City BusinessNews, Author at City Business News

December 3, 2015 No Responses

Senate restates ban on rice importation

The Senate has criticized the lifting of ban placed on rice importation and urged the Presidency to prevail on the Nigeria Customs Service (NCS) to immediately restore it. Adopting the report of the Ad-hoc Committee on Import Duty Waivers, Concessions...

December 2, 2015 No Responses

CBN cautions against weak corporate governance practices

The Central Bank of Nigeria (CBN) has reiterated its commitment to ensure zero-tolerance to weak corporate governance practices in the country. According to the CBN Deputy Governor in charge of Financial System Stability, Dr.Okwu Joseph Nnanna, who spo...

December 2, 2015 No Responses

Osibanjo decries over-dependence on oil

The Vice-President, Yemi Osinbajo has described Nigeria’s over-dependence on oil resources as a major factor responsible for the high level of corruption in the country. He also identified restiveness and agitation for resource control, especially in the S...

December 2, 2015 No Responses

Senate approves N574.5b supplementary budget

The Senate on Tuesday passed N574,532,726,857 billion as the 2015 supplementary budget. Under the arrangement, it is N108,895,800,000 billion higher than the N465,636,926,857 billion proposed by President Muhammadu Buhari to the National Assembly for appro...

December 2, 2015 No Responses

PwC predicts drop in ageing power infrastructure by 2020

A survey put together by PricewaterhouseCoopers (PwC) has predicted that ageing infrastructure is expected to significantly reduce in the next five years (2020). Quoting Chief Executive Officers (CEOs) of power and utilities companies in Nigeria, the survey ...

December 1, 2015 No Responses

CBN approves extension of BVN registration for military

The Central Bank of Nigeria (CBN) has approved the extension of the Biometric Verification Number (BNV) registration for men of the armed forces to enable them access their salaries. Speaking before the Senate Committee on Appropriation’s public hearing on...

December 1, 2015 No Responses

Buhari approves Nigeria’s action plan to tackle climate change

AS part of measures to tackle climate change, President Muhammadu Buhari has approved the submission of Nigeria’s Intended Nationally Determined Contributions (INDC) to United Nations Framework Convention on Climate Change (UNFCCC). In a statement, the Pre...

December 1, 2015 No Responses

NNPC, others to harmonise subsidy claims

The Senate has directed the Ministry of Petroleum, Nigerian National Petroleum Corporation (NNPC) and other relevant stakeholders to harmonise subsidy claims for October to December 2015. Sen. Danjuma Goje, Chairman, Senate Committee on Appropriation, gave the...

November 26, 2015 No Responses

NCAA bars five marketers from supplying aviation fuel

The Nigerian Civil Aviation Authority has suspended five oil marketing companies from supplying aviation fuel, also called Jet A1, to local and foreign airlines operating in the country due to lack of depot facilities. According to Punch Newspaper, the compani...

November 26, 2015 No Responses

NNPC partners EFCC, DSS on fuel scarcity

Worried by the ongoing nationwide fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) has implored the Department of State Services (DSS) and the Economic and the Financial Crimes Commission (EFCC) to help arrest marketers hoarding and divertin...

November 25, 2015 No Responses

NCC tasks MNOs over N30b subscribers’ loss to unsolicited SMS

Following claims by the National Association of Telecommunications Subscribers of Nigeria (NATCOMS) that telephone users in the country lose about N30 billion to unsolicited Short Message Service (SMS) monthly from the activities of Value Added Service Provide...

November 25, 2015 No Responses

CBN cuts interest rate to 11%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (benchmark interest rate) from 13 per cent to 11 per cent. Speaking at an interactive session with Journalists after the MPC meeting explained...

November 25, 2015 No Responses

NIMASA shuts Obat Oil Jetty

The Nigerian Maritime Administration and Safety Agency (NIMASA), pursuant to its mandate as the Designated Authority (DA) for the implementation of the International Ship and Port Facility Security (ISPS) Code has shut Obat Oil and Petroleum Limited Jetty at I...

November 24, 2015 No Responses

Audu died a courageous politician, says Buhari

President Muhammadu Buhari has expressed shock over the news of the death of Abubakar Audu, the All Progressives Congress candidate in the inconclusive Kogi State governorship election. The President, who is attending the Third Gas Exporting Countries Forum ...