Category Archives: Local News

Fidelity Bank Raises N30bn To Support MSMEs

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Fidelity Bank Raises N30bn To Support MSMEs

Fidelity Bank Plc has said the N30 billion it is raising from the Nigerian capital market is to enable it increase its funding of Micro Small and Medium Enterprises (MSMEs) especially those focused in non-oil exports. Managing director/chief executive of the bank, Nnamdi Okonkwo, said he   foresees an imminent growth in non-oil export as more […]

Nigeria’s online shopping potential higher than global purchasing rates -Nielsen survey

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Nigeria’s online shopping potential higher than global purchasing rates -Nielsen survey

Amidst the challenges of limited Internet connectivity and unreliable connections, a new Nielsen Global Connected Commerce Survey has found that Nigerians use of mobile devices to make online retail purchases is significantly higher than global purchasing rates across several categories. This points to the fact that an e-commerce experience is the new retail reality, as […]

Presidency Commends National Assembly for Passing 2016 Budget

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Presidency Commends National Assembly for Passing 2016 Budget

The Presidency on Wednesday commended the National Assembly for passing the 2016 Appropriation Bill. The Special Adviser to the President on National Assembly Matters (Senate), Ita Enang, told journalists at a press briefing in Abuja that the expeditious consideration and passage of the bill were laudable. He further commended the Senate and House committees on […]

Nigeria Revenues in February Drops -MoF

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Nigeria Revenues in February Drops -MoF

Revenues generated by the Federal Government for the month of February dropped to 345.095 billion naira from 370.388 billion naira it recorded the previous month, January, due to fall in global prices of crude oil. A statement released on Tuesday by the Federal Ministry of Finance (MoF), “There was revenue loss of $45.9 million as […]

Finance Ministry Confirms Suspension of PTAD Boss

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Mrs. Nellie Mayshak

The Federal Ministry of Finance says the indefinite suspension of the Executive Secretary/Director General of The Pension Transitional Arrangement Directorate (PTAD), Mrs. Nellie Mayshak and three other senior staff of the directorate remains valid.. Mayshak was suspended by the Honourable Minister of Finance, Mrs. Kemi Adeosun who also appointed a director from the Office of the Accountant-General […]

Ecobank sacks 50 top managers

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Ecobank sacks 50 top managers

Ecobank Nigeria has sacked about 50 senior managers as part of its cost-cutting measures amid a challenging business environment. The top officials laid off by the pan-African lender include general managers, deputy general managers and assistant general managers, sources within the bank told our correspondent on Wednesday. The banking industry has been battered by the […]

MTN has paid N50bn – FG

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MTN has paid N50bn – FG

Minister of Communications, Adebayo Shittu, Thursday confirmed that MTN has paid N50 billion out of the N780bn fine imposed by the Nigerian Communications Commission (NCC) for regulatory infractions. MTN on Wednesday confirmed the payment, adding that it had also withdrawn the suit it brought against NCC. The agency, however, responded that it was yet to […]

FG confirms MTN’s N50bn payment, says negotiations continue

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FG confirms MTN’s N50bn payment, says negotiations continue

The Federal Government on Thursday confirmed that MTN Nigeria had made a payment of N50bn towards resolving its protracted dispute with the Nigeria Communications Commission over a fine of N1.04tn. The Special Assistant to the Minister of Communications, Mr. Victor Oluwadamidare, made the confirmation in a statement made available to our correspondent. Oluwadamidare described the […]

Reps, Finance Minister, others to meet over budget

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Reps, Finance Minister, others to meet over budget

To resolve the inconsistencies and alleged padding  of the 2016 budget proposal discovered by various Standing Committees during interface with the Ministers and Heads of Departments and Agencies (MDAs), the House of Representatives Appropriations Committee is to hold special budget defence session with the Minister of Finance, Mrs. Kemi Adeosun and Minister of Budget and […]