Nigeria’s unending resort to local and foreign borrowings to fund budget deficits and infrastructural projects has been of concern to the Nigerian public in recent times. Some stakeholders have expressed concern that the borrowings by both the Federal Government and state governments, if unchecked, could create an avoidable debt...
BUSINESS
The Association of Bureaux Des Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to float the Naira to halt its further depreciation. The President of ABCON, Alhaji Aminu Gwadabe, made the appeal on Saturday in an interview with the News Agency of Nigeria (NAN)...
By JOY ADARA, Abuja – Emirates Airlines has resolved to reduce its flight operations to Nigeria due to its inability to repatriate about $85 million in revenue. The Emirates noted that its flights would be reduced from 11 per week to seven at the Murtala Muhammed International Airport (MMIA)....
The Nigerian Communication Commission (NCC) has decried theft and vandalism of telecommunication infrastructure across the country. Its Chairman, Prof. Adeolu Akande, made this known on Friday at the inauguration of Village Square Dialogue in Ibadan. The News Agency of Nigeria (NAN) reports that the Village Square Dialogue is an...
FBN Holdings Plc has announced its unaudited results for the half year ended June 30, 2022 with a gross earnings of N359.2 billion. The company stated this in a statement on Friday in Lagos. The gross earnings indicated an increase of 22.4 per cent when compared with N293.4 billion...
President Muhammadu Buhari has approved the designation of Lekki Deep Seaport as a Customs Port and Approved Wharf. This is contained in the official Twitter handle of the Nigerian Ports Authority (NPA) on Friday. It stated that the Managing Director, Mr Mohammed Bello-Koko, in a letter through the Ministry...
By TENEBE ANTHONIA, Lagos – Debt Management Office (DMO) has leveraged the Closing Gong ceremony of Nigerian Exchange Limited (NGX) to commemorate the listing of a Triple-Tranche $4billion Eurobonds, $1.25billion Eurobonds and the N250billion Sukuk on the Exchange. The event which took place on Thursday, 28 July 2022, featured...
In the face of rising demand for foreign exchange for both goods and services by Nigerians, the Central Bank of Nigeria (CBN) has advised Nigerians to resist the urge of succumbing to the speculative activities of some players in the foreign exchange market. Speaking with newsmen in Abuja on...
African energy giants Algeria, Nigeria and Niger signed a memorandum of understanding Thursday on a vast gas pipeline project offering Europe potential future alternatives to Russian supplies. The Trans-Saharan Gas Pipeline (TSGP) would transport billions of cubic metres of gas some 4,128 kilometres (2,565 miles) from Nigeria in West...
The Chief Operating Officer (COO), Ibom Air, Mr George Uriesi, said domestic airlines lose at least N4.3 billion annually due to their inability to operate 24 hours flights daily to the airports of their choice. Uriesi made this known while speaking at the 26th Annual Conference of the League...
9mobile has restated commitment to enabling growth of Nigerian businesses and fostering inter-sectoral collaboration to further boost economic development in Nigeria. Chief Financial Officer, 9mobile, Phillips Oki, who represented the CEO of 9mobile, Juergen Peschel, gave the assurance on Thursday when he led the company’s management team on a...
Oando Plc, AA Rano, Sahara Energy Resources, Hyde have all denied involvement in fuel subsidy payments before the House of Representatives ad hoc committee investigating subsidy regime. The oil companies said they only lifted crude oil and we’re not part of subsidy payment by the Nigerian National Petroleum Company...
By SADIQ ABUBAKAR, Maiduguri – Governor Babagana Zulum of Borno State has doled out the sum of five million naira to support the innovative skills of a talented almajiri, Laminu Mohammed, who fabricated a manual-push farming plough machine for tilling and ploughing farmlands. Zulum, a professor of irrigation farming,...
The Nigeria Export Processing Zones Authority (NEPZA) and the Federal Inland Revenue Service (FIRS) have agreed to adjust some sections of the recently signed Memorandum of Understanding (MoU) on effective tax administration, to accommodate some salient concerns. The News Agency of Nigeria (NAN) reports that the agencies on June...
The Nigerian Maritime Administration and Safety Agency (NIMASA) has urged the Nigeria Liquefied Natural Gas (NLNG) to consider the Nigerian Flag as first option for its vessels. The Director-General of NIMASA, Dr Bashir Jamoh, made the appeal in a statement on Wednesday in Lagos. Jamoh said this during a...
The Senate on Wednesday at plenary resolved to invite the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to educate and inform senators in a closed session on the reasons for the rapid depreciation of the value of the naira. It also mandated the Senate Committee on...
The Federal Capital Territory Internal Revenue Service (FCT-IRS), on Tuesday in Abuja warned FCT residents who do not file tax returns to do so or face sanctions. Mr Haruna Abdullahi, the Acting Executive Chairman of FCT-IRS, who gave the warning at a tax seminar with the theme; “Reviving the...
Cassava seed producers have raised concerns over their inability to access loans and insurance cover to hedge against risks. They spoke at the second edition of the cassava seed business summit organized by the Building an Economically Sustainable and Integrated Cassava Seed System, Phase 2 (BASICS-II) project of the...
BUA Cement says it is in discussion with the International Finance Corporation (IFC) to obtain a loan for expansion of its integrated cement plant in Kalambaina, Sokoto State. The cement company disclosed this in a statement signed by Hauwa Garba Satomi, the Deputy Company Secretary and obtained from the...
It was a moment of joy for stakeholders in the oil and gas industry as President Muhammadu Buhari unveiled the new Nigerian National Petroleum Company Limited (NNPC Ltd.) on July 19. Following the unveiling, the NNPC became fully commercialised and transited into a limited liability company. There are some...