Sunday, February 23, 2020
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    NBET staff write to Buhari, thank him for re-instating Amobi as MD

NBET staff write to Buhari, thank him for re-instating Amobi as MD

Some members of staff of the Nigerian Bulk Electricity Trading Company Limited (NBET) have applauded President Muhammadu Buhari's decision to reverse the suspension of Marilyn Amobi as the managing director. In a February 10 letter addressed to the president, the workers also listed what they described as Amobi's "key achievements" since her appointment in July 2016. Thirty-eight members of staff of the agency [...]

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    UBA launches quick loan product for salary earners

UBA launches quick loan product for salary earners

The United Bank for Africa (UBA) has launched 'Click Credit', a loan product designed to address the urgent needs of customers who have salary accounts with the bank. According to a statement released by the bank, customers can apply for loans up to N5 million and pay back over a 12-month period at an interest rate of 1.58% per month. The bank [...]

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    TCN: No relationship between poverty and electricity tariff — Nigerians must pay more

TCN: No relationship between poverty and electricity tariff — Nigerians must pay more

Usman Mohammed, managing director of the Transmission Company of Nigeria (TCN), says consumers should be prepared to pay more for electricity to ensure regular power supply. Mohammed (pictured) was speaking during the groundbreaking for the replacement of old wires on the Ikeja West-Alimosho-Ogba-Alausa-Ota transmission lines in Lagos on Friday. "I want to tell the Nigerian public that we cannot move forward if [...]

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    NIPC: Investment announcements dropped by 67% in 2019

NIPC: Investment announcements dropped by 67% in 2019

The Nigerian Investment Promotion Commission (NIPC) says the investments announcements worth $29.91 billion were made in 2019. This figure is 67% lower than the $90.89 billion investment announcements made in 2018. According to a report released by the commission on its website, a total of 76 projects were announced across 17 states plus federal capital territory and offshore Nigeria. The NIPC attributed the [...]

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    Customs to seal off supermarkets selling foreign rice

Customs to seal off supermarkets selling foreign rice

The Nigeria Customs Service (NCS) says it will seal off shops and supermarkets selling foreign rice and other prohibited goods. The service issued the warning in a letter with reference number NCS/KAN/053/S.28 and dated February 17, 2020. Ahmed Nasir, customs area comptroller in charge of  Kano/Jigawa, in the statement, said the decision is aimed at putting a stop to smuggling of prohibited [...]

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    International flights operations resume at Lagos airport after landing equipment upgrade

International flights operations resume at Lagos airport after landing equipment upgrade

Foreign airlines have resumed operations at the Murtala Mohammed International Airport in Lagos after the installation of a category III instrument landing system (ILS). Addressing journalists in Abuja on Thursday, Lai Mohammed, the minister of information and culture, said the newly installed navigational aid would help aeroplanes land in almost zero visibility situations. Foreign and local flight operations had been disrupted in [...]

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    ‘It’s 8th wonder of the world’ — Otedola hails Dangote’s oil refinery

‘It’s 8th wonder of the world’ — Otedola hails Dangote’s oil refinery

Femi Otedola, business mogul, says the oil refinery and fertiliser plant owned by Aliko Dangote, Africa’s richest man and president of Dangote Group, is the eighth wonder of the world.  Otedola made the comment in a tweet on Wednesday after he paid a visit to the site of the projects in Lagos. The oil refinery, which is still under construction, is currently valued [...]

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    9mobile loses 2.7m subscribers in 2019

9mobile loses 2.7m subscribers in 2019

9mobile, Nigeria’s fourth-largest telecoms service provider, lost 2,743,322 subscribers between January and December 2019. According to recent subscriber statistics released by the Nigerian Communications Commission (NCC), the telco's share of the market dropped to 7.4%. In January 2019, the telco had 16,385,317 subscribers and by December, the figure had dropped to 13,641,995. Apart from the period between January and March, when 9mobile recorded a [...]

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    FG asks DisCos to show capacity or step aside

FG asks DisCos to show capacity or step aside

The federal government has asked electricity distribution companies (DisCos) in the country to either show they have capacity or step aside for other investors. Sale Mamman, minister of power, gave the warning at the end of the federal executive council (FEC) meeting in Abuja on Wednesday. Mamman said the government cannot continue to subsidise electricity without "any positive outcome" in supply. The minister [...]

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Exchange Rates

February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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