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Business and Economy

Senate vows to unravel how N213bn Power Intervention Fund was disbursed …To hold public hearing on poor electricity supply

Senate President, Dr. Abubakar Bukola Saraki has urged the Senate Committee on Power, Steel Development and Metallurgy to conduct a public hearing into declining electricity generation in the country that currently stands at 3000 megawatts capacity. Also, the public hearing is expected to verify the claims and counter claims of …

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Petroleum Technology Association honours Shell, SNEPCo MD

The Petroleum Technology Association (PETAN) an association of indigenous technical oilfield service companies in the upstream and downstream sectors, honoured The Shell Petroleum Development Company of Nigeria Ltd (SPDC) with the Distinguished Achievement Award (Corporate) at their 2016 Oil Industry Awards Dinner this month in Lagos, the latest recognition of …

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Customs intercepts trucks loaded with foreign rice, cannabis, adulterated products

The Nigeria Customs Service, Federal Operations Unit Zone C Owerri has intercepted trucks loaded with smuggled foreign rice, adulterated petroleum products, cannabis among other prohibited items. Confirming the development at a media briefing, the Customs Area Controller, Mohammed Uba Garba said a trailer truck with registration number GBB 85 XA …

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Mining: Federal Government, South African Govt. endorse two-year work plan

The Minister of Mines and Steel Development, Dr Kayode Fayemi and his South African counterpart, Mr Mosebenzi Zwane (MP), on Tuesday endorsed a two-year work plan for the implementation of a Memorandum of Understanding (MoU) earlier reached between the two countries in the areas of mining, mineral processing and metallurgy. …

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Kano State govt. donates N500 Million to victims of Sabon Gari fire disaster; To build $1.85 billion light rail project

Kano state government has donated N500 million as assistance to victims of the fire outbreak that occurred early this year, at Sabon Gari market, in the state capital, the state governor, Dr. Abdullahi Umar Ganduje, has disclosed. He made this known in a speech during the signing of an agreement …

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Lagos residents benefit from NNPC/SNEPCo health outreach

Thousands of residents in Nigeria’s commercial capital, Lagos, benefitted from a health outreach organised by the NNPC and Shell Nigeria Exploration Production Company (SNEPCo), which offered free medical services and education at strategic areas in the mega city. The Health-in-Motion programme took the team of doctors and nurses to Lagos …

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Mercedes-Benz holds “Artificial Intelligence” future talk in Berlin

A major focus of the recently concluded Mercedes-Benz“Future Talk” was the integration of artificial intelligence in the field of mobility and the interaction of humans and machines.The Future Talk is a dialogue format successfully established by Mercedes-Benz in 2013. By exchanging ideas with vanguards from various disciplines, the brand shares …

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FirstBank drives economy via agricultural value chain …Partners Eventful Ltd. to inspire food business

First Bank of Nigeria Limited has reestablished its commitment to Nigeria’s economic diversification through sustained support for development of agricultural value chain across the country driven by the arts and entertainment. Nigeria’s most valuable bank brand, realizing that support for the agricultural value chain and by extension food, will enable …

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Banks must not charge double digit interest rates on intervention funds – CBN

Deposit money banks in Nigeria have been reminded once again that intervention funds of the Federal Government should not be lent to institutions on exploitative interest rates. Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, warned Participating Financial Institutions (PFIs) in the country against charging double-digit interest rates on intervention …

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Udoma briefs National Assembly on Economic Plan •… Assures new plan will not end up on the shelf

The National Assembly has been asked to join forces with the Executive and ensure that the National Economic Recovery and Growth Plan (NERGP) does not end up as another beautifully bound document meant for the shelves. Budget and National Planning Minister, Senator Udoma Udo Udoma, while briefing a select joint …

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FG appoints Transaction Parties for execution of Eurobond programme

The Minister of Finance, Mrs Kemi Adeosun on Wednesday at the Federal Executive Council (FEC) meeting presented a Memorandum seeking approval for the issuance of the USD1.00 Billion Eurobond in the International Capital Market (ICM) and the appointment of Transaction Parties responsible for the execution of the Programme. The Minister …

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