Saturday August 23rd, 2014
Saturday August 23rd, 2014
Latest

AGIP, GE frustrating local content, gas supply

  /   in Business 8:25 pm   /   Comments

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

There are indications that many international oil companies operating in Nigeria are frustrating government efforts at achieving local content in the oil and gas industry.

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Chidoka displeased with state of MMIA underground tunnel

  /   in Business   /   Comments

Aviation Minister, Mr Osita Chidoka and Dr. Jemila Shu’Ara, Permanent Secretary, Ministry of Aviation protecting themselves with gloves against the Ebola virus during their inspection of MM Airport. Photo Lamidi Bamidele

The Minister of Aviation, Mr. Osita Chidoka has expressed displeasure over the dilapidated state and environmental threat posed by the abandoned underground facilities at the Murtala Mohammed International Airport, MMIA, Lagos.

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Lagos moves to regulate estate agency charges

  /   in Business   /   Comments

Goodluck Housing Estate, Idimu before completion.

Lagos State government has initiated moves to regulate estate agency fees in the state which it claims ranks highest when compared with other countries.
To this end, a stakeholders’ meeting was recently convened at the instance of the Lagos State Real Estate Transaction Department (LASRETRAD) to deliberate on “Real Estate Agency Fees in Lagos”. In attendance were various associations of estate agents, legal practitioners and developers, among others, operating in the state.

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NACCIMA proposes Naira for ECOWAS single currency

  /   in Business 12:54 am   /   Comments

1000 naira notes

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) arm of the Organised Private Sector (OPS) has called for the adoption of Nigeria’s “Naira” as the single currency for ECOWAS sub region.

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IFRS Board classifies Nigeria as an IFRS country

  /   in Business   /   Comments

Okonjo-Iweala

The Board of the International Financial Reporting Standards (IFRS) has officially classified Nigeria as an IFRS country.
This classification follows the successful implementation of the first two phases of the National Road Map for the Adoption of IFRS in Nigeria.

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FG policy on agric to boost fisheries sectors —Dame Jonathan

  /   in Business   /   Comments

The First Lady, Dame Patience Jonathan

Nigeria’s first lady, Mrs. Patience Jonathan has disclosed that the Agricultural Transformation Agenda of the government is re- repositioning both the marine and the fisheries sectors to boost the economy

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BoI assures funding machinery from FIIRO

  /   in Business   /   Comments

Nigeria-economy

The Bank of industry (BoI) has assured industrialists in the country funding supports if they purchase equipment fabricated by the Federal Institute of Industrial Research, Oshodi (FIIRO)

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Dangote Cement plans expansion to Middle East, Latin America

  /   in Business   /   Comments

Alhaji Aliko Dangote

Dangote Cement Plc is warming up to expand its cement production plants beyond the continent of Africa to the Middle East and Latin American countries.
The company is optimistic that the planned investment will propel it to be ranked among the top ten global cement manufacturers and also earn Nigeria foreign exchange.

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Terrorism: FG suspends rail projects in Maiduguri

  /   in Business   /   Comments

Adamawa-boko

THE Federal Government has suspended all rail projects in Maiduguri following the activities of Boko Haram insurgents. Transport minister, Senator Umar disclosed during a courtesy call by the body of Permanent Secretaries led by the Head of Service, Alhaji Bukar Goni Aji to his office in Abuja.

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How govt fish policy saved our business – Igbe

  /   in Business   /   Comments

Mrs. Vero Igbe

The Managing Director, Vessa Fisheries, Lagos, Mrs. Vero Igbe, has commended the new Federal Government policy on fisheries that ensures that all supplies are in tandem with specific quota assigned to individual firms.

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Unchecked travelling system threatens global economy — Egbudin

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Comptroller General of Customs Alhaji Dikko Abdullahi reading his address during the inauguaration of Chinnaka anti smuggling squard in Abuja recently

THE Area Comptroller of Seme Command of the Nigeria Customs Service, Comptroller Willy Egbudin, has said that the global travelling and trading system if left unchecked, could seriously affect nations and the global economy

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Jonathan approves N25bn for dredging of River Benue

  /   in Business   /   Comments

President Jonathan

PRESIDENT Goodluck Jonathan, Tuesday, said his administration has approved N25 billion for the dredging of River Benue.

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NAGAFF slams FMF for under-funding of Customs

  /   in Business   /   Comments

THE National Association of Government Approved Freight Forwarders, NAGAFF, has slammed the Federal Ministry of Finance for deliberate underfunding of the Nigeria Customs Service, NCS, even as it called for partial autonomy of the Service to enable it meet it responsibilities.

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IDL expand distributors business with N200m

  /   in Business   /   Comments

Intercontinental Distilleries Limited, IDL, has expanded its distributors’ businesses with over N200 million.
The company said the amount it gave as reward to the distributors in the 2013/14 trade partners award ceremony is the only way to help expand the distributors businesses, and eventually help employ more hands, thus reducing unemployment in the process.

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Latest

CBN reintroduce charges on ATM cards

  /   in Business 6:58 pm   /   Comments

Cash less economy:  It’s a threat to us

The Central Bank of Nigeria (CBN) said that Automated Teller Machines (ATM) withdrawals would attract N65 per transaction to cover remuneration for the switches from Sept. 1

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FG gets N44bn World Bank, DFID funding to create 460,000 jobs

  /   in Business   /   Comments

economy

The Federal Government has secured over N44 billion funding support from the World Bank and the UK Department for International Development (DFID) to create 460,000 jobs across eight sectors of the economy under the Growth and Employment (GEM) project over the next six years (2013-2018).

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Employment: CIS targets one million students to deliver financial products

  /   in Business   /   Comments

cbn

In its support to create employment and boost the financial inclusion initiative of the Central Bank of Nigeria, CBN in the country, the Chartered Institute of Stockbrokers, CIS said it is targeting one million students to drive financial products by 2015.

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UK, Nigeria partner to boost maritime security

  /   in Business   /   Comments

*Maritime

The British Navy and its Nigerian counterpart will build a synergy through information and experience sharing in order to strengthen their capacity to deal with insecurity and illegal activities within Nigeria, the West African coast and across the Gulf of Guinea.

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Latest

BlackBerry Z30 becomes gold winner in consumer product of the year award

  /   in Business 7:33 pm   /   Comments

BlackBerry-Q5

BlackBerry Z30 smartphone has been named the gold winner in the Consumer Product of the Year category in Best in Biz Awards 2014 International, the only independent business awards program judged by members of the press and industry analysts.

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I learn new skills always- beauty expert

  /   in Business   /   Comments

Brownies-pix-1

NINE years ago when graduates would jump at whatever job came their way, Adebimpe Adeyi was too glad to resign her highly-paid employment to pursue her dream. Even her employer’s ploy to sway her with a transfer to the UK wasn’t tenable enough to convince Adebimpe.

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Telecom companies to switch-off fake phones from networks — SON

  /   in Business   /   Comments

File photo: refurbished phones

The Federal Government will soon order telecom companies in the country to effect a nationwide switch-off of over 12.6 million counterfeit phones from networks by using the International Mobile Equipment Identity (IMEI) number.

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DMO promises continued support to states on debt management

  /   in Business   /   Comments

entrepreneurs

Director-General, Debt Management Office (DMO), on Sunday said the organisation would continue to support state governments to build the skills of debt management officers. Nwankwo made the disclosure in Abuja. He said the DMO would be helping the states to build up their debt data on quarterly basis to ensure efficiency in debt management.

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Latest

Nigeria loses N32bn to gas-flaring

  /   in Energy 1:11 am   /   Comments

*Gas flare

Nigeria lost $198.775 million, about N31.8 billion, in one month to gas flaring, as companies in the oil and gas sector flared 50.098 billion Standard Cubic Feet (SCF) of gas in February 2014.

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Ughelli power’s N65bn investment raises capacity to 420MW

  /   in Energy   /   Comments

Electricity-new

The core investor of Ughelli Power Plc has invested N65 billion into the power plant, raising the capacity from 170 megawatts, MW to 420MW since the handover of the Power Holding Company of Nigeria, PHCN, assets to successor companies in November 2013.

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Why Nigerian gas sector has not developed

  /   in Energy   /   Comments

Gas-energy

Why has Nigeria, with 179 trillion cubic feet of proven gas reserves not developed its gas sector since feedstock industries such as fertiliser could drive the economy?

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FG to inaugurate power council to tackle challenges

  /   in Energy   /   Comments

electricity-NIGERIA

Barring unforeseen developments, the Federal Government has concluded arrangements to inaugurate a National Council of Power, NCOP, this week, in Abuja.

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Mines ministry revokes 600 licences

  /   in Energy   /   Comments

Sand mining

ABUJA- THE Ministry of Mines and Steel Development at the weekend revealed that it had revoked 600 mining licences for non-compliance with the relevant laws guiding mining operations in the country.

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Group blasts SON over new cement regulation policy

  /   in Business   /   Comments

cement

The new cement regulation policy recently introduced by the Standards Organisation of Nigeria (SON) has been described as ill-advised and a selective move calculated at creating an environment detrimental to the survival of cement manufacturers in Nigeria

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Nigeria, others record largest gas production decline

  /   in Energy   /   Comments

oil-gas

Nigeria, India and Norway, recorded the largest volumetric decline in gas production, the Statistical Review of World Energy 2014, has revealed, amid global production growth of 1.1percent, well below the 10-year average of 2.5 percent.

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Why ‘buying and selling’ dominates economy, by LCCI boss

  /   in Business   /   Comments

Nigeria-economy

The Director General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Mudashiru Yusuf, has said that the economy is currently dominated by buying and selling because the risk of failure in the manufacturing sector in Nigeria is high. This he attributed to dearth of infrastructure and a hostile operating environment

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Foreign investors leveraging domestic investors’ apathy to grow portfolio

  /   in Investors Forum   /   Comments

ANTHONY-OMOJOLA

The fact that foreign investors account for large chunk of transactions in the Nigerian capital market in spite of the persistent insecurity in the North-Eastern part of the country has been described as good indication for the progress of the market by the regulators and confidence in the market by foreign investors.

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Total harps on pipeline integrity, facility optimisation

  /   in Energy   /   Comments

gas

One of the messages brought by the TOTAL Group to the just concluded conference and exhibition of the Society for Petroleum Engineers, SPE, is the need to enhance pipelines integrity through a robust repairs system.

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