$652m needed to reactivate, complete Ajaokuta steel plant -Audit
Businessam Staff
July 16, 2019
An audit conducted by Nigerian and Ukrainian experts showed that a total of $652m is required to reactivate and complete the Ajaokuta steel plant, an audit report has revealed. According to the information sourced from the company’s website in Abuja on Monday, the audit was conducted in April 2018 by Nigerian engineers, technicians, and other […]
Banks make quick adjustment as deposits in CBN’s SDF drop 300%
Moses ObajemuJuly 15, 2019
By Moses Obajemu Nigerian banks appear to have adjusted quickly, and nicely too, with respect to the new rules by the Central Bank of Nigeria (CBN) on conditions for accessing its standing deposit facility (SDF), with deposits in the facility falling sharply by more than 300 percent on Friday to close at N34.4 billion. […]
Afreximbank’s $1bn AfCFTA support facility for member countries
Ben EguzozieJuly 14, 2019
Africa Export-Import Bank (Afreximbank), pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade, apparently buoyed by the continent’s leaders’ ratification of the African Continental Free Trade Area (AfCFTA) and Nigeria’s final and much awaited entry into the continental trade group, is pushing forward with a series of initiatives to support the […]
Malabu: JP Morgan to appeal judgement allowing its prosecution by Nigerian govt
Businessam StaffJuly 12, 2019
Indications emerged Thursday that JP Morgan Chase will appeal a court decision that dismissed its motion to halt its prosecution by the Nigerian government last February. Details of the development were contained in a skeleton argument presented by the Nigerian government through its lawyers during a case management hearing at a London High Court on […]
Emefiele meets service chiefs over presidential order on local uniform sourcing
Tola AkinmutimiJuly 12, 2019
Tola Akinmutimi The Governor of the Central Bank of Nigeria, Godwin Emefiele, Thursday met with service chiefs and heads of paramilitary agencies over the implementation of the Executive Order 3 issued by President Muhammadu Buhari directing security agencies to source their uniforms locally. Specifically, the directive was targeted at reviving the Nigerian textile industry through […]
External debt servicing gulps $357.26m in three months
Businessam StaffJuly 12, 2019
The federal government spent a total of $357.26m in the first three months of the year to service external debt, the Debt Management Office has disclosed. Statistics obtained from the DMO in Abuja on Thursday showed that commercial loans gulped the largest amount spent on external debt servicing in the first quarter of the year. […]
Telcos challenge Nigerian government to close $120bn internet funding gap
Samson EchenimJuly 11, 2019
By Samson Echenim Telecommunication companies in Nigeria have called on the federal government to map out clear-cut policies to develop the information technology sector, which they say requires about $120 billion to send internet to every part of the country. At the 2019 edition of Association of Telecommunications Companies of Nigeria (ATCON) Telecom Executives and […]
No plans to hike fuel price says NNPC
Businessam StaffJuly 11, 2019
The Nigerian National Petroleum Corporation on Thursday advised motorists and other petroleum product consumers to disregard the trending rumour of a planned hike in the pump price of Premium Motor Spirit, popularly known as petrol. It explained that the statement of Mele Kyari, the corporation’s group managing director, at the National Assembly on Wednesday did […]
NNPC: It’s very difficult for us to make fuel available at N145
Businessam StaffJuly 11, 2019
Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC) says it is very difficult to make fuel available at N145 per litre. He made this known while speaking on Wednesday during a courtesy visit to Ahmed Lawan, the senate president, at the National Assembly Complex in Abuja. According to Kyari, the cheap […]
No state’s revenue was enough to fund its 2018 budget – NEITI
Businessam StaffJuly 11, 2019
None of the 36 states of the federation could fund their budgets from total revenue received in 2018, the Nigerian Extractive Industries Transparency Initiative (NEITI) has reported. The transparency agency said, in the latest edition of its Quarterly Review, that the total revenues received by the states for the year stood at about N3.95 trillion […]