Business

2016 Budget: Budget Ministry MDAs partner on Inputs

In a move to provide further technical support aimed at improving the quality of inputs into the preparation of the 2016 budget, the Ministry of Budget and National Planning has commenced bilateral meetings with Ministries, Departments and Agencies (MDAs). This development was disclosed Thursday through a statement issued by the Ministry’s Assistant Director incharge of […]

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MTN Nigeria CEO Resigns As FG Slashes Fine To N674b

The South African telecommunication giant MTN has announced the resignation of the head of its Nigerian operations, Michael Ikpoki and the head of Regulatory and Corporate Affairs, Akinwale Goodluck. “They are replaced by Ferdi Moolman as MTN Nigeria CEO and Amina Oyagbola as its head of Regulatory and Corporate Affairs. Mr Moolman was previously COO […]

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Foreign Reserves Drop Below $30B

The nation’s foreign reserves dropped to below $30 billion for the first time in five months, putting more pressure on the Central Bank of Nigeria’s (CBN’s) bid to defend the Naira and avoid devaluation. Gross reserves slipped to $29.92 billion on November 30, the first time they have fallen below $30 billion since July 13, […]

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NCC Cuts MTN Fine To $3.4bn

The Nigerian Communications Commission has cut a fine imposed on MTN Group by more than a third to $3.4 billion and gave the South African mobile phone operator until the end of the year to pay it, the company said on Thursday. The NCC handed Africa’s biggest mobile phone company the penalty in October after […]

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IPMAN Urges Members To Sell Petrol At N87

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members to sell petrol at the official pump price of N87 per litre. IPMAN also advised its members to stop patronising private depot owners selling above official rate of N77.66 per litre. It urged the government to direct private depots to make the product […]

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Okonjo-Iweala: I Have No Hand in $2.1bn Arms Deal

Former coordinating minister of the economy and minister of finance under Goodluck Jonathan administration, Dr Ngozi Okonjo-Iweala has said she has no hand in the arms purchase deals facilitated by the former National Security Adviser, Sambo Dasuki. Nkwonjo-Iweala dismissed the allegations by the Edo state governor, Adams Oshiomhole who accused her of participating in the […]

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Nigeria Spends N2.02trn On Rice, Palm oil, Maize Importations in 3 Years

It has been revealed that Nigeria spent N2.02 trillion ($9,196,382,607) to import five agricultural commodities in the last three years despite moves by the Federal Government to stop food imports. The commodities include wheat, rice, maize, sugar and palm oil. Imports data gathered from the Nigerian Ports Authority’s (NPA) shipping position and Index Mundi revealed […]

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Nigeria’s Largest Power Plant Owed N40b

Nigeria’s largest power plant, Egbin Power Plc, said it is owed more than N40 billion ($202 million) and is facing persistent gas supply shortages despite boosting capacity, highlighting continuing challenges in ending daily blackouts since private companies took over the state utilities two years ago. Its Chief Executive Officer Dallas Peavey Jr. said the generating […]

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Stock Market Hits 3-year Low on Persistent Bear Run

The persistent decline of stock prices on the Nigerian bourse sent the market to a three-year low on Monday as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) went down by 0.84 per cent to be at 27,385.69. The market has recorded a month-to-date and year-to-date decline of 6.1 per cent and 20.3 per cent […]

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Africa Needs Innovation To Bridge Unemployment Gap – Siya Xusa

The 2015 Stanbic IBTC Business Leadership Series was a unique one. It featured two renowned innovators and guest speakers. And one of these speakers was an internationally acclaimed rocket scientist, Siyabulela Xusa. Driven by an uncommon mission and strong belief in self-actualization, he set out very early in life to make a difference in his […]

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FG To Monitor Crude Oil Movement Electronically

The Federal Government on Tuesday said that it would be able to monitor the movement of crude oil and gas out of the country through the implementation of the e-Government Master Plan 2020. It said that since crude oil was the country’s major source of revenue, it had re-enforced the implementation of the master plan […]

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NNPC Records N304.18b Operating Revenue In Two Months

PPMC realizes N514.04 billion from sale of petroleum products THE operating revenue of Nigerian National Petroleum Corporation (NNPC), after subsidy for September and October has hit N304.18 billion, according to its monthly financial report. Besides, the Pipelines and Product Marketing Company (PPMC) realised N514.04 billion revenue from sale of white products from January to October […]

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