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DANGOTE STRENGTHENS EXPORT TERMINALS
Dangote Cement Plc will soon boost its export sales as it prepares to inaugurate its Apapa, Lagos, export terminal. This will be followed by Onne, Rivers State, export terminal. The company…
Analysts predict naira devaluation to N400/$
The naira has been tipped to depreciate by between 10 and 20 per cent next year as the impact of falling crude oil prices and foreign exchange reserves persist. Local…
FG Flags off Presidential Artisanal Gold Mining Development Initiative
As part of its on-going process to formalize and integrate Artisanal and Small Scale gold mining activities into the Nation’s legal, economic and institutional framework, the Federal Government has launched the Presidential Artisanal…
Dangote Commences Pre-testing of $2bn Fertilizer Plant ahead of Inauguration
Dangote Fertilizer Limited has begun countdown to the inauguration of its $2 billion Granulated Urea Fertilizer complex, with several critical sections of the plant going through various stages of…
Tax avoidance: Tribunal orders ECO Bank to pay N1.6 billion to FIRS
The Tax Appeal Tribunal has declared as illegal, null and void the decision of ECO Bank Nigeria Limited to pay N5, 545,000,000 as dividends to its shareholders in 2016. That…
4 telecom firms bid for France’s 5G Spectrum
French telecoms companies Bouygues Telecom, Free Mobile, Orange and SFR are bidding for France’s new 5G telecoms spectrum, the regulator, Arcep, said on Wednesday. “All four candidates have…
Maersk warns of coronavirus blow to earnings this year
AP Moller-Maersk said that the coronavirus would hit its earnings this year as the world’s largest container shipping company warned of a “very, very weak…
APMT offers 50% discount on overtime cargoes
The Management of APM Terminals Apapa has announced a 50 per cent discount on 1,290 longstanding containers at the port. APM Terminals Apapa said the move is aimed at…
Kano rice production increases to 3m tonnes
Gov. Abdullahi Ganduje of Kano state says his administration has boosted rice production to 3 million tonnes yearly to meet local demand. Ganduje said this…
Central bank clarifies position on operation of domiciliary accounts
The Central Bank of Nigeria (CBN) says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs). The CBN Director, Corporate Communications, Mr Issac Okorafor made the clarification while…
Dangote keeps South east ANAMMCO alive with N63b purchase order
Dangote Group has in the last five years invested over N63bn in the South East with the purchase of over 3,500 units of locally assembled Shacman trucks at the…
You must seek approval before sacking staff – CBN tells Banks
The Central Bank of Nigeria, CBN has said banks are no longer allowed to sack more than five staff without its approval. This was part of the communiqué released by the Bankers…
BVN enrolment hits 41m in six years
Six years after the introduction of the Bank Verification Number (BVN) project, the total number of BVNs so far issued by financial institutions in the country now stands at 41.01 million, findings by New Telegraph show.…
CBN sets dollar deposit, withdrawal rules for customers
The Central Bank of Nigeria (CBN) on Sunday said customers can deposit dollars into their domiciliary accounts but are not allowed to transfer such funds to another party.…
Reverse of DisCos shares in PHCN could cost FG 200% of initial sum –Eexperts
Despite heightening calls for a resale of Nigeria’s power distribution assets on the back of poor performance, experts say a new dilemma is being thrown up, including that the move…
CSL Stockbrokers Appointed as New Stockbroker to the Federal Government
CSL Stockbrokers Limited, a subsidiary of FCMB Group Plc, has emerged as the new stockbroker to the Federal Government of Nigeria. The appointment of the firm, as announced by the Debt Management Office…
New British 20-pound note featuring artist Turner enters circulation
A new British banknote featuring a self-portrait by the 19th-century painter J.M.W. Turner entered circulation on Thursday. The 20-pound note is the third to be made of durable polymer material rather than paper, following…
CBN returns over N60 billion excess bank charges to customers
The Central Bank of Nigeria (CBN) on Thursday said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers. The…
Apple considers allowing third-party apps to be set as iOS defaults
Apple is considering letting users set third-party apps as the iPhone and iPad’s default web browsers and email clients, Bloomberg reports. The company is also reportedly working on allowing third-party music services like…
FIRS orders deduction of stamp duty, CIT, others from source
There is no more hiding place for government contractors in the payment of Stamp Duty, Withholding Tax and Company Income Tax (CIT). “Revenue collecting…
Senate mediates in Seven-UP, Bigi feud
The Senate on Tuesday mediated in the dispute between the Rite Foods Limited, makers of Bigi soft drinks and the Seven-Up Bottling Company Plc in Abuja. The…
Coronavirus Exposes Businesses’ Dependency on China
Just as the U.S.-China trade war was starting to fade, the coronavirus crisis is exposing how heavily dependent foreign companies are on China for their production and business. As the new…
IMF urges CBN to end forex intervention, Backs Finance Act 2020
THE International Monetary Fund (IMF) on Monday lauded the Federal Government on its economic reform policies, especially on the Finance Act and the Deep Offshore Basin Act. The…
CBN, firms move to establish milk processing plants
The Central Bank of Nigeria on Monday started the process of assisting dairy companies to set up milk processing plants in the Federal Capital Territory. The move is coming barely one week…