Local News - Media Coverage

 

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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A’court reserves judgment in Kogi gov poll petition.

The Abuja Division of the Court of Appeal, on Tuesday reserved judgments in two appeals challenging the decision Governorship Election Petitions Tribunal, which upheld the election of Governor Yahaya Bello of Kogi State.

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NERC to monitor Discos metering roll-out plan.

The Nigerian Electricity Regulatory Commission (NERC) has instituted measures to accelerate metering through very close monitoring of Distribution Companies meter role out plan.

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Cost of funds to rise as benchmark rate hits 14 %. CBN seeks speedy capital vote implementation.

To mitigate inflationary trends and price volatility, the Central Bank of Nigeria (CBN) has increased interest rate benchmark from 12 to 14 per cent. The CBN Governor, Godwin Emefiele, who disclosed this described the increase as a ‘difficult choice.’

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Oil firms plot to derail Ogoni clean-up, MOSOP alleges.

Oil companies have been accused of scheming to derail the implementation of the United Nations Environment Programme (UNEP) report on Ogoniland.

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Interbank rate rises on cash shortage.

The nation’s interbank lending rate has risen by 10 per cent, data from the FMDQ OTC website have shown.

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Court stops probe of ex-gov Shema‎.

The Katsina State Judicial Commission probing the immediate past regime of former Governor Ibrahim Shema, on Wednesday adjourned sitting indefinitely, following a court action instituted against the commission by the former governor.

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Senate C’ttee Clears Jimoh Ibrahim of Alleged Diversion of Aviation Funds.

The Joint Senate Committee on Aviation and Anti-corruption Wednesday cleared the Chairman of NICON Group of Companies, Mr. Jimoh Ibrahim, of the allegation of diversion of N35 billion of the N500 billion aviation intervention fund released by the Central Bank of Nigeria (CBN) through the defunct Air Nigeria.

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CBN opens discount window as interest rate hits

The Central Bank of Nigeria (CBN), yesterday, opened its discount window in apparent bid to save the banking system from scarcity of funds which sent interbank interest rate to 74 percent at the close of business.

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31 Aspirants Jostle to Replace NBA President, Alegeh, Others. Awera lawyers did not adopt Gadzama, says Garungabas.

As the election into various offices of the national body of the Nigerian Bar Association (NBA) begins to gather momentum, no fewer than 31 persons have shown interest in replacing the current President, Mr. Augustine Alegeh (SAN).

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Over 300,000 Nigerians will be jobless if foreign airlines leave - NANTA President.

As the foreign airlines threatened to close shop in Nigeria due to the lingering forex crisis, the National Association of Nigerian Travel Agencies, NANTA has warned that the country travel industry is at the risk of losing over 300, 000 jobs.

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Petrol price falling, now sells between N130 and N145. Low consumption forcing price down.

There are strong indications that low consumption, low turnover and competition may have forced marketers to sell premium motor spirit (PMS) otherwise called petrol below N145 per litre.

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Forex Reserves Gain Positive Momentum, Rise for Five Straight Days.

Nigeria’s foreign exchange (forex) reserves have maintained positive momentum this month rising slightly for five consecutive days.

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Four Years after Dana Air Crash, Families of Victims Demand Release of Accident Report, Compensation.

Four years after the Dana plane which departed Abuja crashed in Lagos, families of the 153 victims, Wednesday demanded the immediate release of the final report of the accident investigation by government.

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Investigative Hearing Reveals Shady Deals in 2005-2007 Oil Bid Rounds. Committee invites Kachikwu, Daukoru.

The House of Representatives ad hoc committee investigating all oil bid rounds has heard details of shady deals in the tenders for the 2005-2007 bid rounds.

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FG Plans London Bond Talks as Naira Move Looms.

Nigerian officials are meeting bond investors in London next week, according to a person familiar with the matter, as the government considers tapping international debt markets for the first time in three years to help finance its record budget deficit.

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Financial Stability Report Reveals Decline in Banks’ Asset Quality. Five banks maintain market dominance.

The Central Bank of Nigeria’s Financial Stability Report released wednesday has shown a marginal decline in the quality of assets in the Nigerian banking industry in the second half of 2015, compared with the position at the end of June 2015.

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Nigerian airspace recorded increase in aircraft movement in Q4 of 2015 —NBS.

The total number of aircraft movement either arriving or departing the Nigerian airports increased to 61,692, representing 6.9 per cent increase in the fourth quarter of 2015.

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Petrol to sell for N145 per litre as new import regime opens. Any Nigerian entity is now free to import fuel. NLC meets tomorrow, may protest new price.

A plan by the Federal Government to deregulate the petroleum sector has begun as premium motor spirit (PMS), also known as petrol, is now to sell around N145 per litre.

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