Category: Business
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NDDC Warns Against Scammers and Fake Contracts
Naira-Dollar Black Market Exchange Rate on August 8th, 2023 Curious about the Dollar to Naira exchange rate on the black market, also referred to as the parallel market (Aboki fx)? Check out the black market exchange rate for Dollar to Naira on August 7th below. These are the prevailing rates for swapping your dollar for…
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Lagos Pursues $10bn in Private Investments for Power Supply.
Governor Babajide Sanwo-Olu aims to attract $10 billion in private investments to elevate Lagos State’s electricity supply, targeting nearly five million homes by 2032. Despite drawing just a quarter of the national grid’s 5,000 megawatts, the state is looking beyond, relying on a diverse range of off-grid power sources. Sanwo-Olu emphasized that their comprehensive power…
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“2022 Floods Inflict $7bn in Economic Losses – FG”
In 2022, Nigeria faced $7bn in direct economic damages due to floods, according to the Federal Government. Moreover, over 600 lives were tragically lost in what’s described as Nigeria’s most severe climate change aftermath. This information was conveyed by Vice President Kashim Shettima during an event under the United Nations Framework Convention on Climate Change…
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FCT-IRS Takes A Bold Step On Tax Remittance Errors
By Iateef Taiwo, Abuja In a bid to put a stop to unending errors associated with tax remmittances by individuals in the territory to other states, the Federal Capital Territory Internal Revenue Service (FCT-IRS) has kick start plans to tackle such practices. Executive chairman FCT-IRS, Haruna Abdullahi said the errors, if not well corrected will…
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Shareholders Rally for First Bank’s AGM Amid Disput
Some shareholders of First Bank Nigeria Holding, FBNH Plc, have voiced their support for the upcoming Annual General Meeting (AGM) scheduled for August 15, 2023. They stand against a group of disgruntled shareholders attempting to halt the AGM and have called on regulatory authorities to intervene. Under the banner of the Trustee Shareholders Association of…
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CBN forecasts a 2.66% economic growth by the end of the year.
The Central Bank of Nigeria (CBN) anticipates a moderate 2.66% recovery of the economy by 2023’s end, according to a recent Monetary Policy Committee (MPC) meeting’s Communique no 149 in Abuja. CBN’s Acting Governor, Folashodun Shonubi, expressed that despite global and domestic recovery trends, uncertainties persist due to global factors such as the Ukraine war,…
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NNPCL targets robust gas development for economical, green energy.
The Nigerian National Petroleum Company Limited (NNPCL) is intensifying its gas development and transportation projects to provide affordable, clean energy, aligning with United Nations Sustainable Development Goal (SDG) No. 7. This was announced by the Group CEO, Mele Kyari, at the Society of Petroleum Engineers’ annual conference in Lagos. Kyari discussed the challenge faced by…
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The CIOTA boss, Obayendo, states that an N8000 handout does not solve the poverty issue amongst Nigerians.
CIOTA aims to address insecurity and promote sustainable mobility through effective transportation practices, but it is important to remember that it does not offer a direct solution to the broader issue of insecurity. CIOTA’s role is to provide recommendations and guidance on transportation policies that can support overall security and sustainability. Ultimately, the responsibility for…
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Nigeria faces a $15bn loss due to seaports congestion.
Nigeria is reportedly suffering an annual loss of around $15 billion due to congestion and various maritime issues at its seaports, as well as neglect of port access roads. Major hindrances include gridlock, high demurrage charges, slow cargo delivery, and complex clearance procedures, which result in significant revenue losses for the Nigeria Customs Service (NCS).…
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The NCC issues a warning about a deceitful Linkedin account posing as the Executive Vice Chairman.
The Nigerian Communications Commission (NCC) has alerted the public about a deceptive LinkedIn account falsely representing its Executive Vice Chairman (EVC), Prof. Umar Garba Danbatta. The NCC confirmed that this illegitimate account appears to be the work of fraudulent individuals aiming to deceive and potentially defraud the public, as well as social media users who…