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  • Rising poverty level in Nigeria worries UNDP

    The United Nations Development programme (UNDP), on Tuesday, raised concerns over rising unemployment rate and concomitant worsening poverty level in Nigeria. The Resident Representative of UNDP, DaoudaToure, made the observation in Abuja at the 53rd yearly conference...

    • Posted August 30, 2012
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  • Businessman Lays Claim to Ibori’s $15 million EFCC Bribe, Fingers Andy Uba

    A businessman with interests in Oil and Gas, Chibuike Achigbu has laid claim to the $15 million ‘Ibori EFCC bribe’ that is in the process of being forfeited to the Federal Government. An Abuja High Court presided over...

    • Posted August 30, 2012
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  • TUC Hails Nnaji’s Departure

    The Trade Union Congress of Nigeria (TUC), yesterday in Lagos, described the resignation of Minister of Power, Prof. Barth Nnaji, as a welcome development to the sector. The union’s president, Peter Esele and the General Secretary, Chief...

    • Posted August 30, 2012
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  • US invests $2 billion in Nigeria’s Agric sector

    The National President, Nigerian-American Chamber of Commerce, Mr. Sam Ohuabunwa, has said that the United States government has invested $2bn (N314bn) in the Nigerian agricultural sector. Ohuabunwa said this in an interview with the News Agency of Nigeria in...

    • Posted August 30, 2012
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  • Hijacked Vessel Containing $54 Million Diesel Sighted Near Nigerian Waters

    Pirates seized a tanker in the Gulf of Guinea carrying a cargo of gasoil worth $54 million, the second hijacking of a vessel in the region in nine days. The Energy Centurion, which sails under the flag...

    • Posted August 30, 2012
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  • I Resigned Due to Allegations of Impropriety – Barth Nnaji Speaks

    The following is the entire content of the Press Release by Former minister of Power sent to BusinessNews this afternoon. Prof. Bart O. Nnaji has expressed heartfelt gratitude to President Goodluck Jonathan and to millions of Nigerians...

    • Posted August 29, 2012
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  • Oil prices rise as Hurricane Isaac curbs production

    CRUDE oil prices rose for the first time in four days in as Tropical Storm Isaac reduced offshore output in the Gulf of Mexico and on speculation that U.S. supplies fell to a five-month low. Crude oil...

    • Posted August 29, 2012
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  • First Bank Exec to Chair Nigeria’s Sovereign Wealth Fund

    Alhaji Mahey Rasheed, a member of the board of First Bank, has been selected as Chairman of the country’s sovereign wealth fund. The Fund which is slated to be inaugurated with $1 billion in October will have Uche...

    • Posted August 29, 2012
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  • FG Signs $1.5 billion Lagos-Kano Rail Agreement with Chinese Firm

    The Federal Government yesterday signed an agreement for $1.49 billion to China Civil Engineering and Construction Company. The contract is for the modernization of the  initial phase of the Lagos to Kano line which covers a distance...

    • Posted August 29, 2012
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  • PHCN Employees Jubilate on News of Nnaji’s Termination

    PHCN workers across the country have made it quite clear that they will not miss the former Minister of Power, Barth Nnaji. During the PHCN strike, some PHCN employees in Lagos told Businessnews the minister was afraid...

    • Posted August 29, 2012
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  • Sanusi and the Theory of the 5,000 Smackaroos

    Truth be told, I am one of the people that root for the Central Bank governor. But if its up for debate on whether he has crossed the line this time, I think we can all agree...

    • Posted August 29, 2012
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  • Controversies Bedevil Barth Nnaji As He Throws in Towel

    The President of the Federal Republic of Nigeria accepted today the resignation of Barth Nnaji, the hitherto Minister of Power. The resignation is reportedly connected to the revelations first premiered by Business Day which linked the former...

    • Posted August 28, 2012
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  • Former NSA, Azazi, Acquires Multi-billion Naira Properties In Abuja

    Andrew Owoeyi Azazi, a retired military general, recently sacked by the president as National Security Adviser, has retired into posh multi billion naira Abuja homes, which cost far above his known earnings, a PREMIUM TIMES investigation has...

    • Posted August 28, 2012
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  • Anambra to begin Crude Oil Production on Thursday, Jonathan to Inaugurate Oil Well

    Anambra State will begin crude oil production on Thursday as President Jonathan will inaugurate the first oil well in what will be the genesis of inland basin crude oil production in Nigeria. The crude oil production in...

    • Posted August 28, 2012
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