Economy
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SEC proposes full digital capital market
In a bid to fully digitalise operations of the Nigerian capital market, the Securities and Exchange Commission (SEC) is proposing some guidelines that will enable investors in the capital market to be able to do virtually everything they need to do on their internet-enabled appliances and at their convenience. This was contained in a guideline on Minimum Operating Standards for Information…
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BREAKING: Airline operators suspend planned operational shutdown
Airline operators in the country have suspended their planned shutdown of operations across the country starting from Monday. The airline operators announced the suspension in a joint statement they signed on Sunday. They said the suspension was hinged on the government’s intervention and the promises to dialogue in seeking lasting solutions to the rise in the price of aviation fuel.…
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Passengers stranded, scamper for tickets as airlines begin shutdown Monday
Plans by airlines to shut down operations starting from Monday, May 9, 2022 has left passengers scampering for tickets at airports across the country. WesternPost had earlier reported that the airlines in a letter to Minister of Aviation, Hadi Sirika announced a shutdown over the rise in price of aviation fuel. Sirika in his response to the airlines however appealed…
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Ogun seals cashew nut factory for environmental infraction
By Kolawole Olayinka, Abeokuta Ogun State government has shut down a cashew nut producing company, SONATA Agri International Limited, located at Km 51, Lagos/Ibadan expressway, Mowe, for causing air and water pollution in the area. The directive for the closure of the company was handed down by the Special Adviser to the Governor on Environment, Mr. Ola Oresanya, to the…
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Airline operators announce shutdown over high aviation fuel cost
Airline Operators of Nigeria (AON) has announced a shutdown starting from Monday over the high cost of aviation fuel. This was disclosed in a letter by the AON President, Alhaji Abdulmunaf Yunusa Sarina, sent to the Minister of Aviation, Senator Hadi Sirika and endorsed by chief executives of domestic airlines. The price of aviation fuel has reached an all-time high…
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Equities market appreciates by N382bn to sustain positive momentum
The equities market of the Nigerian Exchange Limited (NGX) on Thursday continued on a positive momentum with a gain of N382 billion due to busying interest in MTN Nigeria Communications (MTNN) and 31 others. The All-Share Index inched higher by 709.54 absolute points, representing an increase of 1.42 per cent to close at 50,835.95 points, while the overall market capitalisation…
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CBN warns banks over Benin Republic transactions, says neighbouring country drug trafficking hub
The Central Bank of Nigeria has warned Nigerian banks on transactions relating to Benin Republic. The apex bank in a circular dated April 11 signed by Director of Banking Supervision Department, Asuquo Evelyn, directed banks to implement enhanced measures on existing accounts and transactions relating to the neighbouring country. According to the CBN, intelligence reports from competent sources have revealed…
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Nigerian Breweries to spend N56bn on Ama plant expansion, targets 6m hectolitres per annum
Nigerian Breweries has earmarked N56bn for the expansion of Ama Brewery in Enugu. The expansion, when completed, would boost the brewing capacity to 4.8 billion hectolitres from an initial capacity of 2.7 billion hectolitres and further increase it to 6 billion hectolitres after the second phase. Speaking at the commissioning of the expansion project, Governor, Central Bank of Nigeria, Godwin…
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Be vigilant of transactions related to Benin Republic, CBN to banks
The Central Bank of Nigeria (CBN) has warned Nigerian banks to be vigilant regarding transactions related to the Benin Republic due to intelligence that suggests the country is increasingly becoming a drug trafficking transit and consumption hub in West Africa. This was disclosed in a circular sent to Nigerian banks titled “NEED TO IMPLEMENT ENHANCED MEASURES FOR CUSTOMER ON-BOARDING AND…
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BudgIT opens US office, plans to lead on civic technology, coordinate global expansion
BudgIT on Wednesday introduced its United States office in Washington, DC to a group of leaders, stakeholders, donor representatives and citizens. The event hosted people from across the development sector such as Transparency Accountability Initiative, Carnegie Endowment fund, Open Government Partnership, MacArthur Foundation and other distinguished leaders from across the world. This is part of BudgIT’s post anniversary strategy to…
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