The Dangote refinery in Nigeria will be a “potential game-changer” once it comes online, according to a report by Platts Analytics. The plant, which has a capacity to process 650,000 barrels of crude oil, has been described by Dangote Industries …
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The Standards Organisation of Nigeria has sealed a plaza in Auto Spare Parts and Machinery Dealers Association adulterating established lubricants. The Director General, SON, Mallam Farouk Salim, explained that the move aimed to guard against the prevalence of motor accidents …
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The Central Bank of Nigeria has revoked the operating licences of seven payment services providers. The CBN disclosed this on Thursday on a report titled ‘Revocation of operating licences of some payment service providers’. The affected firms are Easifuel Limited, …
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Mobile network operators (MNOs) on Wednesday said they have enrollment and verification licences from the Federal Government. The development followed the stampede that was witnessed at the registration centres of the National Identity Management Commission (NIMC) across the country earlier …
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Globacom has unveiled a shortcode for its subscribers to seamlessly complete the process of linking their mobile lines to their National Identification Number. The unveiling of the code was in response to the recent directive of Nigerian Communications Commission for …
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The Senate on Tuesday passed the Federal Government’s Finance Bill 2020 transmitted to the National Assembly two weeks ago for consideration and passage. The approval of the bill was sequel to the consideration of a report by the Senate Joint …
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China has approved and will disburse its 85 per cent loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, the Federal Government announced on Tuesday. Minister of Finance, Budget and National Planning, Zainab Ahmed, and Group Managing Director, Nigerian …
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The prices of vehicles imported into Nigeria will increase significantly from next year once the Fuel Grade and Vehicle Emission Standards Regulations of the Economic Community of West African States is implemented, the Association of Motor Dealers of Nigeria has …
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The House of Representatives has said the National Assembly will have to wait to pass the 2021 Appropriation Bill before embarking on end-of-the-year break. Vice-Chairman of the House Committee on Appropriations, Mr Iduma Igariwey, who spoke to our correspondent on …
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The amount spent on the importation of petroleum products into Nigeria rose to N700.46bn in the third quarter of this year, moving closer to the pre-COVID-19 level, the latest data from the National Bureau of Statistics have shown. The amount …
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The country’s foreign reserves fell by $269.47m in five weeks, the latest figures obtained from the Central Bank of Nigeria revealed on Monday. The reserves, which stood at $35.656bn as of November 4, fell to $34.925bn on December 12. According …
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Non-performing loans in the Nigerian banking sector fell by N42.4bn in three months, latest figures from the National Bureau of Statistics have shown. According to figures obtained from the NBS’ latest Selected Banking Sector Data Report on Sunday, the total …
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Transactions on the equity market closed last week on the negative note following continuous profit takings by investors leveraging previous weeks’ bullish trends. The NSE All-Share Index and market capitalisation depreciated by 2.53 per cent to close the week at …
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The World Bank on Thursday projected that the number of poor Nigerians will increase from the current 90 million to about 100 million by 2022 due to the impact of the COVID-19 pandemic on the country’s economy. It stated that …
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The House of Representatives, on Thursday, passed for second reading, the Finance Bill 2020. It is titled, ‘A Bill for an Act to Amend the Capital Gains Tax Act, Companies Income Tax Act, Personal Income Tax Act, Tertiary Education Trust …
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Transactions in the Nigerian equity market on Thursday closed on a negative note as losing streak extends to the fourth consecutive trading day, following sell-off on some high valued stocks. The market breadth closed negative, recording six gainers and 40 …
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The Central Bank of Nigeria has set a minimum capital base for Payment Service Banks and other finance institutions. The CBN disclosed this in a circular released on Thursday titled ‘New licence categorisations for the Nigerian payment system’ and signed …
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The Senate on Tuesday, passed for second reading, a bill to allow banks recover loans from defaulters, place them on watchlist and eventually blacklist them without recourse to the borrowers. The bill sponsored by Senator Sani Musa, was seeking an …
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The House of Representatives has summoned the acting Auditor General of the Federation, Mr Aghughu Adolphus, over a $36.1m facility under the Fiscal Governance and Institutions Project of the World Bank, to the office. The House Committee on Public Accounts …
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The Pension Funds Operators Association of Nigeria has said Pension Fund Custodians and Pension Fund Administrators will obey the guidelines given to them by the National Pension Commission before releasing the growing funds in their custody for investment. The association, …
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