Tuesday , 19 November 2019
Breaking News


Unknown persons invaded farm, set ablaze land clearing caterpillar


A caterpillar (payloader 950 c) doing a clearing job on a farm Land belonging to TEMIK NIGERIA LIMITED was set ablaze by yet to be identified person(s) at Ipaya Akintunde Village, Imala, Oke-Ogun LCDA, Abeokuta North, Ogun State. The malicious damage was carried out between the hours of   11am-12noon on  Friday 22nd March, 2019. Though the incident has been reported …

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Breaking: Access Bank acquires Diamond Bank


Access Bank Plc has finally acquired Diamond Bank Plc. According to insiders, the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria, CBN, according to TheCable. Another source said confirmed that the deal has been sealed, awaiting final ratification from the regulatory body. The acquisition was midwifed by the …

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Nigerian govt sells stake in security printing firm to CBN for N17 billion

CBN, Nigeria Naira

The Federal Government says the sale of 21 per cent of its equity in the Nigerian Security Printing & Minting (NSPM) Plc to the Central Bank of Nigeria (CBN) will yield about N17 billion. The Director General of the Bureau of Public Enterprises (BPE), Alex Okoh, disclosed this in Abuja on Tuesday at the official signing of the agreement for …

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Foreign Loan: China not father Christmas, says Chinese Envoy

China President Xi Jinping

The Charge d’ Affaires of China Embassy in Nigeria, Mr Lin Jing, says China is not a Father Christmas, but rather, looking for a win-win partnership with Africa and Nigeria. Jing made this declaration on Thursday in Abuja at a roundtable on the Review Dialogue on the just concluded 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). At …

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Volkswagen To End Production Of Iconic ‘Beetle’ Cars In 2019

Volkswagen Beetle

Volkswagen announced on Thursday it would end production of its iconic “Beetle” cars in 2019 after adding a pair of final editions of the insect-inspired vehicles. The curvy-topped sedans, which shook off Nazi origins to become a global auto phenomenon, are being sidelined as Volkswagen emphasises electric cars and larger family-oriented vehicles. But company officials, still trying to completely turn …

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NCS to reduce time of cargo clearance



The Nigeria Customs Service (NCS) says it has embarked on Time Release Study (TRS) to measure the efficiency of its trade facilitation scheme and reduce the time of cargo clearance. Mr Wale Adeniyi, Deputy Commandant, Customs Training College, Gwagwalada, Abuja, disclosed this in an interview with the News Agency of Nigeria (NAN) at a workshop on TRS in Lagos on …

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FG makes N909bn from VAT in one year

Kemi Adeosun, Finance Minister

Between October 2016 and September 2017, the federation account received a total inflow of N908.9bn in Value Added Tax receipts  from the Federal Inland Revenue Service, figures obtained from the National Bureau of Statistics have revealed. An analysis of the VAT report obtained from the NBS showed that the amount was collected from 28 sectoral activities during the period under …

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Lagos shutdown Chisco, Ifex, GUO at Jibowu

Anofiu Elegushi commissioner ministry of transportation

The Lagos State Government on Tuesday sealed off the premises of some major commercial transport companies, at Jibowu, on Ikorodu Road as it begins enforcement of the relocation of inter-state buses from Jibowu to Ojota. Permanent Secretary, Ministry of Transportation, Olufemi Salami  ordered the seal off with the approval of the Acting Commissioner for Transportation, Anofiu Elegushi. Among the companies …

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Aliko Dangote Pledges $100m To Battle Malnutrition In Nigeria

Aliko Dangote

The recently concluded Global Nutrition Summit 2017, held in Milan, Italy convened governments, international agencies, foundations, civil society organisations and businesses to accelerate the global response to malnutrition, an underlying cause of nearly half of all global child deaths. A major highlight of the Summit was the pledge by the Aliko Dangote Foundation to invest $100 million over five years to tackle …

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Anambra IGR skyrockets to N1.5bn monthly

Governor Willie Obiano of Anambr State

Mr Michael Okonkwo, the Managing Director, Awka Capital Territory Development Authority, says the monthly internally generated revenue of the state has increased from N500 million to N1.5 billion. Okonkwo told the News Agency of Nigeria (NAN) in Awka on Saturday that the Authority`s revenue profile also increased from N13 million to N20 million monthly. He said that Gov.Willie Obiano`s administration …

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Dangote earmarks N200 billion to establish university in Abuja


Aliko Dangote, the President and founder of Dangote Foundation,  was reported to have set aside N200 billion to establish a world-class university in Abuja. It was learnt that the proposal has since been delivered to the National Universities Commission, NUC. A former Executive Secretary of the NUC, Julius Okojie, who is the chairman of the technical team for the establishment …

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Sallah: Lagos begin Sale of LAKE Rice from Thursday

Lake Rice

The Lagos State Government is set to begin the sales of LAKE Rice in preparation for the forthcoming Eid-El-Kabir celebration. The sales of rice will begin on Thursday, 24 August 2017 in various centres across the state. The Lagos State Commissioner for Agriculture, Oluwatoyin Suarau said that the present administration, has since inception, embarked on agricultural policies and programmes that …

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Adeosun Emerges Chairperson Of ECOWAS Investment Bank

Kemi Adeosun

Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has emerged the Chairperson of the Board of Governors of the Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID). Mrs Adeosun was named the new chairperson of EBID on Tuesday 22, August, 2017 at the end of the 15th Ordinary Meeting of the board of governors of the …

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SPECIAL REPORT: How Nigerian companies raked billions after CBN switched off dollar tap on 41 items


When the Central Bank Nigeria, CBN, blocked official dollar access to importers of 41 low-skilled items, Baton Nigeria, an Ogun state-based company, was preparing to start a factory producing tooth picks – one of the items on CBN’s list. By August 2016 when the company’s production lines had kicked off, the policy had been in place for a year. Now, …

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Govt officials received N400bn bribes in one year – NBS

Dr Yemi Kale

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 Nigerian adults who had contact with public officials between June 2015 and May 2016 had to pay bribes to the …

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Nigeria To Save N300bn Annually From Rice Import


Nigeria will be saving about N300 billion it spends annually on importation of rice as local production of the commodity has now reached 15 million metric tonnes, the federal ministry of Agriculture disclosed yesterday. The director of Agriculture at the Kano office of the ministry, Muhammad Adamu, who gave the hint, while inaugurating the Rice Millers Association of Nigeria (RIMAN) …

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Pension Fund Hits N6.5trn

Kemi Adeosun, Finance Minister

The nation’s pension funds, under the Contributory Pension Scheme (CPS), grew to about N6.5 trillion as at the end of July 2017, even as the number of pension contributors rose significantly to 7. 6 million. As at the end of July 2017, the fund increased to about N6.5 trillion from N6.4 trillion it stood at as at April ending. It …

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Customs begins e-auctioning of vehicles


The Nigerian Customs Service on Monday unveiled an electronic auction platform by which cargoes that have been forfeited to the Federal Government could be sold to Nigerians through a transparent bidding process. The unveiling of the e-auction platform was performed at the headquarters of the NCS by the Comptroller-General of Customs, Col Hameed Ali (Rtd). Present at the event were …

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27-year old Nigerian wins £25,000 for developing a tutoring app

Godwin Benson, second right being congratulated after the award

A 27-year-old Nigerian, Godwin Benson has won an engineering award given by  UK’s Royal Academy of Engineering for the tutoring app developed by him. According to the BBC, Benson, a systems engineer, beat 16 participants to clinch the £25,000 ($32,000) prize money. At the awards ceremony in Nairobi, Kenya on 23 May 2017, the four finalists delivered presentations, before Africa Prize …

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10 banks rake in N138bn from alerts, e-services in one year


Leading banks in Nigeria have reported a significant rise in income from fees they charge customers for use of their various electronic banking services, principally, transaction alerts, Automatic Teller Machine (ATM) services and money transfers among others. The top 10 banks earned N138 billion as at end 2016, up by over 26 per cent from N109.1 billion in 2015. Total …

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Senate bars NNPC, others from spending money


The Senate has directed the Nigerian National Petroleum Corporation (NNPC) and other revenue generating agencies to stop further capital expenditure until they comply with the Fiscal Responsibility Act. ‎It said that the agencies had violated the Act and gave them two weeks to submit their budgets in accordance with the provisions of Section 21 of the law. ‎The directive was sequel to …

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Fashola Highlights Input Hoped To Boost Power Supply In Nigeria


The Nigerian government says it will do all in its powers to overcome the setbacks in the power sector. The Minister of Power, Works and Housing, Mr Babatunde Fashola, gave the assurance while briefing reporters after the weekly Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo. One of the strategies that the government has adopted, according …

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FG Commissions Wind-Shear Alert System


The federal government has promised to install low level wind-shear alert system in all airports across the country as part of efforts to ensure the safety of air travelers. The Minister of State for Aviation, Hadi Sirika, made this promise at the commissioning ceremony of the facility at the Umaru Musa Yar’adua International Airport in Katsina. He said that the government …

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Nigeria plans aviation university


Nigeria plans to establish an aviation university to promote research, development and production of high level manpower. Aviation minister Hadi Sirika revealed the plan on Saturday after a familiarisation tour of the Nigerian College of Aviation Technology (NCAT) in Zaria, Kaduna State. “The aviation university will be different from NCAT; the university will be fully into research and development and …

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FG To Introduce New Reward System For Civil Servants


The Head of Service in Nigeria, Mrs Winifred Oyo-Ita, says the Federal Government will introduce a new reward system for civil servants to encourage innovations. The new reward system which she referred to as “Entrepreneurship Development and Commercial Orientation Strategy” will help to grow government’s revenue. She says when implemented, the strategy will encourage civil servants to put in their best …

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Nigeria’s Economy Still Largest In Africa–IMF

Kemi Adeosun, Finance Minister

The International Monetary Fund (IMF) has affirmed Nigeria’s economy as the biggest in Africa, ahead of South Africa and Egypt, despite the economic recession the country is battling with. Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa in August 2016, following the recalculation of the country’s Gross Domestic Product (GDP). However, the IMF’s …

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NIPOST now delivers agric, electronic products


In its attempt to remain relevant and be profitable in world of IT, the Nigerian Postal Service (NIPOST) has introduced delivery of agricultural goods. The federal government owned postal service also included in its delivery package, pharmaceutical drugs and cosmetics. Others are automobile spare parts, electronics and electrical parts, computer and accessories, furniture and household items, beverages and assorted food …

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Nigeria steps up Naira-Yuan swap deal


The lingering Naira-Yuan swap deal is set to be achieved as part of strategies to reduce the huge dollar demand and pressure on the local currency. Nigerian officials and those from China are currently meeting to fine tune the deal, CBN Governor Godwin Emefiele, said. According to the Guardian newspaper, Emefiele gave the indication at the ongoing International Monetary Fund/World …

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General Electric to invest in Nigeria


US  firm General Electric, GE  plans to invest around $150 million in Nigeria by 2017, a senior executive said on Monday. “There are development projects where we are investing,” Jay Ireland, chief executive of General Electric in Africa told the FT Africa Summit in London. GE would also invest in oil and gas industry projects. Growth in Nigeria – an …

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AfDB to lend Nigeria $4.1bn

Akinwumi Adesina, President, Africa Development Bank

The African Development Bank is working on giving Nigeria loan facilities of $4.1bn between now and next year for critical sectors of the economy. The loans include $1bn at a concessionary interest rate of 1.2 per cent for Nigeria to address the 2016 budget deficit and aid her economic recovery. The President, AfDB, Dr. Akinwunmi Adesina, disclosed this to State …

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