UK is an independent trading nation we have a huge opportunity to do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity,” trade minister Liz Truss said.
Presidency accuses Bishop Kuka of promoting division among Nigerians
Presidency accuses Bishop Kuka of promoting division among Nigerians: Only this government has put forward the first and singular plan in nearly a century to address herder-farmer challenges – a fact recognised by international NGOs, including the International Crisis Group.
Nigeria increases power generation by 19.3% to 4,823.60 megawatts
Nigeria increases power generation by 19.3% to 4,823.60 megawatts: NSO data as at 8pm on Sunday showed that Ikeja DisCo was the highest load taker with 694,12MW, followed by Ibadan DisCo with 535.91. Eko DisCo was next with 535.69MW. Abuja DisCo took 455.50MW while Enugu DisCo took 381.48MW.
Sunday, 18 July 2021
FIRS proscribes Junior Staff Union, says no more junior workers in its service
FIRS proscribes Junior Staff Union, says no more junior workers in its service: The statement urged staff of the service to “redouble their efforts in executing the FIRS mandate of assessing, collecting and accounting for tax revenue for all levels of government.”
Airtel Nigeria yet to receive approval for licence renewal, says NCC
Airtel Nigeria yet to receive approval for licence renewal, says NCC: The commission stated that though Airtel has applied for the renewal of the Unified Access Service (UASL), it’s yet to get the approval of the commission.
Saturday, 17 July 2021
National Museum to curate looted Benin bronzes when returned
National Museum to curate looted Benin bronzes when returned: While the Oba wanted the artefacts stolen from Benin Palace in 1987 to be returned to a museum to be built within the Palace premises, the governor showed preference for a private trust to take custody and manage the artefacts,
Gunmen kidnap 60 people in Zamfara villages
Gunmen kidnap 60 people in Zamfara villages: The latest kidnapping took place in Zamfara state overnight on Friday and gunmen shot and killed a village head, a police official and council member for the area said.
Ghana destroys 4,500 chickens, bans poultry imports after outbreak of avian flu
Ghana destroys 4,500 chickens, bans poultry imports after outbreak of avian flu: Ghana has also suspended poultry imports from Togo, Niger, Burkina Faso, Nigeria, Mauritania and Senegal as a precaution, Abakeh said. Togo last month culled thousands of birds in response to its own H5N1 outbreak.
Benue, Abia, Cross River pay higher price for petrol in June ~NBS
Benue, Abia, Cross River pay higher price for petrol in June ~NBS: According to the NBS, the average price paid by consumers for petrol increased by 28.49 percent year-on-year and decreased month-on-month by 1.46 percent to N165.61 in June from N168.06 in May.
Ecobank Nigeria to waive charges on Rapidtransfer app for 4-month
Ecobank Nigeria to waive charges on Rapidtransfer app for 4-month: In a commemorative message, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that Nigerians in the diaspora contribute significantly to the socio-economic development of the country.
Texas records first case of Monkeypox in a traveler from Nigeria
Texas records first case of Monkeypox in a traveler from Nigeria: The viral illness was found in a U.S. resident, who recently traveled from Nigeria to the United States and is currently hospitalized in Dallas.
CBN restricts sugar importation to, Flour Mills, Bua, Dangote firms
CBN restricts sugar importation to, Flour Mills, Bua, Dangote firms: “Accordingly, the underlisted three companies, who have made reasonable progress in achieving backward integration in the sector, shall only be allowed to import sugar into the country,” Nnaji wrote in the circular.
Friday, 16 July 2021
FIRS boss charges tax authorities in W/Africa to step up revenue collections
FIRS boss charges tax authorities in W/Africa to step up revenue collections: Nami, who spoke in Abuja at the opening ceremony of a regional seminar on the problems of tax transition in West Africa, stated that the sub region needed enhanced tax revenues to tackle many development-related challenges they confront, especially in the areas of health and security difficulties.
Nigeria 3 tiers of Govts share N733 bln revenue in June as VAT collections drop to N152.46 bln
Nigeria 3 tiers of Govts share N733 bln revenue in June as VAT collections drop to N152.46 bln: However, about 35 states will go home with less money this month as the Central Bank of Nigeria (CBN) began the deduction of the N614 billion budget support facility (BSF) advanced to the states in 2017.
In July, United Capital sees inflation further down to 17.58%, CBN retaining MPR
In July, United Capital sees inflation further down to 17.58%, CBN retaining MPR: In the medium term, downside risks include the resumption of removal of fuel subsidy after the six-month truce period as well as the expected review in electricity tariffs to reflect current economic realities.
Nigeria’s House of Reps passes PIB, adjusts host communities share to 3%
Nigeria’s House of Reps passes PIB, adjusts host communities share to 3%: The Senate had on Thursday passed the bill before proceeding on two months vacation, but the lower chamber shifted debate on the bill amidst rowdy session over disagreement on the percentage to be allocated to the host commnuities.
Nigeria seeks other sources for $1 bln loans to fund gas pipeline after Chinese banks fail to release cash
Nigeria seeks other sources for $1 bln loans to fund gas pipeline after Chinese banks fail to release cash: Chinese lenders had originally been lined up to fund the bulk of the estimated $2.5 billion to $2.8 billion cost of the project, which is central to President Muhammadu Buhari’s plan to develop gas resources and boost development in northern Nigeria.
Nigeria’s inflation rate declines again to 17.75% in June, says NBS
Nigeria’s inflation rate declines again to 17.75% in June, says NBS: n its latest Consumer Price Index (CPI) report, the bureau said that rising inflation rate slowed by 0.18 percent in June compared with the rate in May.
Soludo, Ozibo, PDP candidates missing on INEC list for Anambra State Nov 8 Governorship election
Soludo, Ozibo, PDP candidates missing on INEC list for Anambra State Nov 8 Governorship election: While the Independent National Electoral Commission (INEC) published the name of a factional candidate of APGA, Chukwuma Micheal Umeoji as the party candidate, the PDP candidate was missing because of a court case.
Cross River owned carrier, Cally Air starts operations with inaugural flight to Abuja
Cross River owned carrier, Cally Air starts operations with inaugural flight to Abuja: Ayade, who boarded the plane upon landing, for inspection, said he was happy that the Cally Air dream which started in 2016 was a reality without any borrowing by the government, adding that intellectual money made procurement of the aircrafts possible.
Nigeria raises N10 bln 7-year Sukuk bonds at 13% to fund social housing
Nigeria raises N10 bln 7-year Sukuk bonds at 13% to fund social housing: The issuance, which was done in partnership with Family Homes Funds Limited (FHFL), attracted more than N21.3 billion in subscription from fund managers and pension and with rental rate of 13 percent.
Nigeria targets 40 billion barrels oil reserves by 2030 ~DPR
Nigeria targets 40 billion barrels oil reserves by 2030 ~DPR: The DPR boss said the target of the government was to increase its oil reserves 40 billion barrels and grow gas reserves to 220TCF by 2030.
E-Payment channels transactions hit N126.4 trln in H1 2021 ~NIBSS
E-Payment channels transactions hit N126.4 trln in H1 2021 ~NIBSS: The two digital payment platforms driving electronic payments are the NIBSS Instant Payment System and Point of Sales terminals.
Nigeria, Kenya, others to benefit from Microsoft business solution
Nigeria, Kenya, others to benefit from Microsoft business solution: Al-Khaiyat stressed that multiple, disconnected systems are now easily combined under one secure, centralised application.
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CBN to start deducting N614 bln bailout fund from 35 states from July
CBN to start deducting N614 bln bailout fund from 35 states from July: States that received budget support facilities from the federal government four years ago are expected to start refunding the money from this month, according
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Thursday, 15 July 2021
NAFDAC approves more Covid-19 vaccines for local use
NAFDAC approves more Covid-19 vaccines for local use: The National Agency for Food and Drug Administration and Control (NAFDAC) has approved more vaccines for the treatment of the Coronavirus (COVID-19) pandemic,
Nigeria’s capital market credible platform for long term funding ~Ahmed
Nigeria’s capital market credible platform for long term funding ~Ahmed: Ahmed said the facilitation of funding and provision of structured market platforms such as the commodities exchanges portends significant addition for the mining and solid minerals sector.
Nigeria’s equity market declines 6% year-to-date as index falls further
Nigeria’s equity market declines 6% year-to-date as index falls further: The All-Share Index (ASI), the market main indicator shrunk 0.01 percent to o close at 37,866.90 points from 37,872.55 the previous trading day.
Standard Chartered Bank to provide $200 mln for Africa Vaccine procurement
Standard Chartered Bank to provide $200 mln for Africa Vaccine procurement: “The speed of vaccine rollout is not only a healthcare issue but is increasingly a differentiator of near-term, post pandemic economic recovery for African nations,” said Simon Cooper, Standard Chartered’s Chief Executive for Corporate, Commercial, and Institutional Banking.
Nigerians face hunger as high food prices hit hard on income
Nigerians face hunger as high food prices hit hard on income: Since COVID-19 hit Africa’s most populous nation and biggest economy, prices for some staples such as eggs, onions and palm oil, have risen by 30 percent or more. Fewer people can afford a haircut, and those who can are demanding discounts off Gbadebo’s N500.
PIB faces fresh obstacle as Senate passes reconciled bill, House of Reps delay votes over disagreement
PIB faces fresh obstacle as Senate passes reconciled bill, House of Reps delay votes over disagreement: The House of Reps members from southern oil-producing states objected to the smaller share of money for oil-producing communities and the chief whip postponed the house vote after hours of rancorous argument in a closed session over the issue.
NCC sets Q4 2022 timelines for 5G spectrum auction, allocation, assignment, deployment
NCC sets Q4 2022 timelines for 5G spectrum auction, allocation, assignment, deployment: “The federal government will provide an enabling environment for 5G deployment, but the MNOs (mobile network operators) will determine their own deployment strategies subject to alignment to the approved polices and other regulatory instruments in force.
Elumelu says investment opportunities abound in Nigeria with high RoI
Elumelu says investment opportunities abound in Nigeria with high RoI: He expressed satisfaction over his investment in the country’s power sector, saying, “there is nowhere else you can get the type of returns on investments that you get in Nigeria, especially in some of these critical sectors like power.”
Local Govt Association offers to end multiple taxations
Local Govt Association offers to end multiple taxations: The initiative, according to the communique, would optimally address food security challenges, reduce cost of goods and curb inflation in the country.
Nigeria awards 274.9 km concrete roads at N310 bln to Dangote under its tax credit initiatives
Nigeria awards 274.9 km concrete roads at N310 bln to Dangote under its tax credit initiatives: “Council considered and approved this memorandum, to facilitate the construction of 274km of concrete roads. So, this will be the largest single award of concrete roads ever undertaken by the government of Nigeria in one award,” the minister told state house correspondents after the weekly cabinet meeting.
Adoption of technology in tax administration crucial to improve revenue ~FIRS Boss
Adoption of technology in tax administration crucial to improve revenue ~FIRS Boss: “To overcome this challenge, we must recognise and adapt to the changing pattern of the business environment where technology is the driver of business operations,” Nami said.
Supreme Court restrains Imo State from taking over 17 oil wells from Rivers
Supreme Court restrains Imo State from taking over 17 oil wells from Rivers: The ruling following a request by Rivers State, which is also laying claims to the ownership of the two communities the oil wells are located.
CBN appoints KPMG as transaction adviser for N15 trln InfraCo, takes off Q3 ~Emefiele
CBN appoints KPMG as transaction adviser for N15 trln InfraCo, takes off Q3 ~Emefiele: He said the federal government had approved KPMG as the financial adviser to InfraCo, adding that the firm is expected to commence operations in the third quarter of 2021.
Wednesday, 14 July 2021
Nigeria imports 20.6 bln PMS, earns $34.3 bln from oil & Gas sector in 2019 ~NEITI
Nigeria imports 20.6 bln PMS, earns $34.3 bln from oil & Gas sector in 2019 ~NEITI: In its report audit report on the Oil and Gas Sector 2019, NEITI said the country imported about 3 percent of Premium Motor Spirit (PMS) more than the previous year.
Nigeria approves N8.6 bln for vaccine laboratory, HIV/AIDS test kits
Nigeria approves N8.6 bln for vaccine laboratory, HIV/AIDS test kits: He further stated that the Federal Executive Council (FEC) approved two other memos from the National Agency for Food and Drug Administration and Control (NAFDAC).
COVAX to deliver 8 million Covid-19 Vaccine to Nigeria by Aug
COVAX to deliver 8 million Covid-19 Vaccine to Nigeria by Aug: Nigeria expects delivery of 3.924 million doses of Oxford/AstraZeneca shots from global vaccine-sharing scheme COVAX by the end of July or early August, Shuaib said, and an additional 3.93 million doses of either Pfizer/Biotech or Moderna, donated by the U.S. government via COVAX, in August.
GTBank transits to Holdco, with Agbaje becomes Group CEO, Olusanya now GTB new MD
GTBank transits to Holdco, with Agbaje becomes Group CEO, Olusanya now GTB new MD: In a regulatory filing, the lender said GTCO will now be use as its operating company while the bank will become a subsidary of the Holding Company.
Tuesday, 13 July 2021
Senate declines confirmation of presidential aide, Onochie as INEC commissioner
Senate declines confirmation of presidential aide, Onochie as INEC commissioner: Chairman of the Committee, Kabiru Gaya, in his report said Onochie did not satisfy the provisions of the Federal Character Principles.
Seplat Energy Plc sees more opportunities with passage of PIB
Seplat Energy Plc sees more opportunities with passage of PIB: Although, some aspects of the bill are “negative” to the operations of Seplat, on a balance it’s positive to the company’s operations, according to Brown.
Police not after factory fitted tinted vehicles ~IGP
Police not after factory fitted tinted vehicles ~IGP: The IGP said the police were concerned about tinted glasses that are not factory-fitted because operatives cannot see through such vehicles.
What is happening at GTBank?
What is happening at GTBank?: In recent time, customers of the lender have been going through harrowing experiences to transact business at many of the branches of the lender, it is mostly a struggle and time consuming time to either withdraw, deposit, transfer or do any form of transaction in the bank branches.
Power transmission remains weak link to electricity sector reform in Nigeria ~BPE
Power transmission remains weak link to electricity sector reform in Nigeria ~BPE: He said transmission was the weak link in the power reform, as generation which was privatised had since attracted a lot of investments, making it more efficient.
Monday, 12 July 2021
How Lagos Gov Sanwo-Olu rescue victims of traffic robbers on Ojota bridge
How Lagos Gov Sanwo-Olu rescue victims of traffic robbers on Ojota bridge: The Governor’s convoy was on the way to office when they ran into a gang of suspected criminals, which specialises in harassing motorists and road users in traffic while attempting to unleash terror on a motorist around Ojota in-bound Alausa.
Buhari says APC lost some governorship elections in 2019 to demonstrate respect for individuals
Buhari says APC lost some governorship elections in 2019 to demonstrate respect for individuals: “We emphasized that we respect our people. That was why we insisted on free and fair elections. Leaders should show honesty and respect for their followers.”
Bandits release Emir of Kajuru, hold on to his children
Bandits release Emir of Kajuru, hold on to his children: Bandits on Monday released the abducted Emir of Kajuru in Kajuru Local Government area of Kaduna State, Alhassan Adamu, after two days in captivity, but
SEC proposes to hike capital market operators fees in new rules amendments
SEC proposes to hike capital market operators fees in new rules amendments: The commission is also proposing N10 million registration fee for Underwriter and fund managers, up from N500,000 currently in the new amendment.
South Africa deploys army to quell pro-Zuma protest, rand falls
South Africa deploys army to quell pro-Zuma protest, rand falls: Smoke from burning buildings swirled in the air as items from burgled shops lay strewn by the side of the road in Pietermaritzburg in Zuma’s home province of KwaZulu-Natal (KZN).
Shell no longer interested in appealing oil spill case against its Nigeria unit in UK
Shell no longer interested in appealing oil spill case against its Nigeria unit in UK: The U.K. Supreme Court said in a landmark ruling in February that Shell’s parent company could be sued in English courts for the actions of its Nigerian subsidiary.
Lagos to step up vaccinations as covid 3rd wave hit nation’s economic nerves
Lagos to step up vaccinations as covid 3rd wave hit nation’s economic nerves: But Nigeria Centre for Disease Control (NCDC) officials last week confirmed that they had detected the Delta variant, putting officials nationwide on alert.
China to support Nigeria’s automobile industry
China to support Nigeria’s automobile industry: “Without industry, you cannot get rich, you cannot get young people to work in this country, so today is a good testament that the Chinese embassy, including myself, support the motor industry in Nigeria and the GAC Motors Nigeria.
Nigeria on Wednesday approved N1.59 trillion for the purchase of 16 patrol boats and 427 operational vehicles for the Nigerian Customs Service (NCS), READ MORE
Multinationals tax shift unlikely until 2022, says US Treasury Sec
Multinationals tax shift unlikely until 2022, says US Treasury Sec: U.S. Treasury Secretary Janet Yellen on Sunday said that a newly endorsed mechanism to allow more countries to tax large, highly profitable multinational
Nigeria should up its game in confronting kidnapping ~Ex-DSS chief
Nigeria should up its game in confronting kidnapping ~Ex-DSS chief: Ejiofor, who spoke on NTA Good Morning Nigeria programme on Monday said focus should be on how to prevent the crime of kidnapping from happening through the deployment of technological means.
Nigeria receives $5.46 bln investment pledge in Q1 2021 ~NIPC
Nigeria receives $5.46 bln investment pledge in Q1 2021 ~NIPC: However, a total of $8.4 billion in investment was announced by both local and foreign investors in the first three months of this year of which local investment component stood at $2.08 billion during the period.
Sunday, 11 July 2021
CHURCH BUSINESS: Finding God’s purpose in a perverse world
CHURCH BUSINESS: Finding God’s purpose in a perverse world: The reality is that the building or structures which were built for an industrial purpose have been altered and now serve other purposes for the reason of economic downturn or some other unspecified reasons.
Property worth millions naira destroy in Benue communal dispute
Property worth millions naira destroy in Benue communal dispute: Sources said clashes between the two communities , which started on Saturday over a minor argument and continued till Sunday morning led to the burning of about 30 houses.
ICPC sets to arraign ex-Surveyor General Awudu over alleged N2 bln fraud
ICPC sets to arraign ex-Surveyor General Awudu over alleged N2 bln fraud: The case which was earlier slated for Monday July 5, was stalled by the absence of Awudu and his counsel in court.
Total banking assets rise 15% to N53.2 trillion in April ~CBN
Total banking assets rise 15% to N53.2 trillion in April ~CBN: Credit to the economy rose by N2.84 trillion between end April 2020 as the CBN LDR policy and increased credit demand by businesses and households as economic activities picked up following the lifting of COVID-19 restrictions.
Dangote Cement gets SEC renewal approval for 2nd tranche of share buyback
Dangote Cement gets SEC renewal approval for 2nd tranche of share buyback: “The share buy-back will be undertaken through an open market offer or self-tender, at such times and on such terms as the management of the Company may determine, subject to prevailing market conditions.
Bandits abduct Emir of Kajuru, daughter, grandchildren in Kaduna, nine others
Bandits abduct Emir of Kajuru, daughter, grandchildren in Kaduna, nine others: The Emir, who is said to be in his 80s, a second class emir in the Kajuru emirate, created about two years ago by Governor Nasir El-Rufai was abducted with his daughter and four grandchildren.
Pro-Zuma protest spread across South Africa’s economic hub
Pro-Zuma protest spread across South Africa’s economic hub: More than 60 people have been arrested and authorities worked to disperse hundreds of protesters as businesses across the two affected regions were hit by looting, police said in a statement on Sunday.
Saturday, 10 July 2021
IMF’s Georgieva calls for urgent action to fast track vaccinations across the globe
IMF’s Georgieva calls for urgent action to fast track vaccinations across the globe: “By providing faster access to vaccines to high-risk populations, more than half a million lives could be saved this year. And a normal return to activity everywhere could add $9 trillion to the global economy through 2025
Abuja restaurant operators deploy creativity to attract patronage
Abuja restaurant operators deploy creativity to attract patronage: “We don’t really know what to expect, the menu is a bit spooky and twisted but…it’s nice because we need this kind of thing. Even if you are indoors and cooking all those things, you don’t get the same vibe you get when you are in a restaurant.”
Samsung, LADOL resolve dispute as Pacific Ruby Docks at SHI-MCI Yard
Samsung, LADOL resolve dispute as Pacific Ruby Docks at SHI-MCI Yard: The dispute had prevented Pacific Ruby built by SHI Korea this April and other similar vessels from patronising Nigerian ports as no other quay in Nigeria can receive this size of vessels except disputed SHI-MCI Yard. Nigeria had lost millions of dollars in revenue over the period.
G20 warns virus variants threaten global recovery
G20 warns virus variants threaten global recovery: A final communique said the global economic outlook had improved since G20 talks in April thanks to the rollout of vaccines and economic support packages, but acknowledged its fragility in the face of variants like the fast-spreading Delta.
President Buhari asks military to speak to bandits in language they understand
President Buhari asks military to speak to bandits in language they understand: He also avers that the nation, its military and the entire population needs to summon the courage required to defeat the bandits and terrorists.
CBN monetarists decried effects of inflation on standard of living
CBN monetarists decried effects of inflation on standard of living: “The security situation in the country is hurting economic recovery, while at the same time, poverty and unemployment also contributes to the worsening security challenge we have.
Lab-developed chocolate may soon hit the superstore near you
Lab-developed chocolate may soon hit the superstore near you: “Here in the lab we are actually just imitating processes that happen in nature,” says Regine Eibl, who teaches at the ZHAW, External linkan institute of technology in Wädenswil. Prof. Eibl heads the Cell Culture Technology department and is part of the research team that has just developed lab-grown chocolate.
Friday, 9 July 2021
Nigeria, Ghana, 2 others want IMF to invest $30 bln of SDRs in Africa to battle effects of COVID
Nigeria, Ghana, 2 others want IMF to invest $30 bln of SDRs in Africa to battle effects of COVID: “Make the IMF’s promised new issue of Special Drawing Rights available as soon as possible and define a clear path forward for their maximal re-allocation and on-lending,” the ministers wrote in the letter published on Friday.
Bandits release six students, two staff of Nuhu Bamali Poly Kaduna after collecting ransom
Bandits release six students, two staff of Nuhu Bamali Poly Kaduna after collecting ransom: Gunmen attacked the main campus of the Nuhu Bamalli Polytechnic in Kaduna on June 10 and took students and staff members, in the process killing one student.
Bandits kill 42 people late Thursday attack on five Zamfara communities
Bandits kill 42 people late Thursday attack on five Zamfara communities: According to Malam Buba Faru, an indigene of the area, the bandits, who were riding over 100 motorcycles, stormed the communities located few kilometres at the eastern part of Faru town.
AIB releases, 8-accident reports, wants FAAN to ensure runway lighting systems operational at all time
AIB releases, 8-accident reports, wants FAAN to ensure runway lighting systems operational at all time: “Safety recommendations: Federal Airports Authority of Nigeria, FAAN, should ensure the serviceability of DNPO runway lighting systems during all operations.”
UNICEF to supply Nigeria, other African nations up to 220 million vaccines by 2022
UNICEF to supply Nigeria, other African nations up to 220 million vaccines by 2022: “UNICEF has signed an agreement with Janssen Pharmaceutica NV to supply up to 220 million doses of the J&J single-dose vaccine for all 55 Member States of the African Union (AU) by the end of 2022. Some 35 million doses are to be delivered by the end of this year.
Dangote Tomato Processing Plant operating grossly below capacity due to inadequate raw materials
Dangote Tomato Processing Plant operating grossly below capacity due to inadequate raw materials: The plant resumed production at its Kano plant on Feb 7, 2020, after it was shut in April 2019 due to inadequate supply of raw materials.
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