Dangote Refinery to start production early 2021 – Director

Dangote Refinery, which is currently being built privately by Africa’s richest man, Aliko Dangote, will be ready for commissioning at the beginning of 2021, with production reaching full capacity by the end of the first half of the year. A group executive director at Dangote Industries Ltd., Devakumar Edwin, stated this in an interview at a conference in Lagos. According to him, the refinery, which is designed to maximize gasoline output, will produce enough to allow for a small surplus of that fuel for export. It will also be able…

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CBN approves N19bn for nine cotton plants’ revival

The Central Bank of Nigeria, CBN, has approved a fresh loan of N19.18 billion to nine cotton producing firms with a view to retooling their processing plants. The CBN Governor, Godwin Emefiele, disclosed this on Tuesday, at the signing of two Memoranda of Understanding (MoU), held at the Bank’s headquarters in Abuja. The apex bank has also set aside the sum of N500 million to recycle old naira notes being mopped-up from the Deposit Money Banks across the country. Hr said the N19.18bn would be disbursed at a single-digit interest…

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Emefiele meets Buhari, says borders remain closed

The Governor of Central Bank of Nigeria, (CBN) Godwin Emefiele, on Monday said that the nation’s land borders would remain closed until neighbouring countries agree to implement mutual anti-smuggling policies. Emefiele said this after he met with President Muhammadu Buhari in the Presidential Villa, Abuja. It was reported that Nigeria had closed its land borders since August, in order to curb smuggling of goods into the country. Emefiele told State House correspondents after the closed-door meeting that Nigerian rice and poultry farmers have particularly benefitted from the border closure. He…

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World Bank’s ranking – Nigeria moves 15 spots up

The World Bank’s 2020 Doing Business Index (DBI) Report has ranked Nigeria 131 out of 190 countries, up 15 places from 146th position last year. The report, which was released Thursday, also named Nigeria one of the top 10 most improved economies in the world for the second time in three years. Nigeria is one of only two African countries to make this highly prestigious list. The Report is an annual publication that measures business regulations across 190 countries. In its latest study, World Bank ranked Nigeria in the top…

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Debt: NCC bars Glo users from calling Airtel numbers

As from October 28th, Glomobile users will no longer be able to call numbers on Airtel Network, as the telecom regulator, the Nigeria Communications Commission(NCC) yesterday announced a partial disconnection between the two networks. NCC Director, Public Affairs, Henry Nkemadu, said its decision on the partial disconnection was taken over the complaints by Airtel Networks Ltd (Airtel) that Glo Mobile Ltd (Glo) has been unable to redeem interconnect charges between the two networks. The NCC said it took the step in accordance with Section 100 of the Nigerian Communications Act…

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Nigeria borrowed more in last 3 years than it did in 30 years – Prof Anya O. Anya

A former Chief Executive Officer, Nigeria Economic Summit Group (NESG), Prof. Anya O. Anya, has warned that at current levels of over N25 trillion, it means that Nigeria has borrowed in three years more than it borrowed in 30 years previously. Speaking in Lagos, recently, during The Niche newspapers yearly lecture, themed: “Business and Accountable Governance: The Obligation of Leadership,” Anya said Nigeria’s economy is faced with two fundamental obstacle; while the economy is growing at a miserly rate of 2 percent, the population is growing currently at 3.8 percent…

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₦500, ₦1000 denominations most commonly counterfeited banknotes – CBN report

The Central Bank of Nigeria (CBN) yesterday, said that a total of 119,663 pieces of counterfeit notes, with a nominal value of ₦98.82 million, was recorded in 2018. The Bank said this in the Currency Operations 2018 Annual Report, posted on its website. The CBN said the figure indicated a decline of 1.30 percent in volume terms and an increase of 5.77 percent in value terms, when compared with 118,126 pieces with a nominal value of N93.43 million recorded in the corresponding period of 2017. The regulator said that N500…

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MTN loses 667,245 Internet subscribers in one month

The latest data released by the Nigerian Communications Commission (NCC) shows that Nigeria’s telecommunication company, MTN, lost a record of 667,245 Internet subscribers in just one month. According to data obtained from the NCC, MTN’s total Internet subscribers stood at 52.2 million in July 2019, while the number dropped to 51.6 million in August. The NCC report shows five major GSM internet subscribers in the country, which include Airtel, 9mobile, Globacom, MTN and Visafone. It should, however, be noted that this is the second time MTN Nigeria would lose internet…

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Maritime sector is the engine room propelling Nigeria’s economic pulse – Otunba Folarin

A maritime sector expert, Otunba Kunle Folarin has declared that the maritime sector in Nigeria is the fulcrum upon which the country’s economy is thriving. Otunba Folarin, who is an icon in Nigeria’s shipping industry,stated this in his comments during an exclusive interview on Liberty TV programme “Dialogue” on the topic:’The Maritime sector and the Nation’s Economy’ yesterday. While congratulating Nigerians on the occasion of its 59th independence anniversary, the elder statesman tasked the legislators to consider the first Bill in the National Assembly to be a Bill on the…

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President Buhari inaugurates, sets agenda for new Economic Advisory Council

President Muhammadu Buhari yesterday administered oaths of office on members of the newly constituted Presidential Economic Advisory Council (PEAC), and also set an agenda of what they should accomplish in the shortest possible time. Speaking at a meeting with the eight-member Council in Abuja, chaired by a professor at the Lagos Business School, Doyin Salami, President Buhari charged them to focus on developing reliable data that will properly reflect what is happening in the country. The President, who called the task before the PEAC as the ‘‘most important national assignment”,…

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No definitive end to border closure, says customs CG

Hameed Ali, comptroller-general of the Nigeria Customs Service, says there is no definitive end to the partial border closure. The Nigerian government has closed its borders since August for the purpose of checking smuggling. Officials of the Economic Community of West African States (ECOWAS) had asked the Nigerian government to find a permanent solution to the challenge of smuggling and reopen its borders. The Ecowas parliament said the border closure might hamper the implementation of the free trade agreement within the region. But speaking with journalists during his operational visit…

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$9.6bn P&ID Verdict: UK debt judgment would be set aside – FG

The Minister of Information and Culture, Alhaji Lai Mohammed has expressed optimism that the entire arbitration decisions and judgment debt of $9.6 billion against Nigeria by a UK court over a botched gas contract would be set aside. According to a statement made available to newsmen in Abuja by his media aide, the Minister stated this in London, while reacting to Thursday’s ruling by a UK commercial court staying execution of the 9.6 billion dollar judgment debt and granting leave for Nigeria to appeal the decision in the UK appellate…

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$9.6bn P&ID judgment: UK Court grants Nigeria conditional stay of execution

The United Kingdom Commercial and Arbitration Court yesterday, in London, ordered a stay of execution of the $9.6 billion damages awarded against Nigeria pending the determination of an appeal by the Nigerian Government. The court had asked the government to make a security payment of $200 million to it, while also granting Nigeria’s leave to file an appeal against the award. However, P&ID, in a statement said it welcomed the ruling that required that Nigeria must pay $200 million before proceeding with the appeal. “The Court has ruled that the…

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Only five percent bank customers will be affected by new policy, says CBN

The Central Bank of Nigeria has refuted claims that the new policy of fees being charged on deposits and withdrawals on savings account would affect the majority of Nigerians. Governor of the CBN, Godwin Emefiele, said the charges on savings and withdrawals above N500,000 will only affect about five per cent bank users. Emefiele made this clarification while addressing journalists in Abuja on Friday. In the new policy, the apex bank had said it would impose a 2% charge on deposit of withdrawal of excess limit of N500,000. For corporate…

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No going back on cashless policy, says Emefiele

The Central Bank of Nigeria (CBN), yesterday, maintained all its key monetary rates, which determine interest rate regime in the country, by retaining the Monetary Policy Rate (MPR) at 13.5 per cent, as well as all other parameters around the rate. This was part of the outcome of its highest policy meeting, the Monetary Policy Committee (MPC), which ended in Abuja yesterday. The other retained parameters included the asymmetric corridor of +200/-500 basis points around the MPR, Cash Reserve Ratio (CRR) at 22.5 per cent and liquidity ratio at 30…

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