Nigeria’s Seaports Operating far Above Installed Capacity – NPA MD

BusinessInfrastructureNigeria’s Seaports Operating far Above Installed Capacity – NPA MD

PilotnewsNovember 7, 2021

LAGOS — Mr. Mohammed Bello-Koko, Acting Managing Director of Nigerian Ports Authority (NPA), has said that the two Lagos seaports located in Lekki and Tin Can Island were operating “far beyond their installed capacities”. “What it simply means is that if they were built to handle 500,000 Twenty-Foot Equivalent Units (TEUs), for instance, probably they are now handling about 700, 000 TEUs,” he told newsmen on Sunday in Lagos. He said that the situation had...

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NNPC Weekly Review: Nigeria’s LNG Cargo Arrives Global Market After 22 Years

BusinessOil & GasNNPC Weekly Review: Nigeria’s LNG Cargo Arrives Global Market After 22 Years

PilotnewsNovember 7, 2021

ABUJA —  The Nigeria National Petroleum Company (NNPC) Limited, started its new week on a cheerful note as the country on Monday stepped into the global Liquefied Natural Gas (LNG) market for the first time in 22 years. It was a step expected to strengthen Nigeria’s footprint in the global LNG market after the lifting that occurred from Bonny Island, Rivers State. The maiden LNG export from NNPC LNG Ltd, an arm of the NNPC...

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CBN Spends N58.6bn to Print N1.06trn

EconomyMoneyCBN Spends N58.6bn to Print N1.06trn

Beloved John (Staff Writer)November 6, 2021

LAGOS  — The Central Bank of Nigeria (CBN) spent a sum of N58.618 billion on printing 2.518 billion of naira notes, valued at N1.06 trillion in 2020. This was disclosed in a report released by the apex bank on Thursday. The report 2020 currency operation annual report indicated that there has a decrease in the bank’s expenditure on currency printing, which stood at N75.5 billion, in 2019 and N64.0 billion, in 2020 “The total cost...

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Enugu House Of Assembly Approves 15billion Naira CBN Loan

EconomyMoneyEnugu House Of Assembly Approves 15billion Naira CBN Loan

Ije Ulasi (Regional Correspondent)November 6, 2021

ENUGU — The Enugu State House of Assembly has resolved and approved the State Government’s request to access the Central Bank of Nigeria Infrastructure Finance Facility of N15,000,000,000.00 (Fifteen Billion Naira) only. The request was contained in a letter from the Enugu State Governor, Ifeanyi Ugwuanyi signed by the Secretary to the State Governor, Simon Ortuanya. The letter states the reason for the loan is to specifically finance infrastructural development in the state given the...

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Overcharged Bank Customers Can Petition CBN – NDIC

EconomyMoneyOvercharged Bank Customers Can Petition CBN – NDIC

Beloved John (Staff Writer)November 4, 2021

ABUJA — The managing director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has stated that overcharged bank customers can petition the corporation or the Central Bank of Nigeria (CBN) to facilitate a refund. He said this while addressing business editors and members of the Finance Correspondents Association of Nigeria (FICAN) at a three-day workshop. According to him, bank customers should be enlightened on bank charges, noting that the apex bank’s guideline on bank...

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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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Sterling Bank Open Fixed Deposit For Kwara State Government Without The Knowledge Of Government- Asiru

MoneySterling Bank Open Fixed Deposit For Kwara State Government Without The Knowledge Of Government- Asiru

Hassan Umar Shallpella (Regional Correspondent)November 3, 2021

The Kogi State Commissioner for Finance, Budget and Economic Planning, Asiwaju Idris Asiru, has alleged that Sterling Bank opened the controversial fixed deposit account in the name of the state government without the knowledge or directive of the state. Asiru made the allegation on Tuesday when he appeared before the Kogi State House of Assembly alongside the state Accountant General, Jibril Momoh, and Auditor General, Yakubu Okala on the controversial loan. The House during the...

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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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Youths Are Nigeria’s Most Strategic Asset – Buhari

JobsLabourYouths Are Nigeria’s Most Strategic Asset – Buhari

Beloved John (Staff Writer)November 2, 2021

ABUJA — President Muhammadu Buhari has said Nigeria’s most strategic assets are the youths. According to him, young citizens are currently the country’s most potent ambassadors. He stated this on Monday in Abuja while declaring open a three-day national youth conference themed, ‘Youth Inclusiveness-Governance, Security and Employment’. Represented by Vice-President Yemi Osinbajo, the president said the youths have been breaking new grounds, records and winning laurels in diverse fields of endeavour across the world. “We...

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CBN to Roll Out eNaira App for Persons Without Bank Accounts

EconomyMoneyNewsCBN to Roll Out eNaira App for Persons Without Bank Accounts

Beloved John (Staff Writer)November 2, 2021

ABUJA — The Central Bank of Nigeria (CBN) is working on providing eNaira applications for persons without bank accounts to boost financial inclusion according to Bitt Inc. Bitt Inc is the CBN’s technical partner for the eNaira project. The fintech company is based in Barbados. Speaking at a recent interview with CoinDesk, Brian Popelka, the chief executive officer (CEO) of Bitt Inc., said the present version of the eNaira app is for people with bank...

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