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    BREAKING: Oil production hits three-year high as GDP grows by 2.28%

BREAKING: Oil production hits three-year high as GDP grows by 2.28%

Data made available by the National Bureau of Statistics (NBS) shows that the country's gross domestic product (GDP) grew by 2.28% in the third quarter of 2019.This is 0.17 percentage points higher than the 2.12% revised GDP growth recorded in the second quarter.The previous Q2 GDP figure released by the NBS was 1.94%.According to the GDP report released by the [...]

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    El-Rufai appointed head of committee to review ownership of DisCos

El-Rufai appointed head of committee to review ownership of DisCos

Nasir el-Rufai, governor of Kaduna state, has been appointed as the head of the ad-hoc committee that will review the ownership of the electricity distribution companies (DisCos).The decision was reached on Thursday at the meeting of the national economic council (NEC).Emeka Ihedioha, governor of Imo state, announced the committee's decision after the meeting saying the National Council on Privatisation and [...]

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    Senate approves Buhari’s request to increase VAT

Senate approves Buhari’s request to increase VAT

The senate has approved the request by President Muhammadu Buhari to increase value added tax (VAT) from 5 percent to 7.5 percent.The senate approved the request after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled 'Nigeria tax and fiscal law'.In September, the federal executive council (FEC) approved an increase in VAT and sent a [...]

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    Investors crave long-term bonds as DMO’s auction turns ‘hot cake’

Investors crave long-term bonds as DMO’s auction turns ‘hot cake’

The Debt Management Office (DMO) says its N150 billion bond auction on Wednesday, November 20, was oversubscribed by 168.23%.The bonds were offered N150 billion from three instruments; five-year, 10-year and 30-year bonds for N50 billion each.A statement issued by DMO explained that the total subscriptions received through competitive bids for the instruments at the auction were N252.35 billion.It said that [...]

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    Senate panel asks CBN, FIRS to submit report of audited accounts in seven days

Senate panel asks CBN, FIRS to submit report of audited accounts in seven days

The senate committee on public accounts has asked some ministries and agencies to submit reports of their audited accounts in seven days.Speaking with journalists at the national assembly on Wednesday, Matthew Urhoghide, chairman of the committee, said some MDAs have failed to provide information on the funds they received from the federation account and how they were spent.Urhoghide said according [...]

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    We’re looking to expand our business, says Coca-Cola CEO during visit to Nigeria

We’re looking to expand our business, says Coca-Cola CEO during visit to Nigeria

James Quincey, the global chief executive officer of Coca-Cola, says his company is looking to expand its business in Nigeria and other African countries as these countries have been identified as its future growth drivers.During a recent visit to Nigeria with his extended leadership team, Quincey said Africa presents a vast opportunity in driving the beverage company’s growth strategy over [...]

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    Dangote Group’s Umar joins Pearl Awards board

Dangote Group’s Umar joins Pearl Awards board

Rabiu Umar, group chief commercial officer at Dangote Industries, has been sworn in as member of the Pearl Awards board.The Pearl Awards, which is in its 25th year, rewards "operational excellence and outstanding performance" in the nation’s capital market.Umar is a certified ISO auditor, graduate of the Harvard Business School and certified financial analyst.The induction, which took place at Lead [...]

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    IMF: 40% of African countries are in debt distress

IMF: 40% of African countries are in debt distress

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says 40% of African countries are in debt distress.Describing Africa as a continent of opportunities and one with many troubles, Georgieva said the focus is to help countries have sound macro-economic policies, improve the investment climate and show it to the rest of the world."Africa is a continent of opportunities [...]

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    Mahama, former Ghanaian president, appeals to FG to reopen land borders

Mahama, former Ghanaian president, appeals to FG to reopen land borders

John Mahama, former president of Ghana, has appealed to the Nigerian government to open up her land borders so that economic activities can resume in West Africa.Mahama made the plea while delivering the 7th-anniversary lecture, investiture into The Realnews Hall of Fame and the unveiling of a book: 'Pathways to Political and Economic Development of Africa in Lagos'.He said the [...]

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    AMCON takes possession of Demola Seriki’s properties over N1bn debt

AMCON takes possession of Demola Seriki’s properties over N1bn debt

The Asset Management Corporation of Nigeria (AMCON) has taken over some properties belonging to Ademola Seriki, a former minister of state for defence, for debts totalling N1 billion.TheCable understands that the affected properties include those located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.Chuka Austine [...]

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Exchange Rates

November 19, 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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