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Tag Archives: business

Sell Discos To New Investors, Elumelu Tells FG


The Chairman, United Bank for Africa Plc and Transnational Corporation Plc, Mr. Tony Elumelu, has asked the Federal Government to take another look at the power sector by wresting ownership from incompetent private operators and sell the firms to new owners who are capable of successfully running them. He made the call in Abuja on Tuesday at the ongoing 23rd Nigerian Economic Summit. Elumelu stated ... Read More »

Ministry Of Agric Embarks On Advocacy To Ensure Zero-Rejection Of Nigeria’s Exports


The Federal Ministry of Agriculture and Rural Development has embarked on aggressive nationwide advocacy to address the “culture of quality’’ in the agriculture sector. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, made this known in Lagos on Friday at the Advocacy on Agricultural Quality Control and Standardisation in the South-West. The minister, who was represented by Dr Vincent Isegbe, the Coordinating Director, ... Read More »

NBS Reveals Oil Barrels Nigeria Sold In 53 Years, Amount Realized


The National Bureau of Statistics (NBS) has disclosed that a total of 32.70 billion barrels of crude oil valued at N118.49 trillion were produced between 1961 and 2014. The highest barrels of crude production was recorded in 2005 with 918.66 million barrels valued at N6.14 billion, while the lowest was recorded in 1961 with 16.80 million barrels valued at N18.73 million. The NBS in its ... Read More »

Buhari Nominates Aishah Ahmad As New CBN Deputy Governor


President Muhammadu Buhari has forwarded the name of Mrs Aishah Ahmad to the Senate for confirmation as Deputy Governor of the Central Bank of Nigeria, CBN. Mrs Ahmad is expected to replace former CBN Deputy Governor, who retired early in the year. According to statement by Buhari’s Special Adviser on Media and Publicity, Femi Adesina, the president presented Mrs Ahmad’s name to the senate in ... Read More »

FG Releases N100bn Sukuk Bond Proceeds For 25 Road Projects


The Federal Government has released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects of the Federal Ministry of Power, Works and Housing across the country. Minister of Finance, Mrs. Kemi Adeosun, yesterday in Abuja, handed over the N100 billion proceeds cheque to the Minister of Power, Works and Housing, Mr. Babatunde Fashola.  Government had issued the debut Sovereign Sukuk ... Read More »

FG Plans 10 New Rail Lines


The Federal Government is currently carrying out feasibility studies on the construction of 10 new standard gauge rail lines across the country. According to the Nigerian Railway Corporation, the standard gauge rail lines will cover a travelling distance of over 3,421 kilometres when completed. It further stated that the various rail lines would pass through Lagos, Oyo, Osun, Ogun, Benin, Abuja, Kogi, Onitsha and Sokoto, ... Read More »

Naira Rebounds, Closes At 365/Dollar


nira The naira closed at 365 per United States dollar on Friday, up from 367/dollar as dollar supply continued to improve. The local currency has been trading between 367 and 369/dollar in recent weeks. Analysts said the local unit would continue to trade between 360/dollar and 370/dollar in coming months. They, however, said that the Central Bank of Nigeria’s policies on naira would determine the ... Read More »

Buhari Okays CBN’s Agric Initiative, Lists Achievements


CBN’s $504m forex offer steadies market ahead of holiday President Muhammadu Buhari yesterday, in his Independence Day broadcast, commended the premium initiative of the Central Bank of Nigeria (CBN)- Anchor Borrowers programme (ABP). He also took time to enumerate the programme’s successes, which he included in his administration’s achievement. Furthermore, the President said a new presidential initiative would soon start with each state of the ... Read More »

Four Banks Trading Below Minimum Liquidity Ratio – MPC Members


Four commercial banks in the country are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the Central Bank of Nigeria’s Monetary Policy Committee have said in statements on the bank’s website. The two MPC members, Dr. Doyin Salami and Prof. Balami Dahiru Hassan, did not name the lenders, but said the four banks ... Read More »

Low Oil Price Will Help Nigeria, Others – Dangote

aliko dangote

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has said low oil prices will help Nigeria to reduce its reliance on crude oil revenues. Dangote stated this at the UN General Assembly in New York on Tuesday, according to a statement from the African Press Organisation. Global oil benchmark, which fell from a high of $115 per barrel in mid-2014, has continued to hover around ... Read More »

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