Ambode Targets Top Investors In Foreign Economic Summit

Lagos State Governor, Mr. Akinwunmi Ambode will join other participants for this year’s edition of the Global African Investment Summit taking place in London next week as part of his administration’s effort to boost foreign direct investment in the state.

Boko Haram Plans Attacks On Churches, Mosques, Markets, DSS Warns

The Department of State Services, DSS, has alerted Abuja residents over plots by Boko Haram to attack churches, mosques and markets, using girls to bomb those places.

SEC sets aside N5b for National Investor Protection Fund, launches corporate governance score card

Nigeria’s Securities Exchange Commission (SEC) has announced N5 billion seed capital to jump start the recently launched National Investor Protection Fund (NIPF), with the maximum pay out of N200,000.

90% Sales Clearance on House of Demi Hand bags

It's Sales season again, the excitement and surprises continue. Your favourite brand, House of Demi handmade bags is rewarding customers with a 90% off clearance sales! Amazing deals from N500 . Delivery available.

Actis invests $62 million in Sigma Pension

The Lagos Chamber of Commerce and Industry recently named Actis the ‘most impactful private equity firm in Nigeria’ for its strong impact on the Nigerian economy so far.

Konga's YAKATA sales begins

Every year, Konga Nigeria holds 2 days of Yakata Sales . The second day of the sales normally falls into Black Friday making it more fun for customers who love the shopping holiday.

FG plans $25bn infrastructure investment fund –Adeosun

The Federal Government yesterday unveiled plans to set up a $25 billion fund wholly dedicated to infrastructure investments. This is in recognition of the role of the capital market as very critical to the kind of economy the present administration intends to develop for Nigeria.

Mushin flood and enviromental concerns

 It rained in Mushin today for about 15 minutes and this was the result..

Equities depreciate by 0.17%

 

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.17%, at today's trading with the All Share Index closing at 27,697.12 points against the previous close of 27,743.92 points while Market Capitalization closed at N9,522.89 trillion against previous close of N9,538.98 trillion.

Guinness shareholders approve N5bn dividend

A dividend of N4.8bn has been approved by shareholders of Guinness Nigeria Plc, a subsidiary of Diageo Plc, for the period ended June 30, 2015 with a pledge by the board and management to maintain sustainable growth for the business through good business strategies and quality products.

Senate probes N2.4bn abandoned NNDC project

 

Senate yesterday commenced the probe of the N2.4bn abandoned Agbaraho Township roads project in Ugheli North local government of Delta state awarded by the Niger Delta Development Commission (NNDC).

MPR reduced to 11%

Nigeria’s central bank reduced its benchmark interest rate for the first time in six years, diverging from its counterparts in most of Africa that have tightened monetary policy in the face of weakening currencies.

Equities depreciate by 0.80%

  The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.80%, at today's trading with the All Share Index closing at 27,596.81 points against the previous close of 27,820.49 points while Market Capitalization closed at N9,488.40 trillion against previous close of N9,563.56 trillion.

Ooni of ife, Oba Enitan Ogunwusi presented with the Aare crown

Ooni of Ife Oba Enitan Ogunwusi after receiving the AARE Crown from the Olojudo of Ido land on Monday Photo Dare Fasube

FG Commissions Hydrocarbon Plant In Ogun State

The Nigerian Government has commissioned a Hydro carbon plant in Ikenne, Ogun State to produce high grade Hydro carbon refrigerants which are to be used in the  Refrigerant Services Sector.The plant was built in a renewed effort to ensure the phasing out of Hydrochlorofluorocarbons (HCFCs) by the year 2040 in line with Montreal Protocol agreement on Substances that Deplete the Ozone layer to which Nigeria is a party.

FG bonds in NSE worth N6trn – DMO

Debt Management Office (DMO) and the Nigerian Stock Exchange (NSE) have agreed for greater collaboration to ensure bond market development and economy growth.
The Director General of DMO, Dr. Abraham Nwankwo disclosed this during the agency’s visit to the exchange yesterday in Lagos.

RSAs: PenCom’s guidelines to curb terror financing, money laundering

The National Pension Commission (PenCom) has disclosed that the draft guideline on the 2014 Pension Reform Act for  withdrawals from Retirement Savings Accounts (RSA) is meant to prevent the fund from being used to finance terrorism and money laundering.  PenCom which cleared the air on the misconstruing of the RSAs by the Rivers State Council of the Trade Union Congress of Nigeria (TUC) in a statement, said that the voluntary contributions into RSAs are meant to boost contributors’ final pension and not a savings account that could be drawn at will.

HOARDING: Kwara DPR Dispenses Free Petrol In 2 Filling Stations

The Department of Petroleum Resources in Kwara State yesterday dispensed fuel to motorists and motorcyclists free of charge at an erring filling station in Ilorin, the state capital.
The station, Alkad and Sons Nigeria Ltd, situated along Olorunsogo, Ilorin, was caught hoarding a total of 2,300 litres of fuel.

CBN directs 3 banks to recapitalise before June 2016

 

The Central Bank of Nigeria (CBN) has given three commercial banks until June 2016 to recapitalise after they failed to hit a minimum capital adequacy rate of 10 per cent, it said in a report on its website.

Equities depreciate by 1.10

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 1.10%, at today's trading with the All Share Index closing at 27,820.49 points against the previous close of 28,131.28 points while Market Capitalization closed at N9,563.56 trillion against previous close of N9,670.40 trillion.

Oral sex 'expected to overtake smoking' as main mouth cancer cause

AN ONLINE health clinic warns that oral sex could surpass smoking as the main risk factor for mouth and throat cancer.

Nigeria's OOH Market is in Recession- What it Means for the Industry

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How Bad Is It?

In case you don't know, Nigeria's Out-of-Home (OOH) media market is in recession. The impact of this crash is so bad that many OOH suppliers and owners are over-leveraged and could go under. In its bid to save itself from crashing with the market, the Lagos State Signage & Advertisement Agency (LASAA) recently executed a stop loss action by shutting down major LED hoardings indebted to the agency. Major boards in the mainland and Islands of the city are pitch-black. The situation is grim.

REPS accuse Banks of promoting prostitution

The House of Representatives yesterday accused banks of encouraging prostitution by setting unrealistic targets for their female marketers. It also decried casualisation in the industry, describing it as slavery.

N1.04TRN FINE: NCC, MTN play hide and seek on deadline day

The tension and high  anticipations  trailing the N1.04 trillion fine the Nigerian Communications Commission, NCC, imposed on MTN Nigeria and the November 16, 2015 payment  deadline, melted in utter confusion, Monday, as both the commission and the telecommunications company released very little  information on whether the payment was made or not, on deadline  day.
While MTN Group issued a statement, addressing its shareholders, intimating them of ongoing negotiations with the Nigerian government on the issue, the NCC went into memory lane with its own statement, explaining why it imposed the fine.

N1trn Food Importation Unsustainable – PMB

President Muhammadu Buhari yesterday declared that the N1 trillion spent on importation of food is no longer sustainable as most of the food can be produced locally .
According to him, agriculture had always been the mainstay of the nation’s economy but was abandoned following the discovery of oil.

Ford begins vehicle assembly plant in Nigeria

Ford Motor Company yesterday unveiled the first Ranger truck to be assembled in Nigeria. It was built in an existing facility with Ford’s Nigerian partners Coscharis Group, an indigenous automobile dealer.

World Bank, NEXIM Bank collaborate on mining sector development

The World Bank has pledged to support Nigerian Export-Import Bank (NEXIM Bank) to develop Nigeria mining sector.
Speaking when a team from the World Bank led by its Senior Mining Specialist, Energy & Extractives Unit, Dr. Francisco Igualada, visited the Managing Director, NEXIM Bank, Mr. Roberts Ungwaga Orya in Abuja, the World Bank chief wondered why Nigeria, with all her huge resources and potentials has continued to earn less than Ghana, Mali and Burkina Faso from mining activities.

I may work with D’banj – Don Jazzy

Leader of Nigeria’s high flying music crew, MAVIN’s Don Jazzy is one individual who has contributed in no small measure to the growth of the music industry in Nigeria. Over a year ago, the likes of Korede Bello, Reekado Banks and Dija were greenhorns in the industry until Don Dorobucci gave them the track to run their own races. Today, they have grown to become stars in their own right, thanks to Don Jazzy’s masterstroke.

In this interview, head of the Supreme Mavin Dynasty reveals the reason behind the forthcoming Mavin Access Concert, possibility of working with D’banj again, why he won’t release his own album anytime soon and other issues.

Supreme Court Halts Proceedings At CCT

The Supreme Court has suspended proceedings at the Code of Conduct Tribunal (CCT) pending the conclusion of an appeal filed by the Senate President, Dr. Bukola Saraki at the Apex Court.

Adeosun resumes, vows to ensure transparency in government finances

The new Minister of Finance, Mrs Kemi Adeosun, on Wednesday formally assumed duty at the headquarters of the Ministry of Finance in Abuja.

JOB OPPORTUNITY FOR EXPERIENCED TAILORS

 House of Demi is a fast growing Fashion brand, which specializes in making hand bags and other accessories, from various fabric with an established market.

Equities depreciate by 0.64%

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.64%, at today's trading with the All Share Index closing at 28,981.12 points against the previous close of 29,168.04 points while Market Capitalization closed at N9,962.54 trillion against previous close of N10,026.79 trillion.

EFCC Chairman Ibrahim Lamorde Removed

Ibrahim Magu, a top level official of the Economic and Governance Unit of the EFCC, has been elevated to the position of chairman of the commission. 

Virgin Airways: no plans to pull out of Lagos route

British carrier Virgin Atlantic Airways said yesterday that it had no plans to pull out of the Lagos-London route.

World Bank’s N100b erosion project cash

The World Bank said yesterday that it would begin a review of the $5000 million (about N100billion) Nigerian Erosion and Watershed Management Project (NEWMAP) in the country from January 5 next year.

Standard Bank seeks fair resolution of Stabic IBTC, FRC tussle

The Standard Bank Group has expressed its readiness for a fair resolution of the tussle between its Nigerian subsidiary, Stanbic IBTC and the Financial Reporting Council of Nigeria (FRCN).
In a statement issued yesterday, the Group reiterated that it fully complied with appropriate Nigerian laws and regulations, and with international financial reporting standards applicable in the country.

Oil,Gas sector facing sharp low revenues

The Group Managing Director of Nigeria National Petroleum Corporation (NNPC) Dr Ibe Kachikwu on Monday said the industry was facing a sharp lower revenues from the country’s oil assets.
Kachikwu said this at the 33rd Annual International Conference and Exhibition organised by Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

TSA default: CBN slams N4bn fine on Skye Bank

The Central Bank of Nigeria (CBN) has slammed a fine of N4 billion on Skye Bank Plc for failing to render appropriate returns on accounts of some government institutions and agencies as directed by the Treasury Single Account (TSA) policy.

Walkout On Code Of Conduct Tribunal: Saraki’s Lawyers Vow To Report CCT Chair To NJC

The legal team of the Senate president, Dr Bukola Saraki, has vowed to send a protest letter to the National Judicial Council (NJC) over the alleged biased conduct of the chair of the Code of Conduct Tribunal, Mr. Danladi Umar, in the trial of their client who is facing charges of false assets declaration in Abuja.

We’ve no offensive economic agenda, says EU envoy against Nigeria, says envoy

The European Union (EU) has no offensive economic agenda against Nigeria on the implementation of the Economic Partnership Agreement (EPA) between the EU and West Africa, the EU Ambassador/Head of Delegation to Nigeria & ECOWAS Ambassador, Micheal Arrion has said.
Rather, the EU’s mission in Nigeria and West Africa, he said, is to ensure the advancement of the sub-region as well as the enhancement of the competitiveness of its various economic segments.

Total Fuel Depot, Others Sealed For Hoarding Fuel In Lagos

The Department of Petroleum Resources (DPR), is coming hard on petroleum marketers for making life difficult for the public.

Abuja-bound plane in emergency return to Lagos

An Abuja-bound Medview Airlines’ Boeing aircraft with scores of passengers on board yesterday morning made an air return to the Murtala Muhammed Airport , Ikeja, Lagos, as the aircraft developed pressurisation problem about 8,000 feet above sea level.

CBN restates stance on BVN for forex transactions

The CBN has said that the Bank Verification Number, BVN, requirement for foreign exchange transactions posed no security risks to the bank accounts of those purchasing forex.

Equities depreciate by 0.01%

The Nigerian Stock Exchange All Share Index (NSE ASI) and the Market Capitalization depreciated by 0.01%, at today's trading with the All Share Index closing at 29,030.97 points against the previous close of 29,032.44 points while Market Capitalization closed at N9,979.67 trillion against previous close of N9,977.85 trillion.

'Significant Possibility' ISIS Downed Egypt Jet

Claims an IS affiliate brought down a Russian plane with an explosive device are being looked into, the Foreign Secretary says.

Bukola Saraki constitutes 65 committees for 109 senators

FIVE months after the inauguration of the Eighth Senate, its President, Dr. Abubakar Bukola Saraki yesterday, constituted 65 committees for the 109- member upper legislative chamber.
In the House of Representatives, the Speaker, Yakubu Dogara has increased the number of committees from 84 that it was in the last session to 96 in a 360-member lower chamber.
Some of the committees are however limited in scope and coverage, making the idea of setting them up in the first instance suspect in a period that President Muhammadu Buhari is trying to reduce the cost of governance.

Stock Exchange probes Oando Plc

The Nigerian Stock Exchange, NSE, has commenced investigations into the circumstances surrounding the financial results of Oando Plc which caused upsets at the stock market last week.
In a statement last night NSE said it has invited Oando’s audit committee as well as its external auditors to commence the formal probe into the results saga.

Court bars FRC from interfering with Stanbic IBTC operations

Justice Ibrahim Buba of the Federal High Court, Lagos, yesterday, barred the Financial Reporting Council of Nigeria, FRCN, from disrupting the activities of Stanbic IBTC Holding Plc.Justice Buba issued this order in an interlocutory injunction restraining FRCN and its officers from “interfering with, or otherwise impeding, obstructing, molesting, harassing or hindering” the plaintiff’s operations.

Medview Air commences Gatwick flights

 Medview Airline is to commence direct flights into Gatwick International Airport from the Murtala Muhammed International Airport, Lagos, November 20.
Announcing the commencement of the flight at a media briefing in Lagos on Tuesday, the Managing Director of Medview Airlines, Alhaji Munner Bankole said the airline has deployed a Boeing 767 – 300 ER on the route.

MTN fine sends wrong signals to investors, say Ben Bruce

Senator Ben Bruce, has described the imposition of $5.2 billion fine on MTN, Nigeria byt he Nigerian Communications Commission,NCC as a bad signal to foreign investors.According to him in a statement made available to Journalists in Abuja yesterday, Senator Bruce who noted that the decision will hurt Nigeria and investors coming to the country.