Category Archives: Business News

Indigenous Ship Owners Protest 15% Import Duty

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ship-vessels

By Udo Onyeka Ship-owners Association of Nigerian, SOAN called for the  review of the government’s fiscal policy that imposes high customs duty of 15 percent on vessels imported by their members, whereas vessels flying foreign flags are required to pay as little as one percent. Speaking at a stakeholders meeting organized by the Alumni of Maritime Academy […]

Sterling Bank Declares Day-Off For Voters’ Card

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Sterling Bank logo

By Udo Onyeka Sterling Bank Plc in line with the bank’s Active Citizens Programme (ACP) encouraging employees to register and collect their Permanent Voters’ Cards has declare day off to enable its staff  perform this civic duty. Beyond promoting voting rights, the bank’s Active Citizens Programme also motivates employees to be productive, responsible, caring and be […]

NIMASA, IMO technical cooperation critical to Nigeria’s economic growth

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dakuku-peterside-

By Udo Onyeka The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has stated that Nigeria will continue to seek continued technical cooperation and support from the International Maritime Organization (IMO) in order to build up sustainable capacity to be a globally competitive maritime nation contributing to economic development. The NIMASA […]

Fed Govt to implement ratified ILO conventions

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The  Minister of Labour and Employment, Dr. Chris Ngige, has promised that the administration  will all ratified International Labour Organisation’s (ILO’s) conventions will be implemented. Ngige gave the assurance in his Abuja office when he received a team of experts on a working visit from the ILO. He said: “It is important to express our […]

NNPC pays $1b out of $5b cash call, says Baru

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The Nigerian National Petroleum Corporation (NNPC) has paid $1billion out of its $5billion cash call arraers. The Group Managing Director Dr. Maikanti Baru stated this in Abuja while addressing the corporation’s workers via a mail broadcast to commemorate his two-year anniversary. In a statement released yesterday,  Baru said in the upstream sub-sector, the corporation has […]

GEF to maintain GEF-6 funding level for SGP

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Despite adopting the Seventh Replenishment of the GEF Trust Fund (GEF-7)  for $4.1 billion at its recently held 54th meeting in Da Nang, Viet Nam, the Global Environment Facility (GEF) Council will maintain the GEF-6 funding level for its Small Grants Programme (SGP). The sum of $4.43 billion was earmarked to GEF-6. This decision was […]

AfDB shops for $1.2tr to bridge investment gap

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The African Development Bank (AfDB) will embark on a roadshow in Abuja next week, to mobilise key stakeholders towards putting together a pipeline of bankable projects ahead of the Africa Investment Forum (AIF). Through the Africa Investment Forum, the AfDB, and its partners will screen and enhance bankable projects, attract co-investors, and facilitate transactions to […]

NCDMB, Waltersmith seal $10m modular refinery deal

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The Nigerian Content Development and Monitoring Board (NCDMB) has signed a $10 million equity investment agreement with Waltersmith Refining & Petrochemical Company Limited for the construction of a 5,000 barrels daily modular refinery in Ibigwe in Imo State. At the signing ceremony held in Lagos, NCDMB Executive Secretary, Simbi Kesiye Wabote, and the Director of […]

CBN directs banks to not charge fees on transactions initiated by them.

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The Central Bank of Nigeria (CBN) has directed commercial banks not to charge fees on transactions initiated by them. Speaking at the Meet The Executive forum, organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos, CBN Director, Banking & Payment Systems Department, ‘Dipo Fatokun, said bank-induced transactions should not be charged on customers’ accounts. […]

TEF hosts Macron, 2,000 entrepreneurs

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The President of the French Republic,  Emmanuel Macron, who is in Nigeria on a working visit, will today, be interacting with more than 2,000 budding entrepreneurs from Africa. The entrepreneurs are alumni of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme. The session, which is the highlight of Macron’s visit to the country, will be chaired […]