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African leaders must speak with one voice – President Buhari to Alpha Conde of Guinea

buhari

President Buhari has said that African leaders must speak ‘with one voice’, independent of foreign influence, to achieve economic integration, development, peace, and security on the continent. Speaking at a bilateral meeting with President Alpha Conde of Guinea on Friday night in Istanbul, Turkey, President Buhari said leaders should learn from history to effectively tackle conflicts, violent extremism, and proliferation ...

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Court orders CBN, banks to freeze accounts without BVN

CBN Ag Governor Sarah Alade_510x350 (1)

The Federal High Court in Abuja has ordered the Central Bank of Nigeria and the 19 commercial banks in the country to disclose all accounts in their custody and the balances in such accounts. The court ordered the banks to disclose the details of all such accounts, their owners and their proceeds in their affidavit of compliance deposed to by ...

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Kaduna refinery dormant, PH, Warri producing below 30% — NNPC

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There seems to be no end in sight to the downward operational performance of Nigeria’s refineries since the beginning of 2017 despite several interventions made to reinvigorate the facilities by the Nigerian National Petroleum Corporation.. The latest monthly oil and gas report released by the national oil firm showed that the cumulative capacity utilisation of the nation’s three refineries dropped ...

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Banking sector remains positive

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Bearish sentiments dominated the Nigerian equities market this week as the market closed the week down. The NSEASI shed 0.65% in the week, settling the year-to-date (YtD) return at 36.22%. Market breadth was pegged at 0.62x representing twenty four (24) gainers and thirty-nine (39) losers. nINTBREWemerged as the top gainer for the week with a 21.77% share price appreciation, pushing ...

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Nigeria on track for global aviation growth – Demuren

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A former Director-General of the Nigerian Civil Aviation Authority, Dr. Harold Demuren, has said that despite the challenges facing the nation’s aviation sector, it will not be left out of the global industry growth prospect. Demuren, in an interview with journalists in Lagos, said the future of aviation in the country was bright and would be driven by a projected ...

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We contributed $29bn to Nigeria in four years – Shell

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Shell Petroleum Development Company has said that its economic contribution to the Nigerian government in four years is $29bn. The company’s General Manager, External Relations, Mr. Igo Weli, made this known in Yenagoa, the Bayelsa State capital, during the 2017 Swamp West Hub Integrated Stakeholders Engagement Forum for Tarakiri/Egbema/Oporoma Community Leadership. Weli , represented by the Assets Manager, Swamp West ...

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I’ll make Nigeria attractive for investment – Buhari

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President Muhammadu Buhari on Friday reiterated his administration’s commitment to the creation of enabling environment and making Nigeria an attractive place for business and investment. Buhari made the pledge in his statement at the ninth summit of the D-8 Organisation for Economic Cooperation at Istanbul, Turkey. He said it was his belief that only economies that promote trade and attract ...

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Johannesburg Stock Exchange suspends trading on Oando shares

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Following an exchange of correspondence between the Nigerian Stock Exchange (the primary Exchange on which Oando is listed) and the Johannesburg Stock Exchange, the latter has suspended trading on Oando shares. The action, which happened on Thursday, followed the NSE’s earlier suspension on the oil major as directed by the Nigerian capital market apex regulator – the Securities and Exchange ...

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We source 75% of raw materials locally – Guinness

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The Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Peter Ndegwa, spoke to STANLEY OPARA on the growth of the company amid the current economic realities in Nigeria Guinness Nigeria recorded 131 per cent increase in operating profit year-on-year for 2017 financial year. How was the company able to achieve this despite the state of the economy? Guinness Nigeria’s financial results were ...

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Zuckerberg’s $24m investment in Nigerian start-up hits $40m

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Nigerian-based start-up, Andela, has secured an investment of $40m in Series C Funding led by pan-African venture firm, CRE Venture Capital in participation with DBL Partners, Amplo, Salesforce Ventures, and Africa-focused TLcom Capital. Andela was launched in the Yaba area of Lagos State in 2014 and aimed to build high-performing engineering teams with Africa’s most talented software developers. It also ...

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Buhari’s discussion with World Bank unsuccessful – Presidency

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The Presidency on Friday said the reported discussion between President Muhammadu Buhari and the World Bank Group President, Jim Yong Kim, was deliberately twisted by those who it said specialise in such acts. Media reports had it that  Kim disclosed in Washington DC, United States of America, that  Buhari had requested a concentration of the bank’s intervention efforts in the northern part of Nigeria. ...

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I approved NNPC loans, not contracts – Osinbajo

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Vice-President Yemi Osinbajo on Thursday clarified that what he approved for the Nigerian National Petroleum Corporation when President Muhammadu Buhari was away on medical vacation were financing loans and not contracts. According to a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, the Vice-President made the clarification while answering reporters’ questions after the groundbreaking ceremony ...

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FG plans finance scheme for new car buyers

Mechachic checking on a car

The Director-General of the National Automotive Design and Development Council, Mr. Jelani Aliyu, has said a fund will be established to be offered to Nigerians at low cost to finance their commercial fleets and cars. He said, “The programme is being re-designed to involve more Nigerian banks. It is expected that once this is launched, more Nigerians can afford more ...

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IMF concern over weakness in Nigerian banks

IMF

The International Monetary Fund on Tuesday expressed concerns over weaknesses in Nigerian banks and said that the situation might weigh on economic growth in the medium term. The IMF stated this in its World Economic Outlook report, which was released at its headquarters in Washington DC, United States. In the report, the IMF maintained that the Nigerian economy would grow ...

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Inflation to remain high in Nigeria next year – IMF

IMF

The International Monetary Fund has said it expects inflation in Nigeria and Angola to remain elevated at two-digit levels next year. The IMF said this would reflect the persistent effects of past inflationary shocks coming from sharp currency depreciations as well as higher electricity and fuel prices and, “in the case of Nigeria, reflecting the assumption that monetary policy will ...

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How Nigeria can avoid another recession – ICAN

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The Chairman of the Western zone of the Institute of Chartered Accountants of Nigeria, Mikahil Ogundiran, has called on the Federal Government to free the nation’s economy from dependence on oil by focusing on other sectors for foreign earnings. According to him, this will sustain the economy and allay the fear of falling back into a recession. The Federal Government ...

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Oil workers’ planned strike could cost Nigeria N150bn daily – LCCI

Oil

The Lagos Chamber of Commerce and Industry has estimated that Nigeria will lose about N150bn daily if the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Workers Senior Staff Association of Nigeria should embark on a nationwide strike. Both PENGASSAN and NUPENG had recently vowed to go on a strike if the Federal Government ...

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Political interference in NNPC operations poses risks — PwC

Oil

Political involvement in the management of the Nigerian National Petroleum Corporation can lead to rapid turnover in key staff, creating difficulties in ability to execute strategic initiatives, a new report by the PricewaterhouseCooper has said. The PwC report, entitled, ‘The new nation builders: Creating the African national oil company of the future,’ said the NNPC’s financial position had been a ...

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