Wednesday, January 2, 2019

Mayowa Tijani

    Buhari: We’re setting aside $1bn for fuel subsidy in 2019 budget

Buhari: We’re setting aside $1bn for fuel subsidy in 2019 budget

President Muhammadu Buhari says the federal government has set aside N305 billion or $1 billion for fuel subsidy payments in the 2019 budget.Speaking to the joint session of the national assembly  on Wednesday in Abuja, the president said the amount will be used to cater for NNPC "under-recoveries"."We have allowed N305 billion, equivalent to $1 billion for under-recoveries by NNPC [...]

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    Diamond Bank market cap rises to N26.4bn after acquisition

Diamond Bank market cap rises to N26.4bn after acquisition

The market has remained happy with the decision of Diamond Bank to merge or be acquired by Access Bank as share price continues to rise.Diamond Bank shares have gained over nine percent in value every day after TheCable broke the news of its acquisition by Access Bank on Sunday night.On Monday, the bank gained 9kobo per share to close at [...]

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    Lagarde: How to sustain Ghana’s leadership position in W’Africa

Lagarde: How to sustain Ghana’s leadership position in W’Africa

Christine Lagarde, managing director of the International Monetary Fund (IMF), has prescribed ways in which Ghana can maintain its position as a leader in West Africa.Lagarde, who just concluded a two-day visit to Ghana said the “IMF will remain fully engaged in Ghana’s ongoing efforts to foster prosperity and opportunities for all".She said with "credible and sustainable policies will support [...]

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    12m jobs: Garba Shehu fights back as Yemi Kale denies claims on ‘misleading’ unemployment data

12m jobs: Garba Shehu fights back as Yemi Kale denies claims on ‘misleading’ unemployment data

Garba Shehu, special assistant to the president on media and publicity, and Yemi Kale, the statistician-general of the federation, have disagreed over methods of tracking job creation and unemployment numbers in Nigeria.Speaking on Channels TV Sunrise Daily, Shehu said Yemi Kale, who doubles as the CEO of the National Bureau of Statistics (NBS), told the Federal Executive Council that the NBS [...]

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    ‘Access Bank has a strong acquisition record’ — Wigwe speaks on Diamond takeover

‘Access Bank has a strong acquisition record’ — Wigwe speaks on Diamond takeover

Herbert Wigwe, CEO of Access Bank, says the bank has a strong acquisition and integration track record.Speaking to the conclusive acquisition of Diamond Bank, Wigwe said the banks involved have complementary operations that will ensure benefits for customers of Access Bank and Diamond Bank.“Access Bank has a strong track record of acquisition and integration and has a clear growth strategy," [...]

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    Access, Diamond Bank share prices jump after ‘acquisition’

Access, Diamond Bank share prices jump after ‘acquisition’

Diamond Bank share price is on the rise, following the conclusive acquisition by Access Bank PLC.On Sunday, TheCable reported the acquisition by Access Bank, as midwifed by the Central Bank of Nigeria to consolidate the banking sector in the country.At the Nigeria Stock Exchange (NSE) on Monday, investors seem to be voting their monies into Diamond Bank, following the expectations [...]

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    EXCLUSIVE: Access Bank acquires Diamond Bank

EXCLUSIVE: Access Bank acquires Diamond Bank

Access Bank has finally acquired Diamond Bank, TheCable can report.According to insiders, the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria (CBN).The acquisition was midwifed by the CBN in a bid to further consolidate the banking industry, sources informed TheCable.A Diamond Bank official who spoke to TheCable said [...]

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    FACT CHECK: Verifying Osinbajo, Obi at TV debate

FACT CHECK: Verifying Osinbajo, Obi at TV debate

To keep politicians accountable at the vice-presidential and presidential debate, TheCable was live-checking the supposed facts and figures being bandied by those seeking the highest offices in the land.The participating parties are; Allied Congress Party of Nigeria (ACPN), Alliance for New Nigeria (ANN), All Progressives Congress (APC), Peoples Democratic Party (PDP) and Young Progressives Party (YPP).Peter Obi of the PDP, [...]

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    Ifeyinwa Ugochukwu named CEO Tony Elumelu Foundation

Ifeyinwa Ugochukwu named CEO Tony Elumelu Foundation

The Board of Trustees of the Tony Elumelu Foundation (TEF) has announced the appointment of Ifeyinwa Ugochukwu as Chief Executive Officer (CEO) The appointment, which was announced at the end of TEF Board Meeting on December 12, takes effect from April 1, 2019. According to TEF, Ugochukwu "will lead the team in scaling the impact of the Foundation which is globally recognised for pioneering a [...]

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    2019: Nigerians need to be reminded of our achievements in oil sector, says Buhari

2019: Nigerians need to be reminded of our achievements in oil sector, says Buhari

President Muhammadu Buhari says Nigerians need to be reminded of the progress of the ministry of petroleum resources and the oil sector, before the 2019 elections.Speaking at the ministry of petroleum resources staff awards on Thursday, Buhari said Nigerians must be reminded of the challenges and milestone recorded by his government.The president, who was represented by Boss Mustapha, secretary to the [...]

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    FIRS set to break all-time record, generates N5trn in 50 weeks

FIRS set to break all-time record, generates N5trn in 50 weeks

Tunde Fowler, the executive chairman, Federal Inland Revenue Service (FIRS), says the service has generated N5 trillion in 50 weeks of 2018. He added that the agency is at the verge of making N5.3 trillion at the end of the year.If the FIRS pools N5.3 trillion revenue, that will be the highest revenue ever generated by FIRS in history.The current [...]

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    TheCable as an enemy of the Nigerian Army

TheCable as an enemy of the Nigerian Army

In May 2015, shortly after Candidate Muhammadu Buhari won the 2015 presidential election, there was a renewed effort by the Nigerian Army to crush Boko Haram. The army, which was said to have gotten new arms and South African mercenary for the war, was making great progress. The media recorded many headlines chronicling the progress the army was making at the [...]

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    Sowore, Donald Duke excluded from BON, NEDG presidential debate

Sowore, Donald Duke excluded from BON, NEDG presidential debate

Nigerian Elections Debate Group (NEDG) and the Broadcasting Organisations of Nigeria (BON) have named five political party to participate in 2019 vice presidential and presidential debates.According to the statement signed by Eddi Emesiri, executive Secretary of the NEDG, the parties are Allied Congress Party of Nigeria (ACPN), Alliance for New Nigeria (ANN), All Progressives Congress (APC), Peoples Democratic Party (PDP) and [...]

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    Foreign direct investment soars by over 50% in three months

Foreign direct investment soars by over 50% in three months

Nigeria's foreign direct investment (FDI) soared by 50.75 percent between July and September 2018.According to the National Bureau of Statistics (NBS), FDI went up by $269.28 million from $261.35 million to $530.63 million in the third quarter of 2018.However, total foreign investment brought in the country declined by 48.21 percent to $2.855 billion within the period under review, with the US standing as [...]

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    The world will look to Nigeria as its food basket, says Osinbajo

The world will look to Nigeria as its food basket, says Osinbajo

Vice-President Yemi Osinbajo says it is becoming clearer that Africa, and indeed Nigeria, will become the food basket of the world.Speaking at the Nigerian-German Investment Dialogue in Berlin, Germany, Osinbajo said Nigeria is a leading investment destination for potential and serious investors."Consumer spending in Africa was $1.4 trillion by 2015, with Nigeria, Egypt and South Africa accounting for more than half of [...]

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    Army dismisses ICC allegations of war crimes, says it’s a campaign of calumny

Army dismisses ICC allegations of war crimes, says it’s a campaign of calumny

Sani Usman, the spokesman of the Nigerian Army, says it is not true that the Nigerian army has committed war crimes against humanity.On Monday, TheCable reported revelations from the International Criminal Court (ICC), stating that the court had found a reasonable basis to believe that the Nigerian military committed the war crimes against humanity.“Specifically, the Office found a reasonable basis [...]

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Exchange Rates

January 02, 2019USDGBPEUR
INTERBANK306397354
LAGOS361463411
KANO360465413
PH361462412
ABUJA362462413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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