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Corruption: Buhari may probe CBN


President Muhammadu Buhari may extend his investigation into recent activities of some government agencies and departments to the Central Bank of Nigeria. Buhari had while meeting state governors on June 23, stated that officials of the past government abandoned all financial and administrative instructions put in place in parastatals and ...

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Nigerians buy fuel for N120 per litre


After some days of respite, fuel scarcity worsened in different parts of the country on Saturday with Premium Motor Spirit popularly known as petrol, selling as high as N160 per litre in some places. Reports by our correspondents from different states indicated that many petrol stations were still not selling ...

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Why CBN Won’t Devalue The Naira


The Central Bank of Nigeria (CBN), Friday, disclosed insisted it will not devalue the naira in order to safeguard the Nigerian economy from the shocks and negative impact the depreciation will have. In a statement signed by Director, Corporate Communications, Mr. Ibrahim Mu’azu, in reaction to an article in the ...

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Robot kills worker at Volkswagen plant in Germany


A robot has killed a contractor at one of Volkswagen’s production plants in Germany, the automaker has said. The man died on Monday at the plant in Baunatal, about 100km (62 miles) north of Frankfurt, VW spokesman Heiko Hillwig said. The 22-year-old was part of a team that was setting ...

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BVN: Remove Barriers From Banks, PWDs Tasks CBN

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In view of the extension of the deadline for the registration of the Bank Verification Number (BVN), people with disabilities (PWDs) have called on the Central Bank of Nigeria(CBN) to remove all barriers from banking halls to enable them partake in the exercise. They have also called for the extension ...

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‘Inadequate Gas Supply Is Frustrating NIPP Initiative’


The former chairman of the Nigerian Electricity Regulatory Commission (NERC), and managing director of Aiteo Power and Gas, Dr Ransom Owan, has lamented that inadequate gas supply to thermal power stations is frustrating reform in the sector. Owan, who spoke at the West African Power Industry Convention (WAPIC) in Lagos, ...

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Naira falls to 230, dollar supply dries up

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These are definitely not interesting times for the nation’s economy, particularly the national currency, the naira, no thanks to the depleting reserves and the subsequent banning of importers of 41 items from the foreign exchange market by the Central Bank of Nigeria. Barely 10 days after the CBN stopped forex ...

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Chinese Investors To Invest $54m In Kwara


A group of Chinese investors have expressed their commitment towards investing about $54m in the industrial sector of Kwara state in the next couple of years. The leader of the team, Mr Shi Zengchao during a courtesy call on the state governor, Alhaji Abdulfatah Ahmed said about $15m would be ...

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CBN adjusts forex peg as naira hits 228


The Central Bank of Nigeria on Tuesday lowered the naira peg to 196.95 against the dollar from 196.90 it set last week. This made it the fourth time the CBN had adjusted the peg since it was introduced in February, Reuters reported. This happened just as the naira tumbled further ...

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Nigerian Ship Owners Partner With Greeks To Build 40 Ships


The Nigerian Ship Owners Association (NISA) on Tuesday said it had sealeda partnership with Ship owners from Greece to bring in 40 vessels. NISA President Niyi Labinjo, disclosed this during a meeting held in Lagos between NISA and ship owners from Greece. Labinjo said that the ships, which will be ...

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Facebook opens first African office

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Facebook has opened its first office in Africa to further the company’s commitment to help businesses connect with people and grow locally and regionally. Based in Melrose Arch, Johannesburg, Facebook’s newest business office will be headed by Ogilvy veteran, Nunu Ntshingila, the company’s new Head of Africa. Facebook is already ...

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Innoson To Mass Produce First Made-in-Nigeria Motorcycle


The executive vice chairman of the National Agency for Science and Engineering Infrastructure (NASENI), Mr Mohammed Haruna, has revealed that the Nigerian automobile company, Innoson Nigeria Ltd, Nnewi, Anambra State, is set to set up an assembly plant to mass produce the agency’s first made-in-Nigeria motorcycle. Speaking exclusively to LEADERSHIP ...

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PAN: Nigeria spent N660bn on imported chickens in 2014


Nigeria spent N660 billion to import 1.2 million metric tons (MT) of frozen chickens into the country despite existing ban, the National President, Poultry Association of Nigeria (PAN) Dr. Ayoola Oduntan, has said. This, he said, was four times greater than what was produced locally and exceeded the current industry ...

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Electricity: Consumers protesting over crazy bill fraud


In this special report, fourth of five –part, Andrew Airahuobhor, Bamidele Ogunwusi, Oyeniran Apata, Nkasiobi Uluikpe and Akinwumi King, investigates how, after the privatization of Power Holding Company of Nigeria (PHCN), the only result Nigerians have received till date is the issuance of outrageous bills by all the electricity distribution ...

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