The novel COVID-19 pandemic has caused the African Hotel and Tourism industry to lose over $50bn in revenue. Amidst this, Transcorp Hotels Plc has suffered unprecedented losses and is looking to restructure the business strategy of its hotels and optimize its operations. The management of Transcorp Hotels Plc has announced that it will be taking […]
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Sola Yomi-Ajayi, the CEO of the United Bank for Africa (UBA)’s operations in the United States, has been appointed to the Export-Import Bank of the United States (US EXIM) Committee on Sub-Saharan Africa for 2020/2021. Established by the US Congress, the Sub-Saharan Africa Advisory Committee provides guidance and advice regarding US EXIM policies and programmes […]
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The Federation Accounts Allocation Committee (FAAC) approved the disbursement of N676.407 billion for July 2020 to the federal, states and local government councils as well as relevant agencies in the country. The Permanent Secretary, Federal Ministry of Finance, Mahmud Isa-Dutse, disclosed this during the virtual FAAC meeting for August, according to a communiqué shared on […]
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The English Court has on Friday, 4th September, 2020 delivered an unprecedented judgment, allowing the Federal Republic of Nigeria (FRN) permission to proceed with its challenge to the $10 billion arbitral award made against her over three years ago. This was disclosed in a statement issued by Dr. Umar Jibrilu Gwandu, Special Assistant on Media to the Minister on […]
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Prophet Emmanuel Omale, the General Overseer, Divine Hand of God Prophetic Ministry, has filed a N5 billion suit against First City Monument Bank Plc (FCMB) for providing what he described as a false report to the law enforcement agencies. The suit marked FCT/HC/CV/2020, was instituted by Omale; his wife, Deborah Omale; and the church, the […]
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Africa’s leading financial institution, United Bank for Africa (UBA) Plc, has announced its audited financial results for the half year ended June 30, 2020, showing commendable growth across key performance indices as well as increased contribution from its African subsidiaries. Notwithstanding the challenging business and economic environment occasioned by the Covid-19 pandemic, the pan African […]
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The Presidency says the Second Quarters 2020 Gross Domestic Product (GDP) estimates released by the National Bureau of Statistics (NBS) is relatively far better than many other countries recorded during the same quarter. Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, stated this in a statement in Abuja on Wednesday. […]
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The federal government of Nigerian has said “poor and vulnerable” Nigerians will be exempted from electricity tariff increase. Recall that President Muhammadu Buhari, on Tuesday, approved the implementation of the proposed cost-reflective energy tariff for the Nigerian Electricity Supply Industry (NESI), while residential areas classified as “poor” will not be affected. In a statement on […]
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The Coordinator, Presidential Task Force on COVID-19, Dr Sanni Aliyu, said this at the daily briefing of the PTF on in Abuja. Speaking on the new protocols that would start from Aug. 29, the coordinator said it was expected that passengers coming into the country must present a PCR COVID-19 test result that was within […]
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The Central Bank of Nigeria (CBN) says it will henceforth decline payment of foreign exchange to form M applicants who do so through a company and agent, thereby eliminating third parties. According to a memo signed by O.S. Nnaji, the director of trade and exchange department at the bank, the CBN will now pay the […]
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