Sunday, November 18, 2018
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    BudgIT: $10bn rise in public debt stock is not a full story

BudgIT: $10bn rise in public debt stock is not a full story

BudgIT, a civic organisation, says Vice President Yemi Osinbajo's comments on Nigeria's public debt stock does not tell the full story.In a statement released on Tuesday,  the organisation said the vice president's statement that the country's debt has only risen by $10 billion is misleading."The Debt Management Office figures showed that FG external debt alone grew from $7.34bn in June 2015 [...]

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    Amaechi to Lagos-Ibadan rail contractors: Speed up, your work pace is slow

Amaechi to Lagos-Ibadan rail contractors: Speed up, your work pace is slow

Rotimi Amaechi, the minister of transportation, says he is not pleased with the pace of work at the Lagos end of the Lagos-Ibadan rail project.The minister made this known on Tuesday when he visited the work site for the monthly inspection of the project."There is a slow pace of work in Lagos axis of the project," he said."The expectations from [...]

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    CBN sanction: MTN to use 2016 senate report in court

CBN sanction: MTN to use 2016 senate report in court

MTN Nigeria says it will use the report of the 2016 senate investigation against the Central Bank of Nigeria in court. The court hearing of the case is already before the federal high court in Ikoyi. Saliu Saidu, the judge presiding over the case, after hearing submissions from lawyers on both sides on Tuesday adjourned the matter till December 4, 2018. "At the adjourned hearing in [...]

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    May&Baker plans expansion, says ‘we can’t meet demand for Paracetamol’

May&Baker plans expansion, says ‘we can’t meet demand for Paracetamol’

May&Baker, a pharmaceutical company, says it will use some of the proceeds from its rights issue to build a plant that will be dedicated to the production of Paracetamol, an analgesic.Addressing pressmen on Monday at the company's office in Lagos,  Nnamdi Okafor, the company's CEO, said the company is targeting a turnover of N50 billion by 2023.The company recently floated [...]

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    Report: Dangote responsible for over 10% of Nigeria’s GDP

Report: Dangote responsible for over 10% of Nigeria’s GDP

Aliko Dangote, Africa's richest man, and his conglomerate, the Dangote Group, have been reported to be responsible for over 10 percent of Nigeria's gross domestic product (GDP).The report, published by TIME Magazine, says Aliko Dangote is currently worth $14.1 billion, but his company's investment is responsible for much more than his net worth.According to the World Bank, Nigeria's GDP stood [...]

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    Report: Nigeria goes one step higher on FDI attractiveness ranking

Report: Nigeria goes one step higher on FDI attractiveness ranking

A new report by EY Africa says Nigeria has improved on attracting foreign direct investments.The Africa Attractiveness report, which was released on Monday and titled Turning Tides, said Nigeria got 25% more FDI projects in 2017 compared to 2016."In line with its recovery from recession in 2017, Nigeria garnered 25% more FDI projects. According to the World Bank, Nigeria was [...]

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    Arunma Oteh to exit World Bank for Oxford University

Arunma Oteh to exit World Bank for Oxford University

Arunma Oteh, World Bank treasurer and vice president, will exit the bank by December 1 to join Oxford University.Reuters reports that Oteh, who joined the Bretton Wood institution in 2015, will be joining St Antony's College in Oxford as an academic scholar in January 2019.This is before the end of her tenure as World Bank treasurer.In a note sent to [...]

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    CBN challenging our Nigerian listing process, says MTN

CBN challenging our Nigerian listing process, says MTN

MTN Group, the biggest telecommunication services company on the African continent, has successfully completed its listing on the Ghana Stock Exchange.In its quarterly report for the quarter ended on September 30, 2018, and released on Monday, the telco said its listing process in Nigeria is currently facing challenges from the Central Bank of Nigeria (CBN)."We successfully completed the listing of MTN Ghana. [...]

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    Nigerian Breweries blames new excise duty for profit dip

Nigerian Breweries blames new excise duty for profit dip

Nigerian Breweries says the new excise duty regime introduced by the federal government on alcohol and spirits affected its earnings in the first nine months of 2018.According to a statement released by the company, profit before tax dipped by 34.7% to stand at N22.4 billion from the N34.4 billion recorded in 2017.Profit after tax dropped by 38.4%  to stand at [...]

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    Despite sanctions, MTN subscriber base hits 225.4m

Despite sanctions, MTN subscriber base hits 225.4m

MTN, Nigeria's biggest telecommunications operator, says it has recorded a 2.5 million increase in user base, despite challenges in its biggest market, Nigeria.According to its latest report released on Monday, MTN said it added 2.5 million new subscribers to hit 225.4 million users in the quarter ended September, 2018.The company added that its mobile money customers grew by 1.7 million [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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