NIMASA, NRC paid N288m Premium on ‘Dead’ Lift, Generators – Reps

The House of Representatives on Monday made more revelations on how Ministries, Departments and Agencies of government allegedly connived with insurance firms to defraud the Federal Government under the guise of paying insurance premiums. An ad hoc committee of the House, which is investigating such fraudulent practices, cited how the Nigerian Maritime Administration and Safety […]

Ogun warns workers “Don’t embark on an illegal strike”

The Ogun State Government has described the proposed strike action called by a few disgruntled elements in the state chapter of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) as illegal. In a statement issued by the Secretary to the State Government, Barrister Taiwo Adeoluwa, on Monday, the state government wondered why this […]

UBA readmitted into FOREX Market

The United Bank for Africa, UBA, has been re-admitted into the foreign exchange market, the Central Bank of Nigeria, CBN, announced Wednesday night. UBA and eight other banks had been suspended by the CBN from the foreign exchange market on Tuesday. But, the CBN in a statement by its Director, Banking Supervision, ‘Tokunbo Martins, said […]

A’Ibom signs MOU to boost Agric & Infrastructural development

Akwa Ibom State Government has entered into agreement on agricultural development, infrastructural expansion and consolidation with Ashdene Associates Nigeria, a Singapore- based investment organisation. Speaking during the signing of memorandum of understanding at Governor’s Office, Uyo the State Capital, Governor Udom Emmanuel reiterated his administration’s commitment to laying a formidable economic foundation to fast-tract all […]

No time to waste time: Kachikwu signs $8.5 billion deal with Chinese investors

The Minister of State, Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has signed a potential investment deal for $8.5 billion with a Chinese company. Kachikwu who led a team of top management and key stakeholders of the NNPC visited the China North Industries Corporation (NORINCO), to sign […]

THE RETRENCHMENT QUESTION: FG VS BANKS

Story: Blessing Ehidiamen and Eric Elezuo   The retrenchment of workers have become a new trend in the banking sector in Nigeria as these past few months, the banking industry have adopted the motion to reduce its staff. The low oil prices, uncertainty in foreign exchange and not to forget the dwindling economy in the […]

You know things are bad when CBN settles for this

THE Central Bank of Nigeria, CBN is “reasonably optimistic” the naira will settle at around N250 to the U.S. dollar after an initial period of weakness following a flotation on Monday, the bank’s governor has said in a letter to President Muhammadu Buhari. Central Bank said on Wednesday it would begin market-driven foreign currency trading […]

Brace Yourselves: CBN to release FOREX guidelines

The Central Bank of Nigeria, on Tuesday, announced that it will release a new Foreign Exchange (FOREX) guideline on Wednesday, June 15. The bank made the announcement on Tuesday, through its Twitter account.. #CBN set to release new Guidelines on flexibility in the Foreign Exchange Market structure on Wednesday, June 15, 2016 — Central Bank […]

Petrol sales have dropped by 40% since Buhari increased the pump price

Following the recent adjustment of the price of petrol to N145 per litre by the federal government, sales of the product have drastically reduced by about as much as 40 per cent, according to the Chairman, Major Oil Marketers Association of Nigeria (MOMAN) and Group Chief Executive Officer of Forte Oil Plc, Mr. Akin Akinfemiwa. […]

Entrepreneurship is engine room of any economy –Steve Babaeko, CEO, X3M

Story: Eric Elezuo                                  Photos: Solomon Ekhaiyeme He is young, energetic and foresighted. His name is Steve Bakaeko, the ebullient Chief Executive Officer as well Chief Creative Officer of X3M Group; a group comprising many independent companies, among which is his X3M Ideas Advertising company. In his cozy office at Awuse Estate, Ikeja, the grass to […]

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