Tuesday, August 14, 2018
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    Sirika debunks Ethiopian Airlines’ claim of being favourite in Nigeria Air bid

Sirika debunks Ethiopian Airlines’ claim of being favourite in Nigeria Air bid

Hadi Sirika, minister of state for aviation, says the claim by Tewolde Gebremariam, Ethiopian Airlines’ CEO, of being favourite to manage Nigeria Air is fake.He made this known through James Odaudu, the ministry's deputy director, media and public affairs, on Tuesday.The Ethiopian Airline boss had said his company is the frontrunner in the bids while addressing a press conference in [...]

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    REVEALED: Nigeria’s debt rose to N22.4trn in six months

REVEALED: Nigeria’s debt rose to N22.4trn in six months

The Debt Management Office (DMO) says Nigeria’s total debt rose to N22.4 trillion in the first half of the 2018 financial year.This represents a three percent increase from the N21.68 trillion recorded at end of December 2017.Patience Oniha, director general of the DMO, made the revelation while addressing reporters in Abuja on Tuesday.According to her, the rise in total debt [...]

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    Fashola: FG’s N701bn fund raised power generation by 3,000MW

Fashola: FG’s N701bn fund raised power generation by 3,000MW

Babatunde Fashola, minister of power, works and housing, says the N701bn payment assurance guarantee fund for electricity generation companies (GenCos) has raised power generation capacity to 7,000 megawatts (MW).The minister disclosed this on Monday at the 29th monthly power sector meeting hosted by Mainstream Energy Solutions Limited (MESL) in Minna, Niger state.Fashola said the payment which started in 2017 had [...]

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    ALERT: Turkish lira crisis may put the naira at risk

ALERT: Turkish lira crisis may put the naira at risk

The naira may be affected by the ongoing financial turmoil which has seen the Turkish lira lose 40% of its value.The lira has been in turmoil over worries about the country's high debt levels, rising inflation, President Tayyip Erdogan’s refusal to consent to an increase in interest rates and tension between the European country and the US.Erdogan has described his [...]

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    FG to empower 2m traders with collateral-free loans

FG to empower 2m traders with collateral-free loans

The federal government has launched a new initiative to empower two million petty traders between now and the end of 2018.The new initiative called Trader Moni was launched under the Government Enterprise and Empowerment Programme (GEEP).According to a statement issued by Laolu Akande, spokesman to Acting President Yemi Osinbajo, the micro credit scheme would grant a minimum of 30,000 loans [...]

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    Again, Lagos postpones completion of light rail project — now 2022

Again, Lagos postpones completion of light rail project — now 2022

The Lagos state government has postponed the projected completion of the Blue Line Light Rail project from Marina to Mile 2.Abiodun Dabiri, Lagos Metropolitan Area Transport Authority (LAMATA) managing director, said the government has signed a Memorandum of Understanding with Alstom SA, a French multinational to complete the project.The project, which was proposed in 1983, was the brainchild of Lateef [...]

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    Fidelity Bank releases video to disprove ‘assault’ claims

Fidelity Bank releases video to disprove ‘assault’ claims

Fidelity Bank Plc has released an official statement addressing a viral video where one of its branch managers allegedly ordered security men to beat up customers for allegedly being rude.The incident took place in the Alagbado area of Lagos on Thursday.The bank also released CCTV footage on Sunday via its Twitter handle as evidence of what supposedly happened on the [...]

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    NSE investors lose N287bn in five hours

NSE investors lose N287bn in five hours

Investors on the Nigerian Stock Exchange lost N287 billion in the five trading hours of Friday; a move that saw market capitalisation drop below the N13 trillion mark.The last time the market experienced a loss of this magnitude was on August 15, 2017.The All-Share Index lost 786.19 points or 2.17 per cent to close at 35,446.47 compared with 36,232.66 on [...]

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    Ethiopian Airlines ‘favourite’ to manage Nigeria Air

Ethiopian Airlines ‘favourite’ to manage Nigeria Air

Tewolde Gebremariam, the chief executive officer of Ethiopian Airlines, says his company is the frontrunner in the bidding process for the management of Nigeria Air.Speaking at a news conference in Addis Ababa on Friday, Gebremariam said the group of investors interested in establishing the national carrier is small."We are among a small group with an interest in establishing a national [...]

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    NSIA pays $417.46m to NBET ‘to develop electricity market’

NSIA pays $417.46m to NBET ‘to develop electricity market’

The Nigeria Sovereign Investment Authority (NSIA) has paid $417.46 million to Nigeria Bulk Energy Trading Company (NBET) to develop the electricity market.Titilope Olubiyi, NSIA communications adviser, said this followed the expiration of a four-year investment agreement terms.The funds were transferred in three tranches with $8m paid on May 2016, $5.5m in August 2016 and the last on July 2018 with [...]

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Exchange Rates

August 14, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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