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French Investors Plan Low-cost Airline in Nigeria

The pioneer managing director of Arik Air, Alex Van Elk, has announced plans by French investors to float a low-cost airline in Nigeria. The Dutch-born international aviator said he was already mobilising French investors for that purpose. Although he would not disclose the name of the new airline for now, he promised that it would become operational in the next ten months. “We have made ... Read More »

Federally Collected Revenue Rose 8.3% to N1.05tr in July – CBN Report

Days after presenting the nation’s economic data for the second quarter of 2013, showing a deficit, after more money was spent than was earned for the period, the Central Bank of Nigeria (CBN), on Thursday presented the report for July, indicating a reduction from the deficit level anticipated in the budget for the period. The report showed estimated federally- collected revenue (gross) of N1.05 trillion, 11.1 ... Read More »

Nigeria Plans 200% Increase For $1.5 Billion Fish Market

Nigeria is poised to increase its fish production by 200 percent in the next 4 years, as it aims to meet its domestic consumption capacity of 2.66 million metric tonnes, says the country’s Agric Minister. According to Nigeria’s Agric Minister, Akinwumi Adesina, The country’s fish market – its 4th largest agricultural import – is presently worth $1.75 billion, but plans to raise that figure to $5 ... Read More »

Reps Asks Okonjo-Iweala To Release MDGs Fund

The House Committee Chairman on Millennium Development Goals (MDGs), Hon. Alhassan Doguwa has called on the Coordinating Minister of the Economy and Minister of Finance, Dr. Mrs. Ngozi Okonjo-Iweala to release funds for MDGs development programme, saying  Debt Relief Fund was statutory thus, its timely disbursement was imperative to achieving the MDGs by 2015. Speaking Wednesday at a Sensitization Workshop on 2013 Conditional Grant Scheme ... Read More »

FG Denies Importing 53 Gold-Plated iPhones

The Federal Government has debunked a claim by a foreign newspaper outfit that the Jonathan administration ordered 53 gold-plated iPhones to be distributed to individuals during the Nation’s 53rd Independence anniversary celebration. According to statement by the Press secreatary to the Minister of Information, Joseph Metuh, the story in question is totally false. “The attention of the Federal Ministry of Information has been drawn to ... Read More »

PHCN Ceases To Exist In Few Weeks – Nebo

The federal government yesterday said  that the Power Holding Company of Nigeria (PHCN) will formally cease to exist once the proposed Transitional Electrical Market (TEM) is declared in few weeks time. Minister of Power Prof. Chinedu Nebo disclosed this in Abuja  after the inauguration of a 10-man management team of the newly created Electricity Management Services Limited (EMS). While expressing optimism that the formal handover ... Read More »

CAC To Delist 45,000 Dormant Companies

About 45,000 companies that defaulted in the filing of Annual Returns to the Corporate Affairs Commission (CAC)   since incorporation despite several reminders would soon be struck off from the Commission’s register. This was announced by the Registrar-General of the Commission, Alhaji Bello Mahmud, while presenting the Commission’s report to the Annual General Conference of the Nigerian Bar Association (NBA) in Calabar, Cross River State. He  ... Read More »

Nigeria Installs Seven X-Ray Scanners At Lagos International Airport

The Federal Airports Authority of Nigeria (FAAN) has installed seven new X-ray scanning machines at Murtala Muhammed International Airport (MMIA), Lagos, Yakubu Dati, General Manager, Corporate Communications, has said. Addressing a news conference on Tuesday in Lagos, Mr. Datti said that five of the equipment were installed at the cargo basement of the international terminal. He said that one was installed at the Hajj and ... Read More »

FG Stops NAICOM’s Budget, Suspends New Insurance Licences

President Goodluck Jonathan’s administration has wielded the big stick against the insurance sub-sector as it suspended issuance of new licences for insurance companies and stopped budgetary allocations to National Insurance Commission, NAICOM, the regulatory body of the sub-sector. Minister of State for Finance, Dr. Yerima Ngama, announced the decisions at the inauguration of the new board of NAICOM in Abuja, yesterday. Dr. Ngama said that ... Read More »

IPMAN Condemns Pipeline Vandalism

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has condemned the activities of the pipeline vandals and crude oil thieves, which have been a great challenge for optimal output from the refineries. IPMAN also commended the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke for the stability and growth in the petroleum sector. The IPMAN National Secretary, Mr Mike Osatuyi, said this at a meeting of ... Read More »

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