Sunday November 23rd, 2014
Sunday November 23rd, 2014
Latest

Electricity: MAN cries out over high tariff, fixed charges

  /   in Energy 12:37 am   /   Comments

electricity

The Manufacturers’ Association of Nigeria, MAN, has cried out to the Federal Government to review the multi-year tariff order, MYTO II, released in June 2014, containing the discriminatory fixed and average charges, saying the charges are suffocating the sector.

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Power firms to pay N225m for connection to TCN network

  /   in Energy   /   Comments

Electricity-new

The Transmission Company of Nigeria, TCN has fixed a charge of about N225 million for power firms seeking to modify their connection to its transmission network across the country and also for firms seeking to connect to the network for the first time.

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FG to pay oil marketers outstanding arrears

  /   in Energy   /   Comments

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has pledged to intervene and ensure that outstanding arrears of fuel subvention owed to petroleum marketers are paid before the end of this month.

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APM Terminal milks economy of over N60b in 10 months —Agents

  /   in Business   /   Comments

A fully loaded truck in one of the inland dry ports in the sub-region, will be delayed, harassed for bribes by the numerous security agents along the region’s transport corridor before it gets to its destination.

The various freight forwarding groups comprising Association of Nigeria Licensed Customs Agents, ANLCA, National Association of Government Approved Freight Forwarders, NAGAFF and National Council of Managing Directors of Licensed Customs Agents, NCMDLCA, operating at the Apapa, have accused largest container terminal operator in the country, APM Terminals of unapproved levy collecting over N60 billion from importers in the last 10 months.

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Oil: Nigeria facing stiff competition from East African countries

  /   in Energy   /   Comments

refinery-7

Apparently referring to the non passage of the petroleum industry bill, PIB, the Managing Director of Total Upstream Company in Nigeria, Elizabeth Proust, said that Nigeria is fast losing oil exploration investments to East African countries.

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UPDC REIT unit holders to get N1.4bn interim dividend

  /   in Investors Forum   /   Comments

The Fund Managers of UPDC Real Estate Investment Trust (UPDC REIT), FSDH Asset Management Limited, has announced the payment of N1.4 billion interim dividend to the unit holders for the period ended June 30, 2014.

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Manufacturers lose N22b to Shell gas cut

  /   in Business 2:10 am   /   Comments

gas

The cut in gas supply to no fewer than 87 manufacturing companies in the Agbara and Ota industrial belts of Lagos and Ogun states has cost manufacturers about N22b in the past three weeks, manufacturers, whose businesses have been affected, have cried out.

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Elumelu, Dangote seek more local actors in oil and gas

  /   in Business   /   Comments

Two Nigeria entrepreneurs, Alhaji Aliko Dangote, President Dangote Group and Mr. Tony O. Elumelu, Chairman,Heirs Holdings, have lent their voices to the call for more indigenous participation in the Nigerian Oil and Gas Industry.

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CeBIH retreat examines PSV 2020 and policy regulation

  /   in Business   /   Comments

Banking and E-payment experts will converge at the 2014 annual retreat of the Committee of E-Banking Industry Heads (CeBIH) to examine the role of policy regulation in the implementation of the Nigeria’s Payment System Vision 2020.

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Ex-SGF hails Jonathan on power sector reforms

  /   in Energy   /   Comments

electricity-NIGERIA

A former Secretary to the Government of the Federation, SGF, Mahmud Yayale Ahmed said the present administration has made remarkable strides in the power sector road map, which set the tone for reforms in power.

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Crude at $70: Time for new SAP

  /   in Business 8:28 pm   /   Comments

File Photo: Crude Oil

The same day’s edition of the paper reported that workers at the National Assembly, NASS, had not been paid their salaries for October; and legislature’s third quarter allocation is still pending (p 5). And, on its back page, the RIPPLES cartoonist reminded us that Dr Okonjo-Iweala recently assured us that ‘Nigeria is not broke”. To which RIPPLES replied, “Yes. It’s Nigerians that are broke.”

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FG to create 3m jobs in  12 months, says, Minister

  /   in Business   /   Comments

Job seekers on the pitch of Abuja National Stadium appling for work with immigration departement

The Minister of Labour and Productivity, Alhaji Kabiru Turaki, has said that, in a bid to fast track job creation in the country, the Federal Government recently inaugurated national job board under the chairmanship of the Vice President to create three million jobs for unemployed Nigerians in the next 12 months.

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Our statistics on development are deceitful — Amuta

  /   in Business 2:35 am   /   Comments

amuta

Chidi Amuta is the founding director of the Rural Directorate of Food, Roads and Rural Infrastructure (DFRRI), old Imo State. Currently he is the chairman and CEO, Silson & Weizmann Associates Ltd, a media and information warehousing company, and OUTCOMES, an international public affairs and policy consulting company.

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Carmudi Nigeria targets 10 million users as listings hit 40,000

  /   in Business 6:00 pm   /   Comments

Innoson-cars

Carmudi Nigeria, an online car retailer has said that its target is to attract at least ten million users to its website, www.carmudi.com.ng even as the site recorded about 40,000 listings including over 800, 000 Facebook fans.

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Murray-Bruce, Ali Baba, others laud capital market’s investment opportunities

  /   in Business   /   Comments

Ben-Bruce

Some frontline operators in the Nigerian entertainment industry have passed a vote of confidence on the Nigerian capital market as a platform that provides an array of investment opportunities for individuals, corporate entities and government at all tiers.

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Ashaka Cement records 3 % revenue growth in 9 months

  /   in Business   /   Comments

Cement

Ashaka Cement Plc nine months results for the period ended 30 September, 2014 showed revenue growth of 3 per cent Year on Year, YoY to N17.3 billion and after tax profit growth of 103 per cent YoY to N4.3 billion.

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FG canvases PPP in agric mechanisation

  /   in Business   /   Comments

Agric-date-palm

To an average Nigerian youth, the man with hoe and cutlass remains the best image of a Nigerian farmer. Majority of Nigeria’s smallholder farmers are often too poor to employ modern tools, such as tractors and plows, despite large investment by the government in the past.

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Shareholders ask SEC, NSE to cancel Transcorp Hotel IPO

  /   in Business   /   Comments

Nigerian-Stock-Exchange-(NS

Some Transnational Corporation shareholders have urged the Nigerian capital market regulators to void the Initial Public Offering (IPO) of Transcorp Hotels.Plc.

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FIIRO promises growth with agro value chain

  /   in Business   /   Comments

*Some varieties of the yellow cassava and their products being displayed.

The Director-General, the Federal Institute of Industrial Research, Oshodi (FIIRO), Dr. Gloria Elemo has disclosed that the institute had designed and patented a plant for the mechanised production of garri, just as it had developed 25 cassava-based products through its research and development.

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ECONOMY: FG consolidates nation’s position — Aganga

  /   in Business, News   /   Comments

Minister of Trade & Investment, Olusegun Aganga

The federal government is committed to consolidating the position of Nigeria as Africa’s largest economy through dynamic local and international investment policies and projects, Trade and Investment Minister Segun Aganga said in Abuja, yesterday.

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Regulators fine global banks $3.4bn in forex probe

  /   in Business 12:55 am   /   Comments

dollars

Regulators fined five major banks $3.4 billion for failing to stop traders from trying to manipulate the foreign exchange market, the first settlement in a year-long global investigation.

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African countries record economic growth without prosperity –Report

  /   in Business   /   Comments

Africa

African countries have continued to record economic growth but are faced with serious problems in health , education, safety and security which have impacted negatively on their long term development and shared poverty, the Africa Prosperity Report said.

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Cost of producing new notes, printers would be made known – Jonathan

  /   in Business, News 6:34 pm   /   Comments

GOVERNOR OF CENTRAL BANK, MR GODWIN EMEFIELE, DISPLAYING  THE NEW N100 NAIRA COMMEMORATIVE CENTENARY BANKNOTE AFTER THE UNVEILING IN ABUJA ON WEDNESDAY (12/11/14)

President Goodluck Jonathan has commended the Central Bank of Nigeria for releasing new N100 note to commemorate the country’s centenary celebration.

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Dangote now 68th most powerful person— Forbes

  /   in Business   /   Comments

*Alhaji Aliko Dangote

President/Chief Executive, Dangote Industries Ltd, Aliko Dangote has been ranked among the World’s most powerful 72 people by Forbes Magazine.

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My Staff Motivate Me — Flora

  /   in Business   /   Comments

women-in-business-pix

Flora Takim Ndifon, MD/CEO Flan Bedding, is a proactive person who runs an NGO for adult literacy together with most catholic parishes.

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Shareholders okay Sterling Bank’s N20bn fund raising

  /   in Business   /   Comments

Shareholders of Sterling Bank Plc have unanimously endorsed proposal by the Board of Directors of the bank to raise N20 billion by way of private placement in order to boost the company’s capital base.

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Transport operations on LAMATA’s projects

  /   in Business   /   Comments

lagbus

The Lagos Metropolitan Area Transport Authority, LAMATA has three major projects with significant public transport components. The first is the Bus Rapid Transit, BRT, service between Mile 12 Ikorodu Road and Tafawa Balewa Square, Lagos Island. Dedicated bus lanes were created on Ikorodu Road, Western Avenue, Eko Bridge and the Outer Marina in Lagos at the inception of this service.

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FG loses N1.7trn yearly to fraudulent practices, contract awards

  /   in Business   /   Comments

naira-Dollar

The Federal Government says it loses $10billion (N1.7trillion) annually to fraudulent practices in the award of contracts and project reviews. The Director-General Bureau of Public Procurement, BPP, Mr. Emeka Muoma Ezeh, made the disclosure during the opening ceremony of the First National Conference on Public Procurement in Abuja .

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Estimated billing: FG licenses 138 companies to provide meters

  /   in Energy 5:01 am   /   Comments

Prepaid meters

The Federal Government has given approval to about 138 companies to function as Metering Service Providers in the Nigeria power sector.

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Greenhouse gas levels at highest point in 800,000 years, says IPCC report

  /   in Energy   /   Comments

A liquefied natural gas carrier arrives at an Exxon Mobil terminal off Porto Levante.

The world’s top scientists have given their clearest warning of the severe and irreversible impacts of climate change.

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Government has responsibility to manage risks – Fashola

  /   in Business   /   Comments

Babatunde Raji Fashola

Lagos State government has emphasized that individuals and governments have a responsibility to manage riskfor the betterment of lives and those of the people they serve.

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AfDB’s boss commends African businesses for initiative against Ebola

  /   in Business   /   Comments

A seller of bananas walks past a slogan painted on a wall reading "Ebola" in Monrovia on August 31, 2014. Liberia on August 30, 2014 said it would deny permission for any crew to disembark from ships at the country's four seaports until the Ebola epidemic ravaging west Africa was under control. AFP PHOTO

President of African Development Bank (AfDB), Donald Kaberuka, has described the pledge of $28.5 million by leading companies in Africa to fight Ebola as a key step in creating a sustainable mechanism to deal with the scourge.

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