Chidi Samuel || The Senate has given the Nigerian National Petroleum Corporation (NNPC) seven day to bring to an end the lingering fuel crisis in the country. The Senate gave the order in response to the presentation by the NNPC Group Managing Director, Dr. Maikanti Baru, before the Joint National Assembly Committee on Petroleum Downstream…
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Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia. Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 dollars a barrel at 0102…
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Oando Plc on Monday said it has signed a peace accord with one of the aggrieved shareholders, Alhaji Dahiru Mangal, who earlier petitioned the Securities and Exchange Commission (SEC). Mr. Ayotola Jagun, Oando Chief Compliance Officer & Company Secretary said that the Emir of Kano, Muhammadu Sanusi II, waded into the crises between the company…
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Ebun Francis || 16 million Nigerians out of a total active labour force of 85.08 million were unemployed in the third quarter of 2017, the National Bureau of Statistics, NBS, said on Monday in a report. This report on Labour Force Statistics in the third quarter of 2017 said the category of unemployed persons comprised…
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The Central Bank of Nigeria (CBN) has boosted the inter-bank Foreign Exchange Market with the sum of $210million, to meet customers’ requests in various segments of the market. In its quest to meet the customers’ needs in the sundry segments of the market, the CBN offered $100million to authorized dealers in the wholesale segment of…
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The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has stepped in to douse fears over to the inability of the Central Bank of Nigeria (CBN) to hold January 2018 Monetary Policy Committee (MPC) meeting due to lack of statutory quorum as specified in the CBN Act 2007. This development has arisen from non-confirmation…
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The Central Bank of Nigeria (CBN) will retain all monetary policy rates after its monetary policy committee could not hold its first meeting in 2018, according to a statement signed by Mr. Godwin Emefiale. The meeting, which was scheduled to hold on January 22 and 23, could not hold after the Senate refused to approve…
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The Seaport Terminal Operators Association of Nigeria (STOAN) has expressed optimism over the lingering Apapa traffic logjam which it hoped will reduce before the end of January 2018 as a result of decline in importation activities. STOAN Chairman, Princess Vicky Haastrup said the reduction of the gridlock is not because any significant measure has been…
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After several years of fruitless efforts to participate in the lucrative Nigeria’s crude oil affreightment, the hapless indigenous shipowners may now heave a sigh of relief as the hitherto recalcitrant Nigeria National Petroleum Corporation(NNPC) may have finally agreed to give them a window of opportunity to participate in the exercise. The shift in its hitherto…
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Aliko Dangote, the President and Chief Executive of the Dangote Group, has said the deadly conflict between suspected herdsmen and farmers in parts of Nigeria is as a result of the country’s increasing unemployment rate. The richest man in Africa stated this on Tuesday in an interview with Channels Television. Dangote said, “If there are…
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The National Bureau of Statistics (NBS) says inflation rate, measured by the Consumer Price Index (CPI), further dropped to 15.37 per cent in December 2017 from 15.90 per cent recorded in November of the same year. The NBS disclosed this in its CPI report for December 2017 released on Tuesday in Abuja. The CPI, which…
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About 577 officers of the Nigeria Customs Service would soon be weeded out of the service on accout of age and the mandatory years of service. According to the circular erroneously dated 27 January 2017 and titled CIRCULAR NO/HRD/2017/003-LIST OF OFFICERS/MEN FOR STATUTORY RETIREMENT IN YEAR 2018 and signed by Sulaiman, M.S.J, Comptroller Establishments on…
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The management team of Nigerian Ports Authority(NPA) has continued to maintain sealed lips over the allegation of secret recruitment of staff it carried out last year, thus defiling all entreaties by some agitating workers and stakeholders to extract official position of the agency on the vex issue. It was gathered that the agency conducted a…
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As the dare-devil smugglers are having a field day on the inland waterways where they carry out their nefarious activities with little checks from the Nigeria Customs Service, the two specialized security patrol boats acquired at over $100m (N16.300billion) by the Service more than three years ago are currently rotting away at the Marina jetty,…
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The Central Bank of Nigeria (CBN) has injected another sum of $210million into the inter-bank Foreign Exchange Market, to meet customers’ requests in various segments of the market. Figures obtained from the Bank on Monday, January 15, 2018, indicate that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while…
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In its first Retail Secondary Market Intervention Sales (SMIS) for the year, the Central Bank of Nigeria (CBN) on Friday, January 12, 2018, intervened in the inter-bank Foreign Exchange Market with the total sum of $262,500,000. Data received from the CBN on Friday revealed that the sum was in favour of the agricultural, airlines, petroleum…
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The Court of Appeal in Lagos on Friday upheld the order of interim forfeiture of the sum of $5, 842, 316.66 and N2, 421, 953, 522.78 traced to the accounts Mrs. Patience, wife of former President Goodluck Jonathan. Justice Justice Mojisola Olatoregun of the Federal High Court, Ikoyi, Lagos, had, on April 26, 2017, granted…
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Buoyed by rising stock markets and commodity prices, Africa’s billionaires are collectively wealthier than a year ago. The 23 billionaires that Forbes found in Africa – up from 21 billionaires last year — are worth a combined $75.4 billion, compared to $70 billion in January 2017. The richest African, for the seventh year in a…
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The Nigeria Customs Service has disclosed the driving force behind its unprecedented collection of the 2017 revenue which stands at N1,037,102,179,400.58 as at December 31st, 2017. Still basking in the euphoria of the huge collection amidst the economy that is slowly getting out of recession, Comptroller-General of Customs, Col.(rtd) Hammed Ali, declared that the feat…
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The Nigerian Ports Authority (NPA) may have taken to a higher notch the pervasive impunity and utter disregard for constituted authority among government agencies over the controversial contract award of 100 navigational buoys at the ports. For six years running, NPA has consistently flouted the presidential directive to acquire, through public procurement order, 100 buoys…
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