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Economy

NNPC Awards Crude Lifting Contract
The Nigerian National Petroleum Cooperation(NNPC) has awarded crude lifting contracts to 21 off-takers who emerged winners of the open bid exercise it conducted in October. The exercise witnessed the unprecedented public harvesting of 278 bids submitted by indigenous and foreign firms seeking to secure contract for the sale and purchase.....
Fuel subsidy to go next year, FG to sell petrol at N97 per litre
*As petrol ‘ll sell for N97 per litre *Harder times ahead, FG alerts Nigerians *Personnel cost to drop by N100bn *FG to fund 2016 N6trn budget with IGR Following increased pressure on revenue and the expenditure profile, the Federal Government has finally yielded to domestic and international pressures to remove fuel subsidy. This.....
We need $100 billion a year to rebuild Africa’s infrastructure – AfDB President
The President of African Development Bank (AfDB), Akinwumi Adesina, says African countries need $100 billion annually to close infrastructure financing gap. Mr. Adesina disclosed this in an interview with the News Agency of Nigeria on Sunday in Abuja. He said that the bank had invested a lot in infrastructure, adding.....
CBN withdraws bailout funds of govs playing politics with them
The Central Bank Of Nigeria has taken tough measures against state governors who are playing politics with the Bailout Fund, with a decision to withdraw their allocations. The Governor of the CBN, Mr. Godwin Emefiele, disclosed this while briefing journalists on the outcome of the Monetary Policy Committee, MPC meeting.....
NESREA to begin enforcement of EPR policy
THE National Environmental Standards and Regulations Enforcement Agency (NESREA) has announced its determination to commence the enforcement of the Extended Producer Responsibility (EPR) policy in the first quarter of 2016. This was disclosed recently by the agency’s Director-General, Dr. Lawrence Anukam, at a 2-day workshop with stakeholders organized in Lagos.....
TSA: 1% transaction charges is revenue for Remita, CBN, banks
The one per cent transaction fee charged on all transactions through the Federal Government’s Treasury Single Account is shared among Remita, banks, the Central Bank of Nigeria (CBN) and other payment operators involved. Recall that on Wednesday the Senate had ordered its joint Committee on Finance, Banking and Other Financial Institutions.....
FAAC: FG, States, LGs share N389.9bn in September Permanent Secretary
The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwaobia, on Wednesday said that N389.9 billion was shared among the federal, states and local governments as revenue for September, 2015. Nwaobia announced this in Abuja when she addressed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. She.....
Nigeria’s Igho Sanomi named Africa’s number one Under-40 business leader again
One of Nigeria’s most versatile young businessmen, Igho Sanomi, has again emerged tops in the latest ranking of the top 100 young economic leaders of Africa, the Institut Choiseul for international Politics and Geo-economics has announced. Mr. Sanomi, who is approaching 40, emerged the 2015 winner of “The Choiseul 100.....
CBN ban banks from converting dormant account funds to income
The Central Bank of Nigeria (CBN) has banned banks from converting funds in dormant accounts to income. Consequently, the apex bank directed that banks that in the last five years converted such funds to income should reclassify them as deposits. The ban was contained in the Guidelines on the Management of Dormant.....
FG, states, local governments share N442bn
The downward trend of resources available to the nation has continued to reflect in the current economic realities as the three tiers of government yesterday, shared only N 441. 606 billion as revenue generated in the month of August. That figure was about N 178.062 billion less than the budgeted.....
BPE orders Enugu Disco to hands off Aba, Ariaria assets
The Bureau of Public Enterprises, BPE, has ordered Enugu Electricity Distribution Company, EEDC, to hand over the disputed Ring Fenced Islands at Aba and Ariaria, in Abia State, to Afrigem Integrated Utilities Limited. The assets were recently sold to Afrigem by Geometric Power Limited and Aba Power Limited, which hitherto.....
Adeduntan takeover from Onasayan as First Bank MD designate
… UK Eke takes over as MD FBN Holdings FBN Holdings Plc, Monday evening announced major changes to its leadership team that will take effect January 1 2016. A statement signed by Folake Ani-Mumuney Global Head, Marketing & Corporate Communications said that Mr. Bello Maccido, pioneer Group CEO, FBN Holdings,.....

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