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Meet Sarki Auwalu, new DPR Director

President Muhammadu Buhari has appointed Sarki Auwalu as a substantive Director for the Department of Petroleum Resources (DPR). In a statement signed by Femi Adesina, Special Adviser to the President on Media and Publicity, Auwalu, who has been a driving force of the DPR, joined the agency in 1998 as Principal Chemical Engineer would serve […]

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Universal Insurance obtains approval to raise capital

The management of Universal Insurance Plc has received approval from its shareholders to proceed with the plan to increase the capital base. With this development, there are chances that it could meet up with the insurance recapitalisation deadline. The company obtained the shareholders’ approval during its 49th Annual General Meeting, where it proposed to increase its […]

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FG, States, LGs’ to share N635.82 for November

The Federation Account Allocation Committee (FAAC) has allocated the sum of N635.82 billion to the Federal, States and Local Governments across the nation as revenue for the month of November. The allocation decreased from N702.05 billion that was shared in October and that represents N66.23 billion drop. Permanent Secretary, Ministry of Finance, Mahmoud Isa-Dutse, who […]

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NCC to issue new regulations on drone usage

The Nigerian Communications Commission (NCC) may soon issue new regulations to guide the use of spectrum for Unmanned Aerial Vehicles or drones in the country. This was disclosed during a stakeholders’ consultative forum on the regulation of drones held in Lagos. Executive Vice Chairman, NCC, Prof. Umar Danbatta, who was represented by the NCC’s Executive […]

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Nigeria’s top 10 agricultural exports attract N206.16 billion in 9-month

Nigeria’s agricultural export sector experienced strong growth from January to September 2019. The latest report released by the National Bureau of Statistics (NBS) shows that the nation’s top 10 agricultural exports attracted N206.16 billion by the end of September 2019.   According to the report, Nigeria’s top 10 agricultural exports rose by 14.1%, from N180.67 billion in the […]

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Grief Nigeria to delist from NSE

Greif Nigeria Plc has announced its plans to delist from the Nigerian Stock Exchange (NSE). The manufacturer of steel drums and plastic containers took the decision 11 months after it suspended its operation. Greif Nigeria’s intention was disclosed in a statement published on the website of the NSE. The decision has not been finalised as […]

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GTB, UBA, 8 other DMBs record N135.15 billion earnings from e-transactions

The adoption of electronic transactions for customers has earned Guaranty Trust Bank (GTB), United Bank of Africa (UBA), and other eight banks N135.15 billion earnings between January and September 2019. A look into the unaudited 2019 third-quarter reports of the banks, showed that their revenue from electronic transactions grew by 57% as against the N86.312 […]

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Atiku kicks as Buhari spends $3.7 billion in foreign debt service since 2015

The Buhari led government has spent about $3.7 billion in foreign debt service since 2015, one of the highest from any democratically elected government. The highest single-year foreign debt service was in 2006 at $1.79 billion. About 68% of Nigeria’s foreign-denominated debt servicing is in commercial Eurobonds issues over the last two years. The loans […]

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May & Baker signs deal to produce, sell Sanofi’s products in Nigeria, others

Pharmaceutical company, May & Baker Nigeria, has signed a partnership agreement with French pharmaceutical giant, Sanofi to produce four brands of the latter. The four Sanofi products, which would be manufactured by May & Baker Nigeria, will be sold in Nigeria and West African markets, a statement obtained by Nairametrics disclosed. The tablets include Flagyl tablets and Suspension and Tarivid tablets, anti-infective […]

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Petrol importation gulps N1.13 trillion in 2019

Nigeria spent a whopping N1.13 trillion on petrol importation between January and September 2019, latest report released by the National Bureau of Statistics (NBS) revealed. The report stated that Nigeria still largely imports petrol (known as Premium Motor Spirit) as the country’s refineries remain in a moribund state. Though, there is a huge decline in […]

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Nigerian lawyer pays N200 per night in uncompleted building to survive

A Nigerian lawyer identified as Adekunle Adigun has recounted how he regularly pays the sum of N200 to sleep at night in an uncompleted building in Lagos Island. This, according to him, is because of the Nigerian city’s accommodation problems. Speaking to Reuters in a special report that was sponsored by the Thomson Reuters Foundation, Adigun, […]

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Chipper Cash raises $6 million in new fundraising

African cross-border fintech, Chipper Cash has raised a $6 million seed round led by Deciens Capital. The development is to expand its footprint across the African continent, with the Southern African region marked as the next hunting ground. The San Francisco-based firm offers mobile-based, no fee, P2P payment services in six countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda […]

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Trans-Nationwide Express Plc appoints new Managing Director

Trans-Nationwide Express Plc has appointed Theodore Chikelu as its Managing Director and Chief Executive Officer. The company made this announcement in a notification signed by the Company Secretary, Adesua Akintemi and sent to the Nigerian Stock Exchange (NSE). The appointment reportedly took effect on December 12, 2019. Theodore Chikelu’s profile: Theodore Chikelu holds a bachelor’s degree (BSc)in Geography […]

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Probe: Auditors submit report on Ikeja Hotel’s financial operations

Chairman of Interim Board of Ikeja Hotel Plc, Anthony Idigbe, has announced that the auditors investigating the financial operations of the hotel have submitted their reports. Idigbe disclosed that the forensic auditors have submitted their reports seven months after the previous board was dissolved by the Securities and Exchange Commission (SEC). Why Ikeja Hotel is being probed: The […]

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Border closure: Senate to probe closure of Nigerian businesses in Ghana

The Nigerian Senate has directed its Committees on Foreign Affairs and Trade and Investment to investigate the alleged shutdown of Nigerian businesses in Ghana. The probe was initiated as the operation of about 600 businesses belonging to Nigerians were allegedly shut because of Nigeria’s stance to leave its land borders closed. The Senate instructed the […]