Tony O. Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA) Plc has identified entrepreneurship as a veritable solution to achieving poverty reduction in the country. Delivering a paper at the National Institute of Policy and Strategic Studies…
Ministry signs MoU with British Council on dormant festivals, traditional games
The Minister of Information and Culture, Alhaji Lai Mohammed, has signed a Memorandum of Undrstanding (MoU) with the Chief Executive of the British Council, Sir Ciaran Devane, with a request for partnership to help train festival managers, revive the country’s…
Ronaldo wins UEFA Best player award
(BBC) Cristiano Ronaldo has been named Uefa’s Best Player in Europe for the second time after winning the Champions League and Euro 2016 last season. The Real Madrid forward beat team-mate Gareth Bale and Atletico Madrid striker Antoine Griezmann in…
Shareholders of Diamond Bank, FCMB, others lose N8.1B over non-remittance of funds
The Foreign Exchange (FOREX) restriction order placed on Diamond Bank Plc, First City Monument Bank Plc (FCMB) and others by the Central Bank of Nigeria (CBN) reverberated yesterday on the floor of the Nigerian Stock Exchange (NSE). Two of…
Forex: CBN re-admits UBA
The Central Bank of Nigeria (CBN) has re-admitted United Bank for Africa (UBA) into the Foreign Exchange Market. A statement issued by UBA dated August 24, 2016 said: “Further to our press statement of yesterday (Tuesday), we are pleased to…
FG approves 2017-2019 Fiscal Strategy Framework
The Federal Executive Council (FEC) on Wednesday approved a three-year Fiscal Strategy Framework from 2017 to 2019. Identified as the Medium Term Expenditure Framework (MTEF), the process starts the process for the preparation of the 2017 budget. The Minister of…
Non-Performing loans in Banks hit N649.63b
Non-Performing Loans (NPL) in Banks is now N649 Billion, an increase of 78 per year-on-year from May, 2015. In his presentation at the third National Credit Reporting Conference organised by the Credit Bureau Association of Nigeria (CBAN) in Lagos, the…
Ajayi assures Apapa community of NPA’s support
The Nigerian Ports Authority (NPA) General Manager in charge of Western Ports, Chief Michael Kayode Ajayi has reiterated the commitment of the Authority to partner and support Apapa Community “as the host of the two busiest Ports in West Africa”….
Lagos seals Protea Hotel
(NAN) The Lagos State Internal Revenue Service (LIRS) has sealed Protea Hotel, close to Kuramo Waters, over alleged failure to remit N11.07 million personal income taxes deducted from workers’ salaries. Ajibike Oshodi-Sholola, Head, Distrain Unit of LIRS, disclosed this to…
FG pledges support for Artists
The Minister of Information and Culture, Alhaji Lai Mohammed, has reassured the Artists’ Village community at the National Theatre, Lagos, that the government has not abandoned them. The Minister, who stated this in Lagos at a meeting with the representatives…
CBN suspends First Bank, Diamond, others from forex transactions
Citing non-remittance of all outstanding Nigerian National Petroleum Corporation (NNPC) funds in their vaults into the Treasury Single Account (TSA), the Central Bank of Nigeria (CBN) has suspended nine banks from further dealing in foreign exchange transactions (forex). The banks…
‘UBA has remitted all NNPC/NLNG Dollar deposits into TSA’
The United Bank for Africa (UBA) has remitted into the Single Treasury Account (TSA) domiciled at the Central Bank of Nigeria (CBN) all dollar deposits belonging to the Nigerian national Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas Company (NLNG). Reacting…
Workers fault proposed airport concession
The National Union of Air Transport Employees (NUATE) and Air Transport Services Senior Staff Association (ATSSSAN) on Tuesday in Lagos and Abuja, staged a protest against the proposed concession of four international airport terminals by the Federal Government. According to…
COSCO Shipping places order for four Asphalt Carriers
COSCO Shipping’s subsidiary Cosco Southern Asphalt Shipping has ordered four 7,500 dwt asphalt carriers from Chinese shipbuilder CSSC Chengxi Shipyard. The company explained that the new ships would serve both short-range routes as well as the company’s long-range international routes. With these…