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Economy

Enugu EEDC Phases out prepaid meters for smart pole meters
Posted by Admin This may not be the best of times for electricity consumers under Enugu Electricity Distribution Company,EEDC, as the management announced recently a stoppage in the use of Prepaid meters for Smart pole meters. The management in making the announcement during an interactive session with executives of the.....
CBN orders bank workers to declare assets
The Central Bank of Nigeria has ordered workers in all the 19 Deposit Money Banks in the country to declare their assets. The  move analysts say looks like the Federal Government is beginning to expand its ongoing anti-corruption crusade to the private sector, especially the banking industry. The directive, which.....
Cheques can now be paid into savings accounts – CBN
The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Prior to this development, bank customers could only make cheque deposits into their current accounts. The new guidelines.....
FG, States and LGs share N305.128bn for May allocation
The three tiers of government heaved a sigh of relief as they shared N305.128 billion at the end of the May Federation Account Allocation Committee (FAAC) meeting in Abuja as against N281.5 billion shared in previous month. The slight improvement in revenue was as a result increased accruals into the Federation.....
Imo State- born Entrepreneur sets to Roll- out Vehicles from Lagos Plant
From Nnamdi Marume The hope of growing Nigerian Auto Market and job creation gets boost as Mbaitolu, Imo State-born renowned Automobile dealer gets set to roll own brands from the Company’s Vehicle Assembly plant in Lekki Lagos come July, 2016. The Auto dealer, Mr Willy Anumudu, who trades with the.....
Fresh Bail-out for the 36- States as FG Gears to arrest Recession
Posted by Admin The handlers of the Nigerian’s economy are at the verge of concluding actions on the next round of bail-out funds for the 36- States According to information from the Federal Government, a Conditional Budget Support Facility is being finalized to provide some stimulus to the State government,.....
FG, States, LGs share April federal allocation
Posted by Admin The Federal Government, State Governments and Local Government Councils received a net statutory allocation of N207.878 Billion as Federal Allocation for the month of April, 2016. The allocation was shared among the three tiers of government as follows: Federal Government 52.68%, States 26.72%, Local government 20.60% and.....
Afreximbank appoints Kanayo Awani MD for Intra-African Trade
  Posted by Admin The African Export-Import Bank (Afreximbank), has appointed Ms Kanayo Awani, as Managing Director of its intra-African Trade Initiative. In a statement on Monday in Lagos, Afreximbank President, Dr Benedict Oramah, was quoted as saying that the appointment takes effect on May 18. Oramah said Awani would.....
It’s harder to do business in Nigeria now than in 2015 —World Bank
It is harder to do business in Nigeria now than it was in 2015, the World Bank Group’s ‘Doing Business Report’ has revealed. According to the report, Nigeria went up the ease of doing business ranking, yet doing business actually just got harder in the largest economy in Africa. In.....
Nigeria needs $700 million to upgrade refineries – Kachikwu
The Minister of State for Petroleum, Ibe Kachikwu, said on Saturday that the Federal Government needed 700 million dollars to upgrade its refineries to produce at maximum capacities. Mr. Kachikwu, who is also the Group Managing Director of NNPC, disclosed this while speaking with journalists during the re-inauguration of the.....
NBS: Fresh 1.97m now unemployed under Buhari
At least 1,972,722 Nigerians have become unemployed since President Muhammadu Buhari took office on May 29, 2015, the Nigerian Bureau of Statistics (NBS) has revealed. This raises Nigeria’s unemployment profile to 8.03 million – four percent of the world’s unemployed. The report, which was released on Monday, revealed that Nigeria’s.....
Emefiele Suspends CBN Deputy Governor, 4 Others
In a hard-line decision, a deputy governor of Central Bank of Nigeria and four deputy directors have been suspended by the apex bank Governor, Mr. Godwin Emefiele, for failing to follow financial regulations and due process, leading to the scamming of the bank by fraudsters. THISDAY gathered last night that.....

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