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Following the beheading of a woman by yet to to-identified suspected ritualist in Jimeta, the twin capital of Adamawa state, no fewer than 70 registered hotels in Adamawa State risk fizzling out of business if they fail to install Close Circuit Television CCTV cameras in their business premises. Adamawa State Deputy Governor, Kaletapwa George Farauta has six weeks for hoteliers to comply with government orders or have their business premises shut down. Farauta stated this...

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Mr. Mark Okoye, the Managing Director – MD of Anambra State Investment Promotion and Protection Agency – ANSIPPA, has said that the Anambra State Investment Summit whose maiden edition was held in September 2023, will now be an annual event and would therefore be held in 2024. Speaking during the Agency’s interface with select media practitioners entitled, “Partnerships, progress, and prospects”, Mark Okoye said that “there are plans for Anambra State Investment Submit in 2024”....

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Nigeria’s inflation rate in December 2023 climbed to 28.92 per cent as a halt to petrol subsidies stoked transport costs, pushed up the prices of commodities and the naira weakened against the United States dollar. The December 2023 inflation rate is an increase of 0.72 per cent points from the previous month, the National Bureau of Statistics (NBS) said in its report on Monday. The rate increased by 7.58 per cent from that recorded in...

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The Dangote Petroleum Refinery has so far received six million barrels of crude oil at its two SPMs located 25 kilometers from the shore and has commenced production of diesel and aviation fuel. The Refinery can load 2,900 trucks a day at its truck-loading gantries. The products from the Refinery will conform to Euro V specifications. The first crude delivery was done on December 12, 2023, and the 6th cargo was delivered on January 8,...

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The Economic and Financial Crimes Commission EFCC has invited CEOs of Zenith, Providus, and Jaiz Banks to explain the financial misappropriation charges against Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, and her predecessor, Sadiya Umar-Farouk. The bank chiefs invited are Dr. Ebenezer Onyeagwu (Zenith Bank), Haruna Musa (Jaiz Bank), and Walter Akpani (Providus Bank). The anti-graft agency is currently probing public funds directed into private accounts, ordered by Mses Edu and Farouq using their...

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Jubilee Syringe Manufacturing, JSM, has folded up business operations in Nigeria, saying the shutdown was triggered by “unforeseen circumstances affecting our business operations.” President Bola Tinubu in December boasted that Nigeria is a top-level destination for investments. He assured foreign investors and the international community that his administration is determined to “remove all cobwebs and anti-investment impediments” in the country. Yet, two weeks after the high assurances, JSM has joined the list of companies that...

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The Federal Government has put plans in place to launch a massive consumer credit system as the New Year begins with a positive outlook. The Senior Special Assistant to the President on Media & Publicity, Temitope Ajayi on Wednesday said that Nigerians can look forward to a great and economically rewarding year as the government launches the consumer credit system. He stressed that while seeking the mandate of Nigerians during the last electioneering season, President Bola...

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Nigeria’s local currency, the naira is one of the world’s worst-performing currencies, after the Lebanese pound and the Argentine peso, Bloomberg said in a report on Friday. The report corroborates an earlier report by the World Bank that noted that the currency weakened by nearly 40 per cent against the US dollar in 2023. Bloomberg said the naira weakened by 55 per cent against the USD this year. With the naira–USD exchange rate at N1,043...

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After prohibiting transactions in cryptocurrencies across Nigeria on 5 February 2021, the Central Bank of Nigeria, CBN, has now reversed that ban and taken a positive posture towards digital assets, issuing new guidelines to financial institutions for crypto trading. When the unpopular policy was put in place in February 2021 to address money laundering and terrorism financing, many Nigerian companies had to go under the radar, either relocating abroad or shutting down business completely. Nigeria’s...

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President Bola Tinubu has remained unrelenting in his efforts to attract huge foreign investments to Nigeria as he promises to improve the investment climate in the country. “We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry,” said the President on Monday when he hosted the group chairman and CEO of Total Energies Worldwide, Patrick Pouyanne. Nigeria is witnessing an economic depression caused by Tinubu’s economic policies that has...

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