Tuesday , 17 October 2017
NEWS UPDATE

Business

Dangote earmarks N200 billion to establish university in Abuja

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 ... Read More »

Sallah: Lagos begin Sale of LAKE Rice from Thursday

Sallah: Lagos begin Sale of LAKE Rice from Thursday

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 ... Read More »

Adeosun Emerges Chairperson Of ECOWAS Investment Bank

Adeosun Emerges Chairperson Of ECOWAS Investment Bank

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 ... Read More »

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

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, ... Read More »

Govt officials received N400bn bribes in one year – NBS

Govt officials received N400bn bribes in one year – NBS

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 ... Read More »

Nigeria To Save N300bn Annually From Rice Import

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) ... Read More »

Pension Fund Hits N6.5trn

Pension Fund Hits N6.5trn

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 ... Read More »

Customs begins e-auctioning of vehicles

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 ... Read More »

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

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

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 ... Read More »

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

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 ... Read More »

Senate bars NNPC, others from spending money

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 ... Read More »

Fashola Highlights Input Hoped To Boost Power Supply In Nigeria

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 ... Read More »

FG Commissions Wind-Shear Alert System

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 ... Read More »

Nigeria plans aviation university

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 ... Read More »

FG To Introduce New Reward System For Civil Servants

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 ... Read More »

Nigeria’s Economy Still Largest In Africa–IMF

Nigeria’s Economy Still Largest In Africa–IMF

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 ... Read More »

NIPOST now delivers agric, electronic products

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 ... Read More »

Nigeria steps up Naira-Yuan swap deal

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 ... Read More »

General Electric to invest in Nigeria

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 ... Read More »

AfDB to lend Nigeria $4.1bn

AfDB to lend Nigeria $4.1bn

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 ... Read More »

Air plane Passengers warned not to use Samsung Galaxy Note 7

Air plane Passengers warned not to use Samsung Galaxy Note 7

Air travellers are being warned not to use their Samsung Galaxy Note 7 smartphones on planes after the company recalled the devices over complaints the batteries can catch fire. “In light of recent incidents and concerns raised by Samsung about its Galaxy Note 7 devices, the Federal Aviation Administration strongly advises passengers not to turn on or charge these devices ... Read More »

Nigerian Government Launches 30 Start-up Businesses By Youths

Nigerian Government Launches 30 Start-up Businesses By Youths

The Nigerian government on Friday launched 30 start-up businesses by youths under the Villa Demo Day platform for technology, innovation and entrepreneurship. Vice President Yemi Osinbajo launched the businesses at an event attended by the founder of Facebook, Mark Zuckerberg. Professor Osinbajo also announced plans to collaborate with Facebook in coming months, expressing the belief that it will enhance entrepreneurial and ... Read More »

Economic recession: Banks and insurance companies slash workers’ salaries

Economic recession: Banks and insurance companies slash workers’ salaries

Hit by the current economic recession in the country, most money deposit banks and insurance firms have slashed their workers’ salaries by between 20 and 50 per cent. Investigations by Saturday PUNCH revealed that Diamond Bank Plc, Heritage Bank Plc, Zenith Bank Plc, First Bank Plc and Wema Bank Plc have reduced their workers’ salaries as of August 31, 2016. ... Read More »

Zuckerberg Holds Closed Door Meeting With President Buhari

Zuckerberg Holds Closed Door Meeting With President Buhari

The founder and Chief Executive Officer of Facebook, Mark Zuckerberg has held a closed-door meeting with the Nigerian President, Muhammadu Buhari. Mr. Zuckerberg was seen going into the Presidential Villa at about 12 noon and left before 1.00 pm. details of the meeting were not disclosed to journalists. After the meeting with the President, Mr. Zuckerberg headed for the Presidential ... Read More »

Samsung stops Galaxy Note 7 phone sales after battery explosions

Samsung stops Galaxy Note 7 phone sales after battery explosions

Samsung says it is suspending sales of its Galaxy Note 7 smartphone after finding batteries of some of the gadgets exploded while they were charging. Koh Dong-jin, president of Samsung’s mobile business said Friday that customers who already bought Note 7s will be able to swap them for new smartphones, regardless of the purchasing date, according to a report on ... Read More »

BREAKING: CBN Lifts Forex Ban On UBA As 8 Other Banks Remain Suspended

BREAKING: CBN Lifts Forex Ban On UBA As 8 Other Banks Remain Suspended

The Central Bank of Nigeria (CBN) on Wednesday lifted it’s ban on the United Bank for Africa (UBA) as the other eight deposit money banks (DMBs) remain banned from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA). ‘Tokunbo Martins, director, banking supervision of CBN, made the ... Read More »

Oil Workers Postpone Strike, Meeting With FG

Oil Workers Postpone Strike, Meeting With FG

Nigerian oil workers have postponed their proposed strike at least until Monday next week when negotiations are opened with the federal government. Leaders of the oil workers union say the action is being put on hold until their leadership is able to meet with the government delegation to table their grievances. That meeting was originally scheduled for today (Thursday, July ... Read More »

Lagos govt to jail traffic hawkers and buyers – Ambode

Lagos govt to jail traffic hawkers and buyers – Ambode

Last Wednesday, around 12 noon, at Maryland Bus Stop, along Ikorodu Road, Lagos, peace was temporally disrupted by rampaging miscreants, otherwise called, “Area Boys”, over alleged killing of a hawker by a fast moving truck. ambodeThe yet to be identified middle-aged hawker, while fleeing from law enforcement agents for fear of arrest, suddenly ran into the truck and died on ... Read More »

Dangote To Build N140bn Sugar Factory In Niger State

Dangote To Build N140bn Sugar Factory In Niger State

Dangote Group is set to build a N148 billion ($450m) Sugar factory in Niger State. The Group has been in talks with the State government and the host communities of Jima-Nupeko villages in Lavun and Mokwa local government areas of the state for the establishment of the sugar plant for about a year now and the construction of the  factory ... Read More »

N50bn debt: AMCON takes over Jimoh Ibrahim’s firms, freezes bank accounts

N50bn debt: AMCON takes over Jimoh Ibrahim’s firms, freezes bank accounts

The Federal High Court, Lagos Division, yesterday, restrained NICON Investment Limited, Global Fleet Oil and Gas Limited and Mr Jimoh Ibrahim from dealing with any assets or funds belonging to NICON Investment, Global Fleet Oil and other assets. The order was granted to AMCON as an interim injunction against NICON Investment Limited, Global Fleet Oil & Gas Limited and Mr ... Read More »