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Banking/Investments

Citizens decry missing impacts of Paris Club refund as FG opens up on details

Adeosun Buhari

Just as the Federal Government weekend revealed how it allocated the first tranche of N516.38bn reimbursement made to the 36 states of the federation and the Federal Capital Territory from the Paris Club debt refund, citizens across the states have decried the way and manner many states appropriated the windfall. According to experts, even though the money was purely states ...

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Why UBA sealed deal with Bridge Concepts to float Naija Green Card

uba-gmd-kennedy-uzoka

To enable young Nigerians including students to enjoy exclusive discounts on products and services with over 10,000 merchants across the country, were the factors considered by leading banking institution, United Bank for Africa (UBA) to introduce the Naija Green Card (NGC). Bridge Concepts Limited collaborated with the UBA to introduce co-branded discount cards. The bank explained that NGC, is a ...

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Lawyers still have a role to play on company registration, but …—CAC boss, Mahmud

cac logo

The Registrar General of the Corporate Affairs Commission (CAC), Bello Mahmud has made clarification on how the services of a lawyer can be used at a minimal cost on the prospective applicant wishing to register a new company. In an interview, he said hence the law did not say that the legal practitioner who must depose to the declaration on ...

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Relief as CBN announce resumption of dollar sales to fuel marketers’, others

NNPC Headquarters

Return to business is imminent amongst the independent petroleum marketers as the Central Bank of Nigeria (CBN) has given strong signal to sell dollars to them and the airline operators. According to the apex bank, fuel importers, manufacturers, airlines and agriculture businesses will be able to buy dollars at a special market intervention to clear a backlog of foreign exchange ...

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Nigeria records N719.4bn balance of trade in Q1—NBS

Okey Buhari

An infinitesimal indication that the economy may have been on the part of recovery in terms of import-export trade balance has emerged from the latest report of the National Bureau of Statistics (NBS), released earlier in the week in Abuja. Data released showed that the marginal rise in exports, coupled with a slight decrease in imports brought the country’s trade ...

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Recession, forex crisis weaken experts to assess 3 years of Emefiele at CBN

CBN Godwin-Emefiele

It would be recalled that following the disquiet circumstance leading the ouster of former Governor of Central Bank of Nigeria (CBN) and current Emir of Kano, Sanusi Lamido, former managing director of Zenith Bank, Mr. Godwin Emefiele was named by the then President, Dr. Goodluck Jonathan as the Governor. Last week marked his three years into a five-year first term ...

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FG plans to reply Microsoft with $1bn ICT Company to boost local technology

Acting president, Prof Yemi

After days of official silence on the image damaging statement issued by Microsoft Corp on why it was dropping its earlier plan to seat a $30bn twin data centre in Nigeria for South Africa, the federal government has revealed its readiness to build a one billion dollar ICT company to boost indigenous technology. Business Hilights recalls that Microsoft had issued ...

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Exchange rates convergence emerging as forex seekers flee BDCs for black market

naira dollar

Preliminary indications are beginning to show that the dream of the Central bank of Nigeria (CBN) in hitting a single rate both for Bureau d’ Change (BDC) and black market operators. Since this week, foreign exchange users are experiencing the convergence of naira/dollar rates at the official and black market rates for the first time in two years. Business Hilights ...

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90% of manufacturing, industrial sectors in Nigeria fall under SMEs—Glo

glo logo

Leading national carrier and grand data masters, Globacom has revealed that that 90 per cent of the manufacturing and industrial sectors in the country fall under Small and Medium Enterprises (SMEs). In a presentation made at the Nigerian-American Chamber of Commerce’s 2017 African Foods and Products Conference, Tega Agofure of Glo Business Solutions, observed that the International Finance Corporation (IFC) ...

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For recovery of N11.6bn, FG pays N375.8m to 20 W/Blowers after tax deductions

Kemi Adeosun

Fresh energy has been pumped to the effectiveness of the Whistle Blowing Policy following the payment of a total of N375.8m to 20 whistle blowers who aided the seamless recovery of N11.6bn. but this was after deducting taxes on the percentage due to them. In a statement on Wednesday by the Director of Information in the Ministry of Finance in ...

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