Economy
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Backlash greets Sterling Bank’s ‘Like Agege Bread, He Rose’ Easter message
Sterling Banks Easter message to its customers has continued to receive backlash across social media over the bank’s comparison on the resurrection of Jesus with Agege bread. In a message to its customers Sunday morning, Sterling Bank wrote “Like Agege Bread, He Rose”. Agege bread, is a popular bread in Nigeria, known for its soft, stretchy and chewy texture. People…
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Total, 11 others in trouble over expatriate quota racketeering
The Federal Government says a total of 12 companies are being investigated for allegedly abusing the Expatriate Quota Positions (EQP) in the country. The government accused the firms of engaging in EQP racketeering and violation of extant policies, rules and regulations on EQP. The companies according to the Federal Government are Indorama Eleme Petrochemical Limited, International Business Machines West Africa,…
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EX-NPA MD, Hadiza Bala Usman Attacked For Asking For Chibok Girls’ Release
Hadiza Bala, sacked managing director of Nigerian Ports Authority (NPA) has continued to come under intense criticism for her statement lamenting the ongoing insecurity crises in Nigeria, THE WITNESS reports. Hadiza spoke in the context of the commemoration of eight years after the Chibok girls were abducted in Borno State by Boko Haram terrorists. The former NPA chief was suspended…
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Kwara, Osun, Ogun record slowest rise in inflation rate, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that Kwara, Osun and Ogun states recorded the slowest rise in all items inflation rate in March 2022. The report stated that Cross River and Kogi states recorded the highest all items inflation rate in the month under review. The bureau said: “In March 2022, All Items Inflation on year-on-year basis…
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FDI: Ogun signs $400m MoU on Olokola FTZ, Agro processing zone
By Kolawole Olayinka, Abeokuta Ogun State government has signed a $400million Memorandum of Understanding (MoU) with a foreign firm, Arise Integrated Industrial Platform, on the development of Olokola Free Trade Zone and Remo Agro Processing Zone. The state governor, Dapo Abiodun, signed this MoU with the Founder and Chief Executive Officer of Arise Integrated Industrial Platform, Gagan Gupta, on Friday,…
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Inflation rate increases to 15.92% in March, says NBS
The National Bureau of Statistics (NBS) on Friday disclosed that the Consumer Price Index, (CPI) which measures inflation rate increased to 15.92 per cent on year-on-year basis. According to the bureau, the increase is 2.25 per cent points lower compared to 18.17 per cent, the rate recorded in March 2021. The report explained that the headline inflation rate slowed down…
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NGX launches West Africa’s first Exchange Traded derivatives market
Nigerian Exchange Limited (NGX) on Thursday announced the launch of West Africa’s first Exchange Traded Derivatives (ETD) Market with Equity Index Futures Contracts on 14 April, 2022. This is consistent with the Exchange’s commitment to develop the Nigerian capital market by providing a market that thrives on innovation and responds to the needs of stakeholders in accessing and using capital.…
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Senate increases 2022 budget by N193bn
…approves additional N3.55 trillion for petrol subsidy The Senate, on Thursday, approved a revised budget of N17.3trillion for the 2022 fiscal year. The approval came with the passage of a bill to amend the 2022 Appropriations Act transmitted to the National Assembly on 10th February, 2022, by President Muhammadu Buhari for consideration. It would be recalled that the Senate, in…
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RT 200 FX Programme attracts $60m, as 150 exporters benefit N3.5bn from non-oil export
The Bankers Committee of the Central Bank of Nigeria (CBN) on Thursday disclosed that $60million foreign exchange has been repatriated into the country through its RT 200 FX Programme, stressing that 150 exporters benefitted N3.5billion from its non-oil export initiative. The 361th committee meeting, held virtually featured the Director of Banking Supervision, CBN, Mr. Haruna Mustafa; C EO, Guaranty Trust…
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No airline can sell tickets in dollars – Travel agencies president
President of the National Association of Nigerian Travel Agencies (NANTA), Susan Akporiaye, says foreign airlines in the country cannot sell tickets in dollars. Akporiaye was responding to reports that airlines in the country would start taking payments for tickets as from April 19. She said though the airlines were experiencing issues repatriating their funds it’s was against the law to…
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