Wednesday October 1st, 2014
Wednesday October 1st, 2014
Latest

N/A canvasses private companies conversion, listing bill

  /   in Business 12:52 am   /   Comments

Nigerian-Stock-Exchange-(NS

The National Assembly, N/A has intensified plans to hold a public hearing on the proposed private companies conversion and listing bill. The purpose of the bill is to compel private companies whose shareholders funds exceed N40 billion or whose annual turnover exceeds N80 billion or its total assets exceed eighty billion, to convert to public liability company and get its shares listed in the Nigerian Stock Exchange.

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EU-Nigeria bilateral trade volume to grow to N17trn by 2015

  /   in Business   /   Comments

naira-Dollar

The Head of EU Delegation to Nigeria, Amb. Michel Arrion, has said that the EU-Nigeria bilateral trade volume is set to grow to N17 trillion (€80.8 billion) by 2015.

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Oteh re-elected AMERC chair

  /   in Business 12:36 pm   /   Comments

Ms Arunma Oteh, DG, SEC

Director General, Securities and Exchange Commission, SEC, Arunma Oteh has been unanimously returned un-opposed as chairperson of the African/Middle East Regional Committee, AMERC at the 39th annual conference of the International Organisation of Securities Commissions, IOSCO currently taking place in Rio de Janeiro, Brazil.

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Nigeria loses N78bn to crude, petroleum products theft

  /   in Energy   /   Comments

*Oil Vandals

Nigeria lost N77.87 billion worth of crude oil and other petroleum products in 2013, the Nigerian National Petroleum Corporation, NNPC, has revealed.

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DPR to sanction marketers for adulteration, under-dispensing

  /   in Energy   /   Comments

Fuel-dispenser

The Department of Petroleum Resources, DPR, the regulator of the nation’s petroleum industry, said it will sanction petroleum marketers who engage in the manipulation of their pumps and adulteration of products.

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First Bank to fund Kaztec’s $1.3bn Addax contract

  /   in Energy   /   Comments

rom left: Group Head Energy, First Bank Plc, Mr. Olalekan Adelekan; Chief Finance Officer, Chrome Group, Mr. Nixon Alanza; Group Managing Director/Chief Executive Officer, First Bank,  Mr. Olabisi Onasanya; and Project Manager Kaztec Engineering Ltd, a subsidiary of Chrome Group, Mr. Kingsley Nnodu,  when the First Bank team visited Chrome’s Fabrication Yard at the Snake Island, in Lagos.

First Bank Plc has expressed willingness to support the funding of a $1.3billion fabrication contract by Kaztec Engineering, a subsidiary of the Chrome Group, awarded by Addax Petroleum.

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FG to establish 1,000MW coal power plant in Enugu

  /   in Energy   /   Comments

File Photo

The Federal Government has announced plans to establish a 1000 mega watts coal power plant in Enugu state.

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FirstBank ATM ownership

  /   in Business   /   Comments

atm2

The decision of FirstBank to increase the volume of its Automated Teller Machine,ATM, galleries across the country has redefined the significance of ATM to customers.

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We are dying of hunger — NUP, Electricity sector

  /   in Energy   /   Comments

Electricity-new

The Nigerian Union of Pensioners, Electricity Sector, Rivers/Bayelsa Chapter has protested against the non-payment of their arrears and pension for over nine months.

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Shell campaigns against building on gas pipelines

  /   in Energy   /   Comments

refinery-7

Shell Nigeria Gas, SNG, has alerted members of the public on the dangers of encroaching on the pathway of gas pipelines in a campaign targeting its business areas in Ogun, Rivers, and Abia states.

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Nigeria earns N6.11bn from NGL lifting in one month

  /   in Energy   /   Comments

naira-Dollar

Nigeria earned about $38.19 million, about N6.11 billion from the lifting of 132,224 metric tonnes, MT, (about 966,822 barrels) of Natural Gas Liquid, NGL, in May 2014, the Nigerian National Petroleum Corporation, NNPC, has said.

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We have created 160,000 enterprises in 9 years — NBTI boss

  /   in Business   /   Comments

The Wired World: A graphic representation of the Internet

The Director General Chief Executive of the National Board for Technology Incubation Centre, Dr. Mohammed Jibrin says the agency has succeeded in creating about 162,000 entrepreneurs in five years of its existence in the 27 Technology Incubation, TIC centres across the country.

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CIS tasked to explore opportunities in entertainment industry

  /   in Business   /   Comments

Nigerian-Stock-Exchange-(NS

By PETER EGWUATU The members of the Chartered Institute of Stockbrokers, CIS have been advised to explore opportunities in the entertainment industry in order to boost Nigerian economy. The Chief Executive Officer, ?Kalafrika Limited, Mr.Dede Mabiaku, gave the advice at the CIS Brunch with the President, Albert Okumagba, held over the weekend in Lagos. According

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Drinks.ng records 105% growth

  /   in Business 5:44 pm   /   Comments

wine

Nigeria’s first online one-stop shop for beverages and alcohol drinks, www.drinks.ng has said that it has recorded 105 percent growth within one year of operations.

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Aflix expands to 30 African countries

  /   in Business   /   Comments

Africa

Aflix, a mobile online video streaming app which launched in Nigeria, Kenya and Ghana last month has expanded its operations by unveiling the Hollywood mobile streaming service in thirty other countries in Sub-Saharan Africa.

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Banks breathe easier as FG floats N213bn lifeline for GENCOs

  /   in Business   /   Comments

economy

Federal Government’s plan to pay off the over N200 billion gas supply debt owed by defunct PHCN will avert the impending systemic non-performing loans in Nigeria banks.

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World Bank provides $400m to tackle Ebola

  /   in Business   /   Comments

HEALTH PERSONNEL IN PROTECTIVE  KITS AT THE NATIONAL HOSPITAL IN ABUJA ON TUESDAY (12/8/14).

Following alarming evidence of the spread of the Ebola epidemic in West Africa, the World Bank Group has announced that it will nearly double its financing to $400 million to help the worst-affected countries address the emergency and build stronger health systems for the years ahead.

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Nigerian firm eyes €4bn payout from defaulting Australian companies

  /   in Business   /   Comments

naira-Dollar

For allegedly dumping their part of a partnership deal to establish a polymer currency printing plant in Nigeria, the Reserve Bank of Australia and two other firms, Securency Private Limited and Innovia Films Limited, all based in Australia, may pay damages of up to four billion Euros (€4bn) to a Nigerian firm.

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From boom to gloom or doom –The Story of Oil (1)

  /   in Business   /   Comments

CRUDE-OIL

Crude oil has always been slippery stuff – good when under control; destructive when out of control. Crude oil is about to destroy the Nigerian economy faster then Boko Haram or even Ebola.

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American investors to spend $106m on 50MW solar plant

  /   in Business   /   Comments

Solar powered community water project at Uturu Abia State

Global Business Resources, U.S.A, a consortium of international investors are in Nigeria for a follow-up discussions with government officials for the realisation of two 50MW solar-powered plants in Kumbotso, Kano State and Karu, in Abuja, F.C.T.

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Container housing offers cheaper, faster option for mass housing — Tempohousing Nigeria

  /   in Business   /   Comments

Housing-pix-1

Tempohousing Nigeria (THN) specialises in the manufacture and design of flexible and affordable homes using standard ISO shipping containers.

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Building guild calls for quality among block makers

  /   in Business   /   Comments

Rubbles of a four-storey building that collapsed at Obanye Street, Onitsha, Anambra State, yesterday. PHOTO: NAN.

The Building Collapse Prevention Guild (BCPG) has called on block makers and other professionals in the sector to ensure quality in block and concrete business.

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Ai to boost African pension, sovereign wealth fund by $1 trn

  /   in Business   /   Comments

Africa

Africa Investor, Ai has announced its $1billion Africa investor Sovereign Infrastructure Investment Platform, for African pension and sovereign wealth funds – continually developed in close partnership with African pension and sovereign wealth funds.

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Administration of current taxes in Nigeria

  /   in Business   /   Comments

Tax-matter-pix-,-Kabir-Moha

Education Tax (EDT):The Education tax decree No. 7 which was initially declared in 1993 was amended by Education Tax (Amendment) Decree No. 40 of 1998. As stated in the Act, 2% tax rate should be charged on the profit of all companies registered or resident in Nigeria.

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NDIC tasks mortgage banks on corporate governance practices

  /   in Business   /   Comments

BANK

In a bid to address any systemic failure resulting from build up of toxic asset, Nigeria Deposit Insurance Corporation, NDIC, has cautioned Primary Mortgage Banks, PMBs to adhere to recommended corporate governance practices based on effective and sustainable risk management practices as instituted by regulatory authorities.

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Youth restiveness and unemployment in Nigeria: the way out part 1

  /   in Business   /   Comments

File photo: Unemployed youths at Alausa, Ikeja

The words ‘youth’ and ‘restiveness’ have become so commonly used together in the last couple of years that they seem to have taken on a life of their own.

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Senate decries failure of Free Trade Zones

  /   in Business   /   Comments

trade-centre-pix-11

THE Senate has lamented that Free Zones in the country have not benefited the economy as a result of the weak regulatory framework guiding their operations.

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Heritage Bank pledges integration of Enterprise Bank, listing on NSE

  /   in Business   /   Comments

Nigerian-Stock-Exchange-(NS

Heritage Bank has disclosed its readiness to fulfill all conditions necessary for the acquisition of Enterprise Bank as stated after the recent successful signing of the Share Purchase Agreement between it and the Asset Management Corporation of Nigeria (AMCON).

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Coca-Cola HBC is 2014 industry leader

  /   in Business   /   Comments

Coca-Cola HBC AG, parent company of Nigerian Bottling Company, NBC Limited has been named industry leader amongst beverage companies in the 2014 Dow Jones Sustainability Indices, DJSI.

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New ACCA president to focus on ethics, public sector

  /   in Business   /   Comments

Newly elected President of the Association of Chartered Certified Accountants (ACCA), Mr. Anthony Harbinson said that his tenure would focus on the issues of ethics and public sector.

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FRC more strategic in fighting financial crimes, says chairman

  /   in Business   /   Comments

naira money

The Chairman, Fiscal Responsibility Commission (FRC), Mr Victor Muruako, has said that the commission is more strategic in fighting financial crimes and corruption than other agencies.

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Why the tax system in Lagos is transparent — Fowler, LIRS Chairman

  /   in Business, Interview 12:27 am   /   Comments

Tunde Fowler

Mr. Babatunde Fowler, Chief Executive Officer of the Lagos State Inland Revenue Service and Executive Chairman, Lagos State Board of Internal Revenue, explains why the state is the model in tax administration and development in the country at a time when there are fears that the dwindling revenue from crude oil sales may get worse

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