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How Nigerians took the news of the Instagram outage

Nigerians on social media were lamenting a brief outage in popular social media platform, Instagram. Down detector, a popular website also confirmed the outage. The app displayed could not refresh feed, but the errors have since been rectified. The outage affected several countries. #instagramdown This is how some people feel…

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BoI offers $1.5 billion to manufacturers, other economic players

The Bank of Industry (BoI) has offered $750 million from international banks and N800 million from the Nigerian Content Board to manufacturers that operate within the country. B0I’s Managing Director, Kayode Pitan who made the disclosure, said the Development Finance Institution offered the fund to support emerging industries, such as the creative…

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Dangote Refinery’s major competition has been identified

Long before the 2020 date that has been set for Dangote Refinery’s commencement of operation, its major competitors have been identified. Interestingly, the competitors are not some major refineries owned by some of the world’s biggest energy companies. Instead, they are modular refineries. A recent Bloomberg analysis described the Government-backed modular…

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FG announces increment on gas flare penalty

In a gazetted Gas Flare (Prevention of Waste and Pollution) Regulations 2018, released by Nigeria’s Federal Ministry of Petroleum Resources, the Federal Government has announced the increment of gas flaring penalty from N10 per 1,000 Standard Cubic Feet (SCF) to $2 per 1,000 SCF of the commodity flared. At the current…

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Hilton launches second Nigerian hotel as Radisson and others scramble for Africa

Hilton Worldwide Holdings Inc., operators of the popular and luxury global hospitality group Hilton Hotels, has opened a new hotel at the Murtala Muhammed International Airport (MMIA), Lagos. The new establishment, which is named Legend Lagos Airport Hotel, is Hilton’s first presence in Lagos and the second in the whole of Nigeria….

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Pan Ocean’s gas pipeline project gets 2019 deadline

Pan Ocean Nigeria Limited, a major player in the oil and gas sector, has announced that its Amukpe-Escravos Pipeline Project will start delivering value in 2019. The gas pipeline project which was jointly initiated by the NNPC and the company upon completion will boost the capacity of crude oil producers to…

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Main reason Dangote Sugar Refinery CEO may step down soon

Group Managing Director (GMD) of Dangote Sugar Refinery, Abdullahi Sule, may resign his appointment soon. Sule has obtained the gubernatorial ticket of the ruling All Progressives Congress (APC) for Nasarawa State.  Incumbent Governor Tanko Al Makura, will be rounding off his second term next year. The GMD joins the likes of…

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Nigerian cargoes struggle for buyers as oil prices hit $84

The Nigerian crude struggled to find buyers as Nigerian cargoes were slow with an overhang of close to 20 unsold cargoes from the 58-strong October loading programme, while the November programme, the largest in six months, had seen fairly muted demand so far. This is just as the price of…

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Manufacturers Association makes moves to position Nigerian goods

The newly-elected President of the Manufacturers Association of Nigeria (MAN), Mr Ahmed Mansur, has spoken about the Association’s plans to present a compendium of local manufacturers to the Federal Government. This will serve as a guide to all Government procurement activities, and by extension avail Nigerians the opportunity to easily access…

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MTN Nigeria to consider new means of trading shares

The Chief Financial Officer (CFO), MTN Nigeria, Ralph Mupita has made known the telco’s plan to explore other means of trading its shares aside from being a listed company on the Nigerian Stock Exchange (NSE). Though the decision is yet to be finalised. Mupita maintained that the new share unbundling idea is…

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Oil prices rise towards $90, Asia stocks slip

Asian stocks fell on Tuesday as the lift from an agreement that saved the North American free trade deal faded, with cautious views on the global economy curbing risk sentiment. In commodities, U.S. crude futures were up 0.4 percent at 75.60 dollars a barrel. Crude contracts surged nearly three per cent…

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FG suspends Recapitalisation of insurance sector

Barely two weeks after Justice Muslim Hassan of a Federal High Court in Lagos ordered the National Insurance Commission (NAICOM) to put a hold on the implementation of the proposed minimum solvency capital policy which was scheduled to start from September 14, 2018, the Federal Government has suspended the implementation of…

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SEC partners FSD Africa to boost investors’ confidence

The Securities and Exchange Commission (SEC) and FSD Africa have concluded a £450,000deal. The deal which was concluded over the weekend will strengthen the regulatory structure and investment protection function of the SEC. British Deputy High Commissioner, Laure Beaufils, during the signing, said for the country’s capital market to attract the…

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PMB’s Independence Speech: Facts or Fiction?

President Muhammadu Buhari in his independence day broadcast highlighted his administration’s achievements regarding the economy. In reality, not much has changed over the last few years. Here are key points from the speech, and the actual situation of things: We are diversifying away from reliance on oil to increased manufacturing capacity,…

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Diamond Bank confirms it controls 40% of USSD transaction volume

Diamond Bank Plc has revealed that it currently controls 40 percent of the volume of Unstructured Supplementary Service Data (USSD) transaction in the banking sector. Alex Alozie, Head of Operations, Diamond Bank revealed that the bank has over 10 million retail customers across the country. In his words: “As at today,…

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Forbes International gives oil tycoon, Benedict Peters, Oil and Gas Leader of the Year Award

The Forbes Media international has given oil tycoon and founder of Aiteo Group, Benedict Peters the Africa’s Oil and Gas Leader of the Year award. nternational Recognition: Mike Perlis, CEO and Vice-Chairman of Forbes Media (L), presenting the Africa’s Oil and Gas Leader of the Year Award won by Benedict…

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October 1st: How companies are celebrating Nigeria’s Independence

Today is October 1st, a special day in Nigeria’s history because it is the day the country gained independence from Great  Britain. Already, President Muhammadu Buhari has addressed the nation with his message of hope, speaking about good times ahead even as efforts are being made to revamp every aspect of the…

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Focus on Notore Chemical Industries Plc’s commitment to Africa’s food security

Food is man’s most important need, a fact that has long been established as many nations of the world have taken numerous measures towards ensuring food security. Unfortunately, Africa continues to lag behind in this quest to ensure constant availability of food. There is, however, a company in Nigeria that is playing a…

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Nigerian Labour Congress (NLC) suspends strike

The Nigerian Labour Congress (NLC) has suspended its strike. National President of the Congress Ayuba Wabba, disclosed this at a press briefing in Abuja. According to him, the decision was taken to enable the committee mandated to set the wage, reconvene on October 4. The union had earlier given the…

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Jumia aims for bigger share in flight booking

E commerce operator Jumia has announced a partnership with travel technology firm Amadeus. Under the terms of the deal, Amadeus will provide a mobile booking platform. Jumia, which began offering flight booking services in 2017, has seen over 400% growth in the last one year. Data from the Nigerian Bureau…

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