OPEC members failed to agree an oil production ceiling today, at a meeting that ended in bitterness, after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions. Friday’s developments set up the fractious cartel for more price wars in an already heavily oversupplied market. […]
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Mobile network MTN [JSE:MTN] hasn’t yet asked South Africa’s department of telecommunications and postal services for help in regards to its multi-billion dollar fine in Nigeria. This was according to Minister Siyabonga Cwele in an interview with Fin24. MTN announced on October 26 that the Nigerian Communications Commission (NCC) had fined it $5.2bn for failing […]
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The House of Representatives is to open fresh investigation into the sale of the Nigerian Telecommunication Limited (NITEL) and its mobile subsidiary, Mobile Telecommunication (Mtel). The House said the process leading to the sale of the two national carriers for $252million to a consortium named NATCOM, was flawed. They also said the two national carriers […]
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The Nigeria naira, on Thursday, fell 1.22 per cent against the dollar on the unofficial market as 1,700 bureaux de change (BDC) operators failed to get dollar supply at the Central Bank of Nigeria (CBN) sale due to incomplete documentation. The naira was quoted at 246 against the dollar on the unofficial market, weaker than […]
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Owing to uncertainties in the nation’s business climate, the economic growth rate in the last one year has further declined by 182 per cent, the Lagos Chamber of Commerce and Industry (LCCI), has said. President of LCCI, Alhaji Remi Bello, stated this in Lagos on Thursday during the chamber’s Annual General Meeting, saying the last […]
Read More The management of the Nigerian Ports Authority (NPA) is set to lay off 5,000 tally clerks and onboard security men from the port sector before Christmas and New Year. However, the National Association of Stevedoring Companies (NASC) yesterday said that 10 stevedoring companies would be involved. Speaking on the development, the President of the association, […]
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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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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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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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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 […]
Read More 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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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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