Friday, September 20, 2019

Oluseyi Awojulugbe

    Osinbajo to NEC: We’ll have to go through Buhari to get briefing from new economic council

Osinbajo to NEC: We’ll have to go through Buhari to get briefing from new economic council

Vice-President Yemi Osinbajo says the national economic council will have to send a request through the president to get a briefing from the newly appointed economic advisory council (EAC).Osinbajo made this statement on Thursday in response to a request for clarification by members of the national economic council regarding their relationship with the newly appointed council.A statement by Laolu Akande, Osinbajo's senior [...]

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    ‘They can take Nigeria to greater heights’ — Dangote hails Buhari’s ‘rare’ economic council

‘They can take Nigeria to greater heights’ — Dangote hails Buhari’s ‘rare’ economic council

Aliko Dangote, president of Dangote Group, says the recently appointed economic advisory council by President Muhammadu Buhari has the ability to take the country's economy to the next level.In a statement released on Thursday by Anthony Chiejina, Dangote's chief corporate communications officer, the businessman described the council as "tested and respected patriots who are always ready to put the country's [...]

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    Nigeria approaches World Bank for $2.5bn loan

Nigeria approaches World Bank for $2.5bn loan

Hafez Ghanem, World Bank's vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan.Ghanem made this known in an interview on Wednesday in Abuja.The Bretton Wood institution official said Nigeria received $2.4 billion from the bank in 2018."We’re talking about a new set of programmes of about the same amount, it [...]

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    Fowler: Grants and loans are NOT reliable revenue sources — taxes are

Fowler: Grants and loans are NOT reliable revenue sources — taxes are

Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), says taxation is the country’s lifeline for economic development.Fowler made this known on Tuesday night in Abuja at the investiture of Kudirat Abdul-Hamid as the third national chairperson of Society of Women in Taxation (SWIT).Fowler was represented by Abiodun Aina, an official of the FIRS.He said aids, grants and loans [...]

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    Sanusi: I wholeheartedly support FG on border closure

Sanusi: I wholeheartedly support FG on border closure

Muhammadu Sanusi II, the emir of Kano, says he supports the federal government's decision to close the land borders because of the need to protect rice farmers.Addressing journalists on Wednesday at his palace on Wednesday, the emir said the closure is the only method of enforcing Nigeria's anti-smuggling laws."Closing the borders becomes indispensable because our neighbouring countries are not helping [...]

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    Sterling Bank sets aside N20bn for SME loans

Sterling Bank sets aside N20bn for SME loans

Sterling Bank says it has set aside N20 billion to disburse as loans to entrepreneurs and owners of micro, small and medium-scale enterprises.Addressing journalists at the bank's headquarters in Lagos on Tuesday, Benedicta Sadoh, the bank's group head for retail assets and liability, said the loans are not targeted at importers.Sadoh explained that some of the loans will be made [...]

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    Caverton Helicopters to take delivery of training simulator in 2020

Caverton Helicopters to take delivery of training simulator in 2020

Caverton Helicopters says a simulator, which would be used to train pilots, will be delivered in the second quarter of 2020.The company made this known on Tuesday during a courtesy visit to Muhtar Shaibu Usman, director-general of the Nigeria Civil Aviation Authority (NCAA).The delegation consisted of some senior management staff of Caverton Offshore Support Group (COSG), Caverton Helicopters and representatives [...]

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    N1.41m bank charge on N50m deposit… CBN’s cashless policy is back

N1.41m bank charge on N50m deposit… CBN’s cashless policy is back

The Central Bank of Nigeria (CBN) has re-introduced charges on the deposit and withdrawals of sums above N500,000 to promote a cashless economy.In a circular released on Tuesday, all deposit money banks in the country were directed to charge 3% processing fees for withdrawals and 2% for deposits of amounts above N500,000 for individual accounts.Corporate account holders will be charged [...]

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    Oil sector workers reject inclusion in IPPIS wage system

Oil sector workers reject inclusion in IPPIS wage system

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    ECOWAS to Nigeria: Border closure not solution to your smuggling problems

ECOWAS to Nigeria: Border closure not solution to your smuggling problems

Officials of the Economic Community Of West African States (ECOWAS) has advised the Nigerian government to find a permanent solution to the challenge of smuggling.In a statement released on Tuesday, the bloc said the border closure might hamper the implementation of free trade movement within the region.Addressing parliamentarians at the ongoing 2nd extraordinary session of the ECOWAS parliament in Monrovia, [...]

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    Andela sacks 250 Nigerian, Ugandan engineers in ‘talent pool restructuring’

Andela sacks 250 Nigerian, Ugandan engineers in ‘talent pool restructuring’

Andela, an African company that develops talents in software engineers, says 250 junior engineers and staff from its Nigerian and Ugandan hubs will be leaving the organisation.Another 170 engineers may also be affected in its Kenyan hub.In a statement released on Tuesday, Andela said their departure is due to its decision to restructure its talent pool to "more closely align [...]

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    Inflation unaffected by food forex restriction — slows to 11.02%

Inflation unaffected by food forex restriction — slows to 11.02%

The consumer price index, which measures the change in the prices of goods and services consumed by people, slowed to 11.02% at the end of August.This is 0.06% percentage points lower than the 11.08% recorded in July.An analysis of the inflation report released by the National Bureau of Statistics (NBS) on Wednesday showed that August was the third consecutive month [...]

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    FULL LIST: Buhari appoints Soludo, Rewane, Ode Ojowu to economic advisory council

FULL LIST: Buhari appoints Soludo, Rewane, Ode Ojowu to economic advisory council

President Muhammadu Buhari has constituted an economic advisory council to replace the current economic management team headed by Yemi Osinbajo, the vice president.According to a statement signed by Femi Adesina, special adviser to the president on media and publicity, the team will report directly to the president.Doyin Salami, a senior lecturer at the Lagos Business School and former member of [...]

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    Again, Dangote’s tomato processing factory shuts down

Again, Dangote’s tomato processing factory shuts down

The Dangote tomato processing factory located in Kano has been shut down after farmers engaged to supply the factory with raw materials abandoned tomato farming at the start of the rainy season in May.The factory resumed operations in March after being idle for three years.According to Abdulkareem Kaita, the managing director of Dangote Farms, the company is losing at least [...]

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    Here is how to check if your SIM is among the 9.2m lines to be disconnected

Here is how to check if your SIM is among the 9.2m lines to be disconnected

Isa Patanmi, the minister of communications technology, recently directed the Nigeria Communications Commission (NCC) to block 9.2 million telephone lines.In a statement released by the ministry, Pantami had said the lines did not meet the proper registration standards."The Nigeria Communications Commission (NCC) has submitted its baseline short-term performance targets report. The report signed by the executive vice-chairman of the commission [...]

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    Oil price hit $71 per barrel after Saudi attack — biggest intra-day spike since 1988

Oil price hit $71 per barrel after Saudi attack — biggest intra-day spike since 1988

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Exchange Rates

September 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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