Friday August 28th, 2015
Friday August 28th, 2015

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Nigeria’s annual tomato import bill now N16bn — Per Sec

  /   in Business 12:29 am   /   Comments

Tomatoes market

The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Arc. Sonny Echono, has disclosed that the nation’s annual import bill on tomato has increased to N16 billion.

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CBN, court approve Heritage, Enterprise Banks’ merger

  /   in Business 12:56 am   /   Comments

Emefiele CBN Governor

The Central Bank of Nigeria (CBN) has granted final approval for the merger of Heritage Bank and Enterprise Bank. Furthermore, the Federal High Court has sanctioned the scheme of merger and ordered the merger of both institutions.

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Nigerian economy slows in Q2

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Buhari

Growth in the Nigerian economy, Africa’s largest, slowed in the second quarter due to the slump in oil prices, the NBS office said.

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W/Bank to disburse $140m to 26 states for community devt

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world-bank

The World Bank is now set to disburse $ 140 million (about N29 billion) to 26 states in Nigeria and the Federal Capital Territory, under the Community and Social Development Project, CSDP.

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Banks in dilemma over idle $5bn deposits

  /   in Business 3:26 am   /   Comments

1000-naira-notes

LAGOS — Indications emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults.

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Global insurance rates decline further

  /   in Business, News   /   Comments

File: insurance

Abundant insurance and reinsurance market capacity, assisted by the influx of alternative capital, coupled with a lack of large loss events, has contributed to a decline in global insurance rates for the ninth quarter running, according to analysts at Marsh.

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Why you should allow verification of your vehicle insurance certificate

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motor insurance

Henceforth, if you are driving within Lagos State and officials of the Ministry of Transportation or other law enforcement agents stop you to verify the authenticity and genuineness of your motor insurance certificate, please oblige them.

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Recent journeys between Lagos and Osogbo, Osun State

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SCARE—Traffic caused by the Boko Haram scare on Lagos -Ibadan Expressway, yesterday. Photo: Lamidi Bamidele.

I have made a few journeys recently between Lagos and Osogbo, Osun State. The outward leg of the journey from Lagos has been on the Lagos to Ibadan expressway, the Ibadan to Ile-Ife expressway up to Gbongan, Osun State and then on the Gbongan to Osogbo road while the return leg of the journey has been in the reverse order.

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NSE flags-off Premium Board with Dangote Cement, Zenith Bank admission

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File photo: The  floor of Stock exchange

The Nigerian Stock Exchange, NSE, yesterday kicked off a new listing platform, Premium Board and the associated Premium Board Index, with the admission of Dangote Cement Plc, FBN Holdings Plc and Zenith Bank Plc’s shares.

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Nigeria to host the Africa $33bn RemitAfrica2015 summit

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Nigeria-map

More than 200 delegates and 65 industry stakeholders from more than 25 countries are expected to attend the RemitAfrica2015 event in Lagos in December.

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NNPC boss calls for diversification of power generation

  /   in Business, News 8:41 pm   /   Comments

New NNPC Boss, Dr. Ibe Kachikwu

As part of measures to improve electricity supply across the country, Mr. Ibe Kachikwu, the Group Managing Director, Nigeria National Petroleum Corporation, NNPC, has called for the diversification of power generation in the country. He made this call at the Nigeria Association of Energy Correspondent, (NAEC) Conference 2015, held at Eko Hotel, Lagos recently.

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Cornerstone Insurance At Its Best

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Mr. Ganiyu Musa, GMD/CEO of Cornerstone Insurance Plc

In continuation with our special focus on the Insurance sector with a view to contribute towards the deepening of what is rightly believed to be a sector with one of the greatest potentials, we are focusing on General Insurance in this publication. The environment that prevails for Life subsists for General Insurance. Here there is also an amazing depth that is yet to be filled, a breadth that is yet to be covered. Asides the largest population, the highest GDP and the largest market in Africa, Nigeria equally has many active sectors of the economy, it has a most robust informal sector too. This entails that there are many firms and organizations both private and public as well as many individuals engaged in informal businesses.

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CBN sets up centres in North America, Asia, others to facilitate BVN registration

  /   in Business, News 2:51 pm   /   Comments

File: BVN registration

…Confirms payment of 30 pounds By Jonah Nwokpoku The Central Bank of Nigeria, CBN has named twelve approved centres across Europe, North America, Asia, Middle East and Africa to facilitate the Bank Verification Number, BVN registration exercise for Nigerian banks’ customers in the Diaspora. The approved centres include the ones in Washington DC, Atlanta, New York

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Capital inflow drops by 0.20% in 1st half

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Economy

The value of capitalimported into the country in the second quarter of the year stood at $2,666.36 million, representing a marginal drop of $5.24 million or just 0.20% quarter on quarter Capital importation thus remained relatively unchanged from the $2,671.59 million recorded in the opening quarter of 2015, suggesting that this new, lower level will be maintained as long as an uncertain economic environment remains.

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Araba cautions FG on proposed merger of aviation agencies

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aviation

Former Rector, Nigerian College of Aviation Technology (NCAT), Captain Adebola Araba has cautioned the Federal Government against merging the aviation parastatals saying it is against international practice to merge regulator, that is , Nigerian Civil Aviation Authority, NCAA, with the parastatals it is supposed to supervise.

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Govt should give us subvention, not tax us —Bello

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Microfinance interview pix

Mrs. Nadia Bashir-Bello, is the Proprietress of Bellina Schools (Bellina College, Nursery and Primary Schools). She is an astute, hardworking and forthright woman, a disciplinarian, lover of children and a professional educator.

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NCAA tasks information officers on accident reporting

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FRSC-accident

Director General of the Nigerian Civil Aviation Authority, NCAA, Captain Muhtar Usman has cautioned information managers and Public Relations officers at the country’s airports to do a critical review of information dissemination during accidents and incidents.

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Row over BOI’S N24.6BN for miners!Let bank chief, Olaoluwa, name money recipients – Ekozin

  /   in Business 12:30 am   /   Comments

Sonny-Ekozin

The revelation by the Managing Director of the Bank of Industry, Mr. Rasheed Olaoluwa, that his organization gave loan totaling N24.6 billion to the solid minerals sector has unsettled miners.

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Fidelity Bank supports home ownership with N115m

  /   in Business 12:56 am   /   Comments

Fidelity Bank Plc has earmarked N115 million to support Nigerians that desire to own new homes across the country through a new promotional campaign tagged, ‘Save 4 Shelter’ promo.

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Reclassification: SEC to deregister erring stockbroking houses

  /   in Business   /   Comments

The Securities and Exchange Commission, SEC, has warned that the registration of capital market operators that fail to meet up with the August 31, 2015 deadline for reclassification/reduction of their function or mergers and acquisitions will be cancelled by October 2, 2015.

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CPC begins Consumer Voice on TV

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market

The Consumer Protection Council (CPC), will begin a consumer education television programme today (Thursday) to equip consumers with the necessary skills for their market interactions.

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Skills development can create 10,000 jobs monthly —Ezeh

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*Pix. 4: Applicvants who could not find seats await further insatructions as others take seats to write the Nigeria Immigration Service examinations at the 60,000 capacity National Stadium, Abuja. Photo by Abayomi Adeshida

Early this month, Maximum Career Success International (MCSI) held a free seminar for the unemployed, people who are working but unsatisfied with their present jobs and students, in Lagos.

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Commonwealth Business Forum: Nigerians urged to exploit opportunities offered by anti-graft policies

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President Buhari at the Joint Base Andrews Airport in Washington, DC.

President Muhammadu Buhari is expected to lead Nigeria to the first forum of the Commonwealth Enterprise and Investment Council, CWEIC holding alongside the meeting of the Commonwealth Heads of Government, CHOGM in Malta in November.

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Afren’s insolvency: Bondholders could recover 6% of their principal —Rencap

  /   in Business   /   Comments

Renaissance Capital, Rencap has disclosed that Afren Plc has been placed in administration, predicting that bondholders could recover 6 per cent of their principal if the company ceases to exist.

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Nigeria, Egypt, Australia, 3 others sign MoU on marine certification

  /   in Business   /   Comments

ship

The Nigerian Maritime Administration and Safety Agency, (NIMASA) has signed a Memorandum of Understanding, (Mou) with Egypt, Australia, Bahamas Vietnam, and Dominican Republic on the certification of cadets.

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Nigerian banks risk losing N31.45bn to exposure on Afren’s financing

  /   in Business   /   Comments

File: BVN registration

Nigerian banks involved in syndicate financing of Afren Plc’s onshore and offshore activities are at risk of losing $185 million (N31.45 billion) to exposure following doubt in the company’s ability as a going concern.

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AUC seeks cooperation among standard organisations in Africa

  /   in Business, News 12:45 am   /   Comments

THE Head, Trade Division of the African Union Commission, AUC, Mr. Nadir Merah, has disclosed that cooperation among standard organisations in Africa can boost sustainable agriculture and food security in the continent. Mr. Merah, who represented the Chairperson of the Commission, Dr. Nkosazana Zuma , at the just concluded 52nd African Organisation for Standardisation’s, ARSO’s meeting in Addis Ababa, Ethiopia, said Africa was close to realising the lofty dream given the rate of collaboration and cooperation among the ARSO members.

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Review concession agreements to check capital flight – Freight Forwarders

  /   in Business, News   /   Comments

Port-Terminal

THE International Freight Forwarders Association, IFFA, has called on the Federal Government to reassess the port concession exercise to check capital flight and improve port efficiency for maximum economic benefit for the country. IFFA position was made known in Lagos by its President, Sam C. Onyemelukwe, at its quarterly press conference to address issues affecting the maritime industry.

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Port state control: NIMASA detains 63 vessels

  /   in Business 6:09 pm   /   Comments

The Nigerian Maritime Administration and Safety Agency, NIMASA, detained a total of 63 substandard vessels on account of structural and operational deficiencies in 2014. The agency also inspected a total of 726 vessels under the Port State Control regime making Nigeria one of the enforcers of the convention in Africa.

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A building contractor’s liability and a structural engineer’s liability (2)

  /   in Business   /   Comments

The site of the collapsed building at the Synagogue Church, Ikotun-Egbe, Lagos.

The previous week, we noted that two persons, the building contractor and a structural engineer associated with a building which collapsed at Ikotun, were to be investigated as to their roles in the deaths of persons at the building site.

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Stanbic IBTC Bank partners PAN on vehicle finance

  /   in Business   /   Comments

In a move expected to redefine vehicle financing and acquisition in the country as well as empower Nigerians to own new vehicles, Stanbic IBTC Bank and PAN Nigeria Limited, makers of the Peugeot brand of vehicles, have signed a novel Finance Lease Agreement.

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Access Bank records 80% rights issue subscription

  /   in Business   /   Comments

Access Bank Plc has said that its Rights Issue of N41.8 billion to its existing shareholders was 80 per cent subscribed.

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