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Rivers displaces Lagos as top investment destination

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RIVERS State dislodged Lagos State as the number one foreign investment destination in Nigeria in the first half of 2018,according to an investment profile report by the Nigeria Investment Promotion Commission (NIPC). Rivers received 35% of the $45.74 billion invested in 42 projects in nine states and the Federal Capital Territory (FCT) during the period, the NIPC said. It was followed by Bayelsa and Lagos states with 26% each. Read more

Nigerian police recover stolen state oil funds

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A Nigerian police investigation has retrieved hundreds of millions of dollars in stolen state oil funds. It came as an Italian court sentenced two men to four years in jail in a case involving Eni and Shell in Nigeria. Read more

Nigeria Unions Threaten to Strike Over Chevron Contract Dispute

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Nigeria’s oil unions say they are ready to call a nationwide strike to protest a decision by U.S. oil giant Chevron Corp. to close out thousands of employment contracts at the end of the month. Read more

 

CBN revokes License of Skye Bank, changes name to Polaris Bank

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The Governor of the Central Bank of Nigeria (CBN)Godwin Emefiele, at a press conference in Lagos announced that the apex bank has revoked operating licence of Skye Bank Plc with immediate effect. Read more

Jet Airways: Passengers hurt as pilots ‘forget’ cabin pressure

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More than 30 Indian passengers, some bleeding from their noses and ears, have received treatment after pilots “forgot” to turn on a switch regulating cabin pressure, officials said. Read more

FG sells 12.4bn shares in NSPMC to CBN, BPE

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The Federal Government yesterday sold 21 percent of its stake in the Nigeria Security Printing and Minting Company (NSPMC), amounting to 12.4 billion shares to the Central Bank of Nigeria (CBN) and the Bureau of Public Enterprises (BPE). Read more

CBN, BPE sign sale of 12.4bn FG shares in Minting Company

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ABUJA- Central Bank of Nigeria, CBN, and the Bureau of Public Enterprises, BPE, on Tuesday signed the instrument for the sale of 21 percent of the federal government’s interest in the Nigeria Security Printing and Minting Company, NSPMC. Read more

In Germany, the world premiere of the first hydrogen train

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Hydrogen trains Coradia iLint needs to eventually replace all diesel trains.

Sunday, September 16, in Germany, the world premiere of the first hydrogen-powered train, which begins regular passenger service since the 17 of September. Read more

 

Nigerian Airlines Using Wrong Aircraft Type For Flight Operations – Dana Air Boss

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Mr. Obi Mbanuzuo, the Chief Operating Officer (COO) of Dana Air, in this interview with OLUSEGUN KOIKI, spoke on the recent partnership with the Togo based airline, Asky, the right equipment for Nigerian airline operators, and the future of Dana Air as it clocks 10 years in two months. Excerpts:

 

CBN to penalise banks, others for failed e-transactions

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Any failed Nigerian Instant Payment transaction not reversed into the customer’s account within 24 hours, based on complaint of the sender and/or beneficiary will attract a fine of N10,000, the Central Bank of Nigeria has said. Read More

14 Nigerian banks to enjoy $7bn reserve

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The Chairman of the Special Presidential Panel for Recovery of Public Property, Mr. Okoi Obono-Obla, recently, (Sept. 7th 2018), noted in a NAN report in Abuja, that the Agency is continuing its investigations to “recover monies that have been taken away from the people of Nigeria.” One of such ‘loot’, according to the Chairman  is the “almost $7bn bailout fund that the Central Bank of Nigeria (CBN) granted 14 commercial banks between 2006-2008. Read More

FIRS freezes 6,772 accounts, generates N3.5 trillion in eight months

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The Federal Inland Revenue Service (FIRS) has said it generated N3.5 trillion for Federal Government between the months of January and September 2018.The Executive Chairman, FIRS, Tunde Fowler, who disclosed this in Lagos, during a stakeholders meeting, said the amount generated was N1trillion higher than the revenue it recorded in the corresponding period of 2017. Read more

Press Release – Regulatory Conversations

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LAGOS, SEPTEMBER 18, 2018

In response to the recent regulatory actions by the CBN against a number of Banks and MTN, The Convention on Business Integrity, ActionAid, Lagos Chamber of Commerce & Industry, Nigerian Economic Summit Group and Business Day Newspapers have come together, under the rubric of ‘Regulatory Conversations’ to foster private public dialogue aimed at promoting good corporate governance, integrity and sound practices in efforts to grow and diversify Nigeria’s economy.

This intervention marks the start of a new series of public-private engagements and this first installment is titled, The Role of Effective Nigerian Regulatory Actions in Attracting and Retaining Foreign Direct Investment. The dialogue session will be Chaired by the eminent Dr. Christopher Kolade. Continue Reading

Henri Bendel, 123-year-old luxury retailer, closing for good

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The luxury retailer Henri Bendel, which opened its doors in New York’s Greenwich Village at the end of the 19th century, is closing. Read more

Inflation rises for first time in 18 months

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The National Bureau of Statistics on Friday released the Consumer Price Index, which measures inflation, with the rate rising from 11.14 per cent in July to 11.23 per cent in August. Read more

DisCos’ group chides NERC, protects members’ $1.4bn assets

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The Association of Nigerian Electricity Distributors (ANED) has chided the Nigerian Electricity Regulatory Commission (NERC) for discouraging its activities, with a total of $1.4 billion investment of the Distribution Companies (DisCos). Read more

DisCos: we must speak for our $1.4b investment

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The Association of Nigerian Electricity Distributors (ANED) yesterday told the  Nigeria Electricity Regulatory Commission (NERC ), that it has the legal backing to speak for the Electricity Distrubution Companies (DisCos) that invested $1.4 billion in the power assets. Read more

Massive sell-off hits nation’s bourse, investors lose N423b in one day

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Following massive sell pressure on the equity market yesterday, the local bourse recorded its biggest loss in eight months, as investors lose whooping N423 billion in one day. Read more

 

National Collateral Registry registers 32,645 assets worth N688b

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The Central Bank of Nigeria (CBN) has disclosed that over N688.35 billion has been recorded as the value of moveable assets registered on the National Collateral Registry  platform since inception. Read more

NCC wades into MTN sanctions by CBN, AGF

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The Nigerian Communications Commission [NCC] is mediating in the crisis between the MTN Nigeria and the Central Bank of Nigeria (CBN), and between the company and the office of the Attorney General of the Federation (AGF). Read More

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