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Business and Economy

$1.72 Billion Debt: CBN and NCC intervene over banks’ threat to acquire Etisalat

It's only fair to share...Mobile telecoms operator, Etisalat Nigeria, got reprieve on Friday following a breakthrough in its negotiations with three Nigerian banks that threatened to take over the business over a $1.72 billion (about N541.8 billion) loan. At the end of the talks on Friday held at the Central Bank of Nigeria, CBN office in Lagos, at the instance ...

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Access, Zenith and GT Banks set to acquire Etisalat over N541.8 billion debt

It's only fair to share...Despite the intervention of the Nigerian Communication Commission, NCC, to broker a peaceful resolution between Etisalat Nigeria and a consortium of banks, it appears the effort may not have yielded a truce, as the banks are set to take over the telecoms firm today (Wednesday.   The consortium of some foreign and Nigerian banks, including Guaranty ...

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Nigeria has no Business patronizing China if Aba industries are supported and developed

It's only fair to share...Minister of Labour Chris Ngige says he patronizes Aba made products and all he wears are made locally Acting president Yemi Osinbajo has called on Nigerians to support Made in Nigeria goods and join hands to support and promote industries located in Aba.   Osinbanjo said if Aba industries can be supported and developed, Nigeria will ...

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Nigeria’s GDP growth in 2016 was 0%, at -1.30% says Nigerian Bureau of Statistics [LOOK]

It's only fair to share...Nigeria Achieved Zero GDP Growth in 2016 The Nigerian Bureau of Statistics has released the Quarter Four GDP report for Nigeria. In summary, Nigeria in 2016 was unable to post a quarter of growth, and closed the 2016 year with a (-1.30%) contraction. Real GDP now stands at N18.3 Trillion   ShareIt's only fair to share...

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Nokia 3310 mobile phone is back in stores! [LOOK]

It's only fair to share...Nokia’s 3310 phone has been relaunched nearly 17 years after its debut. Many consider the original handset iconic because of its popularity and sturdiness. More than 126 million were produced before it was phased out in 2005. The revamped version will be sold under licence by the Finnish start-up HMD Global, which also unveiled several Nokia-branded ...

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Nigerians to pay 1.5 to 7.5 per cent charges when depositing or withdrawing N500, 000 and above – CBN

It's only fair to share...  Nigerians who deposit or withdraw N500, 000 and above will now pay between 1.5 per cent and 7.5 per cent charges, according to a new banking policy.   The new policy was approved by the Bankers’ Committee of the Central Bank of Nigeria on Thursday 23rd February.   Premium Times reports that the Director, Banking ...

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License of 38,000 firms have been withdrawn – Corporate Affairs Commission

It's only fair to share...The Corporate Affairs Commission on Tuesday said it had delisted the names of over 38,000 companies from its register for failing to file annual returns.   The Registrar-General, CAC, Mr. Bello Mahmud, stated this during a chat with journalists in Abuja.   He said that the delisting of the companies had been gazetted by the commission, ...

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Naira crashes to a new record low at N520 per $1 in the black market

It's only fair to share...The Nigerian Naira has again crashed to a new record low at parallel market as it now trades at N520 per United States dollar on Monday, February 20.   The Naira plummeted at the parallel market from N516/dollar on Friday, February 17, to a new record low of N520/dollar.   The local currency also depreciated to ...

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Naira crashes to N516 to $1 and N630 to £1

It's only fair to share...The Nigerian Naira has again crashed to a new record low at parallel market as it now trades at N516 per United States dollar on Thursday, February 16.   The Naira plummeted at the parallel market from N510/dollar on Wednesday, February 15, to a new record low of N516/dollar.   The local currency also depreciated to ...

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Nigeria: Increasing rate of inflation hits 18.72 per cent

It's only fair to share...From 18.55 per cent in December 2016, Nigeria’s inflation rate increased to 18.72 per cent in January 2017, the National Bureau of Statistics, NBS, has said. According to the Bureau, the Consumer Price Index, CPI, which measures inflation increased by 18.72 per cent (year-on-year) in January 2017, 0.17 percentage points higher from the rate recorded in ...

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