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Business News
ICAN boss Advocates Transparency in public sector accounting reform
The President of Institute of Chartered Accountants of Nigeria, ICAN, Mrs. Elizabeth Omeresan Adegite, has called on members of the institute to continue to uphold the virtues of honesty, integrity and excellence in their respective spheres of influence i....read more
N’Assembly passes N4.6tn budget
The Senate and the House of Representatives have passed a harmonised budget of N4.6tn for the 2010 fiscal year.....read more
Entrepreneur of the week: Folu Ayeni
Mr. Mofoluso Ayeni is the Chairman/CEO of Tantalizers, one of Nigeria’s fastest growing fast food chains.
Ayeni, whose other name is simplicity, said that it was sheer determination that saw the mustard seed planted 12 years ago transformed to over 50 br....read more
Budget, oil price reduce federation allocation
The monthly federation allocation for the month ended, January, to local, states and federal government has been greatly affected by the non passage of the 2009 as well as the drop in oil price.....read more
SEC receives committee’s report on capital market
The Securities and Exchange Commission, SEC, has received the report of the technical committee set up four months ago to review the capital markets and its processes as well as closing of regulatory loopholes currently existing in the sector.
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FG presents 2010 budget amidst criticism
The Federal Government last week presented a budget of N4.079 trillion for 2010 fiscal year separately to the two houses of the National Assembly amidst widespread criticism over poor implementation of the 2009 budget which Finance minister, Mansur Mukhta....read more
Again, Babalola tasks on Infrastructural Development
The Minister of State for Finance, Mr. Remi Babalola, who has always used every opportunity to advise the three tiers of government on how to be more self reliant has told them to look inwards to generate sustainable resources to meet the minimum requirem....read more
Made-in-Nigeria goods: Minister urges state and local govt to emulate FG
State and Local Governments in Nigeria have been urged to embrace the Federal Government’s new policy on Made-in-Nigeria Products.....read more
Economy rebounds, oil production increases
The Minister of State for Finance, Mr Remi Babalola has expressed optimism that the economy is poised for a strong economic recovery.....read more
We have a task to restore investors’ confidence – NDIC Board Chairman
Ambassador Hassan Adamu, the Chairman of the newly appointed Board of Directors of the Nigeria Deposit Insurance Corporation, NDIC, has assured Nigerians that the Board under his leadership has a mandate to ensure that investors’ confidence is restored in....read more
Privatization records N1 trillion revenue
After 20 years of introduction of privatization to the nation’s economy, the federal government has announced that the program has ploughed back a whooping sum of One trillion naira to its coffers.
The Director General Bureau of Public Enterprises, BPE,....read more
Bank Audit: CBN says no decision on affected banks yet
As the Central Bank of Nigeria, CBN, is set to release the second batch of the audited bank report, the CBN has refuted all speculations concerning the outcome of the report adding that it is yet to take decision on the issue.....read more
CBN Circulates new notes- Printing abroad amounts to waste, Analysts
The Central Bank of Nigeria, CBN, has said the launch of its new polymer notes of N5, 10, and 50 is as part of the on going restructuring exercise of the financial system started in 2005.....read more
Minister commends Corporate Affairs Commission
The Minister of Commerce and Industry, Chief Achike Udenwa, has described the Corporate Affairs Commission, CAC, as one of the few organizations that has proved that a government agency can function as a private organization.
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Oil revenue drop: FG, States move to reposition tax system
The Federal, State and Local Governments are to collaborate to reposition the nation’s tax system, as part of the measures to counter the threat posed by the instability in the international crude oil price and production.....read more
Consolidation, convergence way forward for insurance sector, others — Minister
The Minister of State for Finance, Mr. Remi Babalola, has said that consolidation and convergence are the key factors for transformations as well as charting a way forward for the nation’s insurance sector, like all financial service providers.....read more
Yar’adua rates CBN high in last five years
President Umaru Musa Yar’adua has said the Central Bank of Nigeria, CBN, has performed creditably well in delivering on its mandates especially in the last five years.....read more
Central Bank should be independent
Professor Chris Nwagboso, the Chairman of Industrial Growth Investment and Competitiveness in Africa, IGICA, Event and Trade Exhibition hosted by the Federal Government of Nigeria and supported by various international organizations, at the 50th anniversa....read more
African Central Bank meet in Abuja, discusses liquidity management
The proposed African Central Bank has held it maiden meeting on the ways to address the liquidity problem in central banking in the continent.
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UBA commends Abuja Inquirer
The Director, Group Marketing and Corporate Relations for United Bank for Africa, Mr. Martin Anyanwu has commended the editorial contents of The Abuja Inquirer newspaper in reshaping the opinion of many Nigerians especially in the financial sub sector.....read more
Celebrating Central Bank at 50: The achievements, the challenges
On the 3rd of May, 2009, the Central Bank of Nigeria, CBN, would commence a week long activities to commemorate its 50 years of existence and operation as the nation’s apex bank.....read more
NDIC urge Savannah bank to restore depositor’s confidence
The Nigeria Deposit Insurance Corporation, NDIC has urged the management of Savannah Bank of Nigeria, SBN, plc to develop and deploy comprehensive strategies that would enable the bank to restore confidence of depositors who had not been able to access th....read more
Nigeria’s current debt put at N2.84trn
The Debt Management Office, DMO, has said that the country’s current debts (domestic and foreign) are put at N2.84 trillion.
The Director General of the DMO, Dr Abraham Nwankwo disclosed this recently when the Secretary General of the Commonwealth, Mr Ka....read more
NTIC awards scholarship to Maths winners
The Nigerian Turkish International College, Abuja has given 100 per cent scholarship to any of its schools to thirty-six winners of its 6th edition of the Annual National Mathematics competition recently held in Abuja.....read more
Fear grips banks, minimum savings account balance increase
The recent rumour making the round that six banks in the country are currently financial challenged as a result of the economic crisis may be a source of concern as the moves by some banks to increase their minimum savings account balance to 100% confirms....read more
UBA launches N50bn agric support scheme.
In a move that underscores its unyielding commitment to meeting the aspirations of the government and people of Nigeria, United Bank for Africa Plc has floated a N50bn Agric Support Scheme, one of the largest private sector initiative to support agricultu....read more
Stock analysis: First Bank, Access, Oceanic witness high bids
There are five classes of market figures at any time gives clue to the strength of the two forces of demand and supply.
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NDIC to appeal on Savannah bank ruling
Nigerian Deposit Insurance Corporation, NDIC, has said it will appeal against the recent Court of Appeal judgment ordering it and the Central Bank of Nigeria to immediately reinstate the revoked licence of the Savannah Bank of Nigeria plc, SBN.....read more
Economic Melt cuts down public officers jumbo wages
The downward review of political, public and judicial office holders in the country has been attributed to the current economic situation of the country as an effect of the global financial crisis.....read more
Islamic Economic System, key to global economic crisis solution — Expert
A one- day policy
meeting on the way
Islamic principles can be used to address the global economic crisis was held recently in Abuja. The meeting which was hosted by El-Ansar Multipurpose Cooperative Society examined the global economic crisis and p....read more
Financial experts meet, list challenges of FSS 2020
The fourth conference of Regulators and External Auditors of Financial Institutions that was recently held in Abuja has identified a number of challenges hindering the smooth implementation of the Financial Sector Strategy, FSS, 2020 document which seeks....read more
RUSAL ALSCON partners SEWUN for staff welfare
RUSAL ALSCON has signed a collective agreement with the Steel and Engineering Workers' Union of Nigeria, SEWUN, on a new welfare package for its staff.....read more
NERC boss assures of investment opportunities in power sector
Prospective investors have been assured of opportunities that abound in the power generation and other areas sector in Nigeria.....read more
Abuja Sheraton Hotel moves to Stock Exchange
More than 18 months after its last activity on the capital market, the Bureau of Public Enterprises, BPE, has recently listed by introduction the Federal Government's shares in Capital Hotels Plc [owners of Abuja Sheraton Hotels and Towers] on the floor o....read more
NERC encourages firm to deploy latest technology for 470MW
The acting Chairman, Nigerian Electricity Regulatory Commission, NERC, Dr Grace Eyoma has told an indigenous oil and gas company, TeknoSuisse Refinery Limited that the emerging operating environment in the power sector offers opportunities for profitable....read more
First Bank Plc raises share capital to N15b…declares N1.20k dividend
First Bank of Nigeria Plc has disclosed that it has raised the authorized share capital of the company from N10, 000,000,000 to N15, 000,000,000 at the bank's financial year ended 31st March, 2008.....read more
NDIC tasks corporate bodies on varsity dev’t…donates N10m to UniAbuja water project
The Managing Director, Nigeria Deposit Insurance Corporation, NDIC, Mr Ganiyu Ogunleye has urged corporate organizations in the country to commit resources to assist tertiary institutions as the burden of reviving the educational sector can no longer be....read more
SMEDAN, NAPEP target poverty reduction
Determined to reduce poverty before the 2015 Millennium Development Goals, MDGs, target, the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, in collaboration with the National Poverty Eradication Programme, NAPEP, and the Office of the....read more
Marshall plan option for Niger-Delta
The strident voice from the South-South has got all Nigerians listening. The message that comes across is that a Marshall plan is urgently needed to transform the Niger-Delta region and make it a hub for the nation's economic growth.....read more
Consumer Protection raids Coca-cola plant
Following the high rate of complaints made by consumers with regards to the problems encountered when redeeming rewards won in the Coca-Cola Refresh and Recharge Promotion, the Consumer Protection Council, CPC, has raided the Abuja office of Coca-Cola to....read more
SON attributes collapsed buildings to fake materials
The Standard Organization of Nigeria, SON, has attributed the avoidable incessant cases of collapsed buildings and structures in the country to fake and substandard building materials.....read more
Hiltton Communication supports education reform
The Hiltton Communications Limited, a Non-Governmental Organization, worried by the poor standard of education in the country, has thrown its weight behind the President’s 7-point agenda in the area of education.....read more
World Bank spends $1.6bn on HIV/AIDS in Africa
The World Bank has said it has spent not less than $1.6 billion in the last eight years to fight the HIV/AIDS epidemic in sub-Saharan African.....read more
External Reserve up by $8.98 billion
The Central Bank of Nigeria, CBN, has disclosed that the country’s External Reserve as at the end of July 2008 stood at $60.31billion which shows an increase of $8.98 billion over the level of the reserves by December 31, 2007.....read more
FG tasks upstream Oil companies on development
The Federal Government has called on both multinational and indigenous companies that are operating in the upstream sub-sector to increase investment in community development projects.....read more
NERC applauds Northern Govs power initiative
The Nigerian Electricity Regulatory Commission, NERC, has commended the 19 Northern State Governors’ initiative to solve power supply crisis in their respective states describing it as commendable and worthy of emulation.....read more
Minister tasks manufacturers on development
The Minister of State for Commerce and Industry, Ahmed Garba Bichi has charged the Manufacturers Association of Nigeria, MAN, to come up with ideas that will be of immense benefit to the association and the Government, in the formulation and implementatio....read more
FG collaborates with development partners for more free trade zones
The Minister of Commerce and Industry, Engr Charles Ugwu, has said that the Federal Government having realized the need for rapid economic development to actualize the Administration’s vision 2020 target, has collaborated with the organized private sector....read more
NERC remits over N156 million in three years
The Nigerian Electricity Regulatory Commission, NERC, has said it has remitted a total of N156.598.000 to the national coffers from 2006 to 2008.....read more
Partners ECN, State Governments in power generation
The 36 State Governments are to collaborate with the Nigerian Electricity Regulatory Commission, NERC, and the Energy Commission of Nigeria, ECN, in their efforts to solve the power shortage problem in the country.....read more
10-year FGN bond records excess-subscription
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NAPEP boss charges banks on poverty eradication
The National Coordinator of the National Poverty Eradication Programme, NAPEP, Dr Magnus Kpakol, has charged commercial banks to intensify efforts in their support in poverty eradication.....read more
COSCHARIS Motors partners SIXT-A-Car of Germany
COSCHARIS Motors, a leading integrated Auto-Business group in Nigeria has formed an alliance with the exclusive franchisees for SIXT-Rent-A-Car, Virtual Travel Network as well as Management Services....read more
Minister charges NERC on commitment
The Minister of State for Energy (Power), Hajia Fatima Baralaba Ibrahim, has told the Nigerian Electricity Regulatory Commission, NERC, to maintain its stance on its regulatory framework for the development of the power sector.....read more
CPC cautions on NBC's refresh and recharge promotion
The Consumer Protection Council, CPC, has described the "Refresh and Recharge Sales Promotion" of the Nigerian Bottling Company, NBC, as fraudulent and a rip-off on the finances of innocent consumers.....read more
Jimoh Ibrahim injects N25bn into NICON...says it's for pension arrears, branch expansion, others
Billionaire business mogul, Bar. Jimoh Ibrahim has paid the sum of N25 billion, in bank draft, which was said to represent capital injection into NICON Insurance and Nigeria-Reinsurance Corporation.....read more
Gov Sambo calls for repairs of Kaduna container terminal
The Governor of Kaduna State, Architect Namadi Mohammed Sambo, has lamented the non-functionality of the Inland Container Terminal at Kaduna and called on the Federal Government to make it functional.....read more
SMEDAN, UNDP collaborate for SME baseline survey
The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, has begun the process of conducting a baseline survey of Micro, Small and Medium Enterprises, MSMEs in the six major commercial centers of Aba, Abuja, Kaduna, Kano, Nnewi and Port....read more
FG embarks on additional refineries
The federal government has disclosed its intention to build more refineries in the country which it says will go along way to satisfy domestic consumption as well as generate more revenue for the country.....read more
SMEDAN, IMFB, others engage in deportees' rehabilitation
The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, the Integrated Micro-Finance Bank, IMFB, and the International Organization for Migration, IOM, have commenced a rehabilitation....read more
AGOA acquisition centre exports apparel to US
The first official shipment of Nigeria’s apparel made from the African Growth and Opportunity Act, AGOA, skills acquisition centre in Lagos is said to hit the United States of America’s market very soon.....read more
Federation allocation up by over N14b
Federation allocation for the month of June saw an increase of N14.09 billion or 3.23% as against N436.50 billion which was distributed in the month of May.....read more
PenCom threatens on non-compliance of reform
The National Pension Commission, PenCom, has said it will resort to taking appropriate enforce-ment actions including imposition of monetary penalties and instituting legal proceedings against recalci-trant employers who do not comply with the Pension Ref....read more
2009-2011 MTSS will serve as basis
The Minister of Finance, Dr Shamsuddeen Usman, has said that the 2009-2011 Medium Term Sector Strategy, MTSS, which is said to be fully underway, aims to deliberate fully on expected development projects and programmes of individual Ministries Department....read more
NCCI commends Corporate Affairs Commission
The National Council on Commerce and Industry, NCCI, has commended the Corporate Affairs Commission for attaining the International Organisation for Standardization, ISO 9001:2000 certification as well as being honoured with the 2007 SERVICOM Award.....read more
ITF to be repositioned for better service delivery — Bichi
The Minister of State for Commerce and Industry, Ahmed Garba Bichi, has stated that the Industrial Training Fund, ITF, will be repositioned to offer better service delivery towards the re-industrialization drive of the present administration.
The ministe....read more
CBN receives over 30 bids for out-sourcing of currency processing
The Central Bank of Nigeria, CBN, has announced that it has received over 30 companies who have collected the bid documents for the processing of old currency notes in circulation.....read more
World Bank commences Fadama III, releases $30m
The Country Director of World Bank, Mr. Onno Ruhl, has said the bank is set to commence the Phase 3 of the Fadama project in the country even as it has released the sum of $30 million for the work which commences on the 1st of July.....read more
Hilton, Transcorp signs agreement ...embarks on expansion
Hilton hotels, the managers of Transnational Corporation Hilton, Transcorp Hilton Abuja, has signed a new management agreement with the owners, Transcorp group.....read more
Federal Revenue stood at N1.8b in first quarter
The total revenue collected by the federal government during the first quarter of 2008 has been estimated at N1.889.35 billion, which is said to be an increase of 25.2 and 11.2 per cent over the proportionate budget estimate and the preceding quarter's le....read more
UBA gives succour to Liberty Bank depositors, inherits N1.7b liabilities
The United Bank for Africa, UBA, plc given succor to the private depositors of the Liberty bank which could not met the N25 billion minimum base or emerge with any other bank before the consolidation exercise.
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Business leaders meet House of Reps, discuss way forward
Business leaders in the country under the auspices of African Business Roundtable, ABR, has met with the House of Representatives to discuss way forward in the business environment as well as the challenges facing it.....read more
ICAN elects officers
The Institute of Chartered Accountants of Nigeria, ICAN, has elected new officers to pilot the affairs of the Institute for the next one year.....read more
Budget: Effective instrument for good governance
The Appropriation Act is perhaps the second most important instrument of governance next to the Constitution.....read more
Federation allocation for May witnessed increase
The Federation allocation for the month of May which amounts to N490.59 billion witnessed an increase of N4.76 billion or 1.10% as against N437.36 shared in the previous month.....read more
Emulate Otedola, Yar’Adua tells petroleum marketers
President Umaru Musa Yar’Adua has told independent petroleum marketers in the country to be challenged by the gestures of Mr. Femi Otedola of the African Petroleum, AP, to subsidize petroleum products to be within the reach of average Nigerians.
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FG charges SMEDAN on promotion of new biz
The Federal Government has directed the Small and Medium Enterprises Development Agency, SMEDAN, to intensify efforts in the promotion and facilitation of emergence of new businesses to reduce the level of unemployment in the country.....read more
FCT embarks on industrial villages…NASSI intensifies effort in employment generationFCT embarks on industrial villages…NASSI intensifies effort in employment generation
The Federal Capital Territory Administration has said it is set to create industrial villages in all the six Area Councils of the city in order to facilitate wealth creation.....read more
Investor to inject $15m in oil palm coy
Omen International, the core investor in Ihechiowa Oil Palm Company, has said it has concluded arrangements to inject about US $15m in the enterprise in the next one year.
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Road reforms to save N80b annually
Nigerian roads, if in good condition have been estimated to save the national economy an estimated annual amount of N80 billion or about 20% of the Gross Domestic Product, GDP, as well as decrease vehicle-operating costs.
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CBN debunks allegation of discrimination
The Central Bank of Nigeria, CBN, has described the news report in certain section of the Nigeria media insinuating that the Bank barred foreign banks from investing in the Nigerian banking industry as false.
A statement from the apex Bank’s signed by....read more
NCP inaugurates committee on port reforms
The National Council on Privatization, NCP, which had its meeting recently, has inaugurated three sub-committees of the Presidential Task Force on Port Reforms. They are Legal, Regulatory and Monitoring sub-committee; Finance and Labour sub-committee; and....read more
Owan describes electricity tariff in Nigeria as very low
The Chairman of the Nigerian Electricity Regulatory Commission, NERC, Dr Ransome Owan, has said that electricity pricing in Nigeria is of utmost significance compared to what is obtainable in other part of the world, adding that “those who enjoy electrici....read more
OFID holds workshop on energy poverty
Organization of Petroleum Exporting Countries, Fund for International Development, OFID, which recently organized a workshop on Energy Poverty in Africa held in Abuja has said the workshop would promote the goal of including energy and regional developmen....read more
Ibanibo points way forward for Nigerian businessmen
For those who have closely followed his steady and fulfilling career in business, Dr. Ala Ibanibo is a role model worthy of emulation. He is considered to be a multi-dimensional achiever because he has spread his tentacles and tenaciously weathered so man....read more
Indian firm plans 50-storey shopping mall in Abuja
Churchgate Group, an Indian firm, may have conclu-ded arrangements with the authorities of the Federal Capital Territory with plans to construct one of the biggest shopping mall in Africa.....read more
Bakers give strike notice, bread prices set to rise by 25%Bakers give strike notice, bread prices set to rise by 25%Bakers give strike notice, bread prices set to rise by 25%
Bread may soon rise by 25 percent as bakers in the country under the aegis of the Association of Master Bakers and Caterers of Nigeria has given notice of strike action following the rising costs of wheat flour and sugar in the country.....read more
NAPEP partners Rivers State, NDDC, SPDC on poverty alleviation
The National Poverty Eradication Programme, NAPEP, has entered into a partnership with Rivers States Government, The Niger Delta Development Commission, NDDC, Shell and Petroleum Development Company in a bid to form a coalition that would confront what it....read more
Revocation of banking licence of SGBN: CBN maintains stance
Following the ruling of Federal High Court that the Central Bank of Nigeria, CBN, though has the prerogative as the regulatory body for banks I Nigeria, to revoke a banking licence in deserving situations, it should have given the Societe....read more
Nigeria collaborates with WTO, agencies on trade and Vision 2020
In order to negotiate more effectively, particularly in the areas of technical and special differential treatment, Nigeria, the World Trade Organization, WTO, and the United States Agency for International Development, USAID, have joined forces to form a....read more
FG, states parley on N110b debt relief grants, others
The Federal government and states have met recently to discuss and review the utilization of the N20 billion which was allocated to the Conditional Grants Scheme, CGS out of the N110 billion Debt Relief Gains in 2007 as it relates to rules on the 2008 con....read more
Consumer confidence falls to new low
Americans’ confidence in the economy fell to a new low, dragged down by worries about mounting job losses, record-high home foreclosures and zooming energy prices.
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SEC moves to restore investors’ confidence, axes Oni and Akadiri
The Securities and Exchange Commission, SEC, in an effort to restore the confidence of investors in the Nigerian capital market has wielded the big stick in the misstatements of Cadbury Nig. Plc under Bunmi Oni.....read more
SEC moves to restore investors’ confidence, axes Oni and Akadiri
The Securities and Exchange Commission, SEC, in an effort to restore the confidence of investors in the Nigerian capital market has wielded the big stick in the misstatements of Cadbury Nig. Plc under Bunmi Oni.....read more
Abuja Leasing to distribute 300 Peugeot cars...nets N1 billion in two years
Abuja Leasing Company Limited, ALCL, has taken delivery of additional 300 Peugeot, 307 cars valued at N1billion.....read more
Taiwan to import over 1000 tonnes of cassava
A Taiwanese firm, NEDTEX Co has indicated interest to import 500 to 1000 tonnes of cassava produced from Nigeria.....read more
ICPAN gets new executives
Board of Trustees of the Institute of Certified Accountants of Nigeria, ICPAN, has approved the appointment of Mr. Sunday Ekpo as its new president and two others as Vice President of the institute.
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First Inland Bank plans for 200 branches by 2010
First Inland Bank has disclosed its plans to grow the bank’s branch network by 200 across the country within two years in order to show case its array of products and services.....read more
Minister outlines way to attain sustainable economic development in the country
Minister of State for Commerce and Industry, Alhaji Ahmed Garba Bichi has said that sustainable competitive advantage in economic development is no longer based on technology or machinery only; rather, people are the most important element.....read more
NDIC cautions MFBs, PMIs on returns
The Nigeria Deposit Insurance Corporation, NDIC, has drawn the attention of the microfinance banks as well as the Primary Mortgage Institutions, PMIs, operating in the country on some of its concerns on their operations.....read more
SMEDAN charges MSME committee on progress
The Director-General of Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Mrs. Modupe Adelaja has urged the National Consultative....read more
Ecobank acquires Malawian bank
The Ecobank Group has acquired a majority interest in Loita Bank Malawi, a subsidiary of Loita Capital Partners International. The bank will change its name to Ecobank Malawi.....read more
Nigeria to receive $7.9b FDI by 2008
Nigeria is expected to have raked in 7.9 billion dollars in Foreign Direct Investment, FDI, by the end of this year.....read more
Vitafoam to pay N205m dividends
Shareholders of Vita Foam Nigeria Plc, have approved distribution of N205 million as cash dividends for the 2007, indicating a dividend per share of 25 kobo, a significant increase of 108 per cent on 12 kobo per share paid for the 2006 business year.....read more
Niger State Govt, NAPEP launch conditional cash transfer
The Niger state government in collaboration with NAPEP has inaugurated the State Social Assistance Committee, which is to supervise the operations of the Niger state social assistance programme and in assess and validate the agency’s Conditional Cash Tran....read more
Kabo Air leases aircrafts to Bangladesh, spreads operations to Dubai and Cairo
Kabo Air has leased out one of its Jumbo 747 aircrafts to Binman, a Bangladesh based airline operator.....read more
FGN bond offer records 33.47% over subscription
The streak of successes recorded by the Debt Management Office, DMO, in its monthly bond offer has continued to soar as reflected in the last issuance.....read more
SMEDAN, NBTI discuss way forward for technology incubation
The Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, and National Board for Technology Incubation, NBTI, have identified inadequate infrastructure....read more
Minister canvasses technical training for industrial growth
As the nation continues in its struggle to promote skills for industrial manpower in the country, Minister of Commerce, Engr. Charles Ugwu, has advocated technical training on practical skills which could have positive impact on Nigeria’s industrial devel....read more
FG stresses need to revive non-oil sector
The Federal Government has reiterated the need to grow the non oil sector which seems to have been neglected over the years.
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ITF, Singapore partner on model industrial training cenre
In a fresh bid to expand the level of technical and vocational; education in Nigeria to further aid poverty, the Industrial Training Fund, ITF, and the Institute of Technical Education....read more
CPC alerts on existence of bad fuel in the country
The Consumer Protection Council, CPC, has alerted Nigerians on the existence of bad premium motor spirit, fuel, which has allegedly wrecked many vehicles in some parts of the country.....read more
RMRDC, IDAN seek ways for poverty reduction
The Raw Material Research and Development Council, RMRDC, and the Institute of Development Administration of Nigeria ,IDAN, in an attempt to finding a lasting solution to the prevalence poverty in the country have identified entrepreneurship as a catalyst....read more
FG Inaugurates committee on ‘Expo Zaragoza 2008’
In order to have a successful and hitch-free outing, the Federal Ministry of Commerce has inaugurated a National Planning Committee, NPC, on Nigeria’s Participation in “EXPO ZARAGOZA 2008”....read more
World Bank gives $6m for Public Service Reforms
The World Bank has assisted Cross River State government with the sum of US$6 million interest-free credit for the state governance and capacity building projects.....read more
FG plans to actualise 24-hour cargo clearance at ports
Worried by the non-realisation of the 48-hour cargo clearance target nearly two years after the re-introduction of Destination Inspection, DI, scheme, the Presidency has set up an ad-hoc presidential committee charged with the responsibility of actualisin....read more
CPC denies summon by Imo Assembly...Alerts Nigerians on moves to legitimize corruption
The Consumer Protection Council, CPC, has denied receiving any summon notice from the Imo State House of Assembly, saying that no formal invitation has been sent to it apart from media speculation.....read more
EPZ laws frustrates investors
Government intension of attracting investors through the Export Processing Zones, EPZ, in the country may not be achievable unless the 1992 law establishing the zones was repealed.....read more
NAPEP partners Intercontinental Bank on poverty eradication
The National Poverty Eradication Programme NAPEP and Intercontinental Bank have agreed to forge a formidable alliance in the fight against poverty by providing matching funds to finance poverty eradication programmes in Nigeria.....read more
IMF supports withdrawal of subsidies on utilities
The International Monetary Fund, IMF, has supported the withdrawal of subsidies from public utilities for the growth and development of the country and its people on the long run.....read more
Nigeria’s seaports not affordable, says ENL
ENL Consortium, one of the terminal operators in the country has said Nigerian seaports are the most expensive on the African continent in terms of fees and other charges paid by importers before they clear their imported consignments.....read more
FG commends Unity Bank on support for industries
The Federal Government has commended Unity Bank for its consistent support of the growth and development of local industries in the country.....read more
BPE partners World Bank on port reform
The Bureau of Public Enterprises, BPE, has concluded arrangement with the World Bank to organize a workshop on Ports Environmental Review System, PERS, which it said will enable the Bureau to advance the port reform process and address the specialized nat....read more
NASSI pledges support to national development
In line with President Umaru Musa Yar’Adua’s seven point agenda, the National Association of Small Scale Industrialists, NASSI has reiterated its support towards the development of the nation, especially the industrialization and energy sectors.....read more
SEC introduces e-payment on dividends
Minister of State for Finance, Remi Babalola, has noted that the payment of dividends to shareholders in the capital market is key to economic development.
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EU denies media reports
The European Union, EU, has denied media reports that it has endorsed the decision of the Presidential Election Petition Tribunal on the outcome of the 2007 elections.....read more
World Bank gives $6m for Public Service Reforms
The World Bank has assisted Cross River State government with the sum of US$6 million interest-free credit for the state governance and capacity building projects.....read more
FG plans to actualise 24-hour cargo clearance at ports
Worried by the non-realisation of the 48-hour cargo clearance target nearly two years after the re-introduction of Destination Inspection, DI, scheme, the Presidency has set up an ad-hoc presidential committee charged with the responsibility of actualisin....read more
CPC denies summon by Imo Assembly...Alerts Nigerians on moves to legitimize corruption
The Consumer Protection Council, CPC, has denied receiving any summon notice from the Imo State House of Assembly, saying that no formal invitation has been sent to it apart from media speculation.....read more
EPZ laws frustrates investors
Government intension of attracting investors through the Export Processing Zones, EPZ, in the country may not be achievable unless the 1992 law establishing the zones was repealed.....read more
NAPEP partners Intercontinental Bank on poverty eradication
The National Poverty Eradication Programme NAPEP and Intercontinental Bank have agreed to forge a formidable alliance in the fight against poverty by providing matching funds to finance poverty eradication programmes in Nigeria.....read more
IMF supports withdrawal of subsidies on utilities
The International Monetary Fund, IMF, has supported the withdrawal of subsidies from public utilities for the growth and development of the country and its people on the long run.....read more
Nigeria’s seaports not affordable, says ENL
ENL Consortium, one of the terminal operators in the country has said Nigerian seaports are the most expensive on the African continent in terms of fees and other charges paid by importers before they clear their imported consignments.....read more
FG commends Unity Bank on support for industries
The Federal Government has commended Unity Bank for its consistent support of the growth and development of local industries in the country.....read more
BPE partners World Bank on port reform
The Bureau of Public Enterprises, BPE, has concluded arrangement with the World Bank to organize a workshop on Ports Environmental Review System, PERS, which it said will enable the Bureau to advance the port reform process and address the specialized nat....read more
NASSI pledges support to national development
In line with President Umaru Musa Yar’Adua’s seven point agenda, the National Association of Small Scale Industrialists, NASSI has reiterated its support towards the development of the nation, especially the industrialization and energy sectors.....read more
SEC introduces e-payment on dividends
Minister of State for Finance, Remi Babalola, has noted that the payment of dividends to shareholders in the capital market is key to economic development.
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Zenith Bank rated highest in Nigeria
By Lucy Etim
Zenith Bank Plc which is one of the leading banks in the country has been rated the highest bank in Nigeria by Fitch Ratings.....read more
Why we reject tax consultants – JTB
By James Itodo
The Joint Tax Board, JTB, has given reasons why the body is opposed to the use of tax consultants by State Boards of Inland Revenue in the country.....read more
Central Banks act on credit fears
The Federal Reserve, European Central Bank and Central Banks from the UK, Canada and Switzerland are to jointly help banks deal with the credit crunch.....read more
Port Harcourt international airport to resume operations
Relief has finally come the way of Port-Harcourt-bound air travelers as the Port-Harcourt International Airport Omagwa opens for daylight operations before Christmas.....read more
FG signs $49.78m loan with ADB
The Federal government has signed an agreement with the African Development Bank, ADB, for a loan of $49.78 million for the implementation of the Cross River Rural Access Mobility Project, CRRAMP.....read more
MMSD identifies challenges facing sector
By James Itodo
As Nigeria plans to harness its solid mineral sub-sector for growth and development....read more
Emerging giants spur telecom boom
Mobile phone users in China, Brazil, India and Russia are driving the global telecoms boom, a report by UK telecoms watchdog Ofcom suggests.....read more
Nigeria, US meet on trade and investment
By Lucy Etim
The 5th Nigeria-US Trade and Investment Framework Agreement, TIFA, which was held recently in Abuja, is said to have afforded the two countries the....read more
UK unemployment continues to fall
The number of people seeking jobless benefits in the UK has fallen to a 32-year low, according to data from the Office for National Statistics.....read more
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