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A total of $70 billion has so far been invested in Nigeria’s telecom industry

Investments in the Nigerian telecoms sector have reached $70 billion (about N25.2 trillion), the Nigerian Communications Commission has confirmed. The NCC’s Executive Vice Chairman/CEO, Prof Garba Dambatta,…

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CBN injected $11.81 billion in 3months to Stabilise naira

The Central Bank of Nigeria (CBN) injected the sum of US$11.81 billion in the first quarter (Q1) of 2019. This information is contained in the CBN Quarterly Economic Report which…

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CBN’s Emefiele charges private sector operators to improve economy

Governor Godwin Emefiele of the Central Bank of Nigeria (CBN), has charged private sector operators to look inwards and figure out how best to develop the country’s…

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Transportation receives fresh boost as FG okays $2.3 billion coastal rail project

The Federal Government has approved $2.3 billion for the construction of a rail line that will run across Nigeria’s coastal states. Chinese banks will provide…

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Sticky cost structure mars Nascon Allied Industries’ profit margins

Flattish Growth amidst Mixed Sales Performance: NASCON’s Q1:2019 financial result showed some marginal improvement as its revenue grew by 0.77% to N6.82 billion relative to N6.78bn…

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Nigeria lost N4.6 trillion due to non-implementation of Import duty portal – FG

Nigeria lost revenue worth N4.61 trillion in two years due to the non-implementation of the Import Duty Exemption Certificate portal. This disclosure was made by the…

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Veritas’ gross premium rises 40% in 2018 as insurance companies struggle

Veritas Kapital Assurance Plc has released its consolidated and separate financial statements for the financial year ended December 31, 2018. The report shows a 40% increase…

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Regulators streamline listing process in efforts to attract more firms to the NSE

In a bid to increase the number of quoted companies in the capital market, the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC), have disclosed their…

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Foreign investors are dumping more Nigerian stocks

The Nigerian Stock Exchange lost N41 billion in April as a result of the activities of foreign investors trying to recoup their investments. The figure represents a…

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Contractor gives date for the completion of the Lagos-Ibadan rail project

Mr. Jaceques Liao, the Executive Director of China Civil Engineering Construction Corporation, recently assured that the Lagos-Ibadan rail project that is currently ongoing will be completed…

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Dangote Cement Plc’s N50 billion Commercial Paper closes today

Dangote Cement Plc has announced that it will be raising N50 billion in the fifth, sixth, and seventh series of its N150 billion Commercial Paper (CP) programme….

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Total to refund $592 million to FG, as Reps consider probing NNPC/Chevron contract

Total Exploration and Production Nigeria (TEPNG) has been directed to refund $592 million to the Federal Government. The House of Representatives gave the directive after concluding investigations…

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Outsource Global Extends its BPO Service to Japan

The Africa Business Process Outsourcing industry got another boost as the leading player in that space, Outsource Global, recently announced their expansion into Japan. Speaking…

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NCC disburses N100 million to universities for ICT Research

The Nigerian Communications Commission (NCC) has disbursed over N100 million to some Nigerian Universities to carry out research in telecommunications and Information Communication Technology (ICT). The NCC’s…

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New report casts doubt over future funding for small businesses in Nigeria

Over $1 billion has been lost to Micro, Small, and Medium Enterprises-related corruption in the last five years, a new report has shown. Most of the corruption-prone…

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FAAC disburses N617 billion as South-South scoops highest allocation

The Federation Account Allocation Committee (FAAC) disbursed the sum of N617.57 billion to the three tiers of government in April 2019. This is according to…

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New Zamfara Governor-elect commends judiciary

The new Zamfara Governor-elect, Alhaji Bello Matawalle of the Peoples Democratic Party (PDP) has commended Nigeria’s judicial system for standing up to the truth in…

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AB InBev estimates total investments in its Sagamu brewery to be $400 million

Anheuser-Busch InBev (AB InBev), the parent company of International Breweries Plc, disclosed that the total investment the company has made in its new brewery in Sagamu, Nigeria,…

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FG calls on foreign investors to raise $140bn for infrastructure funding

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, has disclosed that the Federal Government is currently in search of foreign investors and financiers to fund…

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How Nigeria’s Air Peace lost N1.2bn trying to operate across Africa

Nigerian carrier, Air Peace, said it lost over N1.2 billion over the past year in the course of its flight operations into other West African countries….

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