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Monthly Archives: June 2019

Buhari removes Baru, appoints Kyari as NNPC GMD

Buhari removes Baru, appoints Kyari as NNPC GMD

President Muhammadu Buhari has appointed Mr. Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation, bringing to an end the tenure of Maikanti Baru, as the oil firm’s boss. NNPC’s Group General Manager, Group ...

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FG nets N3.7tr against CBN in five year operations

CBN limits daily standing deposit facility to N2 billion

Apex bank refutes reports on transactions with govt as mischief The Federal Government emerged the highest claimant against the Central Bank of Nigeria (CBN), in a two-way financial activity in the last five years, netting N3.7 trillion. According to a ...

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FAAN, state government to tackle encroachment at Enugu airport

Stakeholders fault Federal Government’s plan for repairs of Enugu airport

The Federal Airports Authority of Nigeria (FAAN) and the Enugu State government have entered into a collaboration to effectively tackle encroachment and illegal occupants around Akanu Ibiam International Airport, Enugu. The pact was sealed yesterday after the tour of the ...

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How Nigeria, others lose $4.2tr savings over poor infrastructure, by World Bank

How Nigeria, others lose $4.2tr savings over poor infrastructure, by World Bank

The cost of not investing in strategic infrastructure may not only pose challenge to ease of doing business, but also Nigeria and other economies classified as low and middle-income countries of potential savings estimated at $4.2 trillion. The World Bank ...

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NERC moves to address 57% meter deficit

NERC moves to address 57% meter deficit

Nigerian Electricity Regulatory Commission (NERC) says it has instituted measures to accelerate adequate metering of Nigerians. The chairman, Prof. James Momoh, said that the move would help in bridging the existing gap of 5,046,906 against 8,840,801 customers, which represents 57 ...

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Refineries N141b losses surpass allocations to critical sectors

Refineries N141b losses surpass allocations to critical sectors

•Stakeholders insist on assets commercialisation  Refineries operated by the Nigeria National Petroleum Corporation (NNPC), recorded deficits running into N141billion within 13 months, between January 2018 and January 2019. Indeed, the sum is capable of addressing capital projects in critical sectors ...

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SEME Customs Rakes In N2.6billion In Three Months

By Kenneth Jukpor   Nigeria Customs Service (NCS) has collected the sum of N2,627,149,100 in the last three months at the Seme border Command.   The Customs Area Controller (CAC) at the Command, Compt. Mohammed Uba revealed this while showcasing ...

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BoI, NIMASA Pledge Support To Sustainable Ship Financing

BoI, NIMASA Pledge Support To Sustainable Ship Financing

By Kenneth Jukpor As part of efforts to provide solutions to the problem of ship finance in Nigeria, the Bank of Industry (BoI) and the Nigerian Maritime Administration and Safety Agency (NIMASA) are set to enter partnership to develop a ...

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Eterna seeks downstream deregulation, to expand operations

Eterna seeks downstream deregulation, to expand operations

Citing the Nigerian National Petroleum Corporation (NNPC’s) interference in the downstream sector as propelling unfavourable competition with other players, thus leading to the unpredictability in the market, Eterna Plc has urged the Federal Government to deregulate the sector, even as it unveiled ...

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Neconde secures $640m refinancing deal to drive oil production

Oil inches above $60 as U.S. delays tariffs on Chinese goods

A consortium of seven local and international lenders has signed an agreement to refinance Neconde Energy Limited’s existing Senior Secured Medium-Term Loan Facility Agreement worth $640 million, following a 20-year renewal of its Oil Mining Licence (OML), effective June 2019. ...

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Stakeholders canvass support for renewable energy to tackle pollution

Stakeholders canvass support for renewable energy to tackle pollution

To mitigate the effects of air pollution, experts have called for the use of renewable energy solutions. Indeed, they argued that governments, industries, communities, and individuals should come together and explore renewable energy and green technologies to improve air quality ...

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Bearish sentiments drag stock market index further by 0.4%

Dangote Flour, BOC Gases, others lift NSE index by N19b

The reign of bears continued unabated on the trading floor of the Nigerian Stock Exchange (NSE), as more bellwether stocks depreciated in price, resulting to a further decline in the All-share index by 0.4 per cent. Yesterday, the All Share ...

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Seme customs command intercepts 175 bales of smuggled textiles

Seme customs command intercepts 175 bales of smuggled textiles

  The Seme Command of the Nigeria Customs Service (NCS), yesterday announced the seizure of 175 pieces of textiles materials worth N2.2 million smuggled into the country from Benin Republic. The Customs Area Controller (CAC), Compt. Uba Mohammed, who paraded ...

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NCAA Begins Demolition Of Telecommunication Masts

Executive Order: NCAA Kicks Against Bribes, Corrupt Practices

The Nigerian Civil Aviation Authority (NCAA) has commenced demolition of 7,012 telecommunication masts belonging to Globacom Nigeria Limited in different locations within Nigeria immediately. This is following the expiry of the 30 day ultimatum issued to telecommunications service providers by ...

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Elumelu enjoins Nigerians to lift youths out of poverty

Elumelu enjoins Nigerians to lift youths out of poverty

• Bags honorary doctorate degree Chairman, UBA Group, Tony Elumelu has charged stakeholders to act collectively towards lifting Nigerian youths from poverty to prosperity. Elumelu emphasised the importance of collaboration between the public and private sector to create more jobs ...

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We were not given fair hearing, Oando insists

We were not given fair hearing, Oando insists

Again, the embattled management of Oando Plc has accused the Securities and Exchange Commission (SEC), of not granting it fair hearing before dissolving its board of directors, and appointing an interim management to oversee its operations. In its complaints to ...

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Dangote Cement to attract $700 million as shareholders approve N272.6b dividend

Dangote Cement to attract $700 million as shareholders approve N272.6b dividend

Dangote Cement Plc has announced plans to attract $700 million in foreign exchange from the exportation of the product to boost Nigeria’s economy.The company also said the two cement terminals located in Onne, River State, and Lagos State will be ...

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State gaming regulators kick against VAT, explain operations

State gaming regulators kick against VAT, explain operations

State gaming regulators have called for a better understanding of their operations, unity of processes and licensing, especially from the lens of the National Lottery Regulatory Commission (NLRC).Under the aegis of Association of State Gaming Regulators in Nigeria (ASGRN), the ...

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Experts hinge nation’s growth on infrastructure, technology investment

Experts hinge nation’s growth on infrastructure, technology investment

To close the nation’s huge infrastructure gap, economic experts have stressed the need for government to attract more private capital and expertise. The experts, who spoke at the Risk Management Association of Nigeria’s 19th annual lecture in Lagos recently, submitted ...

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NSIA moves to reduce gas flaring

NSIA moves to reduce gas flaring

•Explains delay in Mambilla hydropower, others To reduce what it described as incredible economic waste, compounded by environmental pollution, the Nigeria Sovereign Investment Authority (NSIA), plans to invest in the biggest gas flare capture in the country. The decision follows ...

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