Latest News

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  NERC fines four power firms N24.56m for breaches

  The Nigerian Electricity Regulatory Commission has penalised four power distribution companies as a result of their failure to treat various customer complaints levelled against them as well as their inability to submit statutory quarterly reports. NERC said...

  • Posted August 2, 2016
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  N3.9tn lost annually to illegal non-oil exports – NEPC

  The country is losing $12bn (N3.9tn) annually to informal or illegal non-oil exports, the Nigeria Export Promotion Council has said. The Managing Director/Chief Executive Officer, NEPC, Mr. Segun Awolowo, was quoted in a statement obtained on Sunday...

  • Posted August 2, 2016
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  Local debt servicing gulps N1tn in one year

  The cost of servicing the Federal Government’s increasing domestic debt hit the N1tn mark for the first time in 2015, statistics obtained from the Debt Management Office have shown. According to statistics obtained from the DMO, the...

  • Posted August 2, 2016
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  Nigeria’s oil faces threat as Saudi Arabia cut prices

  Saudi Arabia, the world’s largest crude oil exporter, has cut all official selling prices for its crude sales to Asian and the United States clients in August, signalling mounting competition for Nigeria and others. The country’s state-owned...

  • Posted August 2, 2016
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  FAAN workers reject airport concession plan

  Workers of the Federal Airports Authority of Nigeria have rejected the concession plan by the Federal Government for four international airports in the country located in Abuja, Lagos, Kano and Port Harcourt. The workers, under the aegis...

  • Posted August 2, 2016
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  CPC accuses FCMB of defrauding Bauchi, orders refund of N1.54bn

  The Consumer Protection Council (CPC) has ordered the First City Monument Bank (FCMB) to refund N1, 542,775,841.58 to the Bauchi State Government, being the total sum of illegal deductions made from the state government’s loan account with...

  • Posted August 1, 2016
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  FG targets N10.2tn increase in GDP

  The Federal Government plans to increase the country’s Gross Domestic Product by N10.2tn next year from the 2016 figure of N98.5tn to N108.7tn. A country’s GDP is the total monetary value of all the finished goods and...

  • Posted August 1, 2016
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  Domestic airlines deny collecting FG’s intervention fund

  Domestic airlines have denied receiving any form of funding from the Federal Government in the last 30 years to improve their business. The Airline Operators of Nigeria said none of its members is a direct beneficiary of...

  • Posted August 1, 2016
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  US pushes ahead with electricity plan for Nigeria

  The United States government is pushing ahead with its plan to boost electricity supply in Nigeria through the Power Africa initiative. The US Consul General, John Bray, and the Director for Nigeria, US Agency for International Development...

  • Posted August 1, 2016
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  Skye Bank gets N100bn CBN lifeline

  Skye Bank Plc has received over N100bn in liquidity from the Central Bank of Nigeria since July 4 to shore up its operations, its new Managing Director, Mr. Tokunmbo Abiru, has said. He told reporters on Friday...

  • Posted July 31, 2016
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  FG pays 70 construction companies N63.12bn – Fashola

  The Minister of Power, Works and Housing, Mr. Babatunde Fashola, on Friday said the Federal Government had paid 70 construction companies the sum of N63.12bn for works done in the first quarter of 2016. He said the...

  • Posted July 31, 2016
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  Rising interest rate will worsen Nigerian banks’ woes – Fitch

  Nigerian banks are likely to face more challenges as the nation’s benchmark interest rate continues to rise, global credit rating agency, Fitch Ratings, has said. The Central bank of Nigeria’s Monetary Policy Committee had on Tuesday increased...

  • Posted July 31, 2016
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  Manufacturers groan over high exchange rate, epileptic power

  The National President of the Manufacturers Association of Nigeria, Dr. Udemba Jacobs, and the Chairman of its Ogun State Chapter, Dr. Wale Adegbite, have identified high exchange rate, epileptic power supply among others, as being responsible for...

  • Posted July 31, 2016
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  FIRS seals Abuja firms over N100m tax debt

  The Federal Inland Revenue Service on Thursday sealed the premises of two firms operating in Abuja for failing to pay their tax liabilities amounting to N100.85m Eurobond Construction Company Limited, according to the FIRS, had an outstanding...

  • Posted July 30, 2016
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