Business and Economy

By Edith Ike-Eboh Abuja,Sept.25, 2019 The Nigerian National Petroleum Corporation (NNPC) has signed a novation agreement with Nigerian Agip Oil Company (NAOC) on Oil Mining lease (OML) 60,61,62 and 63. Nigerian Agip Oil Company (NAOC) Limited operates in the Niger Delta, under a joint venture arrangement with NNPC (60 per cent), NAOC (20 per cent), …

By Folasade Akpan Abuja, Sept. 25, 2019 The Debt Management Office (DMO) says it raised N146.6 billion for the N150 billion offered for three instruments in the September bond auction. DMO in a statement said the auction took place on Wednesday in Abuja. The office said that it received N207.5 …

Summary ·        The Office of the Vice President is not involved in financial transactions or the disbursement of funds for the Buhari administration’s National Social Investment Programmes (N-SIPs). ·        The Ministry of Budget and National Planning, is in charge of all matters regarding financing, budgeting, procurement and disbursement of funds allocated and …

By Ikenna Uwadileke Abuja, Sept. 25, 2019 Dr Akinwumi Adesina, President, African Development Bank (AfDB) has revealed plans to scrap coal power stations across Africa and switch to renewable energy. According to a statement issued on Wednesday by the Bank, Adesina revealed the plan during climate talks at the sideline …

By Lucy Ogalue Lagos,  Sept.  23, 2019 The Minister of Transportation, Rotimi Amaechi,  on Monday tasked the China Civil Engineering Construction Corporation (CCECC), contractors handling the Lagos -Ibadan Rail project to quickly complete the project.  Amaechi gave the charge while inspecting the new Lagos-Ibadan standard gauge railway line project, in company of  the Minister of …

Activities of crude oil thieves have set fire at Agip oil pipeline at Ubeta in Ahoada West Local Government Area of Rivers. The field is operated by Nigeria Agip Oil Company (NAOC) a subsidiary of Italian Energy firm, Eni. Ubeta is a border settlement between Bayelsa and Rivers states separated …

Organisations must embrace digital procurement strategies in order to save cost and improve their margins. This will go a long way in helping them navigate the current harsh business climate and position well for survival and subsequent viability. The foregoing was disclosed in a report released by the Research and …

By Vivian Ihechu Lagos, Sept. 20, 2019 Nestle Nigeria Plc. on Friday signed a Memorandum of Understanding (MOU) with an environmental group, Wecyclers, to tackle the challenge of plastic waste pollution in Nigeria. Wecyclers is a social enterprise that helps households in low-income communities to capture value from their waste, …

  ABUJA In continuation of its intervention in the inter-bank foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, September 20, 2019, injected the sum of $314.74million into the retail Secondary Market Intervention Sales (SMIS) and CNY 23.5million in the spot and short tenored forwards segment of the …

By Mustapha Sumaila Abuja, Sept. 19, 2019 The Central Bank of Nigeria (CBN) says it spent N146 billion to support 849,480 wet and dry seasons rice farmers across the country. The CBN Governor, Mr Godwin Emefiele, gave the details at a meeting with some state Governors in Abuja on Thursday. …

The Weights and Measures Department, Federal Ministry of Industry, Trade and Investment has commenced inspection on filling stations in Bayelsa. The exercise aimed checking the exploitation of the public is part of efforts to correct irregularities in quantity of products  sold to customers. The team of Inspectors on surveillance activities, …

ABUJA In line with its objective of enhancing financial inclusion and the development of the payment system by increasing access to deposit products and payments services through a secured technology-driven environment, the Central Bank of Nigeria (CBN) has issued Approvals-in-Principle (AIP) to three Payment Service Banks (PSBs). The three institutions …

The official Flag off of the proposed Nigeria Federal Credit Union, USA took place successfully at the Nigerian Embassy, Washington DC on Friday, September, 13, 2019. Officials of the Embassy were fully represented and spoke glowingly of the project that is meant to primarily service the Nigerian Community in the …

  ABUJA  To further promote a cash-less economy and enhance the collection of applicable government revenues, the Central Bank of Nigeria (CBN) has announced a review of the process for merchant settlement. With effect from September 17, 2019, the CBN has approved for banks to unbundle merchant settlement amounts and …

  Women’s International Shipping and Trading Association (WISTA) has donated a speedboat and some fishing accessories to the women of Omabala Na Esu Fishers Association of Aguleri, in Anambra State. President of WISTA Nigeria, Mrs. Mary Madu Hamman, said the donations were part of the organisation’s drive to inspire more …

The initiatives of the Nigerian Maritime Administration and Safety Agency (NIMASA) aimed at ensuring security in the Gulf of Guinea have received a major boost from the international business community. Key players in the global oil and gas as well as shipping businesses praised the initiatives at a maritime security …

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Abukabar Malami, SAN, Attorney General of the Federation and Minister of Justice to use his “special role as the Chief Law Officer of Nigeria to advise and persuade President Muhammadu Buhari to fully and effectively enforce the judgment by Justice Chuka …

  The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, says policies of the Federal Government of Nigeria in the maritime industry are targeted at encouraging Foreign Direct Investment (FDI) into the sector. Dakuku stated this while addressing delegates at the West African Shipping Summit, …

All roads lead to the Nigerian Embassy, Washington DC, 3519 International Court, NW, Washington DC 20008 on Friday, September 13, 2019 from 3.30 pm to 6.30 pm, for the pre-charter membership enrollment for all Nigerian families and organizations towards the establishment of the Nigerian Federal Credit Union Bank (Nigerian FCU). …

By Racheal Ishaya Abuja, Sept. 11, 2019 The Federal Inland Revenue Service (FIRS), has raked in N97.7 billion from tax defaulters since it directed banks to put a lien on their accounts, its Executive Chairman, Mr Tunde Fowler, said on Wednesday in Abuja. Fowler disclosed this at the 49th Annual …

ABUJA The interbank segment of the Foreign Exchange Market has received another boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, September 10, 2019. Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of the market were offered the …

The all-new CLA is the most intelligent and emotive car in its class. Mercedes-Benz continues its dominance in the compact car class with the introduction of the all-new CLA. Building on the success of the first generation which sold over 750,000 units worldwide, the all-new CLA represents an improvement in …

Two Nigerian entrepreneurs have been shortlisted among 21 finalists for the Shell LiveWIRE Top Ten Innovators Awards, a global competition which highlights and rewards businesses that demonstrate excellence in innovation as well as giving entrepreneurs a chance to shine on a global platform. The businesses are” FarmToJuice and Foods Nig. Ltd which produces juices, …

By Edith Ike-Eboh Abuja, Sept. 8, 2019 U.S. Southern District Court of New York has delivered judgment in favour of the Nigerian National Petroleum Corporation (NNPC) against ESSO Exploration and Production Nigeria Limited and Shell Nigerian Exploration and Production Company Limited (collectively ESSO). The Corporation disclosed this in a statement …

The UK Africa Trade and Investment Summit will hold on November 28, 2019 in Birmingham, United Kingdom. Organised by Invest Africa Media Ltd, the event tagged “Re-Igniting Trade and Impact Investment Between UK-Africa Post Brexit” will have in attendance key personalities from Europe, Africa and other parts of the world. …