MTN to Sell $242 Worth of Shares in Nigerian Business – Official

BusinessTelecommunicationMTN to Sell $242 Worth of Shares in Nigerian Business – Official

Bada Yusuf Amoo (Correspondent)November 4, 2021

LAGOS — MTN Group said it is planning to sell shares worth about $241.7million from its Nigeria business. MTN on Thursday said it will offer 575 million shares in MTN Nigeria, which is listed in Lagos in 2019. “Today we announce our intention to proceed with a public offer for sale of up to 575 million shares in MTN Nigeria, by way of a bookbuild to institutional investors and fixed price to retail investors,” MTN...

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Why FG Sells Electricity to Neighboring Countries – NBET

BusinessPowerWhy FG Sells Electricity to Neighboring Countries – NBET

Beloved John (Staff Writer)November 3, 2021

LAGOS — The Nigerian Bulk Electricity Trading (NBET) has disclosed that Nigeria is selling electricity to neighboring countries for strategic reasons. Nnaemeka Ewelukwa, managing director, NBET, said this when he appeared before the house of representatives committee on finance on Tuesday. According to him, only six percent of the electricity generated in the country is sold to neighboring countries. “Nigeria sells electricity to Niger Republic and Benin Republic. Those transactions recent have been more driven...

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It is Illegal to Use Billboards, Signage in Enugu Without Approval – ENSSAA

BusinessStandards & Consumer ProtectionIt is Illegal to Use Billboards, Signage in Enugu Without Approval – ENSSAA

PilotnewsOctober 24, 2021

ENUGU — Enugu State Structure for Signage Advertisement Agency (ENSSAA) says it is now illegal for any person or group to erect billboards and structure for signage in the state without approval from the agency. The General Manager of ENSSAA, Mr. Ike Ezugwu, stated this on Sunday in an interview with the News Agency of Nigeria (NAN) in Enugu. Ezugwu said the law establishing the agency said licences and permits must be issued to individuals...

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Nigeria Reported Four Incidents of Piracy in 9 months – NIMASA

BusinessCrime & SecurityNigeria Reported Four Incidents of Piracy in 9 months – NIMASA

Beloved John (Staff Writer)October 21, 2021

ABUJA — The Nigerian Maritime Administration and Safety Agency (NIMASA) has said Nigeria reported four incidents of piracy in the first nine months of 2021. In a statement issued on Wednesday, Bashir Jamoh, director-general of NIMASA admitted this. He noted that the reduction was reflected in the International Maritime Bureau (IMB) third-quarter 2021 report. According to the maritime agency director, the figure represented a 77 percent drop compared to the same period last year. Jamoh...

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CAC to Block Fraudulent Registration Applications

BusinessNewsCAC to Block Fraudulent Registration Applications

Beloved John (Staff Writer)October 18, 2021

ABUJA — The registrar-general of the Corporate Affairs Commission (CAC), Garba Abubakar, has announced that the agency is set to block suspected fraudulent applications registering new companies similar to existing ones. Rasheed Mahe, head of media at CAC, disclosed this in a statement issued on Sunday. The statement stated that Abubakar said the CAC recorded high applications with names similar to existing ones and indicated that the Commission had discontinued the issuance of certified true...

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BusinessPoliticsHon. Somto Udeze Empowers Constituents with Business Capital Among Other Support

Ebuka Onyekwelu (Staff Writer)October 14, 2021

AWKA — The member representing Ogbaru 11 constituency in Anambra State House of Assembly, Hon. Somto Udeze has empowered no fewer than one hundred and sixty constituents with business capital and work tools, to assist businessmen and women. Of the one hundred and sixty beneficiaries, no less than one hundred and forty are petty businesswomen in Ogbaru. About one hundred and thirty-seven of them were given the sum of twenty thousand Naira, to support their...

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Anambra Assembly Passes Anti-Grazing Bill into Law, As Governor Obiano is Set to Present 2022 Budget

BusinessLaw & JusticeAnambra Assembly Passes Anti-Grazing Bill into Law, As Governor Obiano is Set to Present 2022 Budget

Ebuka Onyekwelu (Staff Writer)October 12, 2021

AWKA — Anambra State House of Assembly has passed the anti-grazing bill into law after the bill was read for the third time and overwhelmingly supported by members during the plenary session today. A bill for a law to prohibit and abolish open and nomadic grazing was submitted to the House a few weeks ago and has been painstakingly considered by the House before it was passed at about 3.55 pm, Nigerian time on Tuesday,...

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Nigeria’s Oil Production Rises Byy 0.8% to 1.25m Barrel Per Day – DPR

BusinessNewsOil & GasNigeria’s Oil Production Rises Byy 0.8% to 1.25m Barrel Per Day – DPR

Beloved John (Staff Writer)October 12, 2021

ABUJA — Oil production in Nigeria rose to an average of 1.25 million barrels per day in September from 1.24 million the previous month according to data from the Department of Petroleum Resources (DPR). According to the 2021 crude oil and condensate production report, the increase represented 0.8 percent from the August production figure. However, it is still among the lowest since January 2021. Recently, vice-president Yemi Osinbajo had admitted the country’s low oil production...

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Adamawa State Government Unveil Agribusiness Support Programme

AgricultureBusinessInvestingAdamawa State Government Unveil Agribusiness Support Programme

Hassan Umar Shallpella (Regional Correspondent)October 11, 2021

LAGOS — The Adamawa State Government has formally unveiled its Agribusiness support programme at an Investors dinner held in Lagos, Nigeria’s commercial hub. According to a statement by Governor Fintiri’s Press Secretary Mr. Humwashi Wonosikou, the homegrown Agribusiness Programme is the first of its kind in the capital market in Nigeria. Fintiri said his administration is committed to navigating the market conscious of the burden of responsibility not only to the investing community but to...

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MTN Apologises to Customers Over Network Outage

BusinessTelecommunicationMTN Apologises to Customers Over Network Outage

Beloved John (Staff Writer)October 10, 2021

Mobile network operator, MTN  has said its service is now fully restored, following the network disruption experienced on Saturday. In a text message to customers on Sunday afternoon, MTN said its service is now fully restored. “Please accept our sincerest apologies for the difficulties you experienced on our network yesterday. Service has now been fully restored. We truly appreciate your patience and understanding,” the message reads. The telecommunication service had apologised to its Nigerian customers...

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