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October is certainly becoming a month to remember for women climbing the corporate ladder as major appointment is following major appointment for women. The latest of these appointments is that of Uber’s new General Manager, West Africa, Lola Kassim. The cab company which has in recent times had to struggle...
Aliko Dangote seems to be on an expansion drive for his empire as the Dangote Group has commenced training unemployed graduates for rice farming in Kogi State. The youths will cultivate rice paddy on 100 hectares of land provided by the Lower Niger River Basin Authority in Kampe Ejiba,...
Redstar Express Plc in a facts behind the offer presentation held last week at the Nigerian Stock Exchange (NSE) highlighted the motives behind its planned capital raise. The company had last month gotten approval from shareholders to raise fresh capital and transit to a holding company structure. Managing Director...
Finance Minister, Kemi Adeosun at a press conference held during the recent World Bank/International Monetary Fund (IMF) annual meetings held in Washington, stated that the government had to embark on massive borrowing, to prevent downsizing the civil service. We felt that laying-off thousands of persons was not the best way...
Permanent Secretary, State House, Abuja, Jalal Arabi has denied the allegation that its staff are redundant and inefficient. This is in response to a claim  made by Aisha Buhari, wife to President Muhammadu Buhari, The permanent secretary in a statement revealed that the Medical Centre received zero allocation for capital...
In a press release posted on its Facebook page, the Presidency today denied rumours of an alleged $25 billion missing from the coffers of the Nigerian National Petroleum Corporation (NNPC). Minister of State for Petroleum Ibe Kachikwu, in a leaked memo had accused the NNPC Group Managing Director (GMD),...
This is Nairametrics rundown of what to expect in the Nigerian economy this week. The month of October is typically the earning month and being the first month in the last quarter of the year, most economic activities ramp up from this week on to the second week of...
In an apparent move to douse the controversy surrounding its activities in Nigeria, the World Bank has clarified an earlier statement made by its President Jim Yong Kim concerning a request from Muhammadu Buhari to focus on the North. The bank disclosed that it had projects spread across the...
Anambra State Government has signed an agribusiness deal with Folio Holdings Limited for the establishment of  agricultural projects worth ₦60 billion in the state. The memorandum of understanding which was signed by Governor Willie Obiano and the company is a bumper package that includes production of agricultural produce for commercial...
Electricity consumers in the country may have to adjust their budgets, as tariffs in the country go could up anytime soon. An official of the Nigerian Electricity Regulatory Commission (NERC) Aisha Mahmud disclosed this at an event in Abuja. The commission had submitted a revised template to the Federal...
CBN Governor Godwin Emefiele yesterday defended the foreign exchange policies instituted by his regime. The apex bank, had in June 2015 issued a circular banning 41 goods and services that were hitherto imported, from accessing the official foreign exchange market. We are delighted we put forex restriction on 41 items....
The National Electricity Regulatory Commission  (NERC) has revealed that the Ibadan Electricity Distribution Company  (DISCO) gave a N6 billion interest free loan to its parent company Integrated Energy Distribtion and Marketing Limited  (IEML) from the N11.3billion it received from the Central Bank of Nigeria  (CBN) Electricity Market Stabilization Fund....
Chairperson of First Bank of Nigeria (FBN) Plc, Mrs. Ibukun Awosika, is scheduled deliver the 20th annual lecture of Agricultural and Rural Management Training Institute (ARMTI), holding in Ilorin, Kwara State. In a statement by Mr. Mayowa Gidado, Public Relations Officer of the Institute, the lecture, scheduled for October 20...
The Presidential Enabling Business Environment Council (PEBEC) through its secretariat has released the national action plan in its continuous bid to facilitate ease of doing business in Nigeria. The national action plan is supposed to last for a period of 60 days from the 3rd of October to 31st of...
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has announced that the country has intensified its search for oil in the Chad Basin region of the country. He recounted that this was an effort to increase the crude oil reserve of the...
President of the World Bank, Jim Yong Kim  has revealed that the bank had focused its funding efforts on the North, due to a request made by President Muhammadu Buhari. Kim disclosed this on the sidelines of a conference held in Washington. He also stated that the bank was facing...
    Indigenous oil and gas operator Seven Energy International Limited is in for a rough time, as it has failed to fulfill payments on two senior secured notes issued by one of its subsidiaries Seven Energy Finance Limited. The company broke the news in a statement posted on its website. The...
Haruna Jalo Waziri has been been appointed MD of CSCS Plc. Prior to his appointment, Waziri was the Executive Director Capital Market Division of the Nigerian Stock Exchange, a position he has held since 2012. Jalo-Waziri also worked as the  MD/CEO, UBA Asset Management Limit​ed from May 2009-July 2012, and...
In  a series of tweets from its official twitter handle, the Presidency shed more light on the approvals made by Vice President Osinbanjo while he acted as President. According to the Presidency, the approvals given were not for contracts but for financing arrangements. Osinbanjo, while speaking to reporters on...
Nigerians who have struggled to buy brand new cars may have cause to smile again, as government is currently putting in place a loan scheme to enable them  finance purchase of the vehicles. Director-General of the National Automotive Design and Development  Council Jelani Aliyu mentioned this at an event...
Barely few weks after NERFUND, a government agency, revealed it may shut down operations due to unpaid loans, the Bank of Agriculture, has indicated that it could soon be following the sane route. The Bank of Agriculture stated that it was weighed down by N37 billion in unpaid loans to...
According to Executive Director of Association of Nigerian Electricity Distributors (ANED), Sunday Odunton, General Electric (GE) has set stringent conditions for its potential investment in Nigeria’s Electricity Distribution Companies (DisCos). The major condition GE is demanding for is the provision of a Sovereign Guarantee from the Federal Government so that...
Intels Nigeria Limited is not taking the termination of its  agreement lightly, as it has written a letter to the Nigerian Ports Authority calling the alleged termination highly injurious to the company. News broke yesterday, that the Attorney General of the Federation (AGF) Abubakar Malami had asked the agency...
Group Managing Director (GMD) of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, has said that various investors had been approached to build a refinery in Akwa-Ibom State. He made this disclosure on Wednesday, during a two-day PENGASSAN’s Triennial Retreat/Synergy workshop which opened in Uyo, Akwa-Ibom State. According to the...
In what is the latest in the series of controversies in the Buhari administration, the Kachikwu vs. Baru dispute has exploded into a very messy battle with everyone taking sides. Earlier today, Nairametrics reported that the NNPC came to the defense of its Group Managing Director, Maikanti Baru by...
As part of its commitment to being the leading bank in Nigeria, First bank has partnered with the Nigerian Economic Summit Group to host the ongoing Nigerian Economic Summit in Abuja. The summit which is the 23rd in the series with the theme: Opportunities, Productivity & Employment: Actualizing the Economic...
Axxela is set to build a 510km pipeline across Central and Western Nigeria. This pipeline is expected to run through Ibadan-Illorin-Jebba. This was stated at the ceremony conducted to submit a feasibility report on the proposed project to the Nigerian Gas Processing and Transportation Company (NGPTC) a subsidiary of the...
The International Monetary Fund has said it expects inflation in Nigeria and Angola to remain elevated at two-digit levels next year. The IMF said this would reflect the persistent effects of past inflationary shocks coming from sharp currency depreciations as well as higher electricity and fuel prices and, “in the...
In one of the most scathing articles you can read online , an analyst and frequent contributor to Nairametrics, Feyi Fawehinmi unloaded on Aliko Dangote, the richest man in Africa. In the opinion editorial which was featured on QZ.Com he explained reasons why he believes the billionaire may be exerting an...
Power companies should consider selling stakes to other investors - Osinbajo The Government said it has set its sights on the power distribution problem and will seek to bypass the bottleneck in the electricity distribution segment through 2 main policy initiatives, Vice President Yemi Osinbajo said at the ongoing NESG...