Monday, April 8, 2019

Oluseyi Awojulugbe

    NCAA: No Boeing 737 Max 8 currently operates in Nigeria

NCAA: No Boeing 737 Max 8 currently operates in Nigeria

The Nigerian Civil Aviation Authority (NCAA) says airline passengers have no cause for alarm because there is no Boeing 737 Max 8 aircraft operating in the country.In a statement released on Tuesday, Sam Adurogboye, NCAA spokesman, said the agency will continue monitoring developments in the aviation industry to ensure flying safety.The safety of Boeing 737 Max 8 has been questioned [...]

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    We’ll focus on expansion, says Nova Merchant Bank chairman after N1.15bn profit

We’ll focus on expansion, says Nova Merchant Bank chairman after N1.15bn profit

Phillips Oduoza, chief executive officer of NOVA Merchant Bank, says the bank will focus on expansion in 2019.He made this known in a statement released by the bank announcing its N1.15 billion profit after tax for the year ended December 31, 2018.Oduoza said the N510.6 million increase from 2017 result was the benefit of the bank's investment in its operations, [...]

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    CBN, EFCC to bar convicts from opening bank accounts

CBN, EFCC to bar convicts from opening bank accounts

The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) may bar individuals or corporate convicted of committing economic crimes from opening bank accounts.In a statement released on Thursday by Isaac Okorafor, CBN's director of corporate communications, the apex bank said it is working with the EFCC over the proposal.He did not give further details. Currently, [...]

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    TCL behind-the-scenes: Rahama Sadau, RMD, Ali Nuhu on ‘Zero Hour’ set

TCL behind-the-scenes: Rahama Sadau, RMD, Ali Nuhu on ‘Zero Hour’ set

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    CBN-backed microfinance bank to give loans at 5% interest rate

CBN-backed microfinance bank to give loans at 5% interest rate

Godwin Emefiele, governor of the Central Bank of Nigeria, says the new NIRSAL microfinance bank will give out loans at a five percent interest rate.Speaking on Wednesday after touring a model of the proposed microfinance bank, Emefiele said the was developed to increase access to credit for small and medium scale enterprises.Customers will have a two-year moratorium and five years [...]

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    Here’s why Nigeria overtook Egypt in rice production

Here’s why Nigeria overtook Egypt in rice production

News about Nigeria overtaking Egypt in rice production have been making the rounds and some political loyalists have been sharing the news with joy.Before now, Egypt was Africa's largest rice producer, cultivating 445,000 hectares of farmland to produce 4.4 million tonnes annually.With this, the country satisfies local rice demand, which is pegged at 3.8 million tonnes and leaves the rest [...]

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    Banking stocks record biggest fall since 2016

Banking stocks record biggest fall since 2016

In a continuing negative reaction to President Muhammadu Buhari's re-election, banking stocks recorded its biggest fall since 2016.Since Wednesday when the Independent National Electoral Commission (INEC) announced the results of the presidential election, the Nigerian Stock Exchange has lost N281 billion.Amidst this loss, the 10 largest banking stocks dropped by 4.6% at the close of trading on Thursday.According to data [...]

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    LAUTECH students to undergo drug test before contesting for SU positions

LAUTECH students to undergo drug test before contesting for SU positions

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    Election outcome: NSE market capitalisation decreases further by N196bn

Election outcome: NSE market capitalisation decreases further by N196bn

Trading on the Nigerian Stock Exchange (NSE) continued to react negatively to the outcome of the presidential election with the market capitalisation losing N196 billion to close below N12 trillion mark.NAN reports that the market capitalisation for last trading day in February shed N196 billion despite the N16 dividend declared by Dangote Cement.Specifically, the market capitalisation shed N196 billion or [...]

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    Dangote jumps 40 places on billionaire index– courtesy of fertilizer plant

Dangote jumps 40 places on billionaire index– courtesy of fertilizer plant

The addition of the equity value of his fertilizer plant to his net worth moved Aliko Dangote, Africa's richest man, to the 63rd position on the Bloomberg Billionaire Index from 103.The owner of Dangote Industries who was initially valued at $10.8 billion before it moved to $16.6 billion is the only Nigerian on the list.Dangote holds 85.2% stake in Dangote [...]

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    Gokada now completes 5,000 rides daily in Lagos, says CEO

Gokada now completes 5,000 rides daily in Lagos, says CEO

Deji Oduntan, founder and CEO of Gokada, says bikers with the company now complete approximately 5,000 rides on a daily basis.Speaking during the first year anniversary of the company, Oduntan said the company has set up a driver training school that will train up to 500 riders at a time.The company also launched a new headquarters in Ilupeju which would [...]

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    FULL LIST: Green Book wins best picture as Spike Lee clinches first Oscar award

FULL LIST: Green Book wins best picture as Spike Lee clinches first Oscar award

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    INEC: Your vote is void if ballot paper is put in the wrong box

INEC: Your vote is void if ballot paper is put in the wrong box

Festus Okoye, the national commissioner for information and voter education at the Independent National Electoral Commission (INEC), says a vote will be considered void if the ballot paper is put in the wrong box.Fielding questions from journalists on Channels TV on Saturday, Okoye said the onus lies on presiding officers at each polling unit to educate voters."Yes," he responded when [...]

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    Former PDP presidential aspirant defects to APC

Former PDP presidential aspirant defects to APC

Stanley Osifo, a presidential aspirant of the Peoples Democratic Party (PDP), has defected to the All Progressives Congress (APC).Addressing a press conference on Thursday, he said the decision to defect was reached after "deep thought and consultation" with his followers."After deep thought and consultation with followers, I am officially announcing my movement from the Peoples Democratic Party to the All [...]

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    BoI disburses second loan to Tradermoni beneficiaries

BoI disburses second loan to Tradermoni beneficiaries

The Bank of Industry (BoI) has begun to disburse loans of N15,000 to Tradermoni beneficiaries who have repaid their first N10,000 loan.In a statement released on Thursday, the bank said it has recorded high repayment of loans which it attributed to a flexible weekly loan repayment plan of N430 per week.According to the bank, beneficiaries paid back using PayDirect made [...]

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    Lafarge, Fidson to get three-year tax holiday

Lafarge, Fidson to get three-year tax holiday

Lafarge Cement Plc and Fidson Healthcare Plc are part of the nine companies that will three years tax holiday from the payment of company income tax.This is because these nine companies have been granted approval for pioneer status.Okechukwu Enelamah, minister of industry, trade and investment, had said the federal government introduced the pioneer status incentive to encourage and attract investments [...]

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Exchange Rates

April 8, 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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