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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
