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Tag Archives: BUSINESS

So Far, 272 Companies Have Shut Down Over Poor Economy


Manufacturers and other private sector operators have revealed a gloomy picture of how the foreign exchange restriction placed on 41 items by the CBN had affected operations in the business sector. They said that since the restriction order was placed last year, about 272 firms had been forced out of ...

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Adeosun seeks Islamic Bank’s support to rebuild northeast


The Minister of Finance, Mrs Kemi Adeosun, has called on the Islamic Development Bank to support Nigeria in rebuilding the northeast ravaged by Boko Haram. She made the appeal on Monday in Abuja during the inauguration of the IDB Country Gateway office. Adeosun said that Nigeria was striving towards attaining ...

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LASG shuts ponmo factory


The Lagos State Government has closed down the ponmo (processed cow skin) processing section of the Oko-Oba Abattoir and Lairage Complex, Agege, and dislodged the processors in the complex. The Commissioner for Agriculture, Mr. Toyin Suarau, who led men of the Lagos State Task Force on Environmental and Special Offences ...

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Crashed oil price has made Nigeria a poor country- Pres. Buhari


President Buhari today said the sudden fall in oil price in the international market has made Nigeria to become a poor country. He said this while speaking at a meeting with the executive director of the United Nations Population Fund (UNFPA) and under secretary-general of the United Nations, Babatunde Osotimehin, at ...

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At least 226 ongoing Federal Government road projects across the country are likely to suffer a major setback as the huge contract sum of N2tn required for their completion has lessened in value due to the current forex crisis. The President, Federation of Construction Industry, an umbrella body for construction ...

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Dr. Ibe Kachikwu Removed As NNPC GMD


President Muhammadu Buhari has replaced Dr. Ibe Kachikwu as Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). The President also dissolved the board of the NNPC and reconstituted a new one in line with section 1(2) of the NNPC act. Dr. Kachikwu will now serve as chairman of ...

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Central Bank dissolves Skye Bank board over capital issues

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Central Bank of Nigeria has sacked top executives of Skye Bank over failure to meet capital adequacy ratio, Daily Sun findings revealed. The Managing Director/Chief Executive Officer, Timothy Oguntayo, who led Skye Bank to acquire nationalised lender Mainstreet Bank in 2014, resigned before CBN made the announcement on Monday. Last ...

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Brexit: How will it affect Nigerians?


THE world lives in dangerous times. The unimaginable and surprises are springing up by the day. At odds with almost all conventional economic thinking the British voted to leave the EU. The entire world was shocked beyond measure. It sent cold wave down the economic spine of global markets. Demonstrators ...

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No benefit in naira devaluation, Buhari insists


President Muhammadu Buhari on Monday said he did not see any benefit that the country could derive from the devaluation of the naira. This is despite the implementation of the flexible exchange rate policy, which has somehow led to the devaluation of the nation’s currency. Buhari spoke during the breaking ...

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Made in China plane makes first commercial flight

epa05395795 People celebrate the landing of flight EU6679, the first commercial service of ARJ21-700, at Hongqiao airport in Shanghai, China, 28 June 2016. ARJ21-700, the baseline model with a capacity of 70 to 95 passengers, is the first model in China-developed ARJ regional jet family.  EPA/XI LI CHINA OUT

China’s homegrown regional jet made its first commercial flight Tuesday, operator Chengdu Airlines said, after years of delays raised questions about the country’s ambitious plans for domestically-produced planes. Chengdu Airlines flew the ARJ21 from its eponymous home base, the capital of the southwestern province of Sichuan, to the commercial hub ...

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Naira falls to 351/dollar at black market


The naira fell to 351 to the United States dollar at the parallel market and slightly to 282 at the new interbank market on Monday. Following the floating of the naira and the adoption of a single structure through the interbank/autonomous window, the currency closed last week at 281 to ...

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Oil price slumps to $46 amid Brexit concerns


Global oil benchmark, Brent crude, traded sharply lower on Monday, extending its declines following Britain’s vote to exit the European Union on Thursday. The dip in the oil price comes as investors were worried about global energy demand and shunned assets perceived as risky in the aftermath of the Brexit ...

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Fuel price hike: Nigerian students back FG

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The National Association of Nigerian Students, NANS, has thrown its weight behind the federal government over the increment of fuel pump price from N86 to N145 per litre. The students’ body said the Nigerian economy was sinking and badly battered, and therefore, incapable of bearing the burden of fuel subsidy. ...

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Beware of fraudulent messages, CBN warns bank customers

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The Central Bank of Nigeria on Thursday warned customers of banks to beware of fraudulent messages demanding for personal information from them. The apex bank in a statement by its Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, said such messages were intended to lure customers of banks into disclosing ...

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BREAKING: NUPENG, PENGASSAN support petrol price increase

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The two major unions in Nigeria’s oil and gas sector on Friday endorsed the price modulation mechanism adopted by the Federal Government to arrive at the new N145 per litre pump price for premium motor spirit, popularly known as petrol. The unions are the Petroleum and Natural Gas Senior Staff ...

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