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NCAA grounds Associated Aviation after Plane Crash

The Nigerian Civil Aviation Authority (NCAA) has suspended all operations of Associated Aviation , following the carrier’s Embaer 120 aircraft crash shortly after take off from the Murtala Muhammed Airport, Ikeja, Lagos on Thursday killing 13 persons on board. The grounding of operations of the airline is to pave way for on going probe into the cause of the crash. Answering questions from journalists at ... Read More »

NSE, SEC Fault Stockbrokers’ Bill

The Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC), yesterday faulted some sections of the proposed Chartered Institute of Securities and Investment Bill, 2013. The two agencies spoke at a one-day public hearing organised by the Senate Committee on Capital Market on a “Bill for an Act to Repeal and Enact the Chartered Institute of Stockbrokers (CIS) Act Cap. C9 LFN 2004” in ... Read More »

Reps Halt Sale of NITEL, MTel

The House of Representatives has asked the Federal Government to stop on-going liquidation process of the Nigerian Telecommunications Limited (NITEL) and its mobile arm, Mobile Telecommunications Limited (MTel). Instead of going on with the liquidation process, the lawmakers called for immediate technical and financial audit of the sick national carrier. The lawmakers are also pushing for a Public Private Partnership (PPP) alternative to outright liquidation ... Read More »

New Automative Policy: FG Ends Import Of Tokunbo Cars

The federal government has begun the phasing out of used cars (otherwise known as “tokunbo”) which may lead to the eventual stoppage of importation of used cars into the country. The move, which received the nod of the Federal Executive Council (FEC) yesterday, was contained in a new National Automotive Policy which was endorsed in a meeting chaired by President Goodluck Jonathan at the State ... Read More »

World Bank Approves $300m Credit For Nigeria’s New Mortgage Initiative

THE World Bank has approved a $300 International Development Assistance  (IDA) credit to Nigeria for affordable mortgages for middle-income and lower income families. The development was disclosed in a statement from the World Bank’s country office in Abuja. The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, had in April, at the Spring Meetings of the International Monetary Fund  (IMF) and ... Read More »

6 Shipping Firms To Benefit From N40bn Cabotage Fund

The Minister of Transport, Sen. Idris Umar, yesterday said six local shipping firms had met the recommendations and had been approved to access the nation’s Cabotage Vessels Financing Fund (CVFF), which was put at N40 billion as at June this year. The transport minister at an event to mark the world maritime day in Calabar, Cross River State capital, also disclosed in his keynote address ... Read More »

Nigerian Stock Market Extends Loss Streak by 0.16%

The Nigerian stock market on Tuesday extended its loss streak by 0.16 percent after the All Share Index (ASI) lost 60.39 points to close at 37,024.72 points from the preceding day’s 37,081.11 points. Snapshot of the market activities yesterday showed that stock market capitalisation dropped to N11.894trillion; while in 6,500 deals, equity dealers exchanged 268,848,997 shares valued at N3.491billion. Deals recorded in the shares of ... Read More »

CBN Sold $2.8bn to Stabilise Naira in September

Despite the pressure faced by the naira at other segments of the forex market in September, the traditional intervention of the Central Bank of Nigeria (CBN) at its regulated Wholesale Dutch Auction System (WDAS) during the month helped to stabilise the naira. However, from today, the WDAS will no longer exist following its suspension and the re-introduction of the Retail Dutch Auction System (RDAS) by ... Read More »

CBN Criminalises Unofficial Inflow Of Forex

In a swift move to save the naira and the Nigerian economy from external threats and dominance, the Central Bank of Nigeria (CBN) has banned importation of foreign currency. The ban, which was announced yesterday in Abuja, makes it illegal to import foreign currency into the country without the prior approval of the CBN. Also, the apex bank is commencing the Retail Dutch Auction System ... Read More »

CBN Bans Importation of Foreign Currency

The Central Bank of Nigeria (CBN) has banned the importation of all foreign currencies except with approval. This was contained in a statement signed by CBN Director of Corporate Communications, Mr Ugo Okoroafor, on Tuesday in Abuja. It said that the move was sequel to the Bank’s withdrawal of the operating licence of 20 Bureaux de Change (BDCs). The CBN alleged that the BDCs purchased ... Read More »

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