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

BUSINESS

China to start importing from Nigeria

China to start importing from Nigeria

The Governor of Central Bank of Nigeria CBN, Godwin Emefiele, said the Federal Government is working with China so that they can import some of its own requirements from Nigeria. Emefiele said this will help to reduce the gulf in trading between both countries. He made this statement at the end of the 2016 World Bank/IMF spring meeting at the headquarter ...

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Nigeria Railway to commence movement of coal by eastern line in June

Train crushes 2 to death in Ilorin

The Nigeria Railway Corporation NRC will commence the movement of coal freight through it’s eastern line, which will run from Igumale in Benue State to the sea port in Port-Harcourt beginning from June 2016. The Acting Managing Director NRC, Engr Fidet Okhiria told newsmen in Lagos. He said: “We are willing to start massive coal movement on the eastern line. ...

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Economist charges Buhari on economic plan

Economist charges Buhari on economic plan

Prof Akpan Hogan, the former Vice Chancellor of University of Uyo, Akwa Ibom State and now a renowned Economist and Director General of West Afrcan Institute for Financial and Economic Management WAIFEM, has chargeed the Nigeria President Muhammadu Buhari led adminstration to economic blue-print that will bring Nigeria out of the wood. The economist said this at the inaugural lectures, ...

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Naira now N305 per dollar

naira appreciate against dollar

Naira continue getting stronger against dollar in the parallel market on Wednesday as the exchange rate dropped to N305 per dollar. This will be the third time in a row Naira appreciate against dollar in the parallel market, because as at last Thursday exchange rate was N400 per dollar. Bureaux De Change Operators bought from customers at the rate of ...

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Nigeria can Generate over N5 trn Annually from Solid Minerals

nigeria can generate

Association of Metals Exporters of Nigeria (AMEN), said the Federal Government can generate up to N5 trillion as revenue, if they can look into the solid minerals sector. Mr Seun Olatunji, the President of AMEN said apart from generating revenue from mining and exporting of its vast solid mineral, it will also aid in job creation, states development and social ...

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CBN to Spend #1 trn on Real Sector

cbn

Over one trillion naira have been set aside by the Central Bank of Nigeria to promote lending to the real sector of the economic in other to stimulate economic activities in the country. This was disclose by the president of CBN at the 21st seminar for Finance Correspondents and Business Editors in Ibadan. Mr Emefiele, who spoke through the Deputy ...

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No Crude Oil Subsidy in January

Dr-Ibe-on-crude-oil-subsidy

Managing Director of the Nigeria National Petroleum Commission (NNPC), Dr Ibe Kachikwu, said that no subsidy was paid by the Federal Government on any Crude Oil product for the month of January 2016. There will be around $1 billion (#200 billion) to be saved from the newly introduced Direct-Sales-Direct-Purchase (DSDP) plan for product transaction which will commence next month. The ...

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Bureaux de Change owners fighting Naira

Bureaux de Change

Central Bank of Nigeria Governor, Mr. Godwin Emefiele, yesterday, informed the Senate that the bank will not go back on restrictions placed on Bureaux de Change (BDCs) as he described them as waging a relentless war on the Naira. He also said that the activities of operators of BDCs were mainly responsible for the dwindling value of the Naira as ...

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FG Should Explore Opportunities In the Maritime Sector

Taofik-Adegbite-maritime-sector

MANAGING Director and Chief Executive Officer of Marine Platforms, Mr. Taofik Adegbite has urged the Federal Government to look beyond oil and diversify into other sectors of the nation’s economy to forestall the dwindling economic situation of the country. Adegbite, who is a maritime expert, charged President Muhammadu Buhari to look into other sectors like fishing, agriculture and others. “If ...

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Okorocha sacks 3000 civil servants

gv6-1-cargo-operation

Imo State governor, Chief Rochas Okorocha, has summarily sacked over 3,000 workers in 19 parastatals, agencies and departments, as he stopped their salaries with effect from January 4, 2016. A Nigeria Labour Congress, NLC, source told Vanguard that over 3,000 workers were affected in the sack. Vanguard gathered that “the current action of the governor, which not only came on ...

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Imo should partner ministry to boost cargo operation

gv6-1-cargo-operation

IMO State Governor Rochas Okorocha, former Permanent Secretary Ministry of Aviation Hajiya Binta Bello and some officials of the ministry have inspected the Sam Mbakwe International Cargo Airport (SMICA) Owerri, in a bid to quicken the completion of the facility. During the inspection, Governor Okorocha said the state was interested in partnering with the ministry to complete the project and ...

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SMEDAN to commence NYSC’s mandatory entrepreneurship scheme

nysc-smaden

NYSC mandatory one month entrepreneurship and vocational training will commence this year with the passage of the 2016 Appropriation Bill, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has said. The Director-General of SMEDAN, Alhaji Bature Masari, told Newsmen in Abuja on Wednesday that the agency would also seek for additional funding. According to him, this will be ...

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Regime of penalties, fines causes ripples in industry

Mohammed-Kari

Stakeholders call for NAICOM board to check its ROBUST and hard regulatory measures taken by the industry’s regulator – National Insurance Commission (NAICOM) may be causing ripples in the industry. It is not the best of time for operators in view of agitation by practitioners mostly underwriters and insurance brokers against what they regard as incessant heavy fines and penalties ...

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Sub-Saharan Africa becoming notable insurance investors

insurance

125 of surveys of insurance executives and regulators in the Sub-Saharan region estimated growth opportunities for insurance premiums and risk potential in seven key English-speaking markets in East and West Africa namely: Ghana; Kenya; Malawi; Nigeria; Tanzania; Uganda; and Zambia. The risk and opportunity matrix was created by analyzing economic conditions and potential hazards in each of the seven countries ...

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True State Of Communication Infrastructure At Airports

FAAN-infrastructure-of-airport

The Aviation sector has been witnessing so many incidents that claimed the lives of so many air passengers in recent years, although some of them were unofficially attributed to human errors. Understandably, air traffic controllers are no longer taking anything for granted, as they are ready to raise the alarm over any situation they consider not in line with safety ...

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Filling Stations Shut Down in Imo by Petroleum Marketers

filling-stations-IPMAN

Petrol now sells for N400 a litre in Owerri, Imo State, where most filling stations in the state were closed down yesterday, forcing motorists and other vehicle owners to patronize black marketers, who cashed in on the scarcity of the product to hike prices. This reporter, who went round Owerri town between 7a.m. and 10a.m., particularly MCC Road, Port Harcourt ...

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More Winners Emerges in Lenovo National Promo

lenovo-national-promo

MISS Chika Eya and Pastor Ignatius Ihejirika, ‎two customers, have joined the ranks of lucky wi‎nners of grand prizes of education grants worth N200,000 each in the ongoing Lenovo National Promo, as tech giant Lenovo continues to show its appreciation to its loyal customers across the country. The duo emerged as winners in the second draw of the promo which ...

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Oil slides below $33 as China turmoil rattles investors

china-stock-exchange

OIL fell below $33 a barrel on Thursday for the first time since April 2004 as a slide in Chinese shares rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products. Oil prices have fallen by about 70 percent since mid-2014, hurting oil companies and governments that rely on crude revenue. China allowed its ...

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Microsoft’s Windows 10 Running on 200m Devices

windows-10

MICROSOFT Corp’s latest operating system, Windows 10, is running on 200 million devices in what the company said was the fastest adoption rate of any of its operating systems. Windows 10, which the company released as a free download in July, powers both personal computers and devices like phones. It replaced Windows 8, the heavily criticized system dating from 2012. ...

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E Tranzact leads gainers, as indices rise by 0.3%

Nigerian-stock-exchange-indices

E Tranzact traded higher at the end of yesterday’s transactions on the trading floor of the Nigerian Stock Exchange. It led other gainers with 4.93% to close at N3.19 per share. Following E Tranzact yesterday was Okomu oil, adding 4.83% to close at N33.00 per share. Dangote Cement, Fidson, Learn Africa added 4.27,4.25 and 3.90% to close at N159.98, N2.70 ...

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