Business articles

FG reverses forex restrictions for schools fees, medical tourism, business travels, others

FG reverses forex restrictions for schools fees, medical tourism, business travels, others

The Central Bank of Nigeria(CBN) has reversed it policy restriction on foreign exchange (forex)and has ordered banks to set up forex kiosks at airports. This policy reversal was made public via a statement by Isaac Okoroafor, the Apex Bank’s spokes man. SEE STATEMENT BELOW: “In continuation of efforts to increase the availability of Foreign Exchange

Addis Asset Recovery Expert Meeting: Matters Arising

By Bob MajiriOghene Etemiku President Muhammadu Buhari’s initial response to the efforts to recover the Abacha loot was a syllabus of errors. Some errors have rights. Others don’t. Those errors that have rights are capricious and can be remedied. Errors without rights are deliberately made. You’ll be able to make up your mind on whether

NNPC records massive reduction in pipeline vandalism

The Nigerian National Petroleum Corporation (NNPC) recorded a marked reduction in the cases of pipeline sabotage. This was disclosed in the Corporation’s monthly Financial and Operations Report for the month of December 2016 which has just been released. According to the report, only 18 cases of vandalized points on downstream pipelines were recorded in November

How top NNPC officials, foreign oil companies, rip Nigeria off through refining of crude

Declining revenue from oil many not be due to the result of activities of militants in the Niger Delta alone as the Federal Government and Nigerians believe. Nigerian Times investigations show that senior officials of the state owned oil behemoth, the Nigerian National Petroleum Corporation (NNPC), have been helping themselves with proceeds from the 450,000

NCC bans SIM cards registration under umbrellas, kiosks

Henceforth, telecommunications companies will be fined N5 million if their agents are found carrying out the registration of SIM cards in an open or uncontrolled environment. Salisu Abdu, head of enforcement unit at the Nigerian Communications Commission (NCC), made this known on Wednesday while speaking with journalists. Abdu said three persons found registering SIM cards

Nigeria’s economic outlook worsens as Fitch downgrades FirstBank, GTB, Zenith, Diamond to negative

Global rating agency, Fitch Ratings, has downgraded the rating of four Nigerian banks from “stable” to “negative” The banks are First Bank of Nigeria Limited, Guaranty Trust Bank Plc, Zenith Bank Plc and Diamond Bank Plc. The lender also said it had affirmed the Long-Term Issuer Default Ratings of 10 financial institutions in Nigeria. In

World Bank agrees to give Nigeria $2.5bn conditional loan

The International Bank for Reconstruction and Development, better known as the World Bank has agreed to give Nigeria $2.5bn loan. One of the conditions for the release of the initial tranche of $1.5bn is a reform of Nigeria’s Forex market. Business Day, a leading newspaper, tweeted this on Wednesday. BREAKING: @WorldBank agrees to $2.5bn #budget

US to pump $1b into Nigeria’s power sector

Power Africa, an initiative by the US government to light up Africa, on Tuesday said it was planning to invest about one billion dollars on the power sector in Nigeria, the programme’s coordinator, Mr Andrew Herscowitz said. Herscowitz announced this in Abuja at a news conference on strengthening the power sector in Nigeria. The coordinator,

Fake naira notes in circulation less than one percent, CBN replies Mailafia

The Central Bank of Nigeria (CBN) says fake naira notes in circulation are less than one percent. The CBN was reacting to statement credited to Obadiah Mailafia, an ex-deputy governor of the bank, who claimed that the rate of fake currency is 20 percent. In a statement issued by Isaac Okoroafor, CBN spokesman, on Tuesday,

Ascribing relevance to Nigeria’s OGP National Plan

By Bob MajiriOghene Etemiku Last week, very senior officials of the Nigeria Extractive Industries Transparency Initiative, NEITI, had a very productive meeting with the newly constituted NDDC board. Four key issues emanated from a press statement released therefrom. One was the prompting from NEITI to the NDDC to carry out a corruption risk assessment to

Reps to inaugurate tactical committee to end recession

The House of Representatives will on Tuesday inaugurate a tactical committee to arrest the country’s current economic recession. The Committee would liaise with relevant stakeholders in the sector to achieve this goal. This followed a resolution of the House on January 26, on a motion titled “Need for more proactive steps to abate hardship being

Court declares Goodie Ibru as authentic chairman of Ikeja Hotels

A federal high court sitting in Abuja has declared Goodie Ibru as the authentic chairman of Ikeja Hotels plc, The Cable has reported. Ikeja Hotels is the owner of Sheraton Hotel, Ikeja and the Abuja Sheraton Hotel and Towers. Ikeja Hotels also has substantial interest in the Federal Palace Hotel, Victoria Island. In his judgment,

BREAKING: $15 million: Court adjourns Patience Jonathan’s suit

A federal court in Lagos has adjourned to March 6 the suit filed by former first lady, Patience Jonathan, seeking to un-freeze bank accounts she says belong to her, Premium Times has reported. The judge adjourned the matter following requests for more time by some of the defence counsel – those representing companies linked to

Why Nigerian airlines are failing – Operators

The Airline Operators of Nigeria, AON, on Sunday attributed the poor ‎performance of domestic airlines to multiple taxation by various agencies in the aviation sector. Nogie Meggisson, Chairman, AON, made the claim in Lagos while reacting to the takeover of Arik Air and Aero Contractors by the Asset Management Company of Nigeria, AMCON. AMCON took

Fayose threatens to sue FG over Eurobond, likens APC to biblical prodigal son

Ayodele Fayose, governor of Ekiti state, has compared the All Progressives Congress (APC) to the “biblical prodigal son”. Expressing concerns over the plan of the current administration to lend $1bn Eurobond, Fayose threatened to sue the federal government over the issue. He said he was worried that the deal could plunge the country into more

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