Economy
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FG reassigns 40% Power Of Attorney from BPE to MOFI
The federal government has reassigned the 40 per cent Power of Attorney (PoA) shareholding in Electricity Distribution Companies (DisCos) from the Bureau of Public Enterprises (BPE) to the Ministry of Finance (MOFI). The Minister of Finance and Coordinating Minister of the Economy, Wale Edun issued an Order, dated January 10, directing the board of directors of MOFI to take over…
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Afreximbank disburses $2.25bn syndicated crude oil backed facility for Nigeria
African Export-Import Bank (Afreximbank) has successfully arranged a syndicated US$3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL). An initial disbursement of US$2.25 billion has been made. A second tranche of US$1.05 billion is expected to be disbursed subsequently. This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest…
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Dangote Refinery begins production of diesel, aviation fuel
The 650,000 barrels Dangote Refinery, the world’s largest single train located in Lekki, Lagos has commenced production. This was confirmed to the News Agency of Nigeria (NAN) in a statement by Mr Anthony Chiejina, Group Head Corporate Communications, Dangote Group on Friday in Lagos. Chiejina quoted the President of Dangote Group, Alhaji Aliko Dangote, to have elatedly thanked President Bola Ahmed…
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FG commissions additional 300KWp power project
The Federal government on Thursday commissioned a 300KWp Solar PV pilot project in Kainji, Niger State. While commissioning the project, the Minister of Power, Adebayo Adelabu, said the project will primarily increase power generation capacity, lower electricity costs while also fostering enhanced collaboration between the main concessionaire, Mainstream Energy Solution and its Chinese partner, HEDC in the renewable energy field.…
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FG initiative to empower 100 youths through shoemaking, leather crafting training
In a significant move towards youth empowerment, Senior Special Assistant to President Bola Ahmed Tinubu on Technical Vocational and Entrepreneurship Education, Madam Abiola Arogundade, has joined forces with Yikodeen and CEO Mr. Yinka Atunde to unveil a transformative shoemaking and leather crafting training program. This Federal Government initiative is tailored to empower 100 young Nigerians through comprehensive technical and vocational…
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PHOTO NEWS: Adelabu commissions 300KWp Solar PV pilot project in Kainji
Minister of Power, Adebayo Adelabu, on Thursday, commissioned the Kainji 300KWp Solar PV+ 675KWh BESS Pilot Project at Mainstream Quarters Air Force Base, Kainji, Niger State
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Keyamo signs performance bond with new aviation agencies leaders
The Minister of Aviation and Aerospace Development, Festus Keyamo, on Friday, signed a performance bond with the newly appointed Agency’s Chiefs and Directors. The performance bond is a document that outlining the expectations and responsibilities of the new leaders and holding them accountable for their actions was signed during an induction programme organised by the aviation ministry. Keyamo said that…
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China to set up military hardware capabilities in Ajaokuta, says minister of steel
The Federal Government has said the Chinese government would establish military hardware capabilities in the Ajaokuta axis of Kogi state. The Minister of Steel and Development, Shuaibu Audu, said this on Thursday when speaking with State House reporters after a meeting with President Bola Tinubu at the Presidential Villa in Abuja. “We are setting up a military hardware capacity and…
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Local value addition essential for mining sector development – Alake
The Minister of Solid Minerals Development, Dr. Dele Alake has rallied the support of the international community for local value addition in the mining sector, asserting that it is critical for the development of the mining industry and Africa’s economy. Speaking as a panellist at the opening session of the ongoing Future Minerals Forum (FMF) in Riyadh, Saudi Arabia, titled…
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UPDATED: CBN dissolves boards, managements of Union, Keystone, Polaris banks
The Central Bank of Nigeria (CBN) on Wednesday said iit has dissolved the board and management of Union Bank of Nigeria, Keystone Bank, and Polaris Bank. The Acting Director, Corporate Communications, CBN, Mrs. Sidi Hakama in a statement said, the action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c),…
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