Nigeria’s total public debt rose to 28.62 trillion naira ($79.5 billion) as of March, up 15% from a year earlier, the Debt Management Office (DMO) said on Friday. Africa’s largest economy has been racking up debt to fund infrastructure projects and boost a sluggish economy now projected to fall into recession following the impact of … Read more
Following the outbreak of COVID-19, Professor of Finance and Capital Market, Uche Uwaleke, says the Nigerian Stock Exchange (NSE) will likely close 2020 in red. He based his analysis on the negative real Gross Domestic Product (GDP) growth rate forecast by the International Monetary Fund (IMF) and the World Bank. The lecturer at the Nasarawa … Read more
Nigeria has changed the way marginal oilfields are allocated to avoid legal problems that bedeviled previous bidding round, the director of the Department of Petroleum Resources (DPR) said on Tuesday. Nigeria in early June launched its first bidding round for marginal fields – smaller blocks typically developed by domestic companies – in nearly 20 years. … Read more
Aggrieved customers of Access Bank have taken to a micro-blogging, Twitter to express their dissatisfaction over repeated stamp duty charges. According to the customers, the charge have been consecutive with no explanation provided by Access Bank. Meanwhile, some alleged that the bank debited them before the actual date. Screenshots of debit alert for Monday, June … Read more
BBC World Service partners with MTN Nigeria to deliver BBC News Minute bulletins which will be free of charge to subscribers of the myMTN App in English, Hausa, Igbo, Pidgin, and Yoruba. BBC News Minute is the BBC’s 60-second news round-up that keeps audiences up to date with what is happening locally and globally. Audiences … Read more
Prices of crude oil slipped from a three-month high on Tuesday, June 23 after it had rallied earlier in the day as a result of comments on the status of the US-China trade deal. The Brent crude, which initially hit $43, shed 68 cents or 1.58 percent yesterday to trade at $42.40 per barrel. Also, … Read more
Economic Community of West African States (ECOWAS) has publicly declared approval for Nigeria’s former Minister of Finance, Ngozi Okonjo-Iweala nomination for the World Trade Organisation Director-General election. The endorsement of ECOWAS was contained in a statement signed by its President, Mamadou Issoufou. Buhari had approved the candidacy of Okonjo-Iweala, changing the country’s previous position of … Read more
The Asset Management Corporation of Nigeria (AMCON) has seized assets belonging to Umaru Baba Abdullahi, the chief promoter of Doggi Group Limited, over a N440 million debt. AMCON took possession of two properties located at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory, Abuja, and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe … Read more
Alhaji Aliko Dangote has denied reports that he is a co-owner of Executive Jets Services Ltd. Ekohotblog recalls that Executive Jet’s operating license was recently suspended indefinitely by the Ministry of Aviation after flouting lockdown guidelines for flying Nigerian artiste, Naira Marley and his crew to Abuja for a concert. A statement by Anthony Chiejina, … Read more
The board of Regency Alliance Insurance Plc has announced that it’s 26th Annual General Meeting (AGM) will hold on Monday, July 6, 2020. Ekohotblog understands that shareholders are advised to elect proxies to represent them due to the ongoing COVID-19 pandemic ravaging the world. During the AGM, shareholders will be discussing the company’s bid to … Read more
President Muhammadu Buhari has sacked the Managing Director and Chief Executive of Nigerian Bulk Electricity Trading Company, PLC, NBET, Dr. Marilyn Amobi of her duties. The Spokesman to the Minister of Power, Aaron Artimas confirmed this in a statement on the ministry’s Twitter account. Ekohotblog reports that Dr. Nnaemeka Eweluka replaced Dr. Marilyn Amobi as the … Read more
The Republic of Benin has revealed why it dropped it’s World Trade Organisation (WTO) candidate for Ngozi Okonjo-Iweala. Ekohotblog understands that the West African country disclosed that it pulled its candidate out of the race to enable Okonjo-Iweala to get stronger backing during the election – this creates a problem for Egypt. It was reported … Read more
The Lagos Chamber of Commerce and Industry says the worsening poverty in the country posed a great deal of risk to Nigeria’s democratic process and security. Nigeria’s Gross Domestic Product, Foreign Direct Investment, foreign exchange rate, and lending rate, among others, were all weak between 2015 and 2019, the chamber said on Sunday in its … Read more
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has consolidated its collaboration with the Australian government on mining and agricultural sectors respectively. The National President of NACCIMA, Hajiya Saratu Iya-Aliyu disclosed this during a courtesy visit to the Australian High Commissioner, Ms. Claire Ireland at the Australian High Commission office in … Read more
AfDB Vice President for Agriculture, Human and Social Development Dr. Jennifer Blanke has resigned her position. African Development Bank. AfDB made this known in a statement on Wednesday. The bank said Blanke’s resignation would take effect July 4, 2020. READ ALSO: https://ekohotblog2.com/2020/06/10/police-nabs-fake-inspector-suspected-fraudsters-in-niger/ The statement quoted her saying, “I am leaving purely for family reasons to … Read more
Profit taking was persistent on the Nigerian Stock Exchange (NSE) on Friday with investors net worth dropping further by N155 billion. Specifically, the market capitalization dipped N155 billion or 1.17 percent to close at N13.049 trillion compared with N13.204 trillion achieved on Thursday. Also, the All-Share Index which opened at 25,312.05 shed 295.75 points or … Read more
The Lagos State Government (LASG) will soon reverse the Land Use Charge (LUC) to the pre-2018 rate, Commissioner for Finance, Dr. Rabiu Oluwo said. Olowo disclosed this on Wednesday, during the 2020 Ministerial Press Briefing to mark the first year in office of Gov. Babajide Sanwo-Olu. He said that the state government plans to review … Read more
15 Ex-African leaders send warning messages to the U.S. government headed by President Donald Trump to respect the governing systems of the African Development Bank (AfDB). In a statement on Friday, the former leaders said the bank and its president, Akinwumi Adesina, should not be distracted at a time when the continent is battling the … Read more
Niger Delta Development Commission (NDDC) 2019 budget was padded with atleast 500 Ghost Projects, Professor Kemebradikumo Pondei, Acting Managing Director reports. Professor Pondei, who spoke to journalists in Port Harcourt on Tuesday, explained that a huge amount of money was appropriated for bogus projects. He was reacting to allegations of corruption levelled against the Commission’s … Read more
Polaris Bank is set to leverage technology to tackle the effect of ongoing coronavirus in Nigeria. The Managing Director/CEO, Polaris Bank, Tokunbo Abiru disclosed this in an interview with ThisDay. Tokunbo Abiru said the bank will leverage its investment in cutting-edge information technology to harness emerging opportunities and mitigate the disruptive effect of the COVID-19 … Read more