Exchange Rates: BUY/SELL 1 USD=365/369 NGN, 1 GBP=474/480 NGN, 1 EURO=432/438 NGN

BUSINESS

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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Nigeria spends N596bn on fuel import in six months

Nigeria spends N596bn on fuel import in six months

Nigeria, in spite of the declining economic fortunes, spent N595.5 billion on the importation of fuel in the first six months of 2016, rising by N34.3 billion from the amount spent in the last six months of 2015. According to data obtained from the National Bureau of Statistics, NBS, the country spent N276.226 billion on petrol import in the first ...

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Nigeria’s GDP Shrinks by 2.06% in 2nd Quarter

Nigeria’s GDP Shrinks by 2.06% in 2nd Quarter

The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) in real terms declined by 2.06% in second quarter of 2016. This is contained in the Nigerian Gross Domestic Product Report for Second Quarter of 2016 released by NBS on Wednesday in Abuja. The report stated that the figure was lower by 1.70% points from the negative growth ...

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Aero Contractors Shuts Down Operations Indefinitely

Aero Contractors Shuts Down Operations Indefinitely

Commercial airline, Aero Contractors, has announced the suspension of its scheduled services beginning from Thursday, September 1, 2016. A statement by the airline’s management said that the depreciation of the Naira within the last six months has made it impossible for the airline to achieve its operational targets, adding that the suspension was part of the strategic business realignment to reposition and return the ...

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CBN reinstates 9 banks suspended from forex market

CBN reinstates 9 banks suspended from forex market

The Central Bank of Nigeria ( CBN ) has reinstated the nine banks that were recently suspended from the foreign exchange market. They were suspended last week for failing to remit about$ 2.3 billion funds of the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA) of the federal government. The CBN Director of Banking Supervision, Mrs. Tokunbo ...

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CBN directs banks to enable customers deposit cheques into their savings account

CBN directs banks to enable customers deposit cheques into their savings account

In a circular sent by the Central Bank of Nigeria CBN, to all banks and other financial institutions gave them a directives of enabling any customer with Bank Verification Number BVN, to deposit cheques directly into their accounts. The circular was signed by the Director of Banking and Payment Systems Department, Dipo Fatokun. The circular reads: “The Central Bank of ...

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It’s official: Economy in recession – FG

It’s official: Economy in recession – FG

Minister of Finance, Mrs. Kemi Adeosun, appeared before the Senate yesterday saying the country is already in recession. She briefed the Senate on the state and of the economy and the issues relating to the implementation of 2016 budget, as well as the Monetary/ Fiscal Policies adopted to salvage the present economic situation. She also said President Muhammadu Buhari’s government inherited ...

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Brexit: How will it affect Nigerians?

Brexit: How will it affect Nigerians?

THE world lives in dangerous times. The unimaginable and surprises are springing up by the day. At odds with almost all conventional economic thinking the British voted to leave the EU. The entire world was shocked beyond measure. It sent cold wave down the economic spine of global markets. It stands to reason that it is undoubtedly a manifestation of ...

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Naira now 370 per dollar

Naira now 370 per dollar

There has been a sharp depreciation of the naira in the parallel market since the deregulation of the downstream oil and gas sector, this increased demand for the dollars in the parallel market on Thursday. On Thursday the naira lost N7 to the dollar, making the exchange rate to rise to N334 per dollar from N320. The Petroleum Products Pricing ...

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Dangote ask FG to invest in infrastructure, housing to support growth

Dangote ask FG to invest in infrastructure, housing to support growth

  The Chairman of Dangote Cement Plc, Alhaji Aliko Dangote, has urge the Federal Government and other Africa countries to invest more on infrastructure and housing, to be able to curtail the rapidly developing continent, just as he his expanding his company across the continent. In just concluded Annual General Meeting of his company,  Dangote declared N8 per share dividend ...

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