Thursday, July 18, 2019
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    Henry Nkemadu is NCC’s new director of public affairs

Henry Nkemadu is NCC’s new director of public affairs

Henry Chukwudumeme Nkemadu has been appointed as the new director of public affairs at the Nigerian Communications Commission (NCC).Nkemadu replaces Nnamdi Nwokike who took over after Tony Ojobo's retirement in 2018.Umar Danbatta, NCC's executive vice chairman, said the appointment is in line with the commission’s policy of putting round pegs in round holes for optimum performance.“Dr Henry has had [...]

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    EXCLUSIVE: Airtel to list on NSE July 5

EXCLUSIVE: Airtel to list on NSE July 5

Airtel Africa will list its shares on the Nigerian Stock Exchange (NSE) on Friday, July 5, TheCable understands.The company listed its shares on the London Stock Exchange on Friday morning and is expected to announce its share price for the NSE listing.According to the listing prospectus, Airtel hopes to raise $750 million through listings on the Nigerian Stock Exchange and [...]

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    Despite World Bank’s N228.7bn incentive, 11 states fail to publish budget details

Despite World Bank’s N228.7bn incentive, 11 states fail to publish budget details

11 states have not published details of their 2019 budget despite a N228.7 billion programme by the World Bank to encourage public finance transparency in Nigeria.The states are Lagos, Cross River, Akwa Ibom, Bayelsa, Ebonyi, Imo, Nasarawa, Oyo, Rivers, Sokoto and Zamfara.According to BudgIT, an advocacy platform, Kwara's 2019 budget was taken down from the website after Abdulrahman Abdulrazaq (pictured), [...]

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    Presidential committee recommends that Nigeria sign AfCFTA

Presidential committee recommends that Nigeria sign AfCFTA

The presidential committee on impact and readiness assessment African Continental Free Trade Area (AfCFTA) agreement has submitted its report to President Muhammadu Buhari.The committee, which is chaired by Desmond Obadiah, recommended that Nigeria should sign the treaty.Receiving the report at the Presidential Villa in Abuja, Buhari said the treaty will have positive and negative impacts on Nigeria and its neighbours."Our [...]

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    Nigerian energy startup, Arnergy, raises $9m in Series A financing

Nigerian energy startup, Arnergy, raises $9m in Series A financing

Arnergy, a Nigerian energy startup, says it has raised $9 million in a Series A round of funding led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI, ElectriFI and All On.Arnergy uses solar power, storage solutions and proprietary remote management technologies to deliver energy solutions to businesses and homes; tackling tackle issues [...]

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    OPL 245: I was pressured to implicate Adoke, says Russian suspect

OPL 245: I was pressured to implicate Adoke, says Russian suspect

Ednan Tofik ogly Agaev, former Russian ambassador to Colombia who is charged with international corruption over the OPL 245 affair, says he was pressured to mention a name in his interrogation by the FBI.In the FBI interview, he named Mohammed Bello Adoke, former attorney-general of the federation, as one of the recipients of the $400 million bribes allegedly paid to government [...]

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    Gbaja: Reps will end oppressive regulation of private businesses

Gbaja: Reps will end oppressive regulation of private businesses

Femi Gbajabiamila, speaker of the house of representatives, says lawmakers will work towards ending the “overbearing regulation” of private businesses in Nigeria.Speaking at the 13th annual business law conference of the Nigerian Bar Association (NBA) in Lagos on Wednesday, Gbajabiamila said the excess regulation is not good for economic growth.He said the statutory and policy framework existing in the country [...]

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    Lend to us at 1%, governors beg World Bank

Lend to us at 1%, governors beg World Bank

The Nigeria Governors Forum (NGF) has asked the World Bank to provide loans to state governments at 1%, saying it would be cheaper than the 25% commercial rate.Kayode Fayemi, NGF chairman and Ekiti state governor, made this known on Wednesday while briefing journalists at the end of a one-day interactive session on the bank’s project across states in the country.Fayemi [...]

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    ALERT: From July, you will start paying VAT for stock exchange transactions

ALERT: From July, you will start paying VAT for stock exchange transactions

Investors and dealing members will begin to pay value-added tax for transactions carried out on the Nigerian Stock Exchange (NSE).This is due to the expiration of the Value-Added Tax (Exemption of Commissions on Stock Exchange Transactions) Order of 2014.During her tenure as coordinating minister for the economy and minister of finance, Ngozi Okonjo-Iweala had exempted VAT deductions from commissions earned [...]

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    TY Danjuma acquires 300-year-old London hotel for N1bn

TY Danjuma acquires 300-year-old London hotel for N1bn

Theophilus Danjuma, a former minister of defence, has acquired a 300-year-old hotel in London for N1 billion.TY Danjuma, as he is popularly referred to, is now worth $1.2 billion according to Bloomberg Billionaires Index.The latest acquisition of the 80-year-old retired army general is a 14-room inn in London.The Kings Arms Hotel is a 300-year-old inn next to Hampton Court Palace, [...]

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Exchange Rates

July 12, 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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