NAIJA BIZ

Roma on the verge of signing new deal with New Balance after premature termination with Nike

After terminating its contract with Nike, A.S. Roma is on the verge of signing a kit deal with New Balance. In July 16, 2020, top-flight Italian football club, Associazione Sportiva Roma, commonly known as A. S. Roma or Roma prematurely terminated their 10-year deal with American sportswear corporation, Nike. The multi-year deal was signed in […]

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Nigeria allocates N3.12 trillion to service debt in 2021, as fiscal quagmire undermines ambitious recovery

  The proposed FGN budget of N13.08trillion for the 2021 fiscal year tagged the “Budget of Economic Recovery and Resilience” was presented to the National Assembly on Thursday, October 8, 2020. The realization of the budget is expected to accelerate the pace of our economic recovery, promote economic diversification, enhance competitiveness and ensure social inclusion. […]

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CBN directs banks to confirm Swift transactions within 2 business days

  Sequel to increasing complaints by several bank customers over alleged high charges and exploitation by Nigerian banks, the Nigerian senate has taken a pragmatic step towards addressing the issue. In response to the perceived need of addressing the highlighted challenges capable of limiting the quest to achieve a financially inclusive economy, Senator Patrick Moro […]

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CBN introduces N250 billion stimulus package for gas investment to ease pain of fuel price increase

As part of the palliative following the sharp increase in the price in the pump price of petrol, the Central Bank of Nigeria (CBN) has introduced a N250 billion stimulus package under a National Gas Expansion Programme that it hopes will help stimulate investment in the gas value chain and spur its use in transportation […]

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CBN grants Greenwich Trust Limited operational license for merchant banking

The Central Bank of Nigeria (CBN) has upscaled Greenwich Trust Limited and granted it, operational license for merchant banking in the country. According to an official statement released by the firm, the entity would be known as Greenwich Merchant Bank Limited. This license allows Greenwich Merchant Bank to upscale and offer such diverse services as […]

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Nigeria will keep taking infrastructure loans to attract investments – Buhari

President Muhammadu Buhari has justified Nigeria’s rising debt profile to fund infrastructure, saying loan for infrastructure will make Nigeria an attractive place for foreign investors. Senior Special Assistant to the President, Garba Shehu disclosed that the President made this statement at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, […]

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Government publishes plans to sell PHCN properties

The Federal Government through the Nigeria Electricity Liability Management Company ( NELMCO), announced plans to sell off real estate belonging to the defunct PHCN. NELMCO disclosed earlier last week the first batch of properties to be sold, including older NEPA/PHCN offices, guest houses and other properties owned by PHCN before the Power Privatization scheme of […]

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Customers to pay for metering through cost of tariff – NERC

Commissioner for the Nigerian Electricity Regulatory Commission (NERC), Mr. Nathan Rogers Shatti, has said that Nigerian electricity customers won’t have to pay for meters in the new guidelines, as it would be covered through tariff costs, and customers who had paid for their own meters would be compensated. This was disclosed by the electricity regulator […]

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Nestlé S.A buys additional shares of Nestlé Nigeria worth N287 million

Nestlé S.A, Switzerland, the parent company of Nestlé Nigeria Plc, has increased its stake in the Nigerian subsidiary with the purchase of 229,697 additional units in the shares of the company. This was disclosed by the company in a notification sent to the Nigerian Stock Exchange, which was seen by Nairametrics. The purchase according to […]

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COVID-19: Africa’s recovery will need billions of dollars- IMF

The International Monetary Fund (IMF) has said that Africa will need hundreds of billions of dollars to deal with the economic fall out of the Coronavirus pandemic on continent’s economy.  This was announced by IMF’s Managing Director, Kristalina Georgieva and Abebe Aemro Selassie, Chief of African operations in a statement titled “Charting a Path for a Resilient Recovery in […]

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Despite billions on agriculture, food inflation up by 108% since 2015

Nigeria’s food inflation has more than doubled since August 2015, exactly 5 years after the Buhari Administration took charge of the Nigerian economy. This was determined by comparing the composite index for food inflation rate in August 2020 versus same period in 2015. The difference is a whopping 108% increase in inflation rate, in just […]

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Nigeria’s inflation rate hits 13.22% in August 2020, highest in 29 months

Nigeria’s Inflation rate rises to 13.22% in August 2020, highest recorded in 29 months since March 2018 (13.24%). This was contained in the recent Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS). The latest figure is 0.40% points higher than the rate recorded in July 2020 (12.82%). Food inflation stood […]

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FITC/NIBSS Cybersecurity conference: The need for a robust cybersecurity strategy

Stakeholders have underscored the need for a Robust Cyber Security strategy and Risk Management Financial Services Growth Cybersecurity risks, as e-fraud have continued to ravage global economies and businesses, with emerging market worst hit due to weak corporate governance and processes. To get more businesses and financial institutions to know more about the rising trend […]