John Bray, US consul general, and Laura Beaufils, British deputy high commissioner to Nigeria, say the issues faced by MTN in recent times sent bad signals to foreign investors.The US and UK envoys made the assertion on Thursday on the sidelines of a conference organised by the Lagos Chamber of Commerce and Industry (LCCI) during the 2018 Lagos International Trade [...]
The federal ministry of finance has denied knowledge of a $3.5 billion fund allegedly kept and utilised by the Nigeria National Petroleum Corporation (NNPC) for fuel subsidy.Mahmoud Isa-Dutse, permanent secretary, gave the ministry’s position when he appeared before the senate ad hoc committee probing the allegation in Abuja on Thursday.Isa-Dutse’s claim appeared to corroborate Maikanti Baru, the group managing director [...]
The Peoples Democratic Party (PDP) says its presidential candidate will reduce the cost of premium motor spirit (PMS), popularly know as petrol to N87-N90 per litre.In a statement by Kola Ologbondiyan, spokesman of the Peoples Democratic Party (PDP) on Thursday, the party said former vice-president Atiku Abubakar had consulted with international players in the oil industry and found that the [...]
Aquitane Oil and Gas Limited says it is not indebted to the Assets Management Corporation of Nigeria (AMCON).In a letter sent to TheCable and signed by Ikechukwu Okolo, its managing director, the company said its name was erroneously included in the list of 105 delinquent debtors published by AMCON."We wish to draw to your attention to this publication and at [...]
Defending the naira has become more expensive as Nigeria's foreign reserves declined by $2.2 billion in October 2018 alone -- the largest monthly drop since 2015.Data from the Central Bank of Nigeria (CBN) has shown that the reserves shed $2,243,157,059 in October, moving from $44,305,099,104 on the last working day of September to $42,061,942,045 as at October 30, 2018.The country's foreign [...]
The federal executive council has approved the Nigerian leather policy, aimed at boosting the business opportunities in the leather sector.Ogbonnaya Onu, minister of science and technology, says the policy can generate $900 million if well harnessed.Onu said the leather industry generated $921million for the government in 2013, a feat that can be replicated."We resolved to harness the national leather and [...]
Arik Air has reassured its customers that its online portal is secure.This follows a report that data belonging to the airline’s customers between December 2017 and March 2018 was leaked.Justin Paine, head of trust & safety at Cloudflare, had said he discovered massive leak from the airline’s customer database during a routine search for “open, exposed, or vulnerable Amazon S3 [...]
If you flew Arik Air between December 31 and March 16, 2017, then your data might have been compromised.On Wednesday, Justin Paine, head of trust & safety at Cloudflare, announced that he uncovered a data leak of the airline during a routine search for “open, exposed, or vulnerable Amazon S3 buckets”.An Amazon Simple Storage Service (Amazon S3) bucket is a [...]
Nigeria has dropped a spot on the latest World Bank Ease of Doing Business ranking.The bank released the report themed 'Doing Business 2019: A Year of Record Reforms, Rising' on Wednesday.In the 2017 edition of the report, Nigeria moved 24 places from its 2016 spot of 169 to 145.In the 2018 edition, Nigeria ranked 146. Mali took Nigeria's 2017 spot.The [...]
Nike Shittu, the chief executive officer of Mojoy Computers Limited, says small and medium enterprises in Computer Village, Ikeja, need help.Computer Village in Ikeja, Lagos, is commonly regarded as Nigeria's largest technology market."We need help within that cluster, and I don't think that we can be seen from afar by the Federal Government alone. I think that there are bodies [...]
