Category Archives: Business News

Discos installing substandard prepaid meters, says TCN

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Power distribution companies are increasingly installing meters that are non-compliant with industry standards, the Transmission Company of Nigeria has said. According to the Market Operator, a department in the TCN, many substandard meters are being given out by Discos to electricity consumers, a development that will attract sanctions if not stopped. This, however, was countered […]

CBN’ll use BVN to blacklist loan defaulters –Emefiele

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The Central Bank of Nigeria under the auspices of the Bankers’ Committee has concluded plans to use the Bank Verification Number of customers to blacklist loan defaulters from accessing further loans in the nation’s banking system. The CBN Governor, Mr. Godwin Emefiele, made the disclosure at the end of a two-day annual retreat of the […]

Weather: Flights may suffer cancellation, delay in coming days

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The Nigerian Civil Aviation Authority has called on all air passengers to exercise restraint during adverse weather, which may hamper their travel plans in the coming days and months. In a statement signed by its General Manager, Public Relations, Mr. Sam Adurogboye, on Sunday, the regulatory agency said the advice was important due to the […]

Hardship: PenCom tasks FG on social security scheme

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The National Pension Commission has urged the Federal Government to establish a social security scheme to alleviate the sufferings of Nigerians. The Acting Director-General, PenCom, Aisha Dahir-Umar, said this when she submitted a memorandum to the Senate Committee on Establishment and Public Service in Abuja. She told members of the Senate that the commission believed […]

Ex-NERC boss, Amadi, Ajaero fault power sector privatisation

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The immediate past Chairman of the Nigerian Electricity Regulatory Commission, Dr. Sam Amadi, and the Secretary-General of the National Union of Electricity Employees, Mr. Joe Ajaero, have condemned the privatisation of the power sector. While Amadi stated that the government’s failure in the sector could not be cured by privatisation, Ajaero noted that the private […]

Foreign rice in Nigeria smuggled, some poisonous – FG

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The Federal Government on Thursday declared that all foreign brands of rice in the country at the moment were smuggled, adding that some of them were poisonous. According to the government, recent tests conducted by the Federal Ministry of Agriculture and Rural Development showed that most imported rice and poultry products were poisonous, as the […]

Petrolex plans $3.6bn oil refinery for Ogun

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Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry. Petrolex Oil & Gas Limited plans to build a $3.6bn plant with a capacity of 250,000 barrels a day, its Chief Executive Officer, Segun Adebutu, said in an interview with Bloomberg in Lagos. The closely […]

W’Bank Board to consider $1bn for Nigeria’s power sector

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Federal Government officials and their World Bank counterparts on Wednesday agreed on the necessary steps to be taken before the presentation of Nigeria’s request for $1bn for consideration by the executive board of the institution. In a statement issued after a meeting in Abuja, the World Bank said it was committed to supporting the Federal […]

Dangote named among 50 most influential people globally

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The President of Dangote Group, Aliko Dangote, has been recognised as one of the people who defined global business in 2017. The Bloomberg 50 is a new, annual, multi-platform initiative that honours 50 icons and innovators who have changed the global business landscape in measurable ways over the past year. The first Bloomberg 50 honourees […]

W’Bank gives Nigeria N107.4bn loan for rural electrification

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The World Bank on Tuesday announced the provision of a $350m loan (N107.4bn at the official exchange rate of N307 to a dollar) for the development of rural electrification projects in Nigeria. It also announced Nigeria’s Rural Electrification Agency as the implementing organisation of the Federal Government that would be in charge of the loan. […]