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China’s 85% funding for $5.8 billion Mambila hydroelectric power worries experts

dam scheme

Recent funding deal sealed between Nigeria and Chinese Export-Import Bank that will deliver the 3,050-megawatt Mambila hydroelectric power project in Taraba state within six year, has continued to draw both positive and discordant reactions from power stakeholders. The construction will equally be handled by a consortium of Chinese state-owned construction firms. However, and no matter how sweet and rosy the ...

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Zenith, 6 other Nigerian banks in Ghana race to meet new minimum capital base

BoG Yedu Addison

Following the recent upward review of banks’ minimum capital requirement for commercial Banks from ¢120 million to ¢400 million (about ($100 million or N30 billion) by the Bank of Ghana (BoG), Nigerian banks operating in the country have approached their Nigerian head office for assistance. However, not all of them are currently under pressure to meet the new minimum capital ...

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‘Idle $100m cabotage fund, disservice to indigenous shipping companies’

Amaechi

Stakeholders’ in the nation’s maritime sector have decried the protracted silence and inactivity of the management of the Nigerian Maritime Administration and Safety Agency (NIMASA) in resuming the effective disbursement of the over $100 million Cabotage Vessel Finance Fund (CVFF). Reviewing the situation at the gathering of leading public relations officers of maritime and related organizations, in Lagos, experts decried ...

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Another look at Elumelu’s observations on western thoughts about Africa

Tony Elumelu

Recent outpouring of leading African entrepreneur and chairman of United Bank for Africa (UBA), Mr. Tony Elumelu is mind boggling and has presented a serious challenge African. At a gathering of senior policymakers and developments experts hosted by UK’s leading foreign policy institute, the Chairman of Heirs Holdings spoke  in  a panel alongside United Kingdom Minister of State, Department for ...

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Curfew confusion takes toll on business activities in Abia, markets close from 3PM Wednesday

IPOB Army

Real confusion is playing out across every trading angle of the popular Ariaria Market, Ahia Ohuu, Ogbo Hill, Ehi Road, Milverton Road and other adjoining highbrow trading axis in the commercial city of Aba, on Wednesday, the first day of the State governor’s curfew. The three-day curfew declared by the Abia State Governor, Dr. Okezie Ikpeazu, took effect from Wednesday ...

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Many federal agencies’ currently frustrated by release of funds for projects—Survey

Udoma, Buhari, Adeosun

Whereas the federal government is still basking on the euphoria of achieving the Treasury Single Account (TSA), there is a growing confusion and frustrations in accessing fund for strategic projects within Ministries, Departments and Agencies (MDAs), Business Hilights can authoritatively report. A survey carried out in ministries by Business Hilights Economic Research team (BHERT) showed that about 80 per cent ...

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Data from one quarter not enough to declare out of recession—Dev. Economist

NBS kale

Leading Abuja based Development Economist and economy analyst, Mr. Odilim Enwegbara, has reacted to the use of data from just one quarter by the National Bureau of Statistics (NBS) to declare Nigeria is out of recession. In an interview, he queried the indices used by NBS to justify the country’s exit from the recession, stressing that “an average man has ...

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Recession exit squeezes currency in circulation to N1.77tn as against N22.54tn YOY

CBN Godwin-Emefiele

Monetary statistics accessed from the Central Bank of Nigeria (CBN) has shown within the period of the nation’s exit from recession, currency in circulation dropped to an all time low of N1.77 trillion from N22.54 trillion year-on-year (YOY) when compared to last year. Currency in circulation in public finance and development economics means the total value of currency that has ...

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Dangote’s Presidential flood committee releases scorecard on donations to states

Dangote A

As part of its culture of transparency in service delivery, the Presidential Flood Committee on Flood Relief and Rehabilitation (PFCoFRR), chaired by African industrialist, Alhaji Aliko Dangote has said it provided N250 million as relief assistance to victims of the devastating floods in Benue State. Business Hilights recalls that the Committee at its inauguration by former President Goodluck Jonathan raised ...

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Lagos fails to auction listed 115 abandoned skyscrapers, one year after notice

Gov Ambode

One year after the Lagos State government has compiled a list of more than 115 abandoned properties in Ikoyi and Victoria Island and notified owners of auction for non-completion and use, the policy seemed to have been abandoned. The government had explained that the idea to auction the abandoned buildings was to spur their owners to either complete them for ...

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