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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

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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Zenith Bank notifies NSE to revalidate $500m on second tranche for operations

Zenith MD

Banking and stock market pundits have confirmed that the coast is very clear for leading money deposit bank, Zenith Bank Plc to raise up to $500 million under its global Medium Term Notes programme established in 2014 following last week’s official notice to the Nigerian Stock Exchange (NSE). Business Hilights recalls that Zenith Bank had established a $1 billion global ...

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Lagos, 21 others improve on IGR in 2016 financial year, 13 others recorded decline

FIRS

Fresh figures from the National Bureau of Statistics (NBS) has revealed that Internally Generated Revenue (IGR) indices for 35 states in the 2016 fiscal year have shown that 22 states lead by Lagos and Rivers States were able to shore up their revenue while 13 recorded a decline in revenue performance. By performance, the report stated that Lagos State recorded ...

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CAC cert now compulsory for accessing all business deals with MDAs—Minister

cac logo

As part of consolidation new drive for ease of doing business, the Federal Government has banned ministries, departments and agencies (MDAs) from transacting business with companies and other corporate bodies that are not duly registered by the Corporate Affairs Commission (CAC). A statement issued by the Ministry of Finance and signed by the Director of Information, Mr. Salisu Dambatta, made ...

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