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Business and Economy

Reduce Cost of Oil Production – Ibe Kachikwu

A minister-designate and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said the $30 currently spent by oil companies to produce one barrel of crude oil in Nigeria is too high and should be reduced in view of the current low price regime. Speaking at a Luncheon organised in his honour by the Petroleum Club ...

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Barclays to Cut Nigeria from Emerging Markets Local Bond Index Feb 2016

Barclays on Monday announced that it would remove Nigeria’s sovereign debt from its emerging markets local currency government bond benchmark from February 1, 2016. The announcement came a few weeks after United States investment bank, JP Morgan & Chase, removed the country from its Government Bond Index for Emerging Markets (GBI-EM). Barclays was quoted by Reuters to have explained: “Nigeria ...

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Buhari needs caution on foreign experts’ advice

If he is capable of it, sooner or later, President Muhammadu Buhari will have to determine just how poignantly and piquantly he will be his own man in an increasingly complex and interdependent world. Since he has not dared to map out or articulate an inspiring and lucid course of action for his presidency beyond fighting corruption and pacifying the ...

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MTN finally agrees to pay N1.04 trillion fine

South African telecoms giant, MTN, has requested the Nigerian Communications Communications (NCC) to grant it staggered payment of the fine of N1.04 trillion imposed on it by the regulatory agency. The telecoms operator had been fined for failing to meet the deadline given to it to deactivate unregistered SIM cards on its network. The latest development follows series of meeting held between ...

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South African stock exchange suspends trading in MTN shares over N1.04 trillion fine

The South African bourse has suspended trading in the shares of telecoms firm MTN on Monday, a senior official said, a week after the Nigerian Communications Commission, NCC, slammed an unprecedented N1.04 trillion ($5.2 billion) fine on the telecom operator. “Yes, trading in MTN shares has been suspended and the information was broadcast across the trading platform,” said Peter Redman ...

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Oil firms’ losses hit $12bn in three months

Nigerian members of staff of Chevron and Shell are among the 8,000 penciled down for sack by the two oil companies worldwide as falling oil prices take a toll on the firms’ profitability. A report yesterday by New York Times said that Chevron would lay off 7,000 staff in addition to the 1,500 it announced early this year. Shell, according to ...

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Central Bank announces continuation of BVN registration

The Central Bank of Nigeria has announced the continuation of the Bank Verification Number (BVN) registration exercise despite the expiration of the deadline on Saturday, October, 31. The spokesman of the CBN, Ibrahim Muazu speaking to newsmen yesterday November 1st, said although the exercise still continues, costumers who failed to register before the expiration date will not be able to ...

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1.4 Trillion naira penalty too heavy to bear, says MTN

Three days after Nigerian Communications Commission, NCC slammed a N1.4 trillion penalty on MTN Nigeria for failure to disconnect customers with unregistered SIM cards, Parent company MTN group has cried out that the fine was too extreme, even as it continues to engage the regulator on how to resolve the issue. MTN Group noted with dismay that Nigerian Communications Commission ...

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NSITF, ITF, NHIS WILL BE CRIPPLED BY TREASURY SINGLE ACCOUNT – NECA

The umbrella body for employers in the country, Nigeria Employers Consultative Association (NECA), yesterday in Lagos, warned that the newly introduced Treasury Single Account (TSA) policy by the Federal Government would cripple the operations of self-funding and service-rendering parastatals with statutory responsibilities to deliver public goods and services. NECA contended that the responsibilities of Nigeria Social Insurance Trust Fund (NSITF), ...

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Inflation compounds Nigeria’s economic woes

By Emeka Anaeto Nigeria’s economy may be heading to stagflation going by headline inflation, gross domestic products, GDP, and unemployment reports of National Bureau of Statistics, NBS, as well as feelers from the Central Bank of Nigeria, CBN, and economy analysts last weekend. Stagflation is an inflationary period accompanied by rising unemployment and declining economic growth rate. All these factors ...

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