Exchange Rates: BUY/SELL 1 USD=363/366 NGN, 1 GBP=470/475 NGN, 1 EURO=420/426 NGN

BUSINESS

FOREX Crisis: Emefiele Validates DSS’ raid on Parallel Market

FOREX Crisis: Emefiele Validates DSS’ raid on Parallel Market

The Central Bank of Nigeria (CBN) on Tuesday endorsed the crackdown on parallel market traders by the officials of the Department of State Services (DSS) across the country. The CBN Governor, Godwin Emefiele, disclosed this while addressing newsmen at the end of its Monetary Policy Committee (MPC) meeting in Abuja. According to Emefiele, the foreign exchange regulation in the country forbids ...

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FG Plans to Merge NNPC, DPR, PPPRA, Others into a Single Agency and Sell/Concession Unprofitable Refineries

FG Plans to Merge NNPC, DPR, PPPRA, Others into a Single Agency and Sell/Concession Unprofitable Refineries

According to the draft National Oil Policy released last week, the Federal Government is set to scrap Nigerian National Petroleum Corporation (NNPC),Department of Petroleum Resources (DPR), and Petroleum Products Pricing Regulatory Agency (PPPRA), and other regulators and consolidate them into a single agency – Petroleum Regulatory Commission (PRC). “Although the agencies generally work well together, their roles, sometimes, overlap and there are significant ...

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The Made In Nigeria Project announces Made in Nigeria Conference & Exhibition 2016

The Made In Nigeria Project announces Made in Nigeria Conference & Exhibition 2016

The Made In Nigeria Project, organisers of the Made In Nigeria Conference & Exhibition have officially announced the third edition of the ‎annual event, which is slated to hold in Lagos at the Landmark Centre, on November 29th 2016 with the theme; Possibilities Made In Nigeria – A re-direction towards Economic growth, SME advancement, and National Transformation. The one day ...

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More foreign airlines threaten to close shops over exchange rate, delayed concession

More foreign airlines threaten to close shops over exchange rate, delayed concession

The Association of Foreign Airlines’ Representatives in Nigeria (AFARN), on Wednesday warned the Federal government that more of its member airlines operating in the country could close shops if the current exchange rate which is not favourable to them persists. It also said its members had yet to benefit from the concession granted to them to access foreign exchange at ...

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FG to unveil agriculture city, acquires 15, 000 hectares of land

FG to unveil agriculture city, acquires 15, 000 hectares of land

THE Federal Government, yesterday, disclosed its plan to unveil agriculture city in Kwali Area Council of the Federal Capital Territory to engage youth in agribusiness. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, said this while reiterating government’s resolve to give a new lease of life to young people across the country with new approach to agribusiness. Ogbeh ...

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IMF Report: Nigeria Beats South Africa & Egypt to Reclaim Position as Biggest Economy in Africa

IMF Report: Nigeria Beats South Africa & Egypt to Reclaim Position as Biggest Economy in Africa

A new report from the International Monetary Fund (IMF) has projected Nigeria as Africa’s biggest economy, in spite of its current challenges. Nigeria is placed ahead of South Africa and Egypt which are second and third respectively. In August, Nigeria was reported to have lost its position as Africa’s biggest economy to South Africa, following the recalculation of the country’s ...

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Emirates & Kenya Airways to Suspend Flight Operations to Abuja

Emirates & Kenya Airways to Suspend Flight Operations to Abuja

Kenya Emirates, one of the biggest foreign airlines operating in Nigeria, has said it is stopping flight operations to the Nnamdi Azikiwe International Airport, Abuja with effect from October 30, 2016. The decision is due to foreign exchange hurdles, low patronage, and other operational issues, which have reduced the profitability of flying on the route. In another development, East African ...

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Femi Otedola Falls out of Forbes Billionaires’ List After Losing $1.3 billion

Femi Otedola Falls out of Forbes Billionaires’ List After Losing $1.3 billion

Nigerian businessman Femi Otedola has fallen out of the ranking of Africa’s Billionaires after his net worth plunged from $1.8 billion to $550 million as a result of a massive drop in the stock price of his petroleum marketing company, Forte Oil. According to FORBES, Forte Oil’s share price was at N145 ($o.44) per share down from an all time high of ...

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Customs fit ban on importation of rice

Customs fit ban on importation of rice

The Comptroller-General of Customs, Col. Hameed Ali (rtd), on Wednesday, ordered the lifting of the ban on importation of rice from importation restriction list and the re-introduction of import duty payment at land borders. Custom Public Relations Officer, Mr. Wale Adeniyi, made this statement in Abuja during an interview with newsmen. Adeniyi stated that all rice inmports through land borders ...

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Malta Guinness Herbs Lite Makes Triumphant Market Entry

Malta Guinness Herbs Lite Makes Triumphant Market Entry

The new Malta Guinness Herbs Lite is a refreshing malt drink that is filled with goodness and contains considerably less sugar than all other malt drinks. Malt Guinness Herbs Lite, was launched on Tuesday, October 4th, 2016, at the prestigious Golden Royale Hotel in Enugu, and has the benefits of Herbal extracts and gives you all of these in a ...

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House of Reps to Investigate N65 ATM Charges By Banks

House of Reps to Investigate N65 ATM Charges By Banks

The House of Representatives on Thursday resolved to investigate the N65 being charged customers by commercial banks for Automated Transaction Machine (ATM). The house directed its Committee on Banking and Currency to investigate the charge and other related rates paid by banks’ customers. The resolution followed a motion under Matters of Urgent Public Importance moved by Hon. Tajudeen Yusuf (PDP-Kogi), ...

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Court orders AMCON to pay N26.5 bn to Capital Oil

Court orders AMCON to pay N26.5 bn to Capital Oil

The Federal High Court, Abuja, on Thursday ordered the Asset Management Corporation of Nigeria (AMCON) to pay Capital Oil and Gas Industry Limited N26.5 billion as contained in a consent judgment delivered in 2013. Justice Abdul Kafarati, in his judgment, held that the court had powers to enforce its judgment or that of any lower courts in the country. “An ...

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N50m worth of goods, shops burnt as raging fire consumes Warri market

N50m worth of goods, shops burnt as raging fire consumes Warri market

Kolokolo Quarters of Enerhen, Uvwie Local Government Area, Delta State, got burnt yesterday, and caused the lost of over N50 million. Other shops and houses close to the Quarter also got burnt in the noon inferno, which  started from oneof the structurs when residents and the shop owners were still in church. An eyewitness, Ochuko said: “The fire came from ...

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Agric business key to national development – Obasanjo

Agric business key to national development – Obasanjo

Former Nigeria President Olusegun Obasanjo has reiterated that agric business is key to the development of the country. Obasanjo made this statement at the 2016 Independence Day programme, which was organised by Useful Youth, Owu Baptist Church, Abeokuta, on Saturday. He said: “Agric-business is the only area the nation can beat development and generate millions of employment if taken serious. ...

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EPZ project can stop militancy, reunite Ijaw, Itsekiri – Bebenimibo

EPZ project can stop militancy, reunite Ijaw, Itsekiri – Bebenimibo

Mr. Paul Bebenimibo, a member of the 16 billion private-driven Export Processing Zone, EPZ, project, Warri South West Local Government Area, Delta State, said yesterday that the project will employ about 150,000 men and women during construction, and will later have the capacity to employ over 5,000,000 workers when completed. It also have the capabilities to stop militancy in the Niger ...

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Nigeria and India Sign MoU on Trade & Investment

Nigeria and India Sign MoU on Trade & Investment

The Federal Government and India, signed a Memorandum of Understanding (MoU) on Tuesday, to deepen trade and investments and exchanged letters of intent on bilateral relations. This took place at the Presidential Villa, Abuja, and witnessed the presence of Vice President Yemi Osinbajo and his Indian counterpart, Mohammad Hamid Ansari. Osinbajo, in his remark called for urgent establishment of a joint ...

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Sale of Assets: “It Will Be a Historic Mistake” – Former CBN Governor, Professor Charles Soludo

Sale of Assets: “It Will Be a Historic Mistake” – Former CBN Governor, Professor Charles Soludo

Former Governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo has said that selling Nigeria’s assets to get out of recession will be a historic mistake that will land the country in “a bigger mess” few months after the sale. Soludo said that selling the nation’s assets to have money in the country’s reserve is not a pre-requisite to ...

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FG eyes China for funding to bridge infrastructure deficit

FG eyes China for funding to bridge infrastructure deficit

The Federal Government, yesterday, emphasized its determination to partner with the government of China and some Chinese investors in bridging Nigeria’s huge financing gap, especially in the area of infrastructure development. Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, disclosed this in Abuja, at the Nigerian Investment and Financing Summit, organized by the Government of Jiang Xi ...

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Firstnation Airlines Resumes Flight Operations

Firstnation Airlines Resumes Flight Operations

Firstnation Airlines says it will resume operations on Sunday evening, one month after it suspended flights to enable the aircraft fleet undergo engine maintenance. The News Agency of Nigeria (NAN) reports the airline made the announcement through its Twitter account which stated that it would resume flights by 4PM on Sunday. NAN reports that the airline announced the suspension of ...

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This Recession will Soon Come to an End – Kemi Adeosun Assures Nigerians

This Recession will Soon Come to an End – Kemi Adeosun Assures Nigerians

The Minister of Finance, Kemi Adeousn, has assured Nigerians that the current economic recession the nation was experiencing will not be prolonged. She gave the assurance on Friday in Abuja while addressing a news conference. She said that there was a strategic plan by the administration to see that the recession ended soon and also ensure that the economy recovered ...

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