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Central bank unveils five-year agenda, targets fresh banks recapitalisation

Godwin Emefiele, governor of the Central Bank of Nigeria, says there are plans to carry out a recapitalisation exercise for deposit money banks in the country.

Airtel Africa receives pre-IPO interest worth $200 million – bookrunner

One of the bookrunners handling Airtel Africa Ltd.’s planned initial public offering on the London Stock Exchange said on Monday it had received indications of interest worth about $200 million from pre-IPO investors.

Central bank chief pledges to bring inflation to single digit within five years

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says he will bring inflation to single digit within the next five years.

Report: Nigeria’s Music industry revenue to hit $50 million by 2020

The revenue from recorded music in Nigerian has been projected to generate $50 million (about N18 billion naira) by 2020.

Central bank targets 10 million jobs in next five years

The Central Bank of Nigeria plans to create 10 million jobs in the next five years through investment support in agriculture and Manufacturing sector, in line with President Muhammadu Buhari’s agenda of diversifying the Nigerian economy.

Central bank governor unveils agenda for economy, to recapitalise banks

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, on Monday unveiled his economic blueprint for the country, promising to recapitalise banks within the next five years to make them contribute significantly to economic growth.
A lawyer walks through the compound at the Federal High Court in Ikoyi district in Lagos, Nigeria, May 8, 2018. REUTERS/Akintunde Akinleye

Court: Refusal of Indian firm Tata to pay ex-employee’s benefits shameful

Justice Ikechi Nwenka of the National Industrial Court, Lagos, has lambasted Indian-owned firm, Tata Africa Services Limited, for refusing to pay its former Sales Manager, Mr. Wilfred Obi, his retirement benefits and commission.
Hadiza Bala Usman

NPA cancels $2.6 billion Badagry deep seaport contract

The Nigerian Ports Authority has cancelled the contract for the $2.6bn Badagry deep seaport project, stating that the deep seaport master plan was wrongly done. This is even as the agency explained that it had begun the process for fresh bids for the approval of a new port master plan for the Badagry deep seaport project.
Rivers State Governor, Nyesom Ezenwo Wike presiding over a meeting with the management of the SPDC, Belemaoil Limited, Host Community Leaders and Security Service Commanders over OML 25 at the Government House Port Harcourt on Saturday.

OML-25: Governor Wike directs parties to resolve issues, re-open facility in seven days

The Rivers State Governor, Nyesom Ezenwo Wike, has directed all parties in dispute over the Oil Mining Licence, OML-25 to resolve all contending issues within 7 days and reopen the oil facility.
An employee shows US dollar banknotes at a foreign currency brokerage office in Khartoum on October 7, 2018. - Sudan slashed the official value of its currency against the US dollar by more than half on October 7, the third devaluation this year in the face of a mounting economic crisis. (Photo by ASHRAF SHAZLY / AFP)

Dollar struggles after biggest weekly drop in four months

The dollar was on the back foot on Monday after sustaining its biggest weekly drop in four months last week as traders remained cautious about the prospects of trade talks between the United States and China at this week’s G20 summit.

Russia wants Opec to forge cooperation

Russian Energy Minister, Alexander Novak, said on Monday that international cooperation on crude production has helped stabilize oil markets and is more important now than ever, Reuters reported.

RMAFC: No going back on banks’ probe for tax collection verification

The Revenue Mobilisation Allocation and Fiscal Commission on Sunday said there was no going back on the on-going probing of Money Deposit Banks to ascertain the amount of money they collected on behalf of revenue generating agencies of the government.
France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook’s Libra are governed by regulations ranging from money-laundering laws to consumer-protection rules, France’s central bank governor said on Friday.

Facebook digital currency operation ‘poses risks to global banking’

Facebook’s plan to operate its own digital currency poses risks to the international banking system that should trigger a speedy response from global policymakers, according to the organisation that represents the world’s central banks.

Oil prices gain amid tension between Iran, US

Oil prices rose on Monday to extend gains from last week, bolstered as tensions remain high between Iran and the United States after U.S. Secretary of State Mike Pompeo said “significant” sanctions would be announced on Tehran.

Passengers stranded as Port Harcourt airport runway shuts down

Hundreds of passengers on domestic and international flights were left stranded (Saturday and Sunday) at the Port Harcourt International Airport, Rivers State, as the airport runway remained closed against traffic following the delay in removing a spoilt Boeing 737 aircraft belonging to Air Peace Airline which skidded off the runway while landing at about 3pm on Saturday.
oil pipeline explosion

At least eight killed in Oyigbo oil pipeline blast

At least eight people were killed when an oil pipeline exploded in the southeast of Nigeria, police and a local official said on Sunday, adding that the death toll could rise.
Aliyu Abdulhameed

NIRSAL moves to raise over N140 billion for Agric financing

The Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) has initiated actions to raise over N140 billion to finance agriculture over the next three years. US$200 million (N75 billion) will be raised by NIRSAL in...
Nigerian National Petroleum Corporation (NNPC)

GMD: NNPC will continue to support local companies

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has assured that the corporation would continue to support local companies, within the entire hydrocarbon value-chain, for the growth of the nation’s economy.

Recent Stories

The Nigerian Army on Monday dismissed as ‘untrue’ social media reports indicating the closure of the Maiduguri-Monguno Road.

Nigerian Army kills 24 criminals, arrests 61

1 Division Nigerian Army on Wednesday said, it has killed 24 criminal elements during its operation Harbin Kunama III in Kano, Kaduna and Niger states within one month of operation.
Ahmed Idris Wase

Deputy speaker urges workers to make Nass conducive for lawmakers

The Deputy Speaker of the House of Representatives, Mr Idris Wase, has urged workers in the National Assembly to create an enabling working environment for members of the federal parliament.

Itse Sagay: Senators’ monthly pay is N15 million

The Chairman, Presidential Advisory Committee Against Corruption, Prof. Itse Sagay (SAN), has asked Senate President Ahmed Lawan to stop misleading Nigerians, adding that senators earn N15m monthly and not N750,000 as claimed by the Senate President.

UNODC: 10 million Nigerians use cannabis

The United Nations on Drug and Crime (UNODC) said cannabis is the most widely used drug globally with an estimated 188 million people having used the drug in the previous year.
Cameroon defender Augustine Ejangue has apologised to Toni Duggan after spitting on her in their 3-0 loss to England in Sunday's Round of 16 contest in Valenciennes.

WWC: Cameroon’s Augustine Ejangue regrets spitting on England’s Toni Duggan

Cameroon defender Augustine Ejangue has apologised to Toni Duggan after spitting on her in their 3-0 loss to England in Sunday's Round of 16 contest in Valenciennes.