Category Archives: Business News

Intels: Reps ask NPA to reverse contract termination

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The House of Representatives on Wednesday asked the Attorney-General of the Federation/Minister of Justice, Mr. Abubakar Malami, and the Nigerian Ports Authority to reverse the termination of the logistics contract between Intels Nigeria Limited and the NPA. Maritime workers also said through their union that the cancellation of the Intels vessel pilotage service could lead […]

NAFDAC intercepts N50m fake insecticides

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The National Agency for Food and Drug Administration and Control said it had arrested Mr. Obumneme Okpala, a man suspected to be behind a syndicate specialising in the importation, distribution, warehousing and sale of counterfeit insecticides. According to the agency, the market value of goods recovered from Okpala is N50m, adding that the product was […]

Contractors incur extra costs removing pipelines from Apapa road

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Contractors handling the rehabilitation of the Apapa/Ijora roads in Lagos are reportedly facing challenges in relocating gas pipelines and underground electric cables in the area to enable the work progress smoothly. The relocation of the facilities came with additional costs that were not factored into the initial budget, the Managing Director, Nigerian Ports Authority, Hadiza […]

House probes TCN’s $1.5bn, $500m foreign loans

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The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria. This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank. The House resolved on Wednesday to investigate the operations of the TCN in the past […]

NNPC stores two billion litres of petrol for end-of-year movement

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The Nigerian National Petroleum Corporation on Tuesday announced that it had stored over two billion litres of Premium Motor Spirit, also known as petrol, to ensure a hitch-free end-of-year movement of motorists. It said the end-of-year period had been hitherto characterised by scarcity of fuel due to supply and demand disequilibrium. Speaking after his investiture […]

Stocks end three-day gains, shed N103bn

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The Nigerian-equities market three-day gains were reversed at the close of trade on Tuesday as the Nigerian Stock exchange market capitalisation dropped by N103bn in one session. The NSE All-Share Index fell 82 basis points to close at 36,669.61 basis points – implying a moderation in the year-to-date return to 36.4 per cent. A total […]

Inflation drops marginally to 15.98%

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The National Bureau of Statistics has released the Consumer Price Index report, which measures inflation, with the rate dropping year-on-year from 16.01 per cent in August to 15.98 per cent in September. In the report released on Tuesday in Abuja, the bureau explained that the drop in the nation’s inflation rate in September was the […]

Poverty biting harder, Reps tell FG

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Members of the House of Representatives on Tuesday at a plenary session complained that poverty was biting harder in the country and urged the Federal Government to tackle the problem headlong. They spoke as President Muhammadu Buhari wrote the House on his plan to present the 2018-2020 Medium-Term Expenditure Framework and Fiscal Strategy Paper to […]

Nigeria, South Africa vie for Africa’a biggest economy

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Nigeria and South Africa, which emerged from recession in the second quarter of this year, are vying for the title of Africa’s biggest economy. Deciding which African economy will be the biggest at the end of this year will depend on which exchange rate used, Bloomberg showed on a chart. While the International Monetary Fund […]

NLNG demands $315m judgement debt from NIMASA

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The Nigeria LNG Limited, on Monday, said it had formally issued a demand notice for $315,598,823.29 judgment debt to the Nigerian Maritime Administration and Safety Agency. The NLNG said in a statement that the sum represented the payments it made under protest to the agency since 2013, as well as direct and shipping losses it […]