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Month: December 2016

Ughelli to supply a quarter of the Nation’s Power

Fidelia Okafor. The Federal Government has decided that 25% of the nation’s electricity would be generated by the Ughelli Generating Company by the end of the year. Chairman of the plant, Mr. Tony Elemelu said the nation had the fixing of its electricity supply as its most critical agenda and that the Ughelli power plant […]

Arik Air Penalized by NCAA, to pay Customers $150

Fidelia Okafor. Arik Air management has been ordered by the Nigerian Civil Aviation Authority (NCAA) to pay N6 million as penalty for violating operational regulations over delay of passengers’ luggage. According to a statement by NCAA on Tuesday, the airline would also pay a sum of $150 to each passenger for the inconveniences caused them […]

Foreign Billionaire offers to Sponsor the education of the Chibok girls

Winifred Bosa. Mr. Robert Smith, a black American billionaire has offered to sponsor the education of 24 girls from Chibok Community including the recently released 21 Chibok girls. The Senior Special Assistant on Media and Publicity to the President, Mallam Garba Shehu disclosed this to the State House correspondents in Abuja on Tuesday. He said […]

Minister: NIPOST to embark on e-commerce and e-government services in 2017

Fidelia Okafor. The federal government has revealed of its intentions to reposition the Nigerian Postal Service (NIPOST) to provide e-commerce and e-government services in 2017. This was made known by the Minister of Communications, Adebayo Shittu on Monday at a News Agency of Nigeria (NAN) Forum in Abuja. Mr. Shittu said the e-commerce and government […]

NNPC says Nigeria now has 37 billion barrels in Nation’s Oil Reserves

Fidelia Okafor. The Nigerian National Petroleum Corporation (NNPC) has announced that the country’s oil reserve was now 37 billion barrels. Also, the corporation vowed to find a lasting solution to the threat posed by the Niger Delta militants. The Group Public Affairs General Manager of the NNPC Group, Mr. Ndu Ughamadu in a statement issued […]

International Financial Reporting Standards number 9: CBN issues guidance note

Amaka Obiefuna. The Central Bank of Nigeria (CBN) has issued an initial guidance note to all financial institutions on the implementation of the International Financial Reporting Standards number 9 (IFRS 9). The guidance note communicates supervisory expectations for the implementation of the new standard, especially in areas where banks are expected to exercise considerable judgment, […]

Transactions at NSE closes on a upbeat

Amaka Obiefuna. Transactions on the Nigerian Stock Exchange (NSE) closed for Christmas holidays on Friday to open on Wednesday December 28  on a bullish posture with the All-Share Index appreciating by 0.08 per cent. The  index rose by 21.20 points or 0.08 per cent to close at 26,486.02 against 26,464.82 achieved on Thursday. Also, the market capitalisation, […]

Saraki wants Nigeria education improved through PSP

Fidelia Okafor. The Senate President, Dr Bukola Saraki has charged private investors to collaborate with the federal and state governments in revamping the educational sector. Saraki made the call on Monday at the official commissioning of Royal Crescent Valley International Girls School, Kulende, Ilorin. According to him, government alone could not do it alone, but […]

NERC fins Genco, Disco N66.6 for failing to submit financial reports

Fidelia Okafor. For failing to submit their audited financial reports for the years 2013 and 2014, Afam Power Plant Plc and Eko Electricity Distribution Company (EKEDC) have been fined N66.6 million by the country’s electricity regulator, the Nigerian Electricity Regulatory Commission (NERC). A statement from the NERC yesterday in Abuja stated that Directives 162 and […]

Nigeria reduces MTN fine from N1.04tr to N330b, says action in good faith

Winifred Bosa. The Minister of Communications, Mr. Adebayo Shittu, has said that the reduction of MTN’s fine from N1.04 trillion to N330 billion by the federal government, was done in good fate to save MTN’s business from total collapse and to also protect the jobs of thousands of Nigerians that are on MTN’s payroll. The […]

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