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Bank verification number commences next week
Deposit money banks (DMBs) will commence the enrollment of customers on the Bank Verification Number (BVN) that was launched in Lagos over four months from next week. This signifies the end of the...
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Alison-Madueke’s OPEC bid suffers setback
Member countries of the Organisation of Petroleum Exporting Countries (OPEC) have decided to extend the tenure of the incumbent secretary general of the oil cartel, Abdullah al-Badri, by six months,...
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Shell shuts in 40,000bpd crude oil production
Shell Petroleum Development Company of Nigeria Limited (SPDC) has suspended crude oil production at the EA field for repair of the Soft Yoke Mooring Platform (SYMP), which connects the Floating...
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CBN orders banks to refund excess CoT charges
The Central Bank of Nigeria, CBN, has ordered banks to refund Commission on Turnover, CoT, charges above the regulatory maximum to customers. It also banned banks from imposing account maintenance fees...
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Mobile payment transaction hits N271 Billion
In spite of the initial apathy to the mobile payment initiative of the Central Bank of Nigeria (CBN), there are indications that the policy is gaining traction as the total value of mobile payments in...
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NGA restates its commitment to Nigerian gas development
The Nigerian Gas Association (NGA) has restated its commitment to advance the role of Nigerian natural gas as the preferred energy source, while also serving as a platform for championing the...
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Tin Can Customs Records N53bn Revenue in Two Months
The Nigeria Customs Service, Tin Can Island Port Command, has recorded a revenue generation of N53bn in the months of April and May, in what the leadership described as a major achievement since...
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Kwara Govt assures investors of conducive environment
By Olarotimi Oshin As part of efforts to boost Kwara State economy, the government has called local and international investors to invest in the state, saying the state is blessed with natural...
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ATM Errors: CBN orders banks to refund monies to customers
The Central Bank of Nigeria (CBN) has directed all deposit money banks (DMBs) in the country to return all monies in their possession as a result of Automated Teller Machines’ (ATMs’) non-dispense or...
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CBN to publish names of blacklisted serial borrowers soon
FOLLOWING the zero tolerance approach the Central Bank of Nigeria (CBN) is adopting to check the activities of serial and fraudulent borrowers, the apex bank will soon publish names of such blacklisted...
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Banks agree to interest rates cut
The Bankers’ Committee yesterday said it was in support of the Central Bank of Nigeria’s (CBN) policy to gradually reduce both lending and deposit rates but appealed for time until the macroeconomic...
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FG to invest $1.6bn in power transmission
The Federal Government on Thursday said it would invest 1.6 billion dollars to upgrade and expand the power transmission network. The Minister of Power, Prof. Chinedu Nebo, made this known when a...
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FG, states, LGs share N648bn May allocation
The three tiers of government, on Tuesday, shared N648.349 billion May allocation among themselves. The amount represented N582.934 billion Statutory Allocation and N65.415 billion realised from the...
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Kwara: Ifelodun council presents N1.8b 2014 budget
The Ifelodun Local Government Council in Kwara State on Wednesday presented a sum of N1.8 billion as 2014 budget estimate. The Chairman of the Council, Alhaji Babatunde Salami, presented the budget...
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Emefiele redeploys three CBN deputy governors
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has approved the redeployment of three deputy governors of the bank. Those affected are Dr. Kingsley Chiedu Moghalu, Alhaji...
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Agbaja iron ore mining to last 100 yrs – Minister
By Abdullahi Ibrahim The Minister of Mines and Steel Development, Mr Musa Sada, has said that Agbaja iron ore deposit in Kogi State can last for more than 100 years when it commences operation. Sada...
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Coca-Cola Eyes Egypt Sales Growth with $500m Investment
World’s largest beverage provider, Coca-Cola is keen to achieve double digit growth from the Egyptian market following the establishment of new factories in the North African country. The factories...
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Insurgency has affected business with Nigeria — Belgium Amb. Dirk Verheyen
Belgium Ambassador to Nigeria, Mr Dirk Verheyen BELGIUM may rank as one of the countries that do not subject Nigerians to cumbersome visa processing, both in Abuja and Lagos. This is in sharp contrast...
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CBN refunds N2.95bn excess bank charges to customers
The Central Bank of Nigeria (CBN) on Thursday said that it refunded a total of N2.95 billion excess bank charges to aggrieved customers in 2013. Alhaja Summa Dutse, CBN Director, Consumer Protection...
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FG threatens revocation of idle coal bloc licenses
The National Council on Privatisation (NCP), on Thursday in Abuja, threatened to revoke all idle coal bloc licenses in the country. The threat was issued after a meeting of the NCP presided over by its...
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