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Business and Economy

Hardship bites Nigerians harder as NCC orders increase of internet browsing fees come December 1

The Nigerian Communications Commission, NCC, has directed the five big telecoms operators in the country to increase their data tariffs from Thursday, December 1, in order to allow small operators and new entrants to acquire market share and operate profitably.   An NCC official who pleaded anonymity told Daily Trust on Monday, November 28, 2016 that the regulator came up ...

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FAAN launches automated car park where you pay exact amount for time spent at the parking lots

The Federal Airports Authority of Nigeria (FAAN) has inaugurated a modern automated car park at the Domestic Terminal 1 of the Murtala Muhammed International Airport (MMIA), Lagos. According to a statement released to press men on Monday, FAAN’s Acting General Manager, Corporate Affairs, Mrs. Henrietta Yakubu said that the newly acquired facility would foster revenue generation in the country. The ...

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Mtn To Be Listed in Nigerian Stock Exchange in 2017

MTN, Africa’s largest mobile network, is closing in on listing its shares on the Nigerian Stock Exchange. With a set target of launching its initial public offering (IPO) in 2017, subject to market conditions, the South African company has met with officials of Securities and Exchange Commission (SEC), Nigeria’s securities regulator, Reuters reports. The meeting, according to Mounir Gwarzo, SEC ...

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After Okonjo Iweala, another Nigerian Sandie Okoro appointed World Bank Senior Vice President

Nigeria’s Ms Sandie Okoro has been named as Senior Vice President and General Counsel, World Bank Group. Mrs. Ngozi Okonjo Iweala She is the second Nigerian to be so appointed in the position after Mrs. Ngozi Okonjo Iweala held same position. Nigeria’s President, Muhammadu Buhari congratulated Ms Okoro on her new appointment. President Buhari’s message was signed by Abike Dabiri Erediawa ...

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N400 Million Debt: AMCON follows court order, occupies  Dangote’s factory (READ)

The Asset Management Corporation of Nigeria, AMCON, on Friday successfully took over possession and management of Dansa Foods Processing Company Limited belonging to Sani Dangote. Sani Dangote Mr. Dangote is the younger brother to Aliko Dangote, Africa’s richest man. The takeover of the company followed the orders of the Federal High Court granted by Justice C. Olatoregun in the exparte ...

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Authorities to jail anybody holding dollars in cash for more than 30 days – CBN

Nigeria plans to give the central bank more power to control capital flows and prevent foreign-exchange being taken out the country, including jail times and fines for offenders as authorities battle against a shortage of dollars. Authorities should be able to jail for as long as two years anybody holding dollars in cash for more than 30 days, or fine ...

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Militancy is not putting Nigeria’s oil future at risk But BIP – OPEC

Nigeria, mired in some of its toughest battles yet to halt resurgent militancy in the oil-rich Niger Delta, is facing longer term threats to its oil wealth; the government’s failure to endorse fiscal and regulatory reforms needed to keep oil investors interested. While militancy and pipeline vandalism remain the short-term major headache, it is the uncertainty around fiscal terms and ...

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Nigerian Economic : China Exim Bank Promises US$1 Billion Support Fund

ABUJA, Nov 18 (BERNAMA-NNN-NAN) — Nigerian Minister of Industry, Trade and Investment, Okechukwu Enelamah, says the China Exim Bank has promised to commit US$1 billion in support of the establishment of Special Economic Zones (SEZs) throughout the country. He told a media conference here Thursday that the Federal Government was understudying all the economic zones and industrial parks which were ...

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Buhari’s Sectional Agenda: AMCON to sell Keystone Bank to firm linked to Atiku and Modibbo

Ahmed Kuru, the chairman of AMCON was appointed by President Muhammadu Buhari in August 2015. Opinions across the country says the president has a sectional agenda will also be put to test by the outcome of the sale, a source said. Some senior officials of the Asset Management Corporation of Nigeria are voicing strong opposition to the planned sale of ...

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Sale of Petrol at N145 no longer sustainable, pump price will be increased – NNPC

Mele Kyari, group general manager, crude oil marketing division of the Nigerian National Petroleum Corporation (NNPC), says the increase pump price of petrol is inevitable.   According to Vanguard, Kyari said this in Lagos at the 2016 Oil Trading and Logistics (OTL) Conference.   He reportedly said it was impossible to import products at the current foreign exchange rate, sell ...

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