Business

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Nigeria Looses $28Bn To Power Cuts – World Bank

The World Bank has endorsed $750 million credit support for Nigeria’s power sector, saying that the nation loses about $28 billion yearly to control deficiencies. In the mean time, the Senate Investigation Committee on Power has announced that lone two of the six force age organizations, GENCOs in Nigeria are …

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Okonjo Iweala”s nomination for DG accepted by WTO

The World Trade Organisation (WTO) has accepted the nomination of Ngozi Okonjo-Iweala for the position of its director general, in spite of a protest by Egypt. It had been earlier reported that President Muhammadu Buhari had approved Ngozi Okonjo Iweala for the position of director-general of the World Trade Organisation (WTO). However, …

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Oil revenue to drop by N140bn

A dip in the Federal Government’s revenue is in the offing. This is because following the cut in oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) and its allies. The revenue accruable to the Federal Government from the sale of crude oil is estimated to drop by …

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External reserve increase by $3.15bn

Nigeria’s external reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020. This development has given the Central Bank of Nigeria the fire power to defend the Naira exchange rate as promised by Central Bank Governor Mr. Godwin Emefiele. The rise in the …

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NBC fines three stations for infractions

The National Broadcasting Commission (NBC) has sanctioned three broadcast station for their reports on COVID-19 considered inappropriate. Another 25 stations were also sanctioned and fined for other various offences in the first quarter of 2020. The Acting Director General, Prof. Armstrong Idachaba, announced this while briefing the media on the …

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NSE donates 100M to fight covid-19

The Nigerian Stock Exchange (NSE) has committed N100 million to support the fight against the Coronavirus pandemic in Nigeria. A breakdown indicated that a total of N60 million would be donated to the Capital Market Support Committee for COVID-19 (CMSCC) while the balance of N40 million would be committed to …

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Bloomberg ranks NSE second Best Performing Indexes in April

Bloomberg has ranked the Nigerian Stock Exchange (NSE) second best performing stock exchange in April following significant rallies recorded in the market in the past weeks. As the Exchange sustains remote trading, free flow of information and vibrant market activity, the index has accelerated+16.39% in the past month. Total market …

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Oil prices to rally this week

Market fundamentals point positively this week and oil prices are likely to continue their gaining streak despite continued restriction of business activities and cross-border transactions across the world. Last week, price of international benchmark Brent rose above $30 per barrel, while WTI and other crude grades including Nigeria’s Bonny Light …

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Access bank shareholders get 23.1bn dividend

Shareholders of Access Bank Plc have approved payment of a total dividend of N23.1 billion as cash payouts for the 2019 business year amid commendations for the impressive performance of the bank. At the 31st annual general meeting (AGM) of Access Bank in Lagos, shareholders applauded the board of directors, …

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Federal Government disburse N43.4b to 24 states

The Federal Government has disbursed N43,416 billion ($120.6 million) as performance-based grants to 24 states. The states were considered eligible for the results they achieved in 2018 under the performance-based grant component of the World Bank-Assisted States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results. The grant is financed with a …

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