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Monthly Archives: July 2020

Freight Agents Helped Customs Generate N500bn In Six Months- Nwabunike

By Kenneth Jukpor Despite the tough economic times occasioned by the COVID-19 pandemic, Nigeria Customs Service (NCS) is believed to have generated over N500billion in the first half of the year. The President of the Association of Nigeria Licensed Customs ...

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High production cost: Kyari blames expatriates, local firms

Nigerians spent N2.37tn on petrol in 13 months – NNPC

Nigeria’s highest and unacceptable crude oil production cost comes from indigenous oil firms, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on Thursday. Kyari, who said this during a Seplat Energy Summit 2020 webinar, also noted that ...

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Experts advise Nigerian entrepreneurs on external funding

Experts advise Nigerian entrepreneurs on external funding

Ventures capital investors and financial experts have advised Nigerian entrepreneurs to strive to secure funding from international investors to grow their businesses. The experts spoke at a web conference themed ‘Access to international capital and funding solutions for Nigerian businesses’ ...

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IMF introduces new transparency code for Nigeria, others

IMF introduces new transparency code for Nigeria, others

The executive board of the International Monetary Fund has approved the new IMF Central Bank Transparency code. It said in a statement on Thursday that the development of the CBT followed on the board’s direction in April 2019 to update ...

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Foreign reserves drop by $673.13m in two months

Foreign reserves drop by $673.13m in two months

The country’s foreign reserves fell by $673.13m from $36.57bn on June 1 to $35.89bn on July 28, the latest figures from the Central Bank of Nigeria showed on Thursday. The CBN, in its first-quarter economic report, titled ‘Gross official external ...

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Dutch airline KLM to cut 5,000 jobs

Dutch airline KLM to cut 5,000 jobs

Dutch airline KLM said Friday it would shed up to 5,000 jobs due to a “crisis of unprecedented magnitude” caused by the coronavirus pandemic. The carrier, part of the Air France KLM group, said the cuts through the end of ...

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Osimhen’s €70million deal with Napoli, a good advertisement for Nigeria, says Adelabu

Osimhen’s €70million deal with Napoli, a good advertisement for Nigeria, says Adelabu

Former Green Eagles winger, Adegoke Adelabu, says the five-year deal sealed by Super Eagles striker, Victor Osimhen, with Italian club Napoli, is a big advertisement for Nigeria. Lille will pocket €70 million in the first year, which could rise to ...

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Freight Forwarders Commend Shippers’ Council Move Against Container Transfer Fraud

Nigerian Ports Can Attain Optimal Online Status In 2020 - Bello

By Kenneth Jukpor Following Nigerian Shippers’ Council (NSC) recent directive to shipping lines and terminals to refund monies collected from port users as container transfer charges without the importer’s permission, G-Major and a group of freight forwarding companies has commended ...

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Borrowing: Give us option to China, Amaechi challenges National Assembly

Borrowing: Give us option to China, Amaechi challenges National Assembly

The Minister of Transportation, Rotimi Amaechi, on Wednesday said if the National Assembly was not comfortable with government’s borrowings from China, it should tell where huge infrastructure loans could be accessed. He expressed worries about probes by the lawmakers on ...

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Tokyo Olympics to have limited spectators – IOC

Tokyo Olympics to have limited spectators – IOC

Next year’s coronavirus-postponed Olympics could be held in front of a “limited number of spectators” to prevent the spread of infection, Tokyo 2020 chief executive Toshiro Muto has said. The Tokyo 2020 games are now scheduled to open on July ...

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FIFA approves $1m grant for NFF

FIFA approves $1m grant for NFF

FIFA has ratified a $1m grant to the Nigerian Football Federation “to protect and restart its football,” as was reported  by The Punch. The NFF and other member associations across the globe are all expected to benefit from FIFA’s $1.5bn ...

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Blue Economy Can Reduce Poverty In Africa – WISTA

Nigeria Needs Maritime Ministry To Exploit Blue Economy Potentials - WISTA

By Kenneth Jukpor Blue economy has been described as a viable tool to correct the high poverty margins in Africa, if the potentials in the sector are harnessed optimally. Women’s International Shipping and Trading Association (WISTA) Nigeria stressed this during ...

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Saraki, Heads of Maritime Agencies, to Speak at WIMAJ Conference

Saraki, Heads of Maritime Agencies, to Speak at WIMAJ Conference

By Kenneth Jukpor Senator Gbemisola Saraki, the Minister of State for Transportation will on Thursday, July 30, 2020 at 10am deliver a keynote address and flag off a one day webinar on “Enforcing Policies and Legal Instruments Against Sexual Harassment ...

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AIB’s Final Report On Osinbanjo Helicopter Crash Indicts Crew

Poor landing technique caused Osinbajo helicopter crash – AIB

By Ayoola Olaitan Fifteen months after Nigeria’s Vice President, Prof. Yemi Osinbajo’s helicopter crashed in Kogi State, the Accident and Investigation Bureau (AIB) has concluded its report on the incident with the crew indicted for inappropriate landing techniques. Recall that ...

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Poor landing technique caused Osinbajo helicopter crash – AIB

Poor landing technique caused Osinbajo helicopter crash – AIB

The pilots of the crashed helicopter that conveyed the Vice President, Prof. Yemi Osinbajo, on February 2, 2019, deployed an inappropriate landing technique that eventually led to the crash, the Accident Investigation Bureau stated on Tuesday. The AIB also stated ...

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Naira plunges to N472/$ as forex scarcity worsens

Naira plunges to N472/$ as forex scarcity worsens

The naira on Tuesday traded at N472 to a dollar at the parallel market as foreign exchange scarcity persisted. The exchange rate was N440/$ in the parallel market in June, and operators have continued to demand for the immediate unification ...

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Western Marine CAC Urges Promoted Officers To Develop Skills, Facilitate Trade

Western Marine CAC Urges Promoted Officers To Develop Skills, Facilitate Trade

By Kenneth Jukpor Newly promoted officers of Nigeria Customs Service (NCS) at the Western Marine Command, have been implored to facilitate trade by carrying out their responsibilities without compromise. The Customs Area Controller (CAC) at the Command, Comptroller Olugboyega Peters ...

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NNPC in $1.5bn oil-for-loan deal with traders

NNPC in $1.5bn oil-for-loan deal with traders

The Nigerian National Petroleum Corporation has signed a $1.5bn prepayment deal led by Standard Chartered and backed by two oil traders, Vitol Group and Matrix Energy, Reuters reported on Tuesday. Quoting sources said to be close to the development, the ...

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Netherlands, Switzerland to repatriate $200m Malabu deal cash –AGF

Netherlands, Switzerland to repatriate $200m Malabu deal cash –AGF

Nigeria is awaiting the return of $200m from the Netherlands and Switzerland from the Oil Prospecting Licence 245 deal, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has said. The News Agency of Nigeria reported on Tuesday ...

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Nigerian students now beggars in UK, Dabiri-Erewa tells NDDC

Nigerian students now beggars in UK, Dabiri-Erewa tells NDDC

The Chairman, Nigerians in Diaspora Commission, Abike Dabiri-Erewa, has appealed to the Niger Delta Development Commission to pay the allowances, tuition and other incentives of students on its scholarship scheme in the United Kingdom. She said the students had turned ...

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