Category Archives: Business News

Intels failed to comply with directive on TSA –NPA

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The Nigerian Ports Authority said that it suspended its pilotage monitoring and supervision agreement with maritime logistics firm, Integrated Logistics Services Nigeria Limited because the firm failed to comply with the Federal Government’s directive on the Treasury Single Account. It could be recalled that the Federal Government had asked the NPA to void the boats […]

Electricity tariff may increase by 61.5% soon

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The tariff payable by electricity consumers may increase by 61.5 per cent any time soon following the latest revelation by the Nigerian Electricity Regulatory Commission on Friday that it was waiting for a final approval from the Federal Government before implementing the new rate. According to NERC, the actual tariff for one kilowatt-hour of power […]

Fidelity Bank sells $400m bonds with 10.75% yield

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Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher United States interest rates push up borrowing costs. The lender issued $400m of five-year securities with a 10.75 per cent yield on Wednesday, Bloomberg quoted a person familiar with the matter who asked not to be […]

NERC fines IBEDC N50m for inappropriate transactions

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The Nigerian Electricity Regulatory Commission on Thursday announced a fine of N50m against the Ibadan Electricity Distribution Company as a result of inappropriate financial transactions conducted by the Disco. According to the power sector regulator, the IBEDC violated its directives in Order 173 with respect to the financial transaction in question, a development that attracted […]

Buhari asked us to focus on northern Nigeria — World Bank

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The President of the World Bank Group, Jim Yong Kim, said on Thursday that the bank had concentrated on the northern region of Nigeria in line with President Muhammadu Buhari’s request. Kim and the Managing Director, International Monetary Fund, Christine Lagarde, who spoke at separate press conferences in Washington DC, United States, also advised Buhari […]

Customs release names of officers with disciplinary cases

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The Nigeria Customs Service has released names of 247 officers and men of the service who committed various offences and have either been dismissed, demoted, cautioned or forcibly retired. This is the first time the service would release all the names of its affected officers in one fell swoop. The list was contained in an […]

Yellow card scarcity leaves passengers stranded at Lagos airport

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Several intending passengers were stranded at the Murtala Muhammed International Airport, Lagos on Tuesday and Wednesday due to the scarcity of the International Certificate for Vaccination also known as yellow card. The yellow card is issued as evidence of vaccination against yellow fever and is a major requirement at the entry point of many African […]

Shut down Apapa port, operators advise FG

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Against the backdrop of the unbearable gridlock along the Apapa and Tin Can port access roads which has been made worse by the ongoing road rehabilitation work, operators in the maritime sector have urged the Federal Government to shut down the Apapa port completely and allow the road repairs to be carried out without interruption […]

President asks N’Assembly to approve $5.5bn foreign loans

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President Muhammadu Buhari has written to both chambers of the National Assembly, seeking approval for $5.5bn external borrowing to be used to finance the 2017 Appropriation Act. In the letter dated October 4, 2017, which President of the Senate, Bukola Saraki; and Speaker of the House of Representatives, Yakubu Dogara, read in the chambers at […]

SME Fund critical to national development — Jones

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A chartered stockbroker and banker, and an authorised dealer on the Nigeria Stock Exchange floor, Mr. Wemi Jones, has said for the country to see desired development in the economy, a Small and Medium Enterprise Fund must be established. He noted that the fund must have a single-digit interest rate arrangement for borrowers. Jones said […]