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How FG abandoned completion of Ajaokuta Steel complex at 98% in 1994

Ajaokuta-sc

The bitter truth is that in 1994, the firm was just in need of $400m for completion, but now, it will need more than $1.21bn to revive it. The said facility will come in two trenches. First; about $513m to complete the construction of the steel plant, and $700m for external infrastructure. Before now, the complex has consumed about $4.66bn, ...

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S&P affirms structural stability of UBA Plc., gives ‘B/B’ ratings on outlook

uba-gmd-kennedy-uzoka

Leading international rating agency, Standard and Poor’s (S&P) has assigned its ‘B’ long term and ‘B’ short term global scale counterpart credit ratings to the United Bank for Africa (UBA) Plc. In its statement, the agency said UBA’s market position “is supported by its good franchise in the corporate and retail segments in Nigeria as well as geographic diversification, with ...

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Nigeria’s demurrage-free days at ports lowest among neighboring West, Central Africa

Apapa Port 44

Another angle frustrating ease of doing business at the Nigeria ports has been uncovered by the Business Hilights Economic Research Team (BHERT). A new report it released weekend in Lagos, it said “All most all shipping companies operating in Lagos Ports are taking advantage of the limited free demurrage days which is five to bleed importers of billions of naira ...

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TB Joshua donates school to earthquake hit Ecuador, warns Africa to stop begging West

TBJ Ecuador

Leading African preacher and founder of Synagogue Church of All Nations (SCOAN), Senior Prophet Temitope Balogun Joshua has given more insights on why he donated complete new school complex for both Primary and Secondary pupils and students in Ecuador, South America. The magnificent school complex built in remote area of the country, according to him, was Emmanuel TV Partners’ aid ...

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Bank workers’ may shut down services soon over detention of NUBIFIE President, Musa

Banks logos

Bank workers under the aegis of the National Union of Banks, Insurance and Financial Institutions (NUBIFIE), have warned Nigerians to brace up for a total lockdown of all banks doors following the failure of efforts they have made in effecting the release of their president, Mr. Danjuma Musa. Musa had been in Police detention over his complications in an alleged ...

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Experts predict rates retention as CBN beings MPC meeting today in Abuja

MPC Synergy

The Central Bank of Nigeria (CBN) will this Monday morning, begin another round of Monetary Policy Committee (MPC) to review the performances of given monetary indices in the weight of recent policies and happenstances in the economy. In the last meeting held in March, MPC had relied on “data and forecasts of key economic variables as well as the newly ...

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Dasukigate: Officials, arms dealer topped $20m each on 6 supplied fighter jets

Dasuki S

A new report released by American based Transparency International (TI) has provided strategic lead into the ongoing probe of how former National Security Adviser, Sambo Dasuki spent over N2.1 billion in his care during the administration of former President Goodluck Jonathan. New report from the AFP said Court documents show SEI signed off on the purchase of six Mi-24 and ...

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Dangote had been exceptionally fighting poverty in Nigeria by creating jobs—BH Analysis

Dangote group

Though a report by Oxfam International has stated that the combined wealth of Dangote, Adenuga, Otedola, Alakija, Danjuma can end extreme poverty in Nigeria, investigations by Business Hilights Economic Research Team (BHET) have revealed that amongst the named, Dangote stood out as the highest single creator of jobs in Africa and Nigeria in particular. The BHET report released on Thursday ...

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Tomato remains one of the easiest, gainful crops to cultivate in all zones—Dangote

Tomato Plant

Vice President of Dangote Industries Limited, Alhaji Sani Dangote has revealed that tomatoes remained one of the easiest crops to cultivate in all the geopolitical zones as the nation was blessed with arable land suitable for crop cultivation. In an interview, he hailed the federal government’s new policy aimed at reducing the N52 billion spent on the annual importation of ...

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Danger looms as NNPC gives signal showing tired of importing Petrol alone

Ibe Kachikwu

Indication emerged in Lagos on Wednesday that crisis causing scenario may be hovering in the nation’s downstream petroleum sector which may land the country in another deadly round of fuel scarcity and eventual hike in pump price even in recession. This is coming from the position of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who disclosed that ...

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