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Customs generate N1.2bn daily at Tin Can

Customs generate N1.2bn daily at Tin Can

The Nigeria Customs Service, Tin Can Island Command has said that it generates an average of N1.2bn daily for the Federal Government. The Controller of the command, Yusuf Bashar, stated this during the launch of an operational vehicle of the ...

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Investors keen on modular refineries despite challenges

Investors keen on modular refineries despite challenges

After many years of lack of investment in private refineries in Nigeria, several local and foreign investors are keen to establish modular refineries in a bid to ramp up the nation’s crude oil refining capacity. The Minister of State for ...

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Minister accuses Nigerians, foreigners of illegal mining

Minister accuses Nigerians, foreigners of illegal mining

A few indigenes are colluding with foreign criminals to plunder Nigeria’s mineral resources, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said. Fayemi said this while addressing the people of Zurak in Wase Local Government of Plateau ...

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Oil production cost drops by 71 per cent

Oil production cost drops by 71 per cent

The Nigerian National Petroleum Corporation on Wednesday said it had driven down the cost of crude oil production from $78 per barrel as of August 2015 to $23 per barrel, representing a 70.5 per cent fall. The Group General Manager, ...

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TSA: Govt saves N108bn from bank charges

TSA: Govt saves N108bn from bank charges

The Federal Government has saved a total of N108.1bn from charges imposed by banks for managing funds belonging to its ministries, departments and agencies since the commencement of the Treasury Single Account in September 2015. The amount represents the various ...

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FG to diversify economy with $41bn railway investment

FG to diversify economy with $41bn railway investment

The Federal Government has started a $41bn railway expansion to reduce dependence on oil and diversify the economy, the Minister of Transportation, Mr. Rotimi Amaechi, has said. “The plan we have now will go to every nook and corner,” Amaechi ...

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MTN wants electronic listing, reopens talks with SEC

MTN wants electronic listing, reopens talks with SEC

The Securities and Exchange Commission has resumed talks with MTN Nigeria over the telco’s planned listing on the floor of the Nigerian Stock Exchange. The Director-General, SEC, Mr. Mounir Gwarzo, told journalists in Lagos on Wednesday that the conversation had ...

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Govt officials received N400bn bribes in one year – NBS

Govt officials received N400bn bribes in one year – NBS

A total of N400bn was received in bribes by public officials within a period of one year, the National Bureau of Statistics said on Wednesday. The NBS stated this in its National Corruption Report, adding that 32.3 per cent of ...

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Osinbajo approves issuance of 615 land titles

Osinbajo approves issuance of 615 land titles

The Acting President, Yemi Osinbajo, on Tuesday gave an approval to the Minister of Power, Works and Housing, Babatunde Fashola, to sign 615 pending land titles for applicants. Fashola disclosed this to State House correspondents after a closed doors meeting ...

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Compliance audit: NPDC, BPE, Total among 15 lowest performers

Compliance audit: NPDC, BPE, Total among 15 lowest performers

The Nigeria Extractive Industries Transparency Initiative on Tuesday announced that its ongoing independent audit of the oil and gas industry covering 2015 recorded 94 per cent compliance by companies and relevant government agencies. According to the audit report, while 14 ...

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NCC audits telecom firms’ financial status

NCC audits telecom firms’ financial status

The Nigerian Communications Commission has commenced a financial health check on major telecommunications operators in the country. The commission’s Executive Commissioner, Mr. Sunday Dare, stated this on Tuesday during a corporate governance executive workshop organised by the regulator in Lagos. ...

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Graft: FG gets 5,000 tips from whistle-blowers

Graft: FG gets 5,000 tips from whistle-blowers

…approves new policy guidelines for contract execution The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government had received a total of 5,000 tips from Nigerians through the whistle-blower policy. She said this in Abuja during ...

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Naira drops to 370 on lack of dollar supply

Naira drops to 370 on lack of dollar supply

The naira depreciated against the United States dollar at the parallel market on Tuesday to 370, down from 368/dollar on Monday. The local unit had closed at 367/dollar on Friday. The development followed lack of dollar sale by the Central ...

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Stocks fall by N294bn, near two-week low

Stocks fall by N294bn, near two-week low

The Nigerian stock market recorded a N294bn decline on Tuesday, nearing its lowest level in two weeks. The market was dragged down by losses in banking, cement and fast-moving consumer goods sectors, as some investors took profits from previous gains ...

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Fashola makes a U-turn, says consumers can pay for meters

Fashola makes a U-turn, says consumers can pay for meters

 •Discos silent on independent metering The Federal Government has said that it will not oppose the wishes of electricity consumers that are willing to pay for meters from their distribution companies based on agreement between both parties as endorsed by ...

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Ogere TTP Can Alleviate Lagos Port Congestion- Shippers’ Council Boss

Ogere TTP Can Alleviate Lagos Port Congestion- Shippers’ Council Boss

 By Chidimma Efobi The Executive Secretary of the Nigerian Shippers’ Council (NSC), Mr. Hassan Bello has said the Truck Transit Park (TTP) proposed at Ogere in Ogun State can reduce the traffic gridlock in Lagos ports. Mr. Hassan Bello made ...

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No Nigerian can evade tax payment with VAIDS – FIRS boss

No Nigerian can evade tax payment with VAIDS – FIRS boss

The Chairman, Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler says with the introduction of Voluntary Assets and Income Declaration Scheme (VAIDS), no Nigerian can evade tax payment. Fowler said this at the 138th Quarterly Meeting of the Joint Tax ...

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Dangote to invest $450m in agric in Niger State

Dangote to invest $450m in agric in Niger State

The President, Dangote Group, Alhaji Aliko Dangote, on Monday disclosed that the company would invest $450m in agriculture development in Niger State over the next three years Dangote, who made this known during the 2017 Niger State Investment Summit in Minna, ...

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Nigeria squandered $201.2bn in 10 years – NEITI

Nigeria squandered $201.2bn in 10 years – NEITI

In 10 years, Nigeria accumulated a total of $201.2bn in Excess Crude Account, which it squandered within the same period. The Nigeria Extractive Industries Transparency Initiative stated this in its Occasional Paper (Issue 2) made available to our correspondent in ...

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Lagos raises N85bn via bond for infrastructure

Lagos raises N85bn via bond for infrastructure

The Lagos State Government has raised N85.14bn in the Series 2 Bond Issuance for the purpose of improving physical and social infrastructure in the state. The Lagos State Commissioner for Finance, Mr. Akinyemi Ashade, was quoted in a statement on ...

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