FirstBank raises int’l card payments to $1,100

FirstBank raises int’l card payments to $1,100 •• First Bank of Nigeria Limited has raised monthly limits on international transactions on Naira Cards to $1,100 across Automated Teller Machines (ATM), Point of Sale (PoS), and online channels, with the daily ATM withdrawals raised to $300. The gesture, the lender said, was in line with its…

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Naira continues to maintain its stability against Dollar at 367/$1

Naira continues to maintain its stability against Dollar at 367/$1 •• The Nigerian Naira on Wednesday, July 19, retained its strengthened rate at the parallel market against Dollar, Pound and Euro. According to NAIJ.com findings, the local currency maintained the same rates of N367 against Dollar, N420 against Euro and N473 against Pound at the…

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FG agency begins auction of seized goods on July 1

FG agency begins auction of seized goods on July 1 •• Adopting an online auctioning method would enhance transparency of the whole exercise. Some of the seized cars ready to auctioned during the exercise which will commence on July 1, 2017 (The Guardian Nigeria) Nigeria Customs Service (NCS) has announced the commencement of auctioning exercise…

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World’s first ATM in the UK turns 50

World’s first ATM in the UK turns 50 •• The world’s first Automated Teller Machine (ATM) that was launched by the Barclays in North London in 1967, has marked its 50th birthday. The Metro News revealed that the ATM was launched in Barclays’ Enfield branch in North London on June 27 1967. As a tribute…

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Lagos gives 7-day ultimatum to market leaders, threatens to shut markets

​ Lagos gives 7-day ultimatum to market leaders, threatens to shut markets •• •Governor Ambode. The Lagos State Government on Wednesday warned traders in the habit of displaying their wares on the road for sale beyond the confines of the market thereby causing traffic gridlock and other environmental nuisance to desist henceforth otherwise markets where…

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Improved Dollar Liquidity May Boost Banks’ Earnings

Improved Dollar Liquidity May Boost Banks’ Earnings •• The increase in dollar sales by the Central Bank of Nigeria (CBN) is giving banks in the country reason to cheer. The CBN increased sales of the U.S. currency to banks in late February to try and curb foreign exchange shortages that contributed to the first annual…

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78 Bank Directors Get N10.34bn Dividend In 2016

78 Bank Directors Get N10.34bn Dividend In 2016 •• 78 bank directors get N10.34bn dividend in 2016*Zenith, Access, UBA account for 64% of dividend*Ovia, Wigwe, Elumelu get 89.5%AT the backdrop of the recession the nation’s economy slipped into last year alongside inflationary pressures, corporate results from the banking sector so far released indicate significant increases…

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CBN Raises Banks Forex Borrowing Limit

CBN Raises Banks Forex Borrowing Limit •• The Central Bank of Nigeria (CBN) has increased the limit on banks foreign currency borrowings to 125 percent of shareholders fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a circular seen by Reuters.The new regulation replaces a 2014…

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FG copying Lagos’ template to revive economy –Adeosun

FG copying Lagos’ template to revive economy –Adeosun ••• The Federal Government has revealed it was already copying the Lagos State template to revive the economy, assuring that the country will soon be out of the economic recession. It promised to help entrepreneurs to grow Made-in- Nigeria products to boost the country’s economy. Speaking yesterday…

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AMCON names new buyers of Keystone Bank

AMCON names new buyers of Keystone Bank ••• The Asset Management Corporation of Nigeria, AMCON, has announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank Consortium) as the new investors in Keystone Bank. The announcement came amid controversies surrounding the sale of the bank, with AMCON alleged to be acting in…

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Aero Contractors sacks 900 workers

Aero Contractors sacks 900 workers ••• Aero Contractors  Airline, which is under the management of the Asset Management Corporation of Nigeria (AMCON), has sacked about 900 workers  representing 60 per cent. Letters of redundancy were issued to the affected employees during the week. Media Consultant to the 58 year-old airline, Mr Simon Tumba, who confirmed the…

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Why we suspended our operations – First Nation Airways

Why we suspended our operations – First Nation Airways ••• First Nation Airways, one of Nigeria’s eight domestic airlines, on Tuesday said it voluntarily suspended its flight operations to reduce the costs. Chimara Imediegwu, its Director of Flight Operations, told the News Agency of Nigeria (NAN) in Lagos that the airline was not officially grounded,…

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‘Our aviation industry is dead’

‘Our aviation industry is dead’ ••• That the nation’s aviation industry is in turmoil is an understatement–no thanks to the  harsh operating environment. While aircraft fleet is on a downward stream, some other operators are facing the cronic challenge of debts overhang. AMCON’s takeover of some of the airlines has brought with it the erosion…

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Ethiopian officials want part of Dangote Cement given to unemployed youth

Ethiopian officials want part of Dangote Cement given to unemployed youth ••• Regional officials in Ethiopia are demanding that foreign cement producers in the east African country, including Dangote Cement Plc, surrender control of some parts of their businesses to unemployed youth, Bloomberg reported Monday. Dangote Cement’s 2.5 million metric tons per annum plant in…

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“Government is putting plans in place to boost Industrialisation” – Enelemah

“Government is putting plans in place to boost Industrialisation” – Enelemah ••• The Minister, Industry, Trade and Investment,  Okechukwu Enelemah, has said with power being a major draw back to industralisation, the ministry is trying to see if they can have a prototype distribution to every part of the country. The Minister who was represented…

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‘Why government should prosecute importers of sub-standard products’

‘Why government should prosecute importers of sub-standard products’ ••• A former Commissioner of Justice and Attorney-General of Plateau State, Prof. Dakas C. J.Dakas, has called on the relevant government agencies to demonstrate courage in prosecuting foreigners who breached the law. According to him, prosecuting law offenders would send the right signal to the different quarters…

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Forbes 2017: Otedola falls off world’s billionaire list

Forbes 2017: Otedola falls off world’s billionaire list ••• Nigerian cement tycoon, Aliko Dangote, is still the richest black person in the world with a fortune estimated at $12.2 billion, the 2017 FORBES list of the World’s Billionaires has shown. According to the list released on Monday, Mr. Dangote was followed by Saudi-Ethiopian construction magnate,…

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Speculators lose as CBN injects another $180m in market

Speculators lose as CBN injects another $180m in market ••• Rate falls to N445 to dollar The naira appreciated at the parallel market yesterday, gaining N5 at N445 to a dollar from N450 it exchanged last Friday. The development has put currency speculators in series of losses in the last three weeks, as the parallel market…

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Chandlers gets new president, BOT chair

Chandlers gets new president, BOT chair ••• Association of Chandlers and Ship Suppliers of Nigeria (ACSSN), a member of the International Ship Suppliers Association (ISSA) has elected Mr. Vickson Aghanenu as its president for a period of four years. Also, the association has elected Chief Joe Yomi Akerele as its Board of Trustees (BOT) chairman….

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Bill Gates again world’s richest man; Trump slips

Bill Gates again world’s richest man; Trump slips ••• Microsoft co-founder Bill Gates once again topped the Forbes magazine list of the world’s richest billionaires, while US President Donald Trump slipped more than 200 spots, the magazine said Monday. Gates, whose wealth is estimated at $86 billion, led the list for the fourth straight year….

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Electricity: AfDB to invest $12b in Nigeria, others

Electricity: AfDB to invest $12b in Nigeria, others ••• THE Africa DevelopmentBank, AfDB, has stated that it is set to invest about $12 billion under its new deal with ‘Energy for Africa’, in the next five years. The goal, according to the bank, is to connect 130 million households through the grid, 75 million people…

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Union Bank upgrades over 100 branches

Union Bank upgrades over 100 branches ••• Union Bank Plc. said it has upgraded over 110 branches across Nigeria, even as it reaffirmed its commitment towards providing technology-driven, simpler and smarter banking services to its customers. The development is coming as the bank recently upgraded and opened five state-of-the-art branches in Edo State. The upgraded…

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Cost of funds rises as investors stake N451bn in government securities

Cost of funds rises as investors stake N451bn in government securities ••• Cost of funds rose sharply in the interbank money market last week in response to outflow of N451 billion to fund in investment in government securities. Vanguard investigations revealed that interest rates on short term funds, which opened the week at 11 per…

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$6.9b refund: Paris Club loans records missing

$6.9b refund: Paris Club loans records missing ••• Fed Govt committed to refund, says Adeosun CONDITIONS FOR MORE refundFed Govt committed to Paris Club refund, says Adeosun  The federal government has reaffirmed its commitment to the Paris Club refund for states. Minister of Finance Mrs Kemi Adeosun, in a statement yesterday, said “independent monitoring of compliance with the…

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Paris Agreement, SDGs can generate better jobs – UN

Paris Agreement, SDGs can generate better jobs – UN ••• The ILO and UNFCCC team up to boost action on just transition and decent work in the context of climate change. The agreement between the two organisations is expected to bring a substantial contribution to the implementation of the Paris Agreement Director-General of the ILO,…

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Stimulating new, exciting travel culture

Stimulating new, exciting travel culture ••• The commencement of work on the 156-kilometre Lagos-Ibadan Standard Gauge rail line by the Federal Government and the imminent construction on the light train system by Ogun and Lagos states, will radically change Nigerians travel pattern, writes ADEYINKA ADERIBIGBE. Governors Akinwunmi Ambode (Lagos State), Ibikunle Amosun (Ogun State) and…

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N541.8bn debt: CBN, NCC move to save Etisalat

N541.8bn debt: CBN, NCC move to save Etisalat ••• Access Bank: Telco owes us N40bn The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission  (NCC) yesterday waded into the N541.8 billion debt issue between Etisalat Ni geria and some local banks. The duo said allowing the takeover of the telco by the creditor banks…

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Fed Govt rolls out N5,000 savings bonds

Fed Govt rolls out N5,000 savings bonds ••• The Federal Government has sold the first tranche of its newly introduced Federal Government of Nigeria Savings Bond (FGNSB). The minimum subscription for the FGNSB has been fixed at N5, 000 while the maximum subscription for the new security is fixed at N50 million. The Debt Management…

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Finally, Nigeria inflation rate drops — the first time in 15 months

Finally, Nigeria inflation rate drops — the first time in 15 months ••• The Consumer Price Index, CPI, which measures inflation dropped to 17.78 percent (year-on-year) in February 2017, the National Bureau of Statistics, NBS, has said. A report released by the bureau on Tuesday said the figure represents 0.94 percent points lower from the…

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Domestic borrowing: FG offers new retail savings bond

Domestic borrowing: FG offers new retail savings bond ••• The Debt Management Office (DMO) has opened bidding for a new two-year savings bond targeted at retail investors. According to DMO, the savings bond which carries a coupon of 13.01 percent, will help broaden the funding base for 2017 budget. DAILYPOST gathered that the retail bond…

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We consistently delivered value to our stakeholders — CEO, Coronation Bank

We consistently delivered value to our stakeholders — CEO, Coronation Bank ••• Managing Director/Chief Executive Officer, Coronation Merchant Bank, Mr. Abubakar Jimoh in this interview spoke on how the bank came into existence; its corporate ambition; financial performance; the capital market operations; how the merchant banking services can spur economic development, the future outlook, among…

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N541.8 billion loan: CBN, NCC get reprieve for Etisalat, avert takeover

N541.8 billion loan: CBN, NCC get reprieve for Etisalat, avert takeover ••• Mobile telecoms operator, Etisalat Nigeria, got reprieve on Friday following a breakthrough in its negotiations with three Nigerian banks that threatened to take over the business over a $1.72 billion (about N541.8 billion) loan. At the end of the talks on Friday held…

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Recession has reduced Nigeria’s GDP by over $220bn – Soludo

Recession has reduced Nigeria’s GDP by over $220bn – Soludo ••• The former Governor of the Central Bank of Nigeria, Prof. Charles Chukwuma Soludo, said the size of the nation’s Gross Domestic Product has shrunk from about $575 billion to about $354 billion. Soludo said this at an economic talk shop, organised by the Vanguard…

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Smuggling, import decline threaten customs’ N1.1 trillion revenue target

Smuggling, import decline threaten customs’ N1.1 trillion revenue target ••• The Nigeria Customs Service (NCS) may not meet its N1.1trillion revenue target for 2017 as smuggling continues at the nation’s points of entry. The Guardian learnt that the customs failed to meet its 2016 revenue target due to a high level of smuggling and reduction…

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Forex: Banks seek buyers as CBN continues to flood market

Forex: Banks seek buyers as CBN continues to flood market ••• The new strategy of the Central Bank of Nigeria (CBN) to meet all legal demand for foreign exchange (Forex) has led Money Deposit Banks to contend with expending all the dollars in their possession. A check by the News Agency of Nigeria (NAN) in…

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Reps want Kogi, Enugu, Anambra declared oil producing states

Reps want Kogi, Enugu, Anambra declared oil producing states ••• The House of Representatives on Thursday asked the Federal Government to declare Kogi, Enugu and Anambra as oil producing states. The resolution followed the adoption of a motion jointly moved by Emmanuel Egwu, Tony Nwoye and Patrick Asadu from the three states respectively. Speaking on…

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Naira to float in 3-year economic recovery plan

Naira to float in 3-year economic recovery plan ••• CBN pumps $100m into forex market A market-driven exchange rate regime is in the works, going by the Federal Government’s economic plan released yesterday. There has been pressure that the naira should be allowed to float, its worth dictated by market forces. This, argue some experts, will…

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Towards new roadmap for Niger Delta

Towards new roadmap for Niger Delta ••• Contrary to allegations that the Niger Delta Development Commission (NDDC) is enmeshed in corruption and spent a fortune buying 70 exotic cars for members of its Governing Board and management, indications are that the commission is evolving into a responsive and transparent public institution, with a new strategic…

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FG empowers inventors with N70m grant

FG empowers inventors with N70m grant ••• As part of it’s support to science and technology development in the country, the Federal Government has approved N70 million as grant to 56 inventors to enable them improve and mass produce their inventions. According to the Minister of Science and Technology, Ogbonnaya Onu, the grant was to…

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Kaduna airport now ready for 24-hour full operations – NCAA

Kaduna airport now ready for 24-hour full operations – NCAA ••• The Nigerian Civil Aviation Authority, NCAA, has announced that the Kaduna International Airport, Kaduna, KIAK, is now fit and ready for a 24-hour operation. Sam Adurogboye, General Manager Public Affairs of NCAA, said in Lagos on Tuesday that the airport was ready for local…

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Bank of Industry, BOI to provide financial support to Nigerian youths

Bank of Industry, BOI to provide financial support to Nigerian youths ••• In support of Federal Government’s efforts towards addressing youth unemployment, the Bank of Industry, BOI, is to provide financial support to one million Nigerian youths with innovative business ideas, to help them become entrepreneurs instead of job seekers. At a news briefing in…

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Fed Govt, China in talks over N900b loan

Fed Govt, China in talks over N900b loan ••• The Federal Government and the Peoples Republic of China have commenced talks on a N900 billion ($4.5b) loan to facilitate the production of agricultural machineries for large scale farming in selected states across the country. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh during…

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Emirates appoints new manager for Nigerian, West African operations

Emirates appoints new manager for Nigerian, West African operations ••• Dubai, United Arab Emirates (UAE) based carrier, Emirates, has appointed Afzal Parambil, as its Regional Manager for West Africa. Prior to taking up his new appointment, Mr Parambil served in a number of commercial roles within Emirates, the most recent being the Country Manager for…

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