Economy
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REVEALED: How Tony Elumelu backstabbed me to take over my UBA shares, Ughelli Power Plant – Otedola
Billionaire businessman, Femi Otedola has accused Tony Elumelu, the chairman of the Transcorp Group, of backstabbing him to take over his shares in United Bank for Africa (UBA) and Ughelli Power Plant. Otedola made the allegations in a press statement he released Tuesday morning, in which he spoke publicly for the first time about his failed bid to take over…
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Transcorp Power gets discharge certificate for privatization of Ughelli Power Plant
Relinquishing key national assets to only serious-minded investors is the right approach to privatization and commercialization of public assets in order to achieve efficiency of service delivery, according to Vice President Yemi Osinbajo. Prof. Osinbajo stated this on Monday at a brief ceremony to formally present the Discharge Certificate to Transcorp Power PLC for the privatization of Ughelli Power Plant…
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Wigwe takes over leadership of France-Nigeria business council after Abdul Rabiu’s 2-term tenure
Pioneer President of the France Nigeria Business Council, Abdul Samad Rabiu, has handed over the reins of the council after a successful two year tenure to Herbert Wigwe, the Group Managing Director of Access Bank. Rabiu, the founder and Executive Chairman of BUA Group, handed over the reins to Wigwe in a ceremony held on Wednesday, marking a new chapter…
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Dangote says refinery could save Nigeria $10bn in foreign exchange, generate $10bn exports
Africa’s richest man and owner of the Dangote Refinery, Mr. Aliko Dangote, has said with the planned commencement of the refinery located in Lagos, Nigeria could save up to $10 billion in foreign exchange (FX) and generate another $10 billion in exports when the facility begins operation. The 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is…
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Max Air aircraft crash lands at Nnamdi Azikiwe International Airport
Panic gripped passengers at Nnamdi Azikiwe International Airport in Abuja on Sunday when a Max Air aircraft crash-landed following a tyre burst incident. According to Dr. Mike Ogirima, former President of the Nigeria Medical Association (NMA) who was an eyewitness, the tyre burst happened after takeoff at Yola Airport. Fortunately, the Aerodrome Rescue and Fire-fighting Service (ARFFS) promptly responded to…
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NCC commits to creating digital job opportunities for youths through DJCY program
The Nigerian Communications Commission (NCC) has reaffirmed its commitment to creating digital job opportunities for young people in the country. Speaking at a press conference, Prof. Umar Garba Danbatta, Executive Vice Chairman/CEO of the NCC, explained that the Digital Job Creation for Youths (DJCY) program is part of the National Digital Economic Policy and Strategy, which aims to promote economic…
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Nami, FIRS win ICAN Merit Award
…also named winner BusinessDay Newspaper Excellence in Public Service Award 2022 Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami has been named winner of the Institute of Chartered Accountants of Nigeria (ICAN) Merit Award 2023 in its Non-Members Category at the Institute’s 2023 Annual Dinner Awards. Mr. Nami, who received the Award at the Monarch Event Centre, Lagos,…
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Buhari to inaugurate Dangote Refinery May 22
Efforts by the Federal Government to make the country self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery is set for inauguration on May 22 by President Muhammadu Buhari. A source at the refinery confirmed to a…
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South Africa’s revamped local currency unveiled
South Africa has unveiled upgraded banknotes and fourth decimal coin series. The new currencies have new designs and enhanced security features utilising the latest technology to protect the integrity of the currency. The South African Reserve Bank (SARB) said the upgraded banknotes and coins have now been released into the South African market. The new denominations are now available effective…
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Stock market appreciates by N45bn on investors buy interest Ardova, 31 others
The stock market on Thursday recovered as investment in the market rose by N45 billion on a bullish sentiment in Ardova Plc and 31 others. The All-Share Index (ASI) gained 82.98 basis points or 0.16 per cent to close at 52,290.75 points. Also, market capitalisation rose by N45 billion to close at N28.472 trillion. The upturn was driven by price…
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