Tuesday, June 27, 2017
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    France promises to invest €1bn in Nigeria’s oil and gas industry

France promises to invest €1bn in Nigeria’s oil and gas industry

The French government says it has set aside about one billion euros for investment in the oil and gas industry.Denys Gauer, France ambassador to Nigeria,  made this known when Ndu Ughamadu, group general manager, group public affairs division of the Nigerian National Petroleum Corporation (NNPC), led a delegation to his office in Abuja on Tuesday.According to a statement released by [...]

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    Fashola: Nigeria in trouble if lawmakers don’t understand difference between cash and budget

Fashola: Nigeria in trouble if lawmakers don’t understand difference between cash and budget

Babatunde Fashola, minister of power, works and housing, says Nigeria is in big trouble if lawmakers do not understand the difference between cash and budgets.He expressed deep concern over the recourse of the national assembly’s spokespersons to name calling over his observations on the 2017 budget. In a press release signed by Hakeem Bello, his special adviser on media, the minister [...]

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    Barkindo welcomes new Saudi prince to OPEC

Barkindo welcomes new Saudi prince to OPEC

Mohammad Barkindo, OPEC secretary-general, has congratulated Mohammed bin Salman Al Saud on his appointment as the new crown prince of the Kingdom of Saudi Arabia.He welcomed the prince to OPEC following the announcement of "the decision in a Royal Decree by King Salman Bin Abdul Aziz Al-Saud, the Custodian of the Two Holy Mosques".According to OPEC secretariat, Barkindo offered his [...]

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    Startup secures $2.1m funding to offer unlimited wifi in Lagos

Startup secures $2.1m funding to offer unlimited wifi in Lagos

Tizeti and its consumer facing brand, Wifi.com.ng, which offers unlimited, uncapped internet service across Lagos, Nigeria, have announced the closure of a $2.1 million seed funding from international investors.The investors include Western Technology Investment, Social Capital, Vy Capital, Picus Capital, Ace & Company, Lynett Capital Partners, Zeno Ventures and a number of angel investors including Y Combinator’s Michael Seibel and Gabriel [...]

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    CBN pumps $240m into FX market ahead of Eid-el-Fitr

CBN pumps $240m into FX market ahead of Eid-el-Fitr

The Central Bank of Nigeria (CBN) on Friday, allocated the total sum of $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.The dollars were offered for the last trading day of the week and ahead of June 26 and 27, 2017 holiday declared by the federal government to commemorate the Eid-el-Fitr.The Bank, also on [...]

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    Etisalat Takeover: CBN steps in to secure over 4,000 jobs

Etisalat Takeover: CBN steps in to secure over 4,000 jobs

The Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) have declared their decision to intervene in the Etisalat Nigeria debt crisis in order to prevent job losses and asset stripping. The move was as a result of the deepening crisis between Etisalat and a consortium of 13 Nigerian banks over a syndicated loan of about US$1.2 billion granted [...]

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    IT firm launches web services to ‘enhance business productivity’

IT firm launches web services to ‘enhance business productivity’

Infohob Technology, a leading provider of web services, has launched a selection of communication services that offer business owners and managers a way to stay connected with their clients and enhance their online presence.According to a statement by Tony Ayabam, founder, Infohob, these services encompass flexible and secure business emails, apps for businesses, personalised domain names, cloud storage and data [...]

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    OPEC breaks own record as compliance to oil deal hits 106%

OPEC breaks own record as compliance to oil deal hits 106%

The Organisation of Petroleum Exporting Countries (OPEC) has beat its own oil cut compliance record, which stood at 104 percent as at April 2017.According to the joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), for the month of May 2017, OPEC and participating Non-OPEC producing countries recorded the highest conformity ever with their voluntary adjustments in production, achieving a level of 106%. [...]

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    Oil bears chase away equity bulls

Oil bears chase away equity bulls

A renewed sell-off in oil prices amid oversupply concerns effectively dented risk sentiment on Wednesday with global stocks exposed to heavy losses as oil bears pressured equity bulls.European markets were punished by the sharp decline in energy shares and the bearish contagion was swift to contaminate Wall Street which concluded mostly lower. Although Asian stocks edged cautiously higher during Thursday’s trading session, the [...]

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    ‘Takeover’ won’t affect you, NCC assures 21m Etisalat subscribers

‘Takeover’ won’t affect you, NCC assures 21m Etisalat subscribers

The Nigerian Communications Commission (NCC) has assured 21 million Etisalat subscribers that the telco's N541 billion debt and brewing takeover will not, in any way, affect them negatively.In a statement signed by Tony Ojobo, NCC director of public affairs, the commission said it attempted to find a resolution to the challenges facing the company, but could not get desired results.NCC [...]

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Exchange Rates

June 27, 2017USDGBPEUR
INTERBANK324.50413. 31363.50
LAGOS369465407
KANO367464410
PH370465412
ABUJA366465407
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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