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NNPC secures $2bn from scale down upstream contracts

By Patrick Andrew Abuja Th e Nigerian National Petroleum Corporation (NNPC) says it has secured $2 billion discounts from renegotiated upstream contracts being executed by its various service providers, in the last one year. Making this known yesterday, the NNPC Group Managing Director, Dr. Maikanti Baru, said the feat was achieved following consistent eff orts […]

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FG calls for input on EIA reports

Th e coal slurry will be used as a fuel in boiler which is considered a feasible alternative to the heavy fuel oil currently used as a boiler fuel By Helen Oji Abuja Th e federal government has called for stakeholders’ input on the draft Environmental Impact Assessment (EIA) Acts which report was submitted by […]

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Business summit: Nigeria, U.S. firms discuss mortgage finuancing

Th e leadership of the Nigeria Mortgage Refinance Company Plc (NMRC) was among the leading business moghuls and mortgage fi nance houses that participated at the Corporate Council on Africa (CCA) U.S. and Africa Business Summit in Washington DC. The summit, which provided global platform for mortgage finance houses to brainstorm on collection and sharing […]

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Naira appreciates against dollar

By By David Agba Abuja Th e Naira yesterday appreciated against the dollar at the parallel market. Th e currency gained two points to exchange at N365 to the dollar, stronger than N367 it traded on Friday, while the pound sterling and the Euro closed at N465 and N410, respectively. At the Bureau De Change […]

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Naira gains at BDCs, depreciates against dollar in I&E FX window…

Th e nation’s currency regained strengths against the Dollar at the Bureaux De Change Segment of foreign exchange market, appreciating by 0.55 per cent to close at N363.00 to a dollar. But at the Interbank and Parallel market segment, the rate remained stable exchanging at N325 to a dollar and N368 to a dollar respectively. […]

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RSA: Non-implementation of 18% contribution may reduce workers’ funds – Operators

Stories By Amaka Ifeakandu Lagos Th e federal government’s failure to implement the Pension Reform Act, 2014 which mandated public and private sector organisations to increase the minimum pension contribution of both employers and employees to the Retirements Savings Account of workers from 15 per cent of the total monthly emolument to 18 per cent […]

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Equity market grows by N345bn

Stories by Amaka Ifeakandu Lagos Trading activities on the fl oor of the Nigerian Stock Exchange last week sustained growth profi le as the two key market indicators close in positive trend. Th e transactions which took three working days following two days public holidays declared by federal government’s for Id-el-Fitr celebrations showed that market […]

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Acting CEO, Central Securities Clearing System (CSCS) Plc, Bola Adeeko, President, NSE, Aigboje Aig-Imoukhuede, Director, Capital Markets Division, Haruna Jalo-Waziri during the 2017 NSE Corporate Challenge

From left: Acting CEO, Central Securities Clearing System (CSCS) Plc, Bola Adeeko, President, Nigerian Stock Exchange (NSE), Aigboje Aig-Imoukhuede, NSE Chief Executive Offi cer, Oscar N. Onyema, NSE Executive Director, Capital Markets Division, Haruna Jalo-Waziri and a participant, during the 2017 NSE Corporate Challenge, at the Onikan Stadium, in Lagos at the weekend Photo: Sunday […]

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AEDC, MOJEC sign N2.4bn metering deal

By Patrick Andrew Abuja Complaints by electricity consumers within the catchment area of the Abuja Electricity Distribution Company (AEDC) over estimated billings may soon be a thing of the past as the fi rm has signed a N2.4 billion mass meter production agreement with an indigenous fi rm MOJEC for the production of 60,000 meters. […]

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Stock investors gain N2.2trn in Q1

The Nigerian stock market, at the end of the first half (H1) of year 2017, experienced relatively impressive Return on Investment (RoI) as investors recorded gains. Trading activities on the floor of the Nigerian Stock Exchange (NSE) between the first day of trading in the year 2017, January 3, and the end of the first […]

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Premium Pension woos NYSC

A Pension Fund Administrator (PFA), Premium Pension Limited (PPL), has revealed plans to target the youth in an eff ort to deepen the Contributory Pension Scheme (CPS), and widen its attraction. Th e Company’s Head, Corporate Communications, Paddy Ezeala, in a statement said in a bid to achieve the target, the fi rm paid a […]

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A’Ibom secures N32bn W/Bank loan for flood control

Th e Akwa Ibom State Government yesterday said it has secured N32 billion loan from the World Bank to control fl ood and erosion in the state. Governor Udom Emmanuel disclosed this in Uyo when he declared open a two-day workshop on “Enhancing Disaster Management in Akwa Ibom State.” Represented by his Deputy, Moses Ekpo, […]

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Nigeria’s insurance sector hits top 10 in Africa

Nigeria has emerged one of the top insurance markets in Africa, ranking third with overall premium income of N386 billion (over $1billion). Th e insurance market in the continent as dominated by South Africa continues to dominate the continent’s insurance market, with its Life and Non- Life Insurance Premiums dominating the sector with market size […]

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Investors to forfeit multiple subscriptions to public off ers –SEC

By Patrick Andrew with agency report Investors in the Nigerian capital market with multiple subscriptions for the same company’s public off ers may forfeit their investment, the Securities and Exchange Commission, SEC, said yesterday. SEC said at its last Capital Market Committee meeting (CMC) that the report of a committee on formulating a uniform position […]

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NAMA urges airspace managers to comply with executive order

Th e Nigerian Airspace Management Agency (NAMA), Managing Director, Capt. Fola Akinkuotu, has charged airspace managers in Nigeria to ensure strict compliance with the implementation of the federal government executive order issued recently by the acting president, Prof. Yemi Osinbajo. Giving the charge in a keynote address at a management meeting with the airspace managers […]

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Dangote, Flour Mills collaborate on Apapa Wharf Road repair

By Patrick Andrew Abuja Dangote Industries Limited and Flour Mills of Nigeria (FMN) have collaborated for immediate reconstruction with concrete overlay of the Apapa Wharf Road, which is a major entrance and exit point of the nation’s premier wharf. Th e project valued at N4.3 billion is jointly fi nanced by both companies which signed […]

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River Basin’s agricultural components reactivated to boost employment, commerce – Adamu

Minister of Water Resources, Engr. Suleiman Adamu, says the River Basins in the country have been reactivated to boost massive employment and commerce as agricultural policy a key component of the federal government’s economic diversifi cation programme. JOHN OBA brings excerpts of the interview.River Basin’s agricultural components reactivated to boost employment, commerce – Adamu About […]

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Stock market returns to bullish trend, gaining N158bn

By Amaka Ifeakandu Lagos Trading activities on the fl oor of Nigerian Stock Exchange yesterday returned to bullish trend as the two key market indicators appreciated by 1.38 per cent. Th e NSE All Share Index increased by 456.35 basis point to 33598.20 points from 33141.85 reported on Tuesday. Also, market capitalisation of listed equities […]

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Govt to distribute 3m prepaid metres

By Oyibo Salihu Lokoja Following the inability of the Electricity Distribution Companies (DISCOs) to provide meter all the houses of consumers across the country, the federal government will soon dole out no fewer than 3 million prepaid metres as part of its intervention programme to alleviate the suff ering of consumers who have been bleeding […]

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MD NPA, Hjaiya Hadiza Usman, Minister of Power, Works and Housing, Mr. Babatunde Fashola , OTHERS during the handover of site for the reconstruction of Apapa-Wharf to Dangote Group

From left : Managing Director, Nigeria Ports Authority, Hjaiya Hadiza Usman, Minister of Power, Works and Housing, Mr. Babatunde Fashola and Honourary Adviser to the President of the Dangote Group, Mr. Joseph Makanjuola, during the handover of site for the reconstruction of Apapa-Wharf to Dangote Group, Flour Mills of Nigeria and AG Dangote, in Lagos […]

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Why Nigeria’s digital switchover is slow–NBC

By Tope Musowo Lagos Th e Director-General, Nigerian Broadcasting Commission (NBC), Is’haq Modibbo Kawu, has explained paucity of fund has been major reason the digital switchover was slow. He disclosed that the President was committed to ensuring the process successful and hinted that the federal government approved N10 billion for the project in September 2016, […]

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3m prepaid metres ready for distribution – Fashola

More than three million prepayment meters are to be rolled out under the federal government’s intervention programme, Babatunde Fashola, the Minister of Power, disclosed in Lagos yesterday. The intervention followed the incapacity of Electricity Distribution Companies (DISCOs) to meter all the houses of consumers across the country. Fashola, who is also the Minister of Works […]

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Minister hails Nestle for sourcing 82% materials locally

By John Oba Abuja Th e Minister of State for Agriculture and Rural Development, Senator Heineken Lokpobiri, has commended the management of Nestle Nigeria PLC for sourcing 82 percent of its raw materials for production of her varied food products locally. He also urged other international company to emulate Nestle as this creates more employment […]

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Heavy rain cuts off North-South rail line – MD

By Patrick Andrew Abuja Th e heavy downpour of June 11, 2017 has cut off the rail line that links the Northern and Southern part of Nigeria at Ndafun in Niger State. Th e downpour, which led to the destruction of farmlands, houses and fruit tress and vehicles, damaged 300 meters of rail tracks thus […]

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Sallah: LASG resumes sales of LAKE Rice today

Th e Lagos State Government said it would resume the sales of LAKE Rice at approved retail outlets across the state today ahead of the Eid-elfi tr. Th e state’s Commissioner for Agriculture, Mr Oluwatoyin Suarau, who confi rmed this yesterday, also reviewed modalities for the distribution of the rice across the state. According to […]