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