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Nigeria’s currency stability persists at the expense of external reserves

The Naira has continued to remain stable in the foreign exchange (forex) market, even as the nation’s external reserves recorded the tenth weekly decline in the just concluded week after its July high. The reserves, which stood at $47.79 billion as at July 5, dropped to $45.23 billion as at September…

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Nigerian Government moves to revoke licences of oil companies

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that the Federal Government will from 2019 commence the revocation of the licences of oil companies that fail to stop gas flaring in their operations in the country. According to the News Agency of Nigeria, NAN, Kachikwu made…

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Okonjo-Iweala raises concern over rising debt profile of African countries

The Former Minister of Finance, Ngozi Okonjo-Iweala has raised concern over the rising debt profile of African countries including Nigeria. In a piece published on Financial Times, Iweala said despite the fact that African countries need China to embrace a low carbon-future, the continent’s rising debt profile is real. As African countries continue…

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Corporate News Roundup: CBN’s sledge hammer fell on Skye Bank

Welcome to Corporate News roundup for the week ended August 24, 2018. Corporate News roundup is a weekly roundup of corporate news and action that took place the previous. We begin with news of a surprise takeover of Skye Bank by the CBN. The CBN announced that it has revoked the…

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Billionaire tax defaulters remit N12.66 billion to government coffers

The Executive Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler has disclosed that in less than a month the agency commenced its substitution of accounts of recalcitrant billionaires who have not been paying commensurate taxes, N12.66 billion has been collected as tax. Acording to Nairametrics,  Fowler made this known when he received the…

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LADOL defends action on Samsung sublease termination

The management of Global Resources Management Limited (GRML), a subsidiary of Lagos Deep Offshore Logistics (LADOL) has shed light on the reason why it ejected Samsung Heavy Industries (SHI) Nigeria Limited from the LADOL Free Zone in Lagos. In a release by the company’s legal adviser, Prof. Fidelis Oditah (SAN)…

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What we’ve learnt so far from Jim Ovia’s Africa Rise And Shine

What do you do when there is a new book written by one of Africa’s most successful businessmen? Well here is what; you get a copy as soon as possible and read it! That is exactly what we at did after last week’s successful launch of Africa Rise And Shine by…

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Ellah Lakes Plc, a company struggling to feed Nigerians with fish

It is a known fact that Nigerians eat a lot of fish. Much like it is the case in many parts of the world, fish is a staple, often used for the preparation of pepper soup, fish stew, and even soul food. Due to the high rate of fish consumption…

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Nigeria’s economic problems are self-inflicted – Moghalu

Acording to Nairametrics, One of Nigeria’s presidential aspirant, Kingsley Moghalu has lamented the multiple exchange rates Nigeria operates. In an explosive interview with Bloomberg, Moghalu said the multiple exchange rates has created chances for lack of transparency which he said has been one of his major concerns. In the course of…

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Meet Silas Adekunle, the highest paid robotic engineer in the world

Silas Adekunle is no doubt a good ambassador of Nigeria. Having being announced as the highest paid robotic engineer in the world, he has since become a subject of discussion in and outside the shores of the country. The British-Nigerian is undoubtedly a pride everyone want to associate with. A glimpse…

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CBN gives reasons for revoking Skye Bank’s License

More facts have emerged as to why the Central Bank of Nigeria (CBN) revoked the operating license of the now-defunct Skye Bank Plc. In a press release issued this evening, it noted that the result of its examinations and forensic audit of the bank revealed that the bank required urgent recapitalization, as…

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See what Nigerians are saying about the new Polaris Bank

The recent revocation of the license of Skye Bank by the Central Bank of Nigeria (CBN) has continued to generate divergent reactions from Nigerians. The Apex bank yesterday announced the establishment of a bridge bank, Polaris Bank, to take over activities of the now defunct Skye Bank. Before we give you…

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CBN takes over Skye Bank, announces a new name

The Central Bank of Nigeria (CBN) has revoked the operating license of Skye Bank Plc with immediate effect. Governor of Central Bank, Godwin Emefiele, disclosed this during a press briefing in Lagos on Friday. He said that Skye Bank would now be known as Polaris Bank, and AMCON would take over…

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FG seeks to crash price of locally produced rice

In order to tackle the steady increment in the price of local rice in Nigeria, the Minister of Agriculture and Rural Development, Chief Audu Ogbeh has called on farmers to make local rice more affordable to Nigerians. During a meeting with rice farmers, millers and processors, the Minister said it became…

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Police recover $470.5 million belonging to NNPC’s Brass LNG

The Nigerian Police Force announced it has traced $470.5 million belonging to NNPC Brass LNG squirrelled away in some accounts in some commercial banks in Nigeria. The police also said they traced another N8.8 billion, belonging to the same project in the banks. According to the police, the money was recovered…

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NNPC records 46% surge in trading surplus

The Nigerian National Petroleum Corporation (NNPC) has consolidated on its operational performance with a trading surplus of ₦17.16 billion in the month of April 2018. Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, disclosed this in a statement, said this was part of the highlight of the corporation’s…

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Italian Court jails Nigerian, one other over Malabu oil deal

An Italian Judge has sentenced two middlemen found guilty of corruption offences relating to Shell and Eni’s 2011 deal for one of Nigeria’s most promising oil licenses. The two middlemen Emeka Obi, a Nigerian and Gianluca Di Nardo have been sentenced to four years jail time and confiscations of over…

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Lagos remains the state with the highest debt profile

The National Bureau of Statistics (NBS) has released the Nigerian Domestic and Foreign Debt report for the second quarter of 2018. The report which analyses Nigeria’s total debt stock as at the end of June 2018 shows that Nigeria’s total debt stock (36 States and Federal Government debt) stood at $73.21…

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NEXIM Bank to raise N37 billion to boost agriculture

In order to boost exportation of agricultural products, the Nigeria Export-Import Bank (NEXIM) has disclosed its intention to raise N37 billion for Nigeria’s 36 states and the Federal Capital Territory (FCT). The Bank’s Managing Director, Abubakar Bello who made the disclosure, said the fund is to encourage the development of agriculture. According…

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Mobile data in Nigeria among Africa’s cheapest

A Report by Ecobank has cited the high cost of data across the continent as a stumbling block to digital innovation in Sub-Saharan Africa (SSA). The report which was released this month highlights the rapid growth of mobile phone technology in Africa but also emphasises on the high cost of…

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