A Chinese firm, Wuhan Longfecund Agricultural Development Company Ltd., is set to establish a feed mill and maize farm in Cross River State. Chairman of the Company Yongsheng Cao stated this during a visit to Governor Ben Ayade at the Government House in Calabar. Cao said: “I am happy to be
Read More
The Central Bank of Nigeria (CBN) yesterday said the Federal Government has slashed its budget by 50 per cent, lamenting that the development has seriously affected its capabilities to fund some financial system initiatives. Its Director of the Financial System Stability (FSS 2020), Mr Mohammed Suleiman who spoke when members of
Read More
The Central Bank of Nigeria (CBN) has banned nine deposit money banks (DMBs) from the foreign exchange market, for hiding over $2 billion belonging to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA). President Muhammadu Buhari has been briefed on the breach by the banks, and they have
Read More
Disturbed by the federal government proposed ban on importation of used vehicles into the country, the Association of Motor Dealers of Nigeria, AMDON, has written to the Senate, seeking its intervention in the developments which they claimed anti people. The group also condemned high tariff by the Nigeria Custom Services (NCS)
Read More
The naira yesterday hit a new all-time low of N365.25 to the dollar at the interbank foreign exchange market in a single interbank market trade of $1 million, before the naira finally stabilsed at N318.00 to the dollar. This is as the Debt Management Office raised N219.58 billion in local
Read More
The Central Bank of Nigeria (CBN) has debunked reports that it has liquidated a deposit money bank even as it reiterated that Skye bank which recently had a change in board and management was distressed. The apex bank in a statement signed by the acting director, Corporate Communications Department, Issac Okoroafor,
Read More
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has blamed the continued decline of the naira against global other currency on the huge demand for foreign exchange (FOREX) necessitated by the importation of petroleum product into the country. According to the minister, between 30 to 40 per cent of
Read More
The country has lost billions of naira in 1,600 cases of pipeline vandalisation since the beginning of the year, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu said in Lagos yesterday.Kachikwu made the disclosure at the 2016 Annual Conference of National Association of Energy Correspondents with the theme:
Read More
The National Pension Commission(PENCOM) is currently compiling list of companies and organizations defaulting in remitting employees contributions to Pension Fund Administrators (PFA's). The Commission also said it would involve the Economic and Financial Crimes Commission(EFCC) and other law enforcement agencies to prosecute defaulters. The Director-General of PENCOM,Mrs Chinelo Anohu-Amazu, who disclosed these
Read More
Disturbed by the exit of foreign airlines operating in Nigeria, the Senate yesterday disclosed its plans to summon the Aviation Minister, Senator Hadi Serika, with a view to finding lasting solutions to the problem bedeviling the aviation sector. Chairman, Senate Committee on Aviation, Senator Adamu Aliero, made the disclosure yesterday while
Read More