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Banking/Investments

Banks yet to consider Etisalat’s parent group’s proposal on debt restructuring

NCC Etisalat

It is not yet uhuru for Etisalat Nigeria as the new deal proposed by its core investors, the Etisalat Abu Dhabi, is yet to be considered by13 creditor banks. Business Hilights gathered that the parent company, Etisalat Abu Dhabi, had during its courtesy visit to the Executive Vice Chairman of Nigerian Communications Commission (NCC), Prof Umar Danbatta indicated readiness to ...

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Amaechi to explain why S/East, N/East were excluded in new rail schemes before Senate

Amaechi

The Nigerian Senate after reviewing the superior argument of South East and North East lawmakers lead by Senator Enyinnaya Abaribe on the clear exclusion of the regions in the new railway schemes, has summoned the Minister of Transportation, Rotimi Amaechi to come forward for explanations. Senator Abaribe fired the superior shots during the debate for the Senate consideration of about ...

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Majority of whistle blowers who sent in 2,500 tips declining rewards—Minister

Kemi Adeosun

Indications have emerged that majority of Nigerians sending in tips via whistle blowing policy of the federal government are not even interested in receiving the 2.5 per cent of the tipped loots on recovery. The Minister of Finance, Mrs. Kemi Adeousn who dropped the hint shortly after revealing that the ministry which is in charge  of the policy has received ...

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S/East Senators move to stop Buhari’s $6bn loan request for rail over zone’s exclusion

Nigerian Senate

…Proposes inclusion of Aba-Onitsha Railway as solution Indications emerged at the floor of the Nigerian Senate on Tuesday that the $6bn loan request brought forward by President Muhammadu Buhari for the funding of three new railway projects may suffer rejection after all. The new schemes include Lagos-Ibadan, Lagos-Calabar Coastal Railway and Kano-Kaduna Railway. The reason behind the rejection was found ...

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Nigeria shopping for $2tn to bridge infrastructure gap, says ICRC boss, Dikko

ICRC

The Director General of Infrastructure Concession Regulatory Commission (ICRC), Aminu Dikko, has disclosed that the federal government is currently shopping for about$2 trillion (N398.1 trillion) for infrastructure development over the next three decades. Speaking at the PPP Review Forum organised by an international Non Governmental Organisation (NGO), Centre for Ethics and Sustainable Development (CESD), in Lagos, he said the 30-year ...

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Escrowing Discos accounts contrary to power sector reform Act, policy—ANED

ANED

More rejections have continued to trail the planned escrowing of accounts of power distribution firms and their Gencos counterparts, but several industry experts have mounted pressure against the plan. Sunday Oduntan, Executive Director, Association of Nigeria Electricity Distributors (ANED), said attempts to escrow the companies’ accounts run counter to the objectives of the National Electricity Power Policy, 2001 (NEPP) and ...

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Banks’ll replicate what we did 5 years ago in oil sector to ERGP—FirstBank MD

FirstBank Md

The managing director and chief executive officer of First Bank of Nigeria Plc., Dr. Adesola Adedutan has give insight on how the Nigerian banks will support federal government’s Economic Recovery and Growth Plan (ERGP). It would be recalled that the Acting President, Prof Yemi Osinbajo, recently called on Nigerian banks to work out a strategy to assist the federal government ...

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Minister plans smart city summit to integrate Nigerian cities on ICT compliance

Adebayo Shittu

Relying on the observed success story of Rwanda which achieved unparalleled ICT transformation of its cities, the Minister of Communications, Mr. Adebayo Shittu has set June 28 and 29 for smart cities summit in Abuja. He said the summit was part of the Federal Government’s new drive to develop and integrate ICT and Internet of Things (IoT) in the country. ...

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Aniocha-Oshimili axis in Delta State draws roadmap for Economic Development

Okowa Delta

In line with the desire to drive self-help development, the Aniocha-oshimili People of Delta state is set to draw up a new economic development blueprint for the development of the area. To achieve this, a non-partisan and non-profit making socio–cultural organisation known as Njiko Aniocha-Oshimili has been convened to organize an economic summit to draw up the area’s economic recovery ...

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If BoI is shopping for N1tn to assist SMEs, why is DBN established? —BH Analysis

BoI Olagunju

Barely one month after the take off of Development Bank of Nigeria (DBN), indications have emerged that Bank of Industry (BoI) that had hitherto been dull in driving the growth of Small and Medium Enterprises (SMEs) has suddenly woken up. This is evident based on the level of support it has been giving to the sub sector between recently and ...

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