A highlight of the All Africa Business Leaders Award West Africa last night was the acceptance speech of the Emir of Kano and Former Central Bank Governor Muhammadu Sanusi II, who picked up a lifetime achievement award. Emir Sanusi addressed President Buhari’s policy of controversial fuel subsidies and his views on the exchange rate. He [...]
The Federal Government has hired two international audit firms, KPMG and Price Waterhouse Coopers (PwC), to conduct a forensic audit of its revenue-generating departments and agencies covering the period between 2012 and May 2015. The two firms were selected by a five-man committee of the National Economic Council (NEC) which made the announcement on Thursday, [...]
Nigeria has recorded total transactions of N700 billion through the mobile money banking system since 2012, a Central Bank of Nigeria (CBN) official said in Abuja on Tuesday. The Director, Banking and Payment Systems Department, CBN, Mr Dipo Fatokun, made the statement in a presentation at a workshop on Mobile Money and Emerging Payment System [...]
The Permanent Secretary, Federal Ministry of Finance, Mrs Ana Daniel-Nwaobia, and Accountant-General of the Federation, Ahmed Idris, on Monday briefed President Muhammadu Buhari on the state of the nation’s economy. Addressing State House correspondents after the closed-door briefing, Daniel-Nwaobia said the briefing was to let the President have first-hand information about happening in the ministry [...]
The Nigerian economy risks another economic shut down in the next couple of days, as workers of Seawolf Oilfield Services, yesterday, promised to work with the National Union of Petroleum and Natural Gas Workers, NUPENG and the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, to compel the Asset Management Corporation of Nigeria, [...]
As part of its efforts to revamp the telecommunication sector, the federal government, handed over the Nigerian Telecommunication Plc (NITEL) and Nigerian Mobile Telecommunications (MTEL) to its preferred bidder, the NATCOM Consortium after five failed attempts to privatise the companies.
Nigeria’s former telecommunications giant, Nigerian Telecommunications Ltd (NITEL) and its mobile subsidiary, Mobile Telecommunications Ltd (MTEL) changed ownership as the Federal Government formally handed it over to the new core investor NATCOM Consortium Development and Investment Ltd. This followed a successful conclusion of a guided liquidation transaction by the Bureau of Public Enterprises (BPE) under [...]
Chairman of NATCOM Consortium, Olatunde Ayeni, commended the transparent and open process the bidding was conducted, observed that a new and strong brand has entered the Nigerian telecommunications market, adding that NATCOM is resolved to deliver a unique brand that would wow and delight the Nigerians customers and market. He said, “We believe there is [...]
The Nigerian National Petroleum Corporation (NNPC) on Wednesday said that the report of the forensic audit carried out on its books by PricewaterhouseCoopers (PwC) did not indict it in anyway. The Group Managing Director of the NNPC, Dr Joseph Dawha, said at a news conference in Abuja that the report, rather, absolved NNPC of culpability [...]
Central Bank of Nigeria Communique No. 99 of the Monetary Policy Committee Meeting of Monday 19th and Tuesday 20th January, 2015 The Monetary Policy Committee (MPC) met on January 19 and 20, 2015 against the backdrop of challenging external conditions and downside risks in the domestic economic environment. In attendance were all the eleven members [...]
The Governor of Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has dismissed the claim of JPMorgan Chase & Co that there is a lack of liquidity in the Nigerian foreign exchange market, saying the naira is correctly valued and that Nigeria wants to remain in the index.
2015 Budget Submission to the Senate and House of Representatives: Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, briefing the press after submitting the 2015 Budget to both Houses of the National Assembly (NASS).
The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has described the Top 100 Businesses Initiative as a bold effort to recognise and celebrate major investors and companies that are contributing to the development of Nigerian economy. The minister said this while meeting members of the Top 100 Businesses Assessment Committee in Abuja at [...]