Business and Economy

  The Federal Government has urged operators in the mining sector to collaborate with state governments and the host communities in order to ensure that revenues accruing from mining activities are in consonance with government’s overall diversification plans. The Minister of Mines and Steel Development, Dr. Kayode Fayemi, called for …

 Leading insurance company, Mutual Benefits Assurance Plc, has reassured that it has zero tolerance for fraud and would do everything to ensure the safety of customers’ funds and investments. Reacting to an online publication that alleged unethical practices going on in    the company, a statement by Ellen Offo, Head, Corporate …

Perhaps at no time in the history of Nigeria has the Federal Government come under such intense pressure to deliver on the economy as now, and this is understandable. 2016 closed with Nigeria recording its worst GDP figure in 25 years as low oil prices, tight monetary liquidity and militant …

The Central Bank of Nigeria, CBN, has risen from its Monetary Policy Committee meeting with the decision to retain the MPR at 14 per cent; retain the CRR at 22.5 per cent; retain the Liquidity Ratio at 30.00 per cent; and retain the Asymmetric corridor at +200 and -500 basis …

  Governor Aminu Waziri Tambuwal has given approval for the recruitment of additional extension workers to increase manpower and expertise in the wheat value chain in Sokoto state. Those to be employed are university graduates and holders of national diploma in agricultural science, agric-economy, crop science and related disciplines. Making …

  The Minister of Finance has deemed it necessary to address the issue of Paris Club refunds and wishes to assure the public that the Federal Government has consistently complied with all extant rules and regulations in the disbursement of the Paris Club refunds to State Governments. The Federal Government’s …

   The Central Bank of Nigeria (CBN) on Monday, March 20, 2017 offered a total of $180 million to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances valued at $80 million, through the inter-bank window. Confirming the figures, the Acting …

 Expression of interest by prospective investors in the country’s bitumen project would commence within the next three months, the Minister of Mines and Steel Development, Dr Kayode Fayemi has disclosed. Speaking in Abeokuta, Ogun state Capital during his tour of mining sites in the state at the weekend, Dr Fayemi …

  Works, Housing and Power Minister, Mr. Babatunde Fashola has assured that the Federal Government has begun the process of repayment of all debts owed State Governments as a result of reconstruction and rehabilitation of roads in various states of the federation. The Minister stated this at the Government House, …

The Federal Government has commenced moves aimed at making it an offence for anyone to take unprocessed minerals out of the country. The Minister of Mines and Steel Development, Dr Kayode Fayemi disclosed this in Lagos on Thursday at a Town Hall meeting with Stakeholders in the mining Sector. The …

CHINEDU WOSU, YENAGOA Bayelsa State Commissioner for Local Government Administration, Pastor Agatha Goma has  directed Council Chairmen to deploy the Paris Club loan refunds to pay full salaries of workers. It will be recalled that Bayelsa government in December got a refund of N14 billion from the Paris club refunds …

Nigeria LNG Limited’s (NLNG)shipping operation is relying on the strategic deployment of skills and technology to power its transformation into a global maritime industry leader. This view was expressed by Captain Temilola Okesanjo, the company’s General Manager Shipping while delivering a presentation titled- NLNG- Global player in the Chartering Market, …

The efforts of  the Professor Ben Ayade-led administration in Cross River State to industrialise the state got a major boost with a Chinese firm, China Jiangxi Corporation for International Economic and Technical Cooperation, announcing its plans to locate its Nigerian headquarters in Calabar. The firm also indicated a strong interest …

   The Central Bank of Nigeria (CBN) says it has offered and received bids for $100 million from authorized dealers in the interbank market to meet the requests of genuine customers. The CBN spokesman, Isaac Okorafor, disclosed this on Thursday, March 16, 2017, adding that the sales will be settled …

The Niger Delta Development Commission, NDDC, will hold an investigative hearing to unravel cases of allegations of corruption and racketeering concerning the Commission. At a meeting of the Management Committee of the Commission in Port Harcourt, the Managing Director/CEO, Nsima U. Ekere, declared that “it was imperative and urgent for …

The Economic and Financial Crimes Commission, EFCC, on Thursday, March 16, 2017 arraigned Andrew Yakubu, a former Group Managing Director, GMD, Nigerian National Petroleum Corporation, NNPC, before Justice A. R. Mohammed of the Federal High Court, Abuja on a six-count charge bordering on money laundering, non-disclosure of assets and fraud. …

The Federal Government has reassured Nigerians that it has both the political will and execution capacity to drive the implementation of the recently released Economic Recovery and Growth Plan (ERGP), to achieve the desired objectives. The assurance follows apprehensions in some quarters that Nigeria’s challenge has never been that of …

The Nigerian Institute of Quantity Surveyors (NIQS) has appointed Mr. Danladi Mohammed Ndayebo as its new Executive Secretary. This is contained in a statement issued in Abuja by the President of the Institute, Mrs. Mercy Torkwase Iyortyer. According to the statement, Ndayebo’s appointment, which is for a term of four …

The Minister of Mines and Steel Development, Dr Kayode Fayemi has said that the ministry would commit part of the N30 billion Mining Intervention Fund to support local operators in the country in a bid to assist them scale up their operations and bridge importation gap. The Minister stated this …

The Nigeria Customs Service, NCS, has announced suspension of the planned motor duty payment which has pitched it against the National Assembly which summoned the Comptroller General, Col. Hameed Ali (Rtd) to appear before it. A statement by Joseph Attah, Ag. Public Relations Officer NCS said that  the suspension was …

The support of the National Assembly is very critical to the successful implementation of the Economic Recovery and Growth Plan (ERGP), the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has told members of the House of Representatives Tactical Committee on Recession. Members of the Committee were at …

As anticipated last weekend, the Central Bank of Nigeria (CBN) on Tuesday, March 14, 2017, sustained the supply of foreign exchange to the market by concluding arrangement to release the sum of $195 million (One Hundred and Ninety Five Million Dollars) comprising of $150 million for the wholesale auction and …

Kwara State Government has earmarked an additional N12b for funding new infrastructure under the state’s infrastructure development fund, IF-K. The state governor, Dr Abdulfatah Ahmed who disclosed this in Ilorin at the opening ceremony of the 137th Joint Tax Board (JTB) meeting hosted by Kwara State Internal Revenue Service (KWIRS), said …

Managing Director of the Niger Delta Development Commission, NDDC, Nsima U. Ekere, has directed the immediate payment of all outstanding scholarship fees for beneficiaries of the 2016 NDDC Overseas Post Graduate Scholarship.   In a meeting in Port Harcourt, Ekere expressed unhappiness that beneficiaries of the scheme were facing unfortunate …

  The Ajaokuta Steel Company is to function as a purely private entity, the Minister of Mines and Steel Development. Dr Kayode Fayemi, reiterated this position on the steel complex on Monday during a facility tour of Abuja Steel Mill, a subsidiary of African Steel Company, along Abuja-Kaduna Road. Dr. …