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Monthly Archives: September 2016

OPEC to cut output by 750,000 barrels per day


The Organization of Petroleum Exporting Countries (OPEC) has agreed to cut production by 750,000 barrels a day. The surprise news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement. In London benchmark Brent North Sea crude for November delivery rose $2.72 to $48.69, while in New ...

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Shipping can replace oil sales as nation’s revenue earner–Afolabi, Sifax Bo

Group Executive Vice Chairman Sifax Group, Dr. Taiwo Afolabi has called on the federal government to anchor the ongoing campaign on diversification of the economy on maritime sector considering the capacity of the industry to replace oil earnings in the long run. The shipping mogul said amongst the best options for the apex government would be to take advantage of ...

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CBN yet to reveal banks audit report

Considering high speculation on the would-be content of the ongoing stress test on commercial banks by the Central Bank of Nigeria (CBN), the apex bank has warned some segments of the press over misleading reports purporting to reveal decisions taken as a result of the ongoing audit of Nigerian banks. In a statement, CBN confirmed that examiners have concluded their ...

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Merger of Customs, FIRS imminent–Report


If the recommendations of the National Tax Policy Review Committee are anything to go by, indications are rife that the Federal Government will merge the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS). This, according to the Committee, is to sustain accountability and improve revenue generation. Presenting draft of the policy at the Committee’s second stakeholders engagement in ...

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NCAA, Emirates, others to meet over naira rejection for airfare

Following the rejection of Nigerian Naira by Emirates Airline for air fare payments for a flight from Lagos to Brazil on Monday night, the Nigerian Civil Aviation Authority (NCAA) has concluded plans to meet with foreign airlines operating in the country to address the issue. The federal agency yesterday confirmed receiving complaints from some passengers over the rejection of naira ...

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We don’t get 60% forex, MAN tells CBN, seeks sale of assets

The Manufacturers Association of Nigeria (MAN) has disclosed that barley two weeks after the Central Bank of Nigeria (CBN) said foreign exchange allocation to the real sector would be increased to 60 per cent, banking are not complying with the directive. The group has equally joined the league of campaigners for the sale of national assets to raise fund to ...

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Resuscitate Warri port, Olu of Warri charges NIMASA DG

The Olu of Warri, Ogiame Ikenwoli Emiko has appealed to the Nigerian Maritime Administration and Safety Agency, (NIMASA) to facilitate the effective utilisation of the Warri Port and the Koko Port with a view to reviving the economic activities in these areas. The traditional ruler made this known when the Director General of NIMASA, Dr. Dakuku Peterside led a delegation ...

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We are Strengthening Zonal Operations to Enhance Efficiency – Dr. Peterside

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has expressed the Agency’s determination to strengthen its Zonal operations to become the centre of the Agency’s activities. By so doing the Agency plans to devolve more power to the Zonal offices, grant them more autonomy and authority to handle the Agency’s statutory mandate without ...

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Budget Padding: Twist as Reps Suspend Jibrin For 180 Days

The House of Representatives on Wednesday suspended the immediate former Chairman, Committee on Appropriation, Abdulmumin Jibrin, for 180 legislative days following the adoption of the recommendations of the Nicholas Ossai-led Ethics and Privileges Committee. The Committee laid the report earlier in the day and it was considered and adopted in the afternoon. All four recommendations were adopted at the Committee ...

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BlackBerry seals Joint Venture Deal with BB Merah Putih, ends device manufacture

BlackBerry Limited, a global software leader in securing, connecting and mobilizing enterprises, announced an agreement with newly formed joint venture PT BB Merah Putih to license BlackBerry software and services for the production of handsets for the Indonesian market.This partnership accelerates BlackBerry’s overall focus on driving software growth, specifically developing and licensing device software offerings, including security solutions and applications, ...

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