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Tag Archives: Business

Customs impounds 4120 bags of rice, nine containers of Tramadol, others

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Operatives of Nigerian Customs Service, NCS, Rivers State Command have impounded 4120 bags of rice and nine containers loaded with pharmaceuticals for alleged false declaration. The command further disclosed that in the first quarter of 2018, it made N11.4 million out of the 117.8 billion target set for it by the Federal Government, noting that the focus of the command ...

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SERAP urges Ambode to reverse ‘unfair Lekki toll charges’

SERAP urges Ambode to reverse ‘unfair Lekki toll charges’

Socio-Economic Rights and Accountability Project (SERAP) has urged Governor Akinwunmi Ambode “to take steps to immediately reverse the unfair and discriminatory toll charges at the Lekki-Epe Expressway and Lekki-Ikoyi Link Bridge toll gates by the Lekki Concession Company, if the Lagos State government is not to run the risk of undermining the public interests, democratic values and accountability, and opportunities ...

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Investors in cryptocurrencies are gamblers — Emefiele

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Central Bank of Nigeria (CBN) yesterday said that it would not render support to Nigerians investing in cryptocurrency, describing such investment has gambling. The Governor of the CBN, Mr. Godwin Emefiele stated this in Abuja during an interview with Bloomberg. Emefiele’s warning is coming on the heels of increasing transactions in cryptocurrencies in Nigeria. Data from LocalBitcoins, a Bitcoin start-up ...

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”Nigeria to ban rice importation this year” President Buhari

President Buhari says people responsible for the fuel scarcity during this festive period will not go unpunished

President Buhari in his New Year speech delivered in a live broadcast this morning, disclosed that the Federal government will stop the importation of rice beginning from this year. ”Two years ago I appealed to people to go back to the land. I am highly gratified that agriculture has picked up, contributing to the government’s effort to re-structure the economy. ...

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Kogi Rice, a success story – Fanwo

Kogi Rice, a success story – Fanwo

The Director General on Media and Publicity to the Governor of Kogi State, Kingsley Fanwo has hailed the emergence of Confluence Rice as “a huge success by the Governor Bello Administration”. Addressing a section of the media at his Takete Ide country home, Fanwo said the release of the rice to the market is a “fulfillment of the promise by ...

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Nigerian Ports Authority made 118billion in just three months

Nigerian Ports Authority made 118billion in just three months

The Managing Director of the Nigerian Ports Authority, Ms Hadiza Bala Usman has disclosed that the agency enjoyed a productive year and is set to exceed its revenue target. She made this known at the merit service award in Lagos where she also revealed that the agency raked in 118billion in the first quarter of the year. The director gave ...

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Gov. Ibikunle Amosun and Godwin Emefiele lead stakeholders to unveil Unilever Nigeria’s new manufacturing plant

Gov. Ibikunle Amosun and Godwin Emefiele lead stakeholders to unveil Unilever Nigeria’s new manufacturing plant

Ogun State Governor, Senator Ibikunle Amosun, Governor, Central Bank of Nigeria, Godwin Emefiele, Commissioner of Commerce and Industry, Ogun State, Otunba Bimbola Ashiru, were among the stakeholders that joined executives and staff of Unilever Nigeria to officially open the innovative Blue Band manufacturing plant in Agbara, Ogun State. During the launch, The Executive Vice President, Unilever Ghana Nigeria, Yaw Nsarkoh, ...

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2 oil wells in Shell’s field shut down in Bayelsa by community members

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Some members of a community in Bayelsa on Wednesday disrupted oil production at Adibawa Oil field operated by Shell Petroleum Development Company (SPDC), shutting two oil wells. A reliable source, who pleaded anonymity, that the protesters were from Tanbiri II, Biseni in Yenagoa who were demanding power supply from the nearby oil facility. NAN gathered that two oil wells, Adibawa ...

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Made-in-Aba products have rejuvenated our economy — Ikpeazu

Made-in-Aba products have rejuvenated our economy — Ikpeazu

Governor Okezie Ikpeazu of Abia State yesterday said that with the increasing patronage of Made- in- Aba products, the city would rise again and reclaim its lost glory as a centre of trade and manufacturing. The governor, who spoke at the investiture of the 15th President of the Aba Chamber of Commerce, Industry, Mines and Agriculture, ACCIMA, Mr. Andy Uba ...

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Edo boosts IGR with tourism

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Edo State Government has revealed plans to excavate the historic Benin Moat, which is the world’s longest man-made earthwork, and develop more than 58 other tourist sites in the state to boost earnings from the tourism sector. The Commissioner for Arts, Culture and Diaspora Affairs, Osaze Osemwegie-Ero, who disclosed this in Benin City, said part of the state’s investment potential ...

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Facebook constitutes Africa’s first SME Council in Nigeria

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IN its continuing bid to help boost small and medium enterprises (SMEs) in Africa, Facebook, last week, launched the Nigerian SME Council, first of its kind in the continent. Abi Williams, Facebook’s SMB Sales Manager, EMEA, noted at the launching that the Nigerian SME Council brings together Facebook Africa’s SME team and Nigerian business owners from a range of industries, ...

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Breaking: FG to commence crude oil tracking by 2019

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The Federal Government, Moday, stated that from 2019, the country would begin tracking Nigeria’s crude oil and would be able to account for every drop of the commodity produced in the country. Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, in a podcast distributed to newsmen in Abuja, disclosed that the Federal Government was already working with the Department ...

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Enugu-Onitsha Expressway: Nwoye gets Fashola to order contractors back to site

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Dr. Tony Nwoye, the All Progressives Congress, APC governorship candidate in Anambra State, has expressed delight over the decision by the Federal Ministry of Power, Works and Housing to move to the site of the abandoned Onitsha – Enugu Expressway. Speaking after a visit to the Federal Ministry of Power, Works and Housing, on Monday morning, Nwoye said the ministry ...

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Nigeria loses $13.7bn annually to farmers, herdsmen conflicts, says Abdulsalami

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A former Military Head of State Abdulsalami Abubakar says Nigeria loses 13.7 billion dollars annually as a result of farmers-herdsmen conflicts in Benue, Kaduna, Nassarawa and Plateau states. Abubakar made the disclosure at a forum organised by Search for Common Ground, Nigeria, in collaboration with Abdulsalami Abubakar Institute for Peace and Sustainable Development. The forum, with the theme, Amplifying the ...

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Nigeria’s inflation rate to fall to single digit in mid-2018, says Emefiele

Nigeria’s inflation rate to fall to single digit in mid-2018, says Emefiele

Nigeria’s Central Bank Governor Godwin Emefiele said on Friday he expected inflation rate to fall at a faster pace and hit high single digit rates mid-next year. “We are very optimistic that food prices will come down and as they come down, it will help to complement the reduction in core inflation,” Emefiele told journalists on the sidelines of an ...

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Dangote Cement’s N272bn debt is short term, considering Eurobond issue – CFO

Dangote Cement’s N272bn debt is short term, considering Eurobond issue – CFO

Dangote Cement Plc is considering a Eurobond or a local debt issue giving the fact that N272.3 billion of its debt is on short term facility and will make a decision towards the end of the year on which fund raising it will embark upon, its chief financial officer, Brian Egan, said yesterday. Egan told Reuters that 70 per cent ...

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Benue releases N166m for rice, cassava production

Benue releases N166m for rice, cassava production

Benue State government has release N166 million as counterpart fund to the International Fund for Agricultural Development-Value Chain Development Programme, IFAD-VCDP, to boost activities of rice and cassava small-holders farmers. Governor Samuel Ortom said this at the organisation’s Trade Promotion and Know-ledge Fair in Makurdi. Represented by the Secretary to the State Government, Professor Tony Ijohor, Governor Ortom reiterated the ...

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Don’t Treat NNPC Scandal With Levity, NUPENG Tells Buhari

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The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on President Muhamadu Buhari to wade into the allegations of corruption and insubordination raised against NNPC GMD, Maikanti Baru by the Minister of State for Petroleum, Ibeh Kachikwu and not treat the issue with levity. The group in a statement on Tuesday said the whole world is watching ...

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NNPC Scandal: I Approved Two Joint Venture Financing, Says Osinbajo

NNPC Scandal: I Approved Two Joint Venture Financing, Says Osinbajo

The Vice President, Professor Yemi Osinbajo says he granted authorisation to two ventures from the NNPC while President Muhammadu Buhari was away on medical leave. Professor Osinbajo said on Thursday, that the approvals were specifically for financing joint ventures through loans and not contracts. His reaction comes in the wake of the scandal rocking the Nigerian National Petroleum Corporation (NNPC) ...

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FG to shut down NERFUND over N17.5bn bad loans

FG to shut down NERFUND over N17.5bn bad loans

The Federal Government is making arrangements to shut down the operations of the National Economic Reconstruction Fund (NERFUND) at the end of October due to huge non-performing loans of about N17.5 billion. A competent source at the Federal Ministry of Finance told newsmen on Thursday in Abuja that a committee had already been formed to ensure smooth liquidation of the ...

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