Category: Business - Page 8 - African News Today

We are Looking at the Possibility of Starting the Kwara Version of Trader-Moni – AbdulRazaq

2Aug

By Debo OmilaniNo Comments

Economy, Employment, Finance, News, Nigeria

We are Looking at the Possibility of Starting the Kwara Version of Trader-Moni – AbdulRazaq

The Kwara State Governor AbdulRahman AbdulRazaq has affirmed his position to understudy the TraderMoni programme of the Federal Government to extend soft loans to traders in Kwara version to reduce mass poverty. This contained in a statement by his spokesman, Rafiu Ajakaye while the governor visited the Abuja headquarters of the Government Enterprise and Empowerment Programme (GEEP), the implementers of the TraderMoni initiative, with the aim to replicate same in Kwara State. GEEP, which is supervised by the Bank of Industry, is one of the four sub-programmes of the National Social Investment Office (NSIO). The statement said the visit was for AbdulRazaq to discuss partnership with GEEP handlers on how Kwarans can further access the micro loans and lift thousands of people out of ...

Nigeria: Investigate Pre-shipment Inspection Cancellation Order, Groups Urges Lawan

30Jul

By Debo OmilaniNo Comments

Economy, Finance, News, Nigeria

Nigeria: Investigate Pre-shipment Inspection Cancellation Order, Groups Urges Lawan

A group, Social Integrity Network (SIN) on Tuesday urged the Senate President, Dr. Ahmad Lawan to urgently investigate the pre-shipment inspection which was cancelled by the Nigeria Customs Service during the tenure of Alhaji Dikko Inde, former Comptroller of Customs. The Protesters who stormed the streets of Kaduna after press conference to demonstrate over the failing economic situation in the nation allying the fear that the war against insurgency may not end so soon. At a press conference held, the Social Integrity Network, (SIN) said: “If Nigeria government is really serious about the fight insurgency, they must revisit the matter and reverse the action with immediate effect. Because it is through this means that dangerous weapons are finding their ways into the country. “D...

We’re Committed to Making Ogun State Investment Choice Destination – Abiodun

12Jul

By Debo OmilaniNo Comments

Economy, News, Nigeria

We’re Committed to Making Ogun State Investment Choice Destination – Abiodun

The Ogun State governor, Prince Dapo Abiodun, on Thursday said that the state is irrevocably committed to ensuring that it becomes the investment choice of the country and the world. He disclosed the position in Lagos at a programme organized by the London Stock Exchange in conjunction with PwC Nigeria to launch a report " Companies to Inspire Africa 2019". According to the governor, his government believed that no government has the "monopoly of funds" He explained that a consortium of banks and other willing investors had approached the state for a chance to build the largest Creative Arts and Entertainment village in the state and we obliged. "We also appreciate the fact that no government has the monopoly of funds to engender a wholesome and sustainable development; w...

Lagos State Partners Netherlands on Health, Education, Water Transportation

12Jul

By Debo Omilani1 Comment

Economy, Education, Lagos News, News, Nigeria

Lagos State Partners Netherlands on Health, Education, Water Transportation

Lagos State Governor, Mr. Babajide Sanwo-Olu has reiterated his administration's commitment to partner with Netherlands on health, Education, technology, trade, tourism and infrastructure. Sanwo-Olu stated this while playing host to the team led by Netherlands Minister for Foreign Trade, Development and Cooperation, Mrs Sigrid Kaag who paid him a courtesy visit in his office in Alausa, Ikeja, Lagos. According to him, there are investment opportunities in Lagos, adding that the state is home to all, emphasising that the environment is friendly for foreign investors. The Governor thanked the team for the visit, and explained that Netherlands and Lagos share certain similar features such their locations below the sea level and technology which he said would assist in the bilateral ar...

Press Release: The Issuance of Bench Warrant Against Me Is an Abuse of Process Taken Too Far- Innoson

24Jun

By adminNo Comments

Economy, Judiciary, News, Nigeria, Press Statement

Press Release: The Issuance of Bench Warrant Against Me Is an Abuse of Process Taken Too Far- Innoson

Filed Notice of Appeal and Motion for Stay of Execution Against The Order. The issuance of bench warrant against me by the Federal High Court Ikoyi Lagos, today, June 24th 2019 is an abuse of process taken too far by the Court and made without jurisdiction. The order itself is a nullity and does not have grounds on law. Firstly, there is no prima facie case against me. The charge was based on suspected or trumped up action of Innoson Nigeria Ltd and Innoson Nigeria Ltd was a party originally to the charge but was discharged by the Court of Appeal. Secondly, there was no notice of trial served on me pursuant to the Administration of Criminal Justice Act. The act provides that before the court should issue a bench warrant, there must be proof of service of the charge and the notice ...

Nigeria: Mele Kyari Takes Over From Baru As NNPC GMD

20Jun

By adminNo Comments

Economy, News, Nigeria

Nigeria: Mele Kyari Takes Over From Baru As NNPC GMD

7 others take on replace previous chief operating officers. In a statement released by Ndu Ughamadu, the spokesperson of NNPC on Thursday morning, President Muhammodu Buhari has appointed Mele Kyari as the group's GMD while also replacing 7 chief operating officers with new ones. Details of the appointment are contained in the official statement published below: "President Muhammadu Buhari has appointed Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). "Until his new appointment, Kyari, a geologist, was Group General Manager, Crude Oil Marketing Division of NNPC and also doubled, since 13th May, 2018, as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries, OPEC. "President Buhari h...

World: Want to Lose Money? Put it to Work in Nigeria. – Forbes

29May

By adminNo Comments

Economy, News, Nigeria

World: Want to Lose Money? Put it to Work in Nigeria. – Forbes

In five years, the Nigeria ETF has blown up, now down over 74.5%. Equity investment between 2013 and 2018 has fallen from around $2.9 billion in 2013 to just $139 million in 2018. Nigeria has become Africa’s money-losing machine. Want to lose money in one of Africa’s biggest markets? Put it to work in Nigeria. Despite sitting on nearly 40 billion barrels of proven oil reserves and over $48 billion worth of investment opportunities in the oil and gas sector, Africa’s largest economy is mired in problems with big corporate investors as president Muhammadu Buhari readies his second-term after a swearing-in ceremony scheduled for May 29. Nigeria’s stock index is down 0.4% year-to-date while emerging markets are up 2.3% and the MSCI Frontier Markets 100 is up 10.2%. As o...

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

5Apr

By adminNo Comments

Economy, News, Nigeria

Nigeria: Oil Exploration in the North to Continue Till Oil is Found – GMD NNPC

Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said oil exploration in northern Nigeria will continue till it is found. He said this will enable the NNPC to do a massive appraisal of the discovery of gas reserves made in 1999 in the region. Dr. Baru who was in Kaduna for the 40th edition of the Kaduna International Trade Fair said the corporation was working on the Kolmani River 2 with optimism and high expectation. He said President Muhammadu Buhari had personally urged the corporation to go back to exploration on the Kolmani River 2 Well and drilling has been going on smoothly and that as of Thursday morning, the corporation had dug 10,075 ft deep with a target to reach 14,270 ft exploration. “The main purpose of this well...

Nigeria: Okorie Drags Zenith Bank to CBN Over ‘Disappearance’ of $64.1 Million

27Feb

By Akanimo SampsonNo Comments

Corruption, Crime, Economy, News, Nigeria

Nigeria: Okorie Drags Zenith Bank to CBN Over ‘Disappearance’ of $64.1 Million

An alleged disappearance of over $64 million from the vaults of the Zenith Bank has landed the multinational financial services provider in trouble. Zenith bank is rated as a large financial service provider in Nigeria and Anglophone West Africa. As at the ending of 2016, her total assets was N4.7 trillion with shareholders’ equity of N616.3 billion. She is listed on the Nigeria Stock Exchange and the London Stock Exchange. But the Managing Director of Owigs and Obigs, Emeka Okorie, has dragged the bank before the Central Bank of Nigeria (CBN) over an alleged unethical conduct which resulted in the termination of a foreign business transaction of over $64 million, with a Chinese firm, King-Tan Tantalum Industry. Okorie is praying the apex bank for clarification on the validity of...

23Feb

By admin2 Comments

Economy, News, Nigeria

Nigeria: Google Issues a Statement on Inaccurate Currency Converter Issue with the Naira

Following the curious 50% drop recorded in Nigeria's exchange rate on Google's currency converter yesterday, Google has issued a statement. In a tweet, the IT giant twitted that they were aware of the situation and will remove the converter box until the issue is resolved. The rate normalized shortly after but not before sparking off some theories as to what could have exactly happened."We’re aware of an issue causing inaccurate conversions for Nigerian Naira currency, so we will remove the conversion onebox from appearing in search results until we are able to diagnose the issue."