Local News - Media Coverage

 

FG to diversify economy with $41bn railway investment.

The Federal Government has started a $41bn railway expansion to reduce dependence on oil and diversify the economy, the Minister of Transportation, Mr. Rotimi Amaechi, has said.

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Air transport contributes $8.2bn to Nigeria’s GDP —IATA.

The International Air Transport Association (IATA) has declared that Nigeria’s air transport sector has contributed $8.2 billion to the economy of the country and supported over 650, 800 jobs therein.

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NNPC saves $3b yearly from production cost cut.

The Nigerian National Petroleum Corporation (NNPC) yesterday announced that it has saved the nation a minimum of $3billion yearly from the reduction in the cost of crude oil production.

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Naira appreciates to N359.7/$ as External reserve hits $31.35bn.

The naira yesterday appreciated below N360 per dollar for the first time in the Investors and Exporters (I&E) window due to increased dollar supply.

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FG to shut non-performing refineries.

Federal Government has stated that it would close down any of the country’s petroleum refinery that fails to become commercially viable or profitable within a certain period of time.

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Naira appreciates in NAFEX, parallel market.

The naira yesterday appreciated significantly in the parallel market and in the Investors and Exporters (I&W) window.

 

At the close of business yesterday, the naira appreciated by N2 in the parallel market while it appreciated by N1.29 at the I&E window.

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Equities Market Hits New High as Bulls Dominate.

The Nigerian equities market sustained its bullish performance last week as investors’ sentiments remained positive, hoping for impressive half year (H1) corporate earnings.

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The Future Of Nigerian Banks

The introduction by the Central Bank of Nigeria (CBN) of universal banking in 2000 was a watershed in banking in Nigeria. This altered the banking landscape such that banks were no longer separately classified as commercial and merchant banks. More significant was the fact that the policy on universal banking enabled banks to offer a broader spectrum of financial services including financial advisory, stock broking, insurance, mortgages, retail banking, merchant banking and bureau de change services.

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AIB defends review of passengers’ service charge. NAPTIP operatives to work at Heathrow, Gatwick airports.

The Accident Investigation Bureau (AIB) yesterday justified the mandatory five per cent Passengers Service Charge (PSC) and its recent review, describing them as critical to the discharge of statutory regulatory functions of aviation agencies.

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Nigeria’s gas export to China, Turkey, others rises.

The export of Liquefied Natural Gas (LNG) from Nigeria to China, Turkey, India and other countries has risen over the last six months.

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Naira gains as CBN offers $450 million in one week.

The naira strengthened further against the dollar at the weekend as it exchanged for N365 per dollar at the parallel market, following two interventions by the Central Bank of Nigeria (CBN), which totalled $449.3 million.

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Arik reorganises operations for customer satisfaction. Reopens Abuja-Accra route.

Recovery efforts in operations and efficient services at Arik Air received a boost recently with the launch of a new unit to cater for customers and ensure satisfaction nationwide.

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Nigeria, Libya oil output threaten global market.

The increase crude oil output by both Nigeria and Libya has posed a threat to the global market, even as there are indications that the global oil market may see some rebound in the second half of the year. International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is seen as a distortion to global market.

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Default filing: Stock Exchange suspends trading in 17 companies.

The Nigerian Stock Exchange, NSE, has placed the shares of 17 companies on suspension for failing to file their various financial statements as at when due.

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Don’t describe judiciary as corrupt, NBA tells FG.

The Nigerian Bar Association on Tuesday called on the Federal Government to stop describing the judiciary as corrupt. 

It also threw its weight behind the National Judicial Council’s recent recall of some judges earlier suspended over corruption allegations.

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NSIA, Others to Invest $600m in Mining Sector, Says FG

Acting President Yemi Osinbajo on Tuesday disclosed that the federal government was currently working with the Nigerian Sovereign Investment Authority (NSIA), the Nigerian Stock Exchange (NSE) and others to gather $600 million investment fund for the mining sector.

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Nigeria, biggest recipient of payment from Shell in 2016.

Global oil giant, Royal Dutch Shell Plc, said on Tuesday that it paid $3.638bn to the Nigerian government last year for its activities in the country.

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Naira firms up as CBN resumes intervention with $418m. First sovereign Islamic Bond to debut June 28.

The exchange rate at the parallel market remained stable at N367 to the dollar yesterday, as the Central Bank of Nigeria (CBN) again injected $418m into foreign exchange market.

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NCAA to comply with executive order at airports.

The Nigerian Civil Aviation Authority (NCAA) has put in place adequate measures to ensure full and sustained compliance with the Federal Government’s Executive Order (EO) at our airports.

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Nigeria Boosts Oil Exports as Shell Lifts Force Majeure on Forcados Crude. Crude Oil Prices Drop by over 3% on Rising United States Inventories.

Royal Dutch Shell has announced the lifting of force majeure on the export of Nigeria’s Forcados crude oil, thus bringing all of the country’s oil exports fully online for the first time in 16 months.

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Update companies or loose registration licences, SEC warns capital market experts.

The Securities and Exchange Commission (SEC) said it would revoke the registration of about 400 Capital Market Experts who fail to provide updated information of their companies/firms by July 31. Mr. Naif Abdulsalam, the head Corporate Communications of SEC said this in a statement in Abuja.

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NUPENG threatens strike over Port Harcourt refinery sale.

The Nigeria Union of Petroleum and Natural Gas Workers has vowed to shut down the oil sector if the Federal Government fails to rescind its decision on the sale of the Port Harcourt Refining and Petrochemical Company to Oando Plc.

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BPE, NSE to Define Terms for Listing Privatised Firms on Bourse.

The Bureau of Public Enterprises (BPE) and Nigeria Stock Exchange (NSE) will define the modalities for the listing of privatised government firms on the capital market, the Director General of BPE, Mr. Alex Okoh, has disclosed.

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OPEC Will Resist Sabotage by Shale Oil Producers, Says Kachikwu.

The Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the Organisation of Petroleum Exporting Countries (OPEC) will resist any deliberate action by shale producers to sabotage the oil market.

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CBN’s regular intervention in FX market inevitable, says Ajibola.

The continued intervention of the Central Bank of Nigeria in the foreign exchange market to strengthen the naira is inevitable due to the volatile nature of the market, the President and Chairman of Council, Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, has said.

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CBN Signals Retention of Tight Monetary Policy, Targets Rate Convergence. Banking industry fines drop by 79%

As the Monetary Policy Committee commences its two-day meeting today, a Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Joseph Nnanna has disclosed that the central bank is likely to retain its tight monetary stance on persistent dollar shortages.

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Ex-AGF, Olujimi Accuses FG of Frustrating Dasuki’s Trial. DSS again refuses to produce former NSA in court.

Former Attorney General of the Federation and Minister of Justice, Chief Akin Olujimi (SAN), has accused the federal government of frustrating the trial of former National Security Adviser, Colonel Sambo Dasuki (rtd) in a charge of money-laundering it brought against him.

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FG budgets N10 b for Abuja Airport second runway.

In a bid to prevent further costly shutdown of operations, the Federal Government has begun moves to construct a second runway at the Nnamdi Azikiwe International Airport Abuja.

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Government receives N11tr from SPDC JVs in four years. Gets N427bn in royalties, taxes in 2016.

The Federal Government has so far received about $29 billion (N11.7 trillion) from the Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture between 2012 and 2016, the oil company claimed.

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Naira closes at 385/dollar.

The naira closed flat at 385 against the United States dollar on the parallel market on Wednesday, the same rate it closed on Tuesday.

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NNPC to resume oil search in Chad Basin.

The Nigerian National Petroleum Corporation on Monday said it would resume oil exploration activities in the Chad Basin in the next six weeks.

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Naira Gains as CBN Floods Market with $457.3m.

The naira appreciated to N386 to the dollar on the parallel market Monday, stronger than the N390 to the dollar it maintained throughout last week, as the Central Bank of Nigeria (CBN) injected the sum of $457.3 million into various segments of the market.

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Nigerian oil sales slow as uncertainty surrounds DSDP.

Trade of Nigerian crude oil has slowed with offers not meeting buying interest and uncertainty remains over the nation’s direct sale of crude oil and direct purchase of products’ programme for 2017.

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Naira hits 400/dollar on CBN’s investors FX window.

The naira traded at 400 to the United States dollar in deals for investors on Monday, traders told Reuters, two weeks after the Central Bank of Nigeria introduced the Investors FX Window

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Aviation Union Urges EFCC to Prosecute Airlines over N15bn Debts.

Association of Nigerian Aviation Professionals (ANAPs) Thursday called on the Economic and Financial Crimes Commission (EFCC) to arrest and prosecute all debtor airlines in the country for the N15 billion debt profile of the ticket and cargo sales charge (TSC).

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Senate C’ttee Lays PIB Report ahead of Consideration.

The Senate Joint Committees on Petroleum Upstream, Petroleum Downstream and Gas, Thursday laid its report for the Petroleum Industry Governance Bill (PIGB) before the Senate ahead of its consideration.

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North Korea Hacking Nigerian Banks, Financial Institutions of 17 Other Countries.

North Korea’s hacking operations are growing and getting bolder and increasingly targeting financial institutions worldwide.

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Court Sentences Two, Orders Forfeiture of Property over N8bn Currency Scam.

Weeks after entering into plea bargain with the Economic and Financial Crimes Commission (EFCC), a senior clerk with the Central Bank of Nigeria (CBN), Mr. Togun Kayode Philip and Mrs. Esther Olunike Afolabi of Wema Bank were Wednesday sentenced to three years imprisonment each with a Gregorian calendar.

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FG Unfolds Power Recovery Plan, Okays N80bn for Road Rehabilitation. Approves link roads to Second Niger Bridge, infrastructural programme for FCT.

The federal government Wednesday unfolded what it described as power sector recovery programme with the aim of creating a more viable and vibrant power sector.

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Dollar Drops Below N400/$ for First Time in Seven Months.

For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday.

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PDP: Sheriff moves to stop Makarfi’s appeal at S’Court.

The National Chairman of the Peoples Democratic Party, Ali Modu Sheriff, has commenced moves to stop any appeal to the Supreme Court seeking to challenge the judgment of the Court of Appeal, Port Harcourt Division, which affirmed him as the authentic leader of the party.

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EFCC hands over Amosu’s $2.15m hospital to Air Force.

A hospital with medical equipment worth about $2.15m which was seized from a former Chief of Air Staff, Air Marshal Adesola Amosu (retd.), has been handed over to the Nigerian Air Force, The PUNCH has learnt.

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Niger Delta stakeholders strategise ahead of formalising modular refineries.

Some Niger Delta stakeholders have commenced the enumeration of artisanal refineries and crude oil distillation camps in the region ahead of Federal Government liberalisation of modular refineries.

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Naira to appreciate further as CBN boosts forex sale.

The Naira is set to appreciate further this week as the Central Bank of Nigeria (CBN) plans to inject more Foreign Exchange (Forex) into the market to meet the requests of genuine customers.

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Court refuses Metuh’s request to invite Dasuki as witness.

Justice Okon Abang of the Federal High Court, Abuja yesterday dismissed an application by former spokesperson of the Peoples Democratic Party (PDP) Olisa Metuh for an order inviting ex- National Security Adviser (NSA) Sambo Dasuki, to appear in court as a defence witness for him.

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Air Peace inaugurates Sokoto route March 1.

Air Peace one of Nigeria’s domestic airlines, is to start flight operations from Lagos to Abuja/Sokoto on March 1.

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NNPC Renegotiates Deep Offshore Rig Rate, Gets 72% Discount. Says unit technical cost for oil has dropped to $27/b from $70/b.

The Nigerian National Petroleum Corporation (NNPC) yesterday said it has renegotiated its deep offshore rig rate from a staggering $580,000 to $164,000 per day, translating to a cost savings of 71.7 per cent.

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FG reduces mining licences award timeframe to 40 days.

The Federal Government has vowed to checkmate the actions of unscrupulous individuals in the Solid Minerals sector, who are fuelling insecurity in the country.

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DMO to Appoint Legal, Technical Advisers for Eurobond.

The Debt Management Office (DMO), on behalf of the federal government, has commenced the process of appointing two international banks as joint lead managers and a local bank as financial adviser for the planned Federal Government Medium Term Note (FGMTN) Programme (2016-2018) as well as the issuance of $1 billion out of the $4.50 billion FGMTN programme in 2016.

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