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Corruption: World Bank blacklists six Chinese firms in Nigeria
The World Bank has blacklisted six Chinese companies currently operating in Nigeria over alleged fraud and corruption.The companies, according to an announcement published on the World Bank’s website, are CCECC…
DisCos reject move by FG to take over power firms
The Association of Nigerian Electricity Distributors (ANED) has rejected reported plans by the federal government to repossess the distribution companies (DisCos). It had earlier been…
More items ‘ll be denied FOREX, says CBN Governor
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, on Monday said more items will soon be denied foreign exchange from government institutions and Nigeria…
15 Firms Win 2019/2020 NNPC DSDP Contract
The Nigerian National Petroleum Coeporation (NNPC) says 15 companies have emerged winners of the Direct Sales and Direct Purchase (DSDP) of Crude oil contract for 2019/2020.The corporation disclosed this in a statement…
Buhari’s Order on Food Import Aimed at Diversifying Forex – Presidency
The presidency at the weekend explained that last Tuesday’s disclosure by President Muhammadu Buhari that he had instructed the Central Bank of Nigeria (CBN) not to provide forex for food import was a deliberate effort to…
With Yar’Adua on Sick Bed, Two UK Paper Coys Outsmarted Nigeria
•May get away with 20% of external reserves, 2.5% GDP •My hands are clean, says Jonathan The several months late President Umaru Yar’Adua spent on the sick bed prior to his…
10 things to know about your bank account
Your bank account is one of the most important things to understand about your personal finances. Without a bank account, it is difficult to be paid a salary or to budget effectively.You need to know the essentials…
JUST IN: Inflation Drops to 11.08%
The Consumer Price Index (CPI) which measures inflation dropped to 11.08 per cent (year-on-year) in July compared to 11.22 per cent in June, according to the National Bureau of Statistics (NBS).The bureau stated that the…
15 ships at Lagos ports with petroleum products
Fifteen ships conveying petroleum products and other commodities have berthed at Apapa and Tin-Can Island ports in Lagos, the Nigerian Ports Authority (NPA) has said. Excerpts from…
Lending: Banks race to beat CBN’s deadline
BANKS are in a race to beat the September 30 deadline given by Central Bank of Nigeria (CBN) to implement the 60 per cent minimum Loan to Deposit Ratio (LDR) policy. They…
Why Gokada should be worried about shutdown
Gokada’s temporary closure has raised concerns among Nigerians and stakeholders alike. Many of those who lamented the closure said the timing was wrong. Nairametrics had earlier …
FG’ll pay ‘failed investors’ N736bn to repossess Discos
•11 distribution firms declared technically insolvent • Review power sale but don’t politicise exercise —ECANThe Federal Government is considering repossession of 10 electricity distribution…
VAT, Withholding Tax must be remitted every 21st – FIRS
COMPANIES got a fresh directive yesterday from Federal Inland Revenue Service (FIRS). They must remit Value-Added Tax (VAT) and Withholding Tax by the 21st day of…
Nigerian logistics startup Kobo360 raises $30M backed by Goldman Sachs
Nigerian freight logistics startup Kobo360 has raised a $20 million Series A round led by Goldman Sachsand $10 million in working capital financing from Nigerian commercial…
CBN to implement ban on FX for food import ‘in phases’
The Central Bank of Nigeria (CBN) is happy with President Muhammadu Buhari’s latest directive on restricting forex for food importation, TheCable understands. Insiders at the apex bank told TheCable that the…
Edo’s 6,000 bp/d modular refinery set to begin operation
The Edo Refinery and Petrochemicals Limited, says it will soon commence operation at its 6,000 barrels per day (bpd) modular refinery before the end of the year. The project which is…
Senate wants FG’s 40% share in DisCos sold to foreign investors
The senate has advised the federal government to divest its 40% stake in electricity distribution companies (DisCos) to foreign investors. Senate President Ahmed Lawan gave this advice in Abuja when he…
Nigerians spend N730bn on sports betting annually – Report
Nigerians spend over N730bn annually on sports betting and at least two billion naira is generated daily, recent research data shows.Data also revealed that over 60 million Nigerian punters spend over N3,000 daily…
Naira to depreciate further in I&E as CBN intervenes with $540m
The declining fortune of the naira in the Investors and Exporters (I&E) window is expected to continue this week even as the Central Bank of Nigeria (CBN), in a bid to defend the…
Waiting for Dangote refinery
Many are waiting to see the effect the massive Dangote refinery will have on the economy and job creation. But they have to wait until the end of next year, according to this report by…
BAD NEWS: US shale oil runs Nigeria’s crude out of market
Nigerian crude has suffered its slowest sales of the year in August, traders said, as U.S. exports of competing light, sweet grades flood traditional markets in Europe and Asia. It is…
Zenith Bank boss Jim Ovia loses $64m
Jim Ovia, founder and chairman of Zenith Bank has lost close to $64 million in paper net worth over the last 6 months as the stock price of his bank shed 33% in value within that period,…
Apple offers $1m reward to anyone who can hack an iPhone
Apple, American multinational tech company, is offering the sum of $1 million to anyone who can hack into their iPhones and tell the company how they did it. The iOS bug bounty was announced by…
Nigeria sells the cheapest petrol in West Africa — recipe for smuggling – Report
The Nigerian government has been subsidising the price of petrol for decades. This has ensured that petrol has remained cheap and affordable for citizens of Africa’s most populous…