The French-backed West African CFA franc currency will be reformed and renamed the “eco,” in what Ivory Coast President Alassane Ouattara called a “historic” move on Saturday, NAN reported. France, the former colonial power in the region, will withdraw from being involved in the committees of the West African joint currency. The far-reaching reform affects … Read more
In its bid to enhance the process of clearing cargoes, SIFAX Group has injected N8 billion into its Terminal at Tin-Can Island Port, Lagos, Nigeria. It said that the fresh investment in the seaports is in line with the Federal Government’s directive on ease of doing business. The company said the money was used for … Read more
Royal Dutch Shell said on Friday it expected to write down up to $2.3 billion in the fourth quarter, the latest major energy company forced to shrink estimates for sector values due to a weaker economic outlook. In a trading update ahead of full year results, Shell also lowered its oil products sales forecast, pointing … Read more
The House of Representatives has approved the budget of the Federal Capital Territory for 2020, totalling N278,355,365,947. Out of the figure, N55,878,241,095 is set aside for personnel cost and N62,343,723,435 for overhead cost, while the balance of N160,133,401,417 is for capital expenditure. The approval followed the adoption of the report by the Committee on FCT … Read more
The Minister of Power, Saleh Mamman has revealed that Nigerians will start paying more on electricity supply as the Federal Government plans to boost power supply. According to Mamma, improvement in electricity supply necessitated the need to increase the electricity tariffs. Already, there is ongoing tariff reform in the power sector for the eleven power … Read more
Andrew Bailey, the former deputy of the Bank of England has been chosen as the institution’s new governor, to succeed Canadian Mark Carney. The Financial Times and other newspapers said Bailey, the head of the Financial Conduct Authority regulator and former deputy of the BoE between 2013 and 2016, would replace Carney. Canadian Carney, 54, … Read more
Eleven Nigerian governors on Friday stormed the Dangote Refinery and Petrochemicals in Lekki, Lagos to have on the spot assessment of the massive project. The governors are Ahmadu Umaru Fintiri (Adamawa), Okezie Ikpeazu (Abia), Mallam Nasir El-Rufai (Kaduna), AbdulRahman AbdulRasaq (Kwara), Prince Dapo Abiodun (Ogun), Godwin Obaseki (Edo), Dr. Kayode Fayemi (Ekiti), Babajide Sanwo-Olu (Lagos), … Read more
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has received double honours at the HR Best Practice Awards organised by the Chartered Institute of Personnel Management (CIPM). The event took place at the Eko Hotel & Suites, Victoria Island, Lagos recently. The foremost financial institution emerged as the winner of the ‘Most … Read more
Shareholders of Forte Oil Plc has authorised the board of directors to change the name of the company to Ardova Plc. The approval was given at the an extra-ordinary general meeting (EGM) held in Lagos on Tuesday. At the EGM, the directors had requested that “The shareholders hereby approve that the name of the company … Read more
The Federal Inland Revenue Service (FIRS) has served a seven-day notice to tax defaulters across the country. The Head, Communications and Servicom Department, Wahab Gbadamosi, made this known in a statement in Abuja on Tuesday. Mr Gbadamosi said the Acting Executive Chairman of FIRS, Abiodun Aina, announced this in a notification letter to taxpayers on … Read more
Six days before the 2016 presidential election, two Pennsylvania college students had an idea: They could try to get Donald Trump’s tax returns, which the then-candidate refused to release and which had become an election issue. Andrew Harris and Justin Hiemstra swiped into a school computer lab and tried to download Trump’s filings. What began … Read more
The three refineries owned by the Federal Government lost a total of N111.27bn from January to September this year, the Nigerian National Petroleum Corporation said in its September report. The refineries posted a loss of N96.31bn in the same period in 2018, according to the NNPC data obtained by PunchNg on Monday. Nigeria, Africa’s top … Read more
The Nigerian Stock Exchange (NSE) crucial market indices opened trading for the week on Monday with a growth of 0.60 per cent following enhanced bank in interest. Specifically, the market capitalisation which opened at N12.807 trillion rose by N77 billion or 0.60 per cent to close at N12.884 trillion. Also, the All-Share Index rose by … Read more
Oando Plc through its upstream subsidiary Oando Energy Resources has signed two Gas Supply Agreements (GSA) with the Nigeria Liquefied Natural Gas Limited (NLNG). The agreement is on the renewal of gas supply for the existing Trains 1-3 for a term of 10 years and for gas supply for the impending Train 7 for a … Read more
Qantas Airways plans to have more experienced pilots on board the world’s longest non-stop flights than on its current long-haul flights for the first 18 months as it evaluates fatigue, said sources with knowledge of the matter. The airline said last week it could buy up to 12 Airbus A350 planes for the commercial flights … Read more
The Nigerian National Petroleum Corporation (NNPC) has recorded ₦5.20billion trading benefit surplus for the month of August, reflecting an increase of 22 per cent compared with the ₦4.26 billion surpluses posted in July. Ekohotblog learnt that the corporation disclosed this in its Monthly Financial and Operations Report (MFOR) for the month of August released in Abuja on … Read more
The Edo State Governor, Mr. Godwin Obaseki, has described fish production as the ‘new oil’ of the Nigeria’s agricultural subsector. Speaking during the Edo State Fisheries Stakeholders’ meeting, in Benin City, Obaseki who was represented by the Commissioner for Agriculture and Natural Resources, Richard Edebiri,said his administration through the intervention of the Central Bank of … Read more
Ride-hailing service, PlantyWaka, with its improved app, has presented to users amazing features. PlentyWaka is a technology-driven bus sharing solution, designed to allow commuters to schedule their rides from their preferred pick-up locations to their desired destination. The initiative which was launched on September 16, 2019, now has new a app, which comes with amazing … Read more
Association of Advertising Agencies of Nigeria (AAAN) is set to hold the 14th edition of the Lagos Advertising and Ideas Festival (LAIF) Awards tomorrow at Landmark Event Centre, Lekki, Lagos. AAAN’s Publicity Secretary, Jenkins Alumona, said the theme for this year’s awards is Tori Tori of LAIF. Read Also: Fracas In Edo, As Thugs Set … Read more
Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has said most insurance companies licenced to operate in the country are largely undercapitalised. Mr Onyema made this declaration when he addressed participants at the Insurance Sector Forum held on Tuesday at the Stock Exchange House in Lagos. During his speech, the NSE … Read more