Customs, Revenue The Nigeria Customs Service (NCS) says it generated the sum of N1.5 trillion for the year 2020. The Customs’ Public Relations Officer, Mr Joseph Attah, made this known in a statement in Abuja on Wednesday, Eko hot blog gathered. Attah said the amount realised was over the target of N1,380,765,353,462.00 and also more … Read more
The federal government may have concluded plans to acquire unclaimed dividends and funds in dormant bank accounts as stipulated by the Banks and Other Financial Institutions (BOFI) Act recently signed into law by President Muhammadu Buhari. The Act reads in part: “Any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock … Read more
The Managing Director, First City Monument Bank (FCMB) Limited, Adam Nuru, has voluntarily taken a leave from work to enable the bank investigate allegations of unethical conduct levelled against him. This was contained in a statement issued by FCMB on Tuesday. According to the statement, the bank is “aware of several stories circulating across several … Read more
NSE, Shares The nation’s bourse recorded its first loss in the year on Tuesday, dropping by N393 billion due to renewed profit taking on blue chips. Specifically, the market capitalisation shed N393 billion or 1.83 per cent to close at N21.122 trillion from N21.515 trillion recorded on Monday. Read Also: Fury Lashes Out At Joshua … Read more
Nigeria’s public debt hit a total of N32.2tn at the end of September 2020 Nigeria’s public debt hit a total of N32.2tn at the end of September 2020, the Debt Management Office announced on Thursday. The figure implies that the nation’s debt profile rose by N1.19tn between the second and third quarters of 2020, Eko … Read more
Stock Market The nation’s bourse extended bullish posture on Wednesday with the market capitalisation increasing further by N214 billion on sustained bargain hunting of blue chips. Specifically. the market capitalisation which opened at N20.446 trillion rose by N214 billion to close at N20.660 trillion supported by interestes in BUA Cement. Also, the All-Share Index appreciated … Read more
The Central Bank of Nigeria (CBN) said it has withdrawn the operating licences of seven payment services providers. Eko Hot Blog recalls that the CBN also recently revoked the operating licences of 42 Microfinance Banks across the country. A report titled ‘Revocation of operating licences of some payment service providers’ released by the apex bank … Read more
AIICO, Insurance AIICO Insurance Plc on Tuesday said that its shareholders oversubscribed its Rights Issue, which recorded 126 per cent subscription. Mr Babatunde Fajemirokun, Managing Director /Chief Executive Officer of the firm said this in a statement made available in Lagos. Fajemirokun stated that the company had conducted its Rights Issue listing 4,357,770,954 ordinary shares … Read more
The new strain of the virulent COVID-19 virus discovered in United Kingdom and now in other countries has begun to take a toll on crude oil as hopes of prices rebound become bleak. Oil prices took a dip on Tuesday as almost 2 percent slump in prices was recorded, eroding the slight rise in prices … Read more
Central Bank of Nigeria (CBN) has seized the operating licences of 42 microfinance banks across the country. The Nigeria Deposit Insurance Corporation disclosed this in an announcement on its website titled ‘Notice of closure of 42 microfinance banks’. It stated, “This is to inform the depositors, creditors, shareholders and the general public that the operating … Read more
The Lagos Government has announced that bags of rice would be sold for ₦20,000 to residents before Christmas. Ekohotblog learnt that initiative is in partnership with Kebbi Government and Central Bank of Nigeria (CBN). The Commissioner for Agriculture, Ms Abisola Olusanya, made it known to newsmen on Monday in Lagos that about 100,000 bags of … Read more
A new plant has been connected to the nation’s power grid, thereby increasing the number of hydropower plants producing electricity in Nigeria to four. Data obtained from the Nigerian Electricity System Operator (NESO) on Sunday showed that the Dadin Kowa Hydropower Plant, located in Gombe State, has an installed generation capacity of 60 megawatts, The … Read more
The Maritime Workers Union of Nigeria has declared an indefinite strike over the sacking of 500 workers by Integrated Logistics Services Nigeria Ltd.(INTEL), and Associated Maritime Services Ltd (AMS). The union has also directed its members to shut down the Eastern ports from Monday, December 14 pending the reversal of the disengagement of the affected … Read more
The naira exchanged to the dollar in the parallel market at ₦474/$ on Thursday. Ekohotblog gathered that naira to dollar was exchanged at 473/$1 on Monday. The naira which recorded slight improvement in recent days closed at the Importer & Exporter forex window at ₦394.6/$. Meanwhile, the Central Bank of Nigeria (CBN) retained the official … Read more
Chairman, Board of Directors for Lagos Building Investment Company (LBIC), Hakeem Ogunniran, has expressed his satisfaction in the bank activities at the 15th Annual General Meeting. While speaking at the Conference Hall of the Bank, Ogunniran said the bank has continued on a path of growth despite the challenging operating environment of the year. He … Read more
The Federal Government (FG) says it has conceded about ₦1.024 trillion import duty waivers, concessions and grants to drive economic growth in the country in the past three years. Mrs Zainab Ahmed, the Minister of Finance, Budget and Planning made this known at a one-day sensitisation on Digitisation of Import Duty Exemptions Certificate (IDEC) … Read more
EKOHOTBLOG, 29TH NOVEMBER, 2020 The Nigerian National Petroleum Corporation has said it raised domestic gas supply to the power sector by 20 million standard cubic feet per day leading to an increase in power generation by 117 megawatts. In its latest financial and operations report obtained in Abuja, the corporation said it supplied 727mmscfd of … Read more
Air France and KLM Royal Dutch Airlines from. December 7 will resume flight operations into Abuja and Lagos. The airline in a statement on Monday, November 23 said passengers could now fly Air France and KLM from Nigeria (Abuja and Lagos) to Paris and Amsterdam, with the possibility of transfer to other European and North … Read more
Government officials on Thursday disclosed that Nigeria was spending about $500m annually on importing palm. Officials from the Federal Ministry of Agriculture and Rural Development, states, agencies and non-governmental organisations made this known at the National Workshop on oil palm organised in Abuja by Solidaridad, an international NGO. Senior government officials and other stakeholders agreed … Read more
Central Bank of Nigeria (CBN) has ordered commercial banks to give up to N2 billion maximum loan to youths interested in going into agriculture. The loan, which comes under the Accelerated Agriculture Development Scheme (AADS) at five per cent interest rate per annum was created by the apex bank in collaboration with state governments to … Read more