A Federal High Court sitting in Abuja, has reversed its previous ruling which retrieved the control of one of Nigeria’s richest oil blocks, OPL 245, from Shell and ENI. The court had on January 26, issued an order, based on a motion by the Economic and Financial Crimes Commission, retrieving the ownership of the oil […]
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Professor Nuhu Obaje, the director of the Ibrahim Badamasi Babaginda University Research Centre, Lapai, on Thursday disclosed that crude oil deposits have been found in Bida basin in Niger State. He said his centre has informed the Nigerian National Petroleum Corporation and the Niger State Government about its finding. Obaje also said his centre has […]
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It has been revealed that only 214 Super rich Nigerians pay income tax in excess of N20 million yearly, the others simply evade tax payment. The minister of finance, Kemi Adeosun tabled this sobering information before the National Economic Council and blamed the situation on why Nigeria posts one of the lowest tax per GDP […]
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Aero Contractors Airline, which is under the management of the Asset Management Corporation of Nigeria (AMCON), has sacked about 900 workers representing 60 per cent. Letters of redundancy were issued to the affected employees during the week. Media Consultant to the 58 year-old airline, Mr Simon Tumba, who confirmed the development in a statement issued on […]
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Prof. Umar Garba Danbatta, the Executive Vice Chairman, Nigerian Communications Commission (NCC) says Nigerian telecom consumers spent $6.6 billion on service consumption in 2016. Danbatta made this disclosure on Wednesday in Abuja during the launch of the NCC Year of Consumer. He said that in 2015, the Nigerian telecom consumers spent 5.6 billion dollars, adding that consumers’ […]
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The Central Bank of Nigeria (CBN) on Tuesday sustained the supply of foreign exchange to the market by releasing 195 million dollars. The measure had a resonating effect on the Parallel market: the naira gained some grounds against the US dollar, exchanging for N452 as against N455 on Monday. The CBN acting Director, Corporate Communications, […]
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Happy days are creeping into Nigeria once again as inflation rate bucked the trend in February to fall to 17.78 percent. It is the lowest level in 15 months and driven by a slower rise in general price levels, the National Bureau of Statistics said on Tuesday. Inflation had risen to 18.72 percent in January, […]
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The naira on Monday appreciated in all the major segments of the foreign exchange market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained three points to exchange at N460, from N463 posted on Friday, while the Pound Sterling and the Euro closed at N550 and 476, respectively. At the Bureau De Change […]
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Commercial banks in Nigeria are seeking customers to buy surplus foreign currencies they hold following the flooding of the banks with dollars by the Central Bank of Nigeria (CBN). In an effort to support and shore-up the value of Naira, CBN resolved to flood commercial banks with dollars. The banks are reported to be holding […]
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The Association of Licensed Telecommunications Operators of Nigeria (ALTON) said in Lagos on Saturday that the sector deserved to be supported with direct Foreign Exchange (FX) allocation. ALTON Chairman, Mr Gbenga Adebayo who said this in a statement added that with such allocation from the Central Bank of Nigeria, the challengers operators faced while trying […]
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