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Inactivity cited for sack of 3 key Lagos commissioners

The Governor of Lagos State, Mr. Akinwunmi Ambode, yesterday fired the commissioners for Tourism, Mr Folorunsho Folarin-Coker; Finance, Dr. Mustapha Akinkunmi and Transport, Dr. Ekundayo Mobereola. Though a statement by the Secretary to the State Government, Mr. Tunji Bello, announcing the cabinet reshuffle by the governor did not give any reason for the development, political watchers say the development may ...

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Maritime operators owe NIMASA $420.5m – Dr. Peterside

Less than two days after the House of Representative had disagreed with the presentations of the Nigerian Maritime Administration and Safety Agency (NIMASA) on the real value of debts owed by contractors, the Office of the Public Affairs at the agency has issued a statement claiming that the debts owed NIMASA by some operators in the maritime industry from 2004 ...

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Saudi Arabia on the verge of issuing Sukuk to Nigeria

Indications emerged yesterday that the federal government is not only in talks with the investment arm of Saudi Arabia-based Islamic Development Bank (IDB) about issuing the country’s first sukuk as the country looks to diversify its sources of funding, but all is set for the delivery.  “We are engaged in discussions with Nigeria,” Khaled al-Aboodi, Chief Executive Officer of the ...

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UBA introduces ‘EMailMoni,’ an email-driven payment platform


United Bank for Africa (UBA) Plc, unveiled an agreement with MyECheck to provide a   revolutionary new social commerce payment system called “EmailMoni.” Experts say the new platform is the world’s newest transfer technology that enables people and businesses to securely send and receive money electronically in real-time and at low cost using a downloadable mobile smartphone app or from a ...

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CBN reviews guidelines on transaction switching to lift NCS

The Central Bank of Nigeria (CBN) has amended the guidelines on transaction switching in the country in order to revive the dormant Nigeria Central Switch (NCS). A circular signed and given to all banks, mobile money operators and payments services providers yesterday by CBN’s Director, Banking and Payments System Department, Mr. Dipo Fatokun, said the amendment was necessary in order ...

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Capital market decisions driven by real time data—Onyema


The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has revealed that capital market decisions are driven by real time data. In his address of welcome at the Market Data Workshop held yesterday in Lagos, he said “When we talk about market data, we refer to the pre and post trade-related data for the financial instruments ...

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FIRS increases speed, seals more firms in Warri, Lagos, Ilorin


Shortly after succeeding in sealing a cement and oil servicing firm in Port Harcourt Monday, the Federal Inland Revenue Service (FIRS), yesterday, ramped up its tax enforcement drive, shutting down the premises of companies with tax liabilities in Warri, Lagos and Ilorin. In what experts see as a national campaign to drive seamless tax remittances by corporate bodies, FIRS said ...

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FCMB boost SMEs cashflow with e-invoicing


First City Monument Bank Limited says it has introduced a tracking and reconciliation solution with electronic invoicing capabilities for Small and Medium-scale Enterprises. The bank said in a statement that the ‘FCMB e-invoicing’ was a unique payment offering, designed to help SMEs keep track of their cashflow, especially as it affects payments, receivables, reconciliation and other financial transactions, through Internet ...

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External reserves hit 11-year low to $24.21bn

Emefiele CBN

The country’s external reserves have hit an 11-year low of $24.21bn, according to the latest data posted at the official website of the Central Bank of Nigeria yesterday. Analysts say the development means a limited amount of dollars will be available at the official interbank spot market, fuelling concerns over another round of depreciation of the naira. The country’s external ...

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Oyo/Osun Command of Nigerian Customs hits N11 billion in 9 months

Ali, Customs boss

Operatives of the Nigeria Customs Service (NCS) working at Oyo/Osun Area Command has generated a whooping sum of N11,147,238,490.32 between the months of January and September this year. The Customs Area Controller, Mr. Temitope Ogunkua who disclosed in Ibadan yesterday while briefing journalists on the achievements recorded by the Command within the first three quarters of the year said the ...

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