Category Archives: Business News

NIMASA Advocates Zero Tolerance to Marine Accidents

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By Udo ONYEKA  The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has urged players in the maritime sector especially enforcement officers to comply with safety rules that would eliminate marine accidents and other related issues that may arise from marine operational mishandling. The DG said this at the […]

Vibrant Commodities Exchange‘ll Grow Economy- SEC DG

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SEC Targets 4% Investor Participation in the Capital Market

By Udo ONYEKA The Securities and Exchange Commission (SEC) has said that a more organized Commodities Exchange Market in the country would enhance efficiency and lead to economic growth and development. Acting Director General of SEC, Ms. Mary Uduk made this known in Abuja at the weekend when she received members of the Commodities Trading Ecosystem […]

NIMASA goes tough on dangerous imports

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The  Nigerian Maritime Administration and Safety Agency (NIMASA) has vowed to deal with those involved in the shipment of dangerous goods to the country. The agency, sources said, is to implement safety codes on dangerous goods to enhance safety in the marine environment. Its Director of Operations, Mr Rotimi Fashakin, said the indiscriminate dumping of […]

FMBN inaugurates N8m houses for Nasarawa civil servants

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In an effort to reduce housing deficit in the country, the Federal Mortgage Bank of Nigeria has inaugurated a housing programme in Nasarawa State to serve as a pilot scheme towards providing 1,400 units across the nation. The Managing Director/Chief Executive, FMBN, Ahmed Dangiwa, disclosed this at the ground-breaking of the FMBN, Nigeria Labour Congress,Trade […]

Multiple taxes, RoW, others stagnate N21.45tn telecom investment

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Telecom stakeholders are expressing fears that the government’s policies will not only scare away potential investors, but can make the industry to crumble, OZIOMA UBABUKOH writes Investment inflow into the Nigerian telecommunications industry is witnessing a lull without appreciable Foreign Direct Investment since the industry hit the N21.45tn ($70bn) investment mark last year, according to […]

Kogi allocates 37,000 hectares of land for housing

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The Kogi State Government has made available 37,000 hectares of land for the construction of affordable houses for workers. Governor Yahaya Bello announced this at the ground-breaking of the scheme in Lokoja. He said N10bn had been set aside for the 1,200 housing units to be built for workers in the state. The governor stated […]

Dangote refinery’ll boost downstream oil sector, says LCCI

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The Lagos Chamber of Commerce and Industry has said the Dangote Group’s oil refining and petrochemical project will lead to the transformation of the downstream sector of the nation’s oil and gas industry. The President, LCCI, Mr Babatunde Ruwase, described the project as massive and a game changer for the industry. Ruwase, who led members […]

NAICOM suspends insurance firms’ recapitalisation

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The National Insurance Commission has announced the suspension of the implementation of its Tier-based Minimum Solvency Capital policy, otherwise known as the recapitalisation of the industry. The commission stated this in a circular to all insurance institutions entitled, ‘Update on the implementation of the Tier-based Minimum Solvency Capital policy for insurance companies in Nigeria’, which […]

Electricity problems can’t be solved by magic – Fashola

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The Minister of Power, Works and Housing, Mr Babatunde Fashola, has said electricity supply in the country is improving slowly and that power problems cannot be solved by magic. Total power generation stood at 3,729 megawatts as of 6am on Wednesday, according to latest data obtained by our correspondent from the ministry. Fashola, who spoke […]

FG trims budget size, proposes N8.6tn for 2019

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The Federal Government on Thursday proposed a smaller budget size of N8.6tn for the 2019 fiscal year in contrast to N9.1tn for 2018. It also projected a total revenue of N7.9tn as well as reductions in both borrowing and deficit financing, according to details of the 2019-2021 Medium Term Expenditure Framework/Fiscal Strategy Paper unveiled in […]