Oluseyi Awojulugbe

    Arik to begin Lagos/Abuja-Bauchi flights

Arik to begin Lagos/Abuja-Bauchi flights

Arik Air says it will begin flights to Bauchi from Lagos and Abuja on May 9.The commencement of Bauchi-bound flights will make the state the 20th domestic destination plied by the airline.According to a statement released by the airline on Monday, there will be three weekly flights from Abuja to Bauchi."The airline will be operating three weekly flights from Abuja [...]

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    IT’S OFFICIAL: Zenith Bank now Nigeria’s largest bank by customer deposits

IT’S OFFICIAL: Zenith Bank now Nigeria’s largest bank by customer deposits

Zenith Bank, a Tier one bank, has displaced First Bank as the largest bank in the country in terms of its reported customer deposit.In its first quarter results made available on the Nigerian Stock Exchange website, the bank reported that its customers deposited N3.396 trillion as against the N3.24 trillion reported by First Bank in the same period.Before now, First [...]

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    Pay the debts and take back your company, AMCON tells Arik, Aero owners

Pay the debts and take back your company, AMCON tells Arik, Aero owners

The Asset Management Corporation of Nigeria (AMCON) says it is willing to handover ownership of Arik Air and Aero Contractor airlines if the owners are willing to pay the debts owed by the companies.Speaking during the weekend at the sixth Nigeria Transport Awards and Lecture, Ahmed Kuru, AMCON chairman, said the corporation did not wish to operate in the airline [...]

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    FG signs interim agreement for railway concession

FG signs interim agreement for railway concession

The federal government and four companies led by General Electric have signed an agreement to start the interim phase of the Nigerian narrow-gauge railway concession.According to a statement signed by Yewande Thorpe, head of communications, GE Nigeria, shared with TheCable, the interim phase will include "light remedial civil and track repair works" on the narrow gauge rail line."Additionally, a joint [...]

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    Cynthia Morgan ‘filed court papers’ over unpaid rent, tax evasion

Cynthia Morgan ‘filed court papers’ over unpaid rent, tax evasion

Cynthia Morgan, rapper and dancehall artiste, has reportedly received court papers for failing to pay her house rent and tax evasion. [...]

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    Avengers: Infinity War, Date Night … 10 movies you should see this weekend

Avengers: Infinity War, Date Night … 10 movies you should see this weekend

Some movies leave one with a feeling of glee while some poorly executed flicks make one want to puke, punch someone and throw a tantrum – all at once.To help you avoid such a situation that’d leave you fuming out of the cinema in utter disgust, TheCable Lifestyle recommends the following movies. [...]

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    EXTRA: Lagos now translating bills into pidgin

EXTRA: Lagos now translating bills into pidgin

The Lagos state government says it is now translating bills that have been passed into Pidgin Yoruba and Egun three languages.Benjamin Olabinjo, special adviser to the governor on civil engagement, told journalists on Friday that this is to ensure easy understanding and voluntary compliance.Already, he said eight bills had been translated and an additional six bills were in the process [...]

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    April allocation dips by N20bn as FAAC resolves NNPC dispute

April allocation dips by N20bn as FAAC resolves NNPC dispute

The April allocation made available to the three tiers of government by the federation accounts allocation committee (FAAC) was N20 billion less than the March provision.Federal, state and local government shared N623.82 billion in Abuja on Thursday as against the N647.39 billion shared in March.The meeting had ended in a deadlock on Wednesday after revenue figures tendered by the Nigerian [...]

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    CBN sets daily limit of mobile transfer at N100,000

CBN sets daily limit of mobile transfer at N100,000

The Central Bank of Nigeria says the daily limit of funds transfer from mobile phones using short codes will now be N100,000.In a circular released on Thursday and signed by Dipo Fatokun, director, banking and payment system department, the bank said the decision was made because of the risk associated to mobile banking."Concerns have been expressed on the likely exposure [...]

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    EFCC witness: Omokore paid me $8m for cars

EFCC witness: Omokore paid me $8m for cars

Olutaye Ayeni, chief executive officer, Skymit Motors, has told the federal high court in Abuja about how Jide Omokore, an ally of Diezani Alison-Madueke, former minister of petroleum resources, bought cars worth $8 million for friends and associates.Ayeni, who is the seventh prosecution witness in an ongoing trial of $1.6 billion oil fraud case against Omokore, appeared before Nnamdi Dimgba, [...]

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    Governors set up committee to investigate ‘unremitted’ N20trn stamp duty

Governors set up committee to investigate ‘unremitted’ N20trn stamp duty

The Nigerian Governors Forum (NGF) has set up a three-man committee to investigate the alleged N20 trillion unremitted stamp duty funds to the federation account.The committee, which is chaired by Ibikunle Amosun, Ogun state governor, has Emmanuel Udom and Abubakar Bello, governors of Akwa Ibom and Niger as members.Abdulaziz Yari, the chairman of the NGF and Zamfara state governor, who [...]

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    Huge investor appetite for FG’s new five-year bond, oversubscribed by 60%

Huge investor appetite for FG’s new five-year bond, oversubscribed by 60%

Investors have shown a healthy appetite for the new five-year tenor bond introduced by the federal government through the Debt Management Office (DMO).According to the bond auction results released by the agency on Wednesday, the bond was oversubscribed by 60.9 percent.The DMO offered N30 billion for the five-year tenor bond at 12.75 percent and the N38.29 billion was eventually allotted.A [...]

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    Civil servants’ April salary may be delayed as FAAC rejects NNPC revenue figures again

Civil servants’ April salary may be delayed as FAAC rejects NNPC revenue figures again

Payment of April salary to civil servants may be delayed as the Federation Accounts Allocation Committee (FAAC) has for the second month in a row rejected the revenue figures presented by the Nigerian National Petroleum Corporation (NNPC).In March, the FAAC meeting had ended in a deadlock because of a shortfall of N37.7 billion in NNPC remittances until Kemi Adeosun, minister [...]

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    Diamond Bank closes UK operations to ‘focus on Nigeria’

Diamond Bank closes UK operations to ‘focus on Nigeria’

The management of Diamond Bank says it has disposed its entire shares in its UK subsidiary to a member of the GFG Alliance.This, it said, is in line with its objectives of streamlining its operations to focus its resources on the opportunities in Nigerian retail banking.According to a statement made available by Uzoma Uja, the company's secretary, the assets were [...]

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    Lagos: Nielsen killed singer Alizee and daughter, will stand trial for murder

Lagos: Nielsen killed singer Alizee and daughter, will stand trial for murder

The Lagos state government says forensic evidence has shown that Peter Nielsen, a Danish national, was responsible for the death of his wife, Alizee. [...]

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    Interest income, retail deposit push UBA’s profit by 18% in Q1

Interest income, retail deposit push UBA’s profit by 18% in Q1

United Bank for Africa recorded an 18 percent year-on-year profit in the first quarter of 2018 after recording growth in interest income and retail deposit.According to the bank's recently released unaudited Q1 report, the group recorded N26.6 billion in profit before tax compared to the N25.5 billion recorded in the same period in 2017.It also recorded a N23.7 billion profit [...]

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Exchange Rates

May 09, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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