Economy
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InfraCorp’ll help shape government policy to sustain private sector investment, says Emefiele
The Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele on Friday said the Infrastructure Corporation of Nigeria (InfraCorp) will help shape government policy support and sustain private sector investment. The CBN governor is the chairman of InfraCorp. Speaking at InfraCorp Term Sheet Signing with Independent Asset Managers in Lagos Emefiele said: “For projects originated by the private sector, InfraCorp…
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NDIC to deploy single customer view platform to MFBs to fast track depositor reimbursement
The Nigeria Deposit Insurance Corporation (NDIC) said it has developed a Single Customer View (SCV) platform to be deployed to Microfinance Banks (MFBs) to eliminate delays often experienced in reimbursing depositors following revocation of failed MFBs licences by the Central Bank of Nigeria (CBN). Managing Director/Chief Executive of the Corporation, Mr. Bello Hassan disclosed this while receiving executive members of…
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Google to create 1.6 million jobs in Nigeria
Google is set to create about 1.6 million jobs in Nigeria through the Equiano subsea cable to boost internet speeds it is funding. Director of Google West Africa, Juliet Ehimuan-Chiazor, disclosed this when she led her team to visit the Minister for Communications and Digital Economy, Isa Pantami in his office on Thursday. A statement issued by the Technical Assistant…
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Ghana bans unauthorised transactions in foreign currency
Ghana on Thursday banned transaction in any foreign currency without licence or approval from the Bank of Ghana. This was announced in a statement by the Bank of Ghana on Thursday. According to the statement, the only legal tender approved for transactions in the West African country is the Cedi. “Engaging in foreign exchange business without a licence issued by…
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Sanwo-Olu launches new Mainone/MDXI data centre
Lagos State Governor, Mr. Babajide Sanwo-Olu, has launched Mainone/MDXI data centre. Sanwo-Olu launched the new data centre on Wednesday. MainOne/MDXI is a subsidiary of Equinox Technology, a cable and communication services company. In a statement signed by Gboyega Akosile, Chief Press Secretary to the governor, Sanwo-Olu said his administration would continue to support and design policies to help in creating…
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Wema Bank crosses N1tn in assets
Wema Bank has announced it has crossed the N1trillion mark in total assets. The Bank’s Managing Director, Ademola Adebise made this known in a statement which was seen by WesternPost. “I am delighted to announce our performance for the year ended 31st December 2021,” he said. “The bank’s final year 2021 results show robust growth in all key financial metrics…
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Business operators lament crippling traffic gridlock around Lekki Free Trade Zone corridor
Business operators in Lekki area of Lagos state have lamented the crippling traffic gridlock around the Lekki Free Trade Zone corridor. The Nigeria Economic Zones Association Executive Secretary, Toyin Elegbede made this known during a meeting with the Managing Director of the Nigeria Export Processing Zones Authority, Prof Adesoji Adesugba in Abuja. According to him, Lekki Free Zone Development Company…
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East Asia, Pacific economic recovery faces risks from war in Ukraine, says World Bank
The war in Ukraine threatens the uneven recovery of developing East Asia and Pacific (EAP) countries from the COVID-19 shock, according to the World Bank. The World Bank said the war comes on top of the economic distress caused by the lingering COVID-19 pandemic, the financial tightening in the United States, and the pandemic resurgence amidst zero-COVID policies in China.…
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FOLLOW UP: Caverton Helicopters doubles down with Shell, takes contract suspension case to NCDMB
Caverton Helicopters Limited is lobbying the Federal Government to prevail on Shell Petroleum Development Company to lift the suspension placed on its offshore aviation contract instead of working to address the compliance issues raised by the international oil company. WesternPost gathered that Caverton is using strong arms tactics as an indigenous operator to railroad the Nigerian Content Development and Monitoring…
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Ex Google CEO says virtual work can’t build great management, wants people back in office
After more than two years of remote work and multiple return-to-office delays, most Google employees are heading back to the office at least part-time — and ex-Google CEO and chairman Eric Schmidt couldn’t be happier about it. ″[I]t’s important that these people be at the office, in my view,” Schmidt, 66, tells CNBC Make It, arguing that for decades, the in-office style has been proven effective.…
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