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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

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