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FG to invest N72bn in Discos to boost power supply

…As IE moves to tackle estimated bills The Federal Government is to invest about N72 into the operations of the 11 Electricity Distribution Companies (Discos). The intervention, according to the Minister of Power Works and Housing, Mr. Babatunde Fashola, who was a guest on Channels Television’sprogramme Sunrise Daily, explained that the move was aimed at

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Buhari arrives Dubai for 9th Annual Investment Meeting

Prsident Muhammadu Buhari arrived Dubai, United Arabs Emirates, on Sunday evening aboard the NAF 001. Buhari is visiting Dubai on the invitation of His Highness, Sheikh Mohammed Bin Rachid Al Maktoum, UAE Vice-President, Prime Minister of Ruler of Dubai, the official Twitter handle of the ruling All Progressives Congress has said. The President  is in Dubai to

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Davis Malpass emerges president of World Bank

The Executive Directors of the World Bank on Friday unanimously selected David Malpass as the new president of the World Bank Group. Mr Malpass’ five-year term will begin on April 9. A statement by the group said the Board expressed its deep gratitude to Interim President, Kristalina Georgieva, for her dedication and leadership in recent months. The

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Air Peace places order for ten new Embraer E195-E2 jets

Nigerian airline Air Peace has placed an order for ten new Embraer E195-E2 jets, becoming the first E-Jets E2 operator in Africa. With all purchase rights exercised, the value of the $2.12bn contract is based on current list prices. The Air Peace contract also includes purchase rights for 20 additional E195-E2. Embraer Commercial Aviation chief commercial

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AfDB approves €12.5 million fund for SMEs in West Africa

The Board of the African Development Bank (AfDB) has approved a €12.5 million fund in Adiwale Fund 1, a first-generation private equity fund targeting high growth potential Small and Medium-sized Enterprises (SMEs)  in Francophone West African countries In a press statement made available on the website of the AfDB and signed by its  Divisional Manager of Non-Sovereign

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N8.7bn debt: Innoson Motors to take over GTBank

Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company. The company’s chairman, Chief Dr Innocent Chukwuma, made the move through a “Writ of FiFa taken over Guaranty Trust Bank

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Court resumes $406.7m oil shipment suit against Shell June 6

A Federal High Court in Lagos will on June 6 resume trial in a suit filed by the federal government against Shell Western Supply & Trading Limited over alleged 406.7 million dollars deprivation in crude oil shipment. The suit numbered FHC/L/CS/336/16 was filed in Lagos by Prof. Fabian Ajogwu (SAN) on behalf of the federal

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Mrs Buhari Commends Elumelu Foundation as Entrepreneurs Receive $15.25m Startup Funds

The wife of the President, Mrs. Aisha Muhammadu Buhari has commended the Tony Elumelu Foundation (TEF) for its contribution to the growth of entrepreneurship through the provision of training, mentorship and funding to small and medium scale enterprises (SMEs) in the country and across Africa. This came as the foundation announced a total of

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