CBN unveils new FX guidelines, approves cash movement of $50,000
By Emma Ujah, Abuja Bureau Chief The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can move cash of up to $50,000, but must be declared at the point of exit. The bank also retained the earlier provision for the movement or import of cash of up to […]
FG suspends sale of NITEL, raises project team
The Federal Govern ment on Monday in Abuja deferred the sale of NITEL and its mobile subsidiary, Mtel, preferring to raise an eight-man project team that would steer the affairs of the two companies.
Expectations high as NIA prepares release of 2008 industry report
Against the background of the capital market crash and renewed investor interest in insurance, expectations have soared in readiness for the annual release of the industry report by Nigerian Insurers Association, the dominant association of underwriters in the country.
Kamara slams insurers over rate undercutting
African Reinsurance Corpo ration Chief Executive, Bakary Kamara has said Nigeria’s insurance market and indeed most parts of Africa is deep in rate cutting warning the price war is hampering the growth of the markets.
Disability cover now part of group life insurance
The mandatory group life insurance provided in the Pensions Act 2004 will now be expanded to cover disability during the life of the insured. This was part of the amendment being sought by operators into the existing law.
CardCentre Nigeria repositions, exit from SMEEIS
By Babajide Komolafe Cardcentre    Nigeria Ltd,    the pioneer in card technology and production said it has exited from the Small and Medium Enterprises Equity Investment Scheme (SMEEIS).
Equities’ gains drive market value by N160bn
Driven by gains on the share prices of majority of the quoted companies, the value of listed equities on the Nigerian Stock Exchange (NSE) appreciated, Monday, by N160.08 billion.
Ogun State set to raise N60bn Bond
In an apparent bid to meet its long term developmental goals, the Ogun State government is set to raise not less than N50 billion from the nation’s capital market, even as it refutes allegations from some members of the State House of Assembly that the state has no financial statement
Customs gets two helicopters to monitor petroleum export
After over 20 years of non monitoring of the nation’s petroleum export following the inability of the Nigeria Customs Service (NCS) saddled with the responsibility to get to the loading points, the Service has acquired two brand-new helicopters which are presently being assembled for that purpose as well as to combat smuggling.
KNOC demands restoration of OPLs 321, 323
THE Korean National Oil Company, KNOC has urged a High court sitting in Abuja to restore its two oil prospecting licences revoked earlier this year by the Federal Government over the company’s alleged inability to pay in full the signature bonus put at $485 million.
Nigeria’s gas reserves placed at 600 trillion cf
By Yemie Adeoye NIGERIA’S present gas reserves may have gotten up to 600 trillion cubic feet (tcf), away from the much reported 187 (tcf) , if a report said to be issued by the United States Geological Survey is anything to go by.
