DPR Revokes 32 Refinery Licenses As Dangote Refinery Reaches 80% Completion

BusinessInvestingOil & GasDPR Revokes 32 Refinery Licenses As Dangote Refinery Reaches 80% Completion

Bada Yusuf Amoo (Correspondent)April 13, 2021

The Department of Petroleum Resources (DPR) has disclosed that 32 refinery project licenses issued to private investors in the country have become invalid in the past three years. According to the DPR, the numbers of valid refinery project licenses presently in the country are 23 as of March 2021, from the 44 in April 2018. Analysis of the agency’s new list of valid refinery project licenses and that of April 2018 revealed that 32 licenses...

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IMF Projects Higher Economic Growth for Nigeria in 2021

EconomyInvestingNewsNigeriaIMF Projects Higher Economic Growth for Nigeria in 2021

Beloved John (Staff Writer)April 6, 2021

The International Monetary Fund (IMF) says Nigeria might experience a 2.5 percent economic growth in 2021. The new growth projection is 1.0 percent higher than IMF’s 2021 forecast in January which was estimated at 1.5 percent. The Washington-based institution disclosed this on Tuesday during the 2021 Virtual Spring Meetings. IMF also predicted a growth of 3.4 percent for the Sub-Saharan Africa region in 2021, up 0.2 percent, from the previous forecast. It also lifted its...

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Federal High Court Kano Jailed Two Binomo Investment Employees for Cryptocurrency Fraud

Crime & SecurityInvestingNewsFederal High Court Kano Jailed Two Binomo Investment Employees for Cryptocurrency Fraud

Hassan Umar Shallpella (Regional Correspondent)March 27, 2021

The Federal High Court sitting in Kano on Thursday convicted one Okungbowa Collins and Florence Omorodion accused of obtaining money by false pretense. The Economic and Financial Crimes Commission EFCC has charged the convicts before the federal High Court, Kano on separate counts of obtaining money by false pretense. Okungbowa Collins is to restitute the sum of N420,000 to his victims, while Omorodion was ordered to restitute her victim the sum of N218,000. They allegedly used their...

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NiDCOM, NIPC Synergise on Diaspora Investment Incentives

BusinessInvestingNiDCOM, NIPC Synergise on Diaspora Investment Incentives

PilotnewsMarch 23, 2021

ABUJA — Mrs. Abike Dabiri-Erewa, Chairman, Nigerians in Diaspora Commission (NiDCOM) has emphasised the need for collaboration with the Nigerian Investment Promotion Commission (NIPC) on diaspora investment incentives. This is contained in a statement signed by Gabriel Odu, Media, Public Relations and Protocols Unit of NiDCOM on Tuesday in Abuja. Dabiri-Erewa noted that such collaboration “a necessary step toward for national development. She was quoted as speaking at a strategic meeting with the Executive Secretary...

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Emefiele Woos Investors, Promises CBN’s Support

BusinessInvestingNewsNigeriaEmefiele Woos Investors, Promises CBN’s Support

PilotnewsMarch 5, 2021

LAGOS — The Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele, has advised indigenous and multinational firms to consider the opportunities that Nigeria offers and begin to set up their manufacturing lines in Nigeria. Emefiele gave the advice at the Local Manufacturing Contract Signing of Oral-B Toothpaste, between Procter and Gamble Nigeria and Colliery Cosmetics, on Friday in Lagos. According to him, Nigeria should be the first port of destination for anybody...

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SEC, Group to Train Security Agencies, Lawyers On Tackling Ponzi Scheme

Crime & SecurityInvestingNewsSEC, Group to Train Security Agencies, Lawyers On Tackling Ponzi Scheme

PilotnewsMarch 1, 2021

ABUJA — The Securities and Exchange Commission (SEC) in collaboration with the Attorney General Alliance Africa (AGA-Africa) will train law enforcement agencies, lawyers, and the public on the prevention of Ponzi scheme operations in the country. A statement by a joint committee of SEC and AGA-Africa in Abuja on Sunday said the training would be a two-day webinar to educate the stakeholders on the prevention and investigation of Ponzi schemes. The committee noted that the...

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UK Firm Holds Programme for Nigerian, African Leaders, Launches New Website

InvestingNational DevelopmentNewsNigeriaUK Firm Holds Programme for Nigerian, African Leaders, Launches New Website

PilotnewsFebruary 21, 2021

ABUJA —  Caroline Lucas, an ardent advocate of Nigeria’s greatness and a Director of the UK firm, TEXEM UK says the world has never encountered a more disruptive year than 2020 when COVID-19 negatively affected global organisations. A statement by Caroline Lucas of TEXEM UK released in Abuja on Sunday announced that on March 10 and March 11, the firm would hold live virtual sessions with Nigerian and other global business leaders to proffer strategies...

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Senate Invites CBN Governor for Brief on Cryptocurrency

BusinessInvestingNewsNigeriaSenate Invites CBN Governor for Brief on Cryptocurrency

Bada Yusuf Amoo (Correspondent)February 12, 2021

The Senate has invited the Central Bank of Nigeria (CBN)’s Governor, Godwin Emefiele, to appear before its committees on the opportunities and threats of cryptocurrency on the country’s economy. The red chamber took the decision to invite the CBN governor following a motion by a Federal Lawmaker, Senator Istifanus Gyang, during a plenary on Thursday, concerning the CBN directive asking financial institutions to stop all transactions in cryptocurrencies and matters relating to them. In their...

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Senate Confirms MDs of AMCON, NDIC

EconomyInvestingNewsNigeriaSenate Confirms MDs of AMCON, NDIC

Bada Yusuf Amoo (Correspondent)February 11, 2021

On Wednesday, the Senate confirmed Mr. Ahmed Kuru; and Bello Hassan as managing directors of the Asset Managing Corporation of Nigeria; and Nigeria Deposit Insurance Corporation. The two nominees were confirmed after consideration of the two separate reports of the Senate Committee on Banking, Insurance and Other Financial Institutions. Others who were confirmed were Ebelechukwu Uneze, and Aminu Ismail as the executive directors of AMCON; and Mohammad Ibrahim as Executive Director of the NIDC. The...

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Nigerian Cloud Scheduling App, Calendly, Raises $350m to Surpass Initial $3b Valuation

BusinessInvestingTechnologyNigerian Cloud Scheduling App, Calendly, Raises $350m to Surpass Initial $3b Valuation

Bada Yusuf Amoo (Correspondent)February 6, 2021

Calendly, a world-leading cloud scheduling app that got more usefulness in the wake of COVID-19 pandemic, has achieved a unicorn territory. In the report by The Atlanta Business Journal, the app which was founded by the Nigerian Tope Awotona has raised $350 million in the latest round of funding. Open View Venture Partners took the lead in the round with assistance from San Francisco-based Iconiq Capital. Calendly is a company that is one of the...

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