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Don’t release N649bn Paris Club refund to outgoing govs, NLC, others tell FG

Don’t release N649bn Paris Club refund to outgoing govs, NLC, others tell FG

The Nigeria Labour Congress and some civil society organisations have advised the Federal Government to delay the disbursement of the N649bn Paris Club refund to states until after the inauguration of incoming governors on May 29, The Punch reports. This followed the disclosure by the Minister of Finance, Mrs Zainab Ahmed, at a press conference that the Federal Government was ... Read More »

FG says N649b Paris Club refund ready for states

The Federal Government on Thursday said States are to share N649 billion – the final tranche of the Paris Club Refund. Minister of Finance, Mrs Zainab Ahmed however said debtor-states will have to settle their debts soon, adding that the Federal Government plans to begin the final phase of the debt refund. Mrs Ahmed told reporters at a news conference ... Read More »

Emefiele spoke the truth to Senators on palm oil price advantage over crude oil –NPPAN

Emefiele spoke the truth to Senators on palm oil price advantage over crude oil –NPPAN

MEMBERS of the National Palm Produce Association of Nigeria (NPPAN), on Thursday, declared they were ready to substantiate the assertion of the Governor of the Central Bank of Nigeria (CBN), Dr Godwin Emefiele with “incontrovertible evidence” that the price of palm oil was higher than crude oil in the global market. They were reacting to the claim by Dr Emefiele, when ... Read More »

Breaking: Senate Confirms Emefiele For Second Term As CBN Governor

The Senate has confirmed Mr Godwin Emefiele for a second term of five years as Governor of the Central Bank of Nigeria (CBN) The confirmation followed the adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions presented by Senator Rafiu Adebayo during Thursday’s plenary. In his remarks, the Senate President, Dr Bukola Saraki, urged ... Read More »

NIMASA commences process to end gas emission on vessels

NIMASA commences process to end gas emission on vessels

The Nigerian Maritime Administration and Safety Agency (NIMASA) on May 10 had a landmark inaugural installation ceremony of the Thorium-X tablet, a fuel consumption data collection device, on board a Nigerian-flagged fuel tanker vessel, MT KINGIS, commencing the process targeted at ending green-house gas emissions on vessels. The pilot project, which came as fallout of the Maritime Technology Cooperation Centre ... Read More »

Minister Denies Involvement In Timber Smuggling At Ports

Minister Denies Involvement In Timber Smuggling At Ports

BY ONYEKA AJUMOBI ONOCHIE The Minister of Environment, Alhaji Suleiman Zarma, has denied links with syndicate which specializes in the smuggling of illegally felled woods out of Nigeria. He said he is also not involved in the current activity of unscrupulous Nigerians who, together with their foreign counterparts, engaged in unpatriotic activities aimed at depletion of Nigeria’s forest reserves for ... Read More »

Economic growth: Gov Sani-Bello calls for support for private sector driven investment

Economic growth: Gov Sani-Bello calls for support for private sector driven investment

Niger State Governor, Alhaji Abubakar Sani-Bello has called on government at all levels to support the private sector in order to encourage investors and improve the economy of the country. Governor Sani-Bello made the call when he paid a courtesy call on the Managing Director of Vertex Agro Limited, Mr. Daniel Gemana in his office at Gauraka, in Tafa Local ... Read More »

Buhari renews Emefiele’s term as CBN Governor, seeks Senate confirmation

President Muhammadu Buhari has written the Senate, announcing his renewal of the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele, for a second term of five years. In a letter to the Senate President, Dr. Bukola Saraki, dated May 8, 2019, Buhari said the reappointment followed the expiration of Emefiele’s first term tenure. The letter titled, “Renewal of the ... Read More »

AMCON drags Venture and Engineering Company to court over N9.3billion debt

In a bid to recover a debt of N9,302,894,097.94, the Asset Management Corporation of Nigeria, AMCON, has dragged Ventures and Engineering Company Limited before a federal high court in Lagos. In a statement of claim filed before the court by a Lagos lawyer, Ayo Obe, it was alleged that Ventures and Engineering Limited, a company registered in accordance with company ... Read More »

Multi-billion Naira suit against Petrocam Company adjourned

Multi-billion Naira suit against Petrocam Company adjourned

The Federal High Court in Lagos has adjourned till May 23, 2019 to determine either debt recovery suit of N10,062,643,928.72 and $5,247,693.83 filed before the court by Union Bank Plc against an oil company, Petrocam Trading Nigeria and two others – Mr. Patrick Ilo and Petrocam Trading LTD South Africa can be termed as abuse of court process or not. ... Read More »

FG In US, Says Nigerian Waters Safer For Investments

FG In US, Says Nigerian Waters Safer For Investments

…Special Tax Regime For Maritime Sector Under Consideration- Dakuku. The Federal Government today assured the international oil and Gas community that the Nigerian maritime sector is safe for investment and special tax regime are under consideration to grow capacity for the industry in the country. Addressing Journalists at a technical workshop on deep sea exploration on the sidelines of the ... Read More »

Mozzi Out to Prevent Spread of Malaria in Nigeria –  Labuschagne

Mozzi Out to Prevent Spread of Malaria in Nigeria – Labuschagne

Mozzi, a range of mosquito and insect repellent products manufactured by PCMN Ltd, has been playing a commendable part in the fight against malaria scourge in Nigeria. Mozzi was an active participant at World Malaria Day in Abuja recently. Mr. Hendrik Labuschagne, a director of PCMN, had a chat with news men at the event. Dapo Olaosebikan captured it. Excerpts: ... Read More »

I will not relent on industrialization agenda- Gov Ayade

I will not relent on industrialization agenda- Gov Ayade

Cross River state industrialization agenda, cannot afford to have policies and regional agreements, that put it at disadvantage position with competing nations and states in the region, Governor Ben Ayade has disclosed. In the same vein, the governor charge states to protect their economy from adverse foreign investment policies, that would take advantage of the resources and leave the communities ... Read More »

World Bank team meets Prince Dapo Abiodun

World Bank team meets Prince Dapo Abiodun

By Mikail Mumuni The World Bank (WB) Country Director for Nigeria and Coordinating Director for West Africa Regional Integration, Mr Mr Rachid Benmessoud and his team on Thursday met with the Ogun State Governor-Elect, Prince Dapo Abiodun. At the meeting which took place in Abuja, the WB team briefed the incoming Governor on the various development activities being undertaken by ... Read More »

N15Million debt: ITF Drags COMMERZBANK Representative Nigeria To Cour

N15Million debt: ITF Drags COMMERZBANK Representative Nigeria To Cour

The Industrial Training Fund Governing Council and its Director General have dragged Commerzbank Representative Office Nigeria Ltd before a Federal High Court in Lagos over alleged failure to pay statutory contribution. In a statement of claim filed before the court on behalf of the plaintiffs by a Lagos lawyer, Dr Clifford Okoye, it was alleged that Commerzbank Representative Office Nigeria ... Read More »

FAAC: Kwara Receives N3.2b as April Allocation as LGs Get N2.4b

FAAC: Kwara Receives N3.2b as April Allocation as LGs Get N2.4b

Kwara State Government has revealed its federal allocation figures for April 2019. In statement issued in Ilorin on Wednesday, the State Commissioner for Finance, Alhaji Demola Banu said the state government will receive N3,279,896,086.07 as federal allocation for April. The April allocation, according to Banu, comprises statutory allocation of N1,984,735,503.59, Value Added Tax (VAT) amounting to N865,451,596.07, exchange gain of ... Read More »

Governors’ Forum predicts another recession for Nigeria next year

Governors’ Forum predicts another recession for Nigeria next year

The Nigeria Governors’ Forum, NGF, the umbrella body of the thirty- six state governors, warned yesterday that Nigeria as a county should get prepared for another cycle of recession by mid – 2020 which will last till the third quarter of 2021, just as it asked State governors to work hand in hand to boost the economy in tandem with ... Read More »

Oil prices to be lower in 2019 on slower-than-expected global growth, rising non-OPEC supply

Oil prices to be lower in 2019 on slower-than-expected global growth, rising non-OPEC supply

• Metal, agriculture prices to stage partial recovery, momentum to pick up in 2020 Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020, a downward revision from the October forecast due to the weaker-than-expected global growth outlook and greater-than-anticipated U.S. production, the World Bank said. Metal prices are expected to continue ... Read More »

South Korea economy unexpectedly contracts in first quarter, worst since global financial crisis

South Korea economy unexpectedly contracts in first quarter, worst since global financial crisis

South Korea’s economy unexpectedly shrank in the first quarter, marking its worst performance since the global financial crisis, as government spending failed to keep up the previous quarter’s strong pace and as companies slashed investment, Reuters reports. The shock contraction reinforced financial market views that the central bank is likely to make a U-turn on policy, shifting to an easing ... Read More »

AGF Assures On Payment Of Promotion Arrears To Civil Servants, Says Over N37bn Saved From MDAS

AGF Assures On Payment Of Promotion Arrears To Civil Servants, Says Over N37bn Saved From MDAS

BY ONYEKA AJUMOBI ONOCHIE The Accountant-General of the Federation, Mr. Ahmed Idris, has reassured civil servants in the country of the commitment of the Office of the Accountant-General of the Federation to the continued payment of promotion arrears owed federal civil servants in line with Mr. President’s directives. Mr. Idris gave this assurance in Abuja when he played host to ... Read More »