Sunday, March 24, 2019
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    Ecobank turns in former manager over alleged fraud

Ecobank turns in former manager over alleged fraud

The management of Ecobank Nigeria has handed over Ifeanyi Chukwu Azike, a former manager in the bank, on allegations of defrauding customers.Azike, who was arraigned Ayotunde Faji, a justice of the federal high court in Ikoyi on Tuesday was alleged to have defrauded customers to the tune of N411 million.Although he pleaded not guilty to the charges, Daniel Apochi, the [...]

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    Udoma: Economy now at its strongest since we exited recession

Udoma: Economy now at its strongest since we exited recession

Udoma Udo Udoma, the minister of budget and national planning says the economy is not at its strongest since it exited recession.In a statement signed by James Akpandem, his special adviser, Udoma said he is encouraged by the fact that the growth was largely driven by the non-oil sector which grew by 2.70% in the quarter, posting a growth of [...]

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    FG to halt bailout for power firms, asks GenCos to find more customers

FG to halt bailout for power firms, asks GenCos to find more customers

The federal government has asked power generation companies (GenCos) to find eligible customers for its product as the payment for shortfalls might end soon.Speaking at a workshop on eligible customer regulation in Abuja on Tuesday, Louis Edozien, permanent secretary of the ministry of power, works and housing, said it is no longer sustainable for GenCos to complain of stranded power [...]

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    Grant hospitality businesses tax holidays, Jumia Travel MD tells FG

Grant hospitality businesses tax holidays, Jumia Travel MD tells FG

Omolara Adagunodo, managing director of the hotel and flight services arm of Jumia, says the federal government should grant businesses in the hospitality industry tax holidays.In a statement released by the company, Adagunodo said the industry would contribute more to the nation's gross domestic product if granted tax breaks."The travel and Tourism sector accounted for 1.9% of total GDP as [...]

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    You can now ‘easily’ send money from S’Africa to Nigerian banks

You can now ‘easily’ send money from S’Africa to Nigerian banks

WorldRemit, a digital money transfer service, has introduced "low-cost online money transfers" from South Africa to Nigeria. In a statement on Tuesday, the company said Nigerians living in South Africa can now send money to all major Nigerian banks with a few taps directly from their phones, using the WorldRemit app or website. "The new digital service will reduce the cost of sending [...]

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    Eterna: Why we’re expanding as oil majors sell downstream arm

Eterna: Why we’re expanding as oil majors sell downstream arm

Mahmud Tukur, managing director, Eterna Plc, says the company is expanding its downstream operations despite Nigeria's "challenging operating environment".Tukur was speaking during a press briefing to mark the company’s 30-year anniversary in Lagos on Tuesday.In the last three years, international oil companies (IOCs) and independent operators in Nigeria's oil industry have divested their assets either party or fully, but [...]

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    Dangote asks Nigerian business leaders to support health sector with 1% of their profit

Dangote asks Nigerian business leaders to support health sector with 1% of their profit

Aliko Dangote, Africa's richest man, has called on all businesses within Nigeria and Africa, to support the health sector with at least one percent of their profit. Speaking at the 2019 Africa Business Health Forum in Addis Ababa, Dangote, who was represented by Halima Dangote, said business is highly interwoven with health. [...]

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    7 things GDP numbers tell us about Buhari’s reelection bid

7 things GDP numbers tell us about Buhari’s reelection bid

On Tuesday, the National Bureau of Statistics (NBS) released the gross domestic product (GDP) numbers, showing a 1.93 percent growth in the Nigerian economy for the year 2018.Financial analysts, public commentators, local and foreign media, and opposition bigwigs have said repeatedly that President Muhammadu Buhari of the All Progressives Congress (APC) has done poorly with the revival of the economy.Former [...]

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    Nigeria’s GDP grew by 1.93% in 2018 despite drop in oil production

Nigeria’s GDP grew by 1.93% in 2018 despite drop in oil production

The nation's gross domestic product (GDP) grew by 1.93% in 2018, data made available by the National Bureau of Statistics has shown.According to the report, which was released by the bureau on Tuesday, the fourth quarter GDP grew by 2.38% as against the 1.81% recorded in the third quarter.The figure is 1.6 percentage points less than the 3.0% projected by the [...]

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    Adeosun played very significant role in the Lagos-Ibadan rail, says Amosun

Adeosun played very significant role in the Lagos-Ibadan rail, says Amosun

Ibikunle Amosun, governor of Ogun state, says Kemi Adeosun, former minister of finance, played a significant role in the execution of the Lagos-Ibadan railway, which was tested on Friday.Speaking on the train, during the test from Iju, Lagos, to the Ogun state capital, Abeokuta, Amosun said he knows for a fact that Adeosun and her ministry played an active part [...]

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Exchange Rates

March 22, 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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