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Farmers decry fertilizer diversion in Jigawa

BY DAHIRU SULEIMAN, DUTSE Peasant farmers of Gwiwa local government area in Jigawa state have cried out of incessant fertilizer hoarding, hike in prices, and diversion by politicians and senior Agric officers. Raising the dust while speaking to The State Online, the spokesman, Mal. Umar Adamu of Mori ward in Gwiwa LGA jigawa state complain about shortage, hike in price ... Read More »

UBA Approves Financial Accounts, Set for Dividend Declaration

Shareholders of United Bank for Africa (UBA) Plc are expecting the announcement of a final dividend for the 2018 financial year. This followed the approval of the bank’s financial statements for the year ended December 31, 2018. In a notification to the Nigerian Stock Exchange (NSE), UBA said its Board of Directors last Monday approved its financial statements and payment ... Read More »

CBN Injects Additional $210m into FX Market

The Central Bank of Nigeria (CBN) yesterday injected another sum of $210 million into the interbank foreign exchange market. Figures released by the CBN indicated that authorised dealers in the wholesale segment of the market received the sum of $100million, while the small and medium scale enterprises (SMEs) and the invisibles segments were allocated the sum of $55 million each. ... Read More »

CBN Pumps $289.76 million, CNY38.70 million into Forex Market

Following its maiden Monetary Policy Committee (MPC) meeting for 2019, the Central Bank of Nigeria (CBN) at the weekend injected the sum of $289.76million into the retail Secondary Market Intervention Sales (SMIS) and CNY38.70 million in the spot and short-tenored forwards segment of the inter-bank foreign exchange (FX) market The Director, Corporate Communications Department at the CBN, Isaac Okorafor, confirmed ... Read More »

Fidelity Bank Wins Awards

Fidelity Bank Plc has disclosed that it was recently adjudged the “Entrepreneurship Bank of the Year,” at the third edition of DAAR Awards held in Abuja. The bank said it clinched the award in recognition of its unrivalled leadership position and consistency in enhancing the growth and development of micro, small and medium scale enterprises (MSMEs) in the country. According ... Read More »

Canadian Pm Fires Envoy To China After Remarks On Huawei Case

John McCallum / Reuters In an unprecedented move, Canadian Prime Minister Justin Trudeau on Saturday said he had fired his ambassador to China, who prompted a political furor with comments about Huawei’s high-profile extradition case. John McCallum had embarrassed Trudeau’s Liberal government by saying Huawei Technologies Co Ltd Chief Financial Officer Meng Wanzhou could make a strong argument against being ... Read More »

2,000 Jobs Under Threat as AMCON shuts Kano Textiles Company

About 2,000 textile workers of Nigerian Braiding Manufacturers (NBM) in Kano may soon lose their jobs as the Asset Management Corporation of Nigeria, AMCON, as begins sale of the Company over N1.5bn debt. The Nations reports that the workers comprised 400 staff and over 1,500 casuals who were not paid December 2018 salaries and allowances. AMCON sealed off the company ... Read More »

Glo Subscribers Base Rises to 45.2 Million

Nigerian telecommunication multinational, Globacom Nigeria Limited has grown its subscribers’ base from 43,237,188 in November 2018 to 45,255,297, representing 26.24 percent of the total telecom subscribers in the country. This was revealed in a report of the Nigerian Communications Commission (NCC), indicating that the telecom giant had consolidated its leadership position in the country’s telecommunication sector as the second largest ... Read More »

Sanwo-Olu Pledges More Funds for Tech Startups

*R-L: Sanwo-Olu (3rd), Dr (Mrs) Ibijoke Sanwo-Olu The governorship candidate of All Progressives Congress (APC) in Lagos State, Mr Babajide Sanwo-Olu has said entrepreneurs and technology startups operating in the state will have a better time to improve their businesses and take their skills to another level if elected to govern the state. The APC candidate said his government would ... Read More »

75 Countries Launch WTO Talks Towards Global E-Commerce Rules

(From L) EU Commissioner for Trade Cecilia Malmstrom, Cathay Capital Private Equity Founder and President Cai Mingpo, Deutsche Bank CEO Christian Sewing, moderator Paula J. Dobriansky, UPS Chairman and CEO David Abney and World Trade Organization (WTO) Director-General Roberto Azevedo attends a session during the World Economic Forum (WEF) annual meeting, on January 24, 2019 in Davos, eastern Switzerland. Fabrice ... Read More »

Oil Prices Climb as US Threatens Sanctions against Venezuela

Oil prices edged up on Friday as turmoil in Venezuela increased the chances of tighter global supply if the U.S. makes good on signals that it could impose sanctions on Venezuelan exports. However, fresh data on surging U.S. fuel stocks and worries about U.S.-China trade talks weighed on prices. Brent crude oil futures were at $61.17 a barrel at 0955 ... Read More »

First Bank Pledges Increased Investment in Technology

The Deputy Managing Director, First Bank of Nigeria Limited, Gbenga Shobo, has said the bank remains committed to investing in technology as a key growth enabler for their businesses. He also reiterated the bank’s support for small and medium scale enterprises (SMEs) which he described as the biggest part of their customer base. Shobo, disclosed this in Lagos at the ... Read More »

NERC Moves against Foreign Dominance in Power Sector

The Nigerian Electricity Regulatory Commission (NERC) has commenced the implementation of a new law that will efficiently regulate the deployment of foreign equipment, workforce, and other services in Nigeria without allowing them to dominate operations in Nigeria’s electricity market. NERC explained that the law titled: ‘Regulation on National Content Development for the Power Sector,’ was enacted in 2014, but its ... Read More »

Access, Diamond Merger to Be Finalised in April

Access Bank Plc on Thursday said its business combination deal with Diamond Bank Plc, which aims to produce Africa’s largest retail lender by customers will be concluded about two months earlier than initially expected. The deal, which was set to close in June, would be completed in the second quarter, Bloomberg quoted the Lagos-based lender to have said. Access Bank ... Read More »

Fayemi Signs N129.9bn Budget Into Law

The Ekiti State Governor, Kayode Fayemi, has signed N129.9 billion budget into law. The budget tagged “Budget of Restoration” will be analysed by the Commissioner of Finance on Friday. In the budget, N57.2 billion is earmarked for capital expenditure and N72.7 billion naira for recurrent. Agriculture and rural development gulp N8.4 billion, knowledge economy – N33.3 billion, social investment – ... Read More »

Minimum Wage Bill : Senate Sets up 8-man Ad-hoc Committee

The Senate on Thursday constituted an eight- man ad-hoc committee to consider the National Minimum Wage Bill sent to the National Assembly by President Muhammadu Buhari on Wednesday. The ad-hoc committee, which is to look into the provisions of the Bill which passed second reading at Senate plenary on Thursday, and headed by Senate Chief Whip, Senator Sola Adeyeye, has ... Read More »

N27,000 Minimum Wage Bill Passes Second Reading At Senate

  The Senate has passed the N27,000 National Minimum Wage Amendment Bill through the crucial second reading. The lawmakers passed the bill on Thursday during plenary following the suspension of the Senate rules. The bill was put through first and second reading simultaneously. During the debate, the lawmakers supported the bill and were confident that it would improve the standard ... Read More »

Banking Stocks Lift NSE All-Share Index Higher at 30,878.56

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) nudged 0.46 per cent higher to close at 30,878.56 on Wednesday compared with a marginal rise the previous day as gains by banking stocks sustained the positive performance of the market. Similarly, market capitalisation inched up by N52.8 billion to close at 11.51 trillion. The bulls were in total control of the ... Read More »

Nigeria May Return To Paris Club Debt Level – CBN Warns FG

The Monetary Policy Committee, MPC, of the Central Bank of Nigeria, CBN, has raised the alarm that Nigeria may return to the pre-2005 Paris Club debt level, if the Federal Government fails to come up with immediate measures to address the rising debt profile. The MPC stated this on Tuesday in Abuja after its first meeting of the year. It ... Read More »

Polaris Bank To Be Sold After Elections – AMCON

The Asset Management Corporation of Nigeria is seeking new investors to take over Polaris Bank after elections next month and is taking stock of the bank’s assets ahead of a sale, The Punch has reported. The spokesman for AMCON, Jude Nwauzor, was quoted by Reuters as saying on Tuesday: “The election season has slowed down things. We would advertise for ... Read More »