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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
The balance of the excess crude account (ECA) dropped by $253 million between January and February. Data provided on Wednesday by the office of the accountant-general of the federation showed that the ECA balance is $71.81 million. This is compared to the $324.968 million balance as of January 16, 2020. The excess crude account was created by former President Olusegun Obasanjo in 2004 [...]
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 [...]
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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