Business

eTranzact International Plc has announced that Valentine Obi, its managing director, and some other members of the executive board will step down after an alleged N11 billion happened under their watch. In a statement released on Tuesday, the company said the decision was of its board’s volition and not an order of the Central Bank of Nigeria. There had been …

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Photo Caption: From Left; Haruna Jalo-Waziri, MD/CEO, Central Securities Clearing System (CSCS) Plc, Tinu Awe, Executive Director, NSE, Bayo Olugbemi, Non-Executive Director, CSCS, and Roosevelt Ogbonna, Non-Executive Director, CSCS at CSCS Stakeholders Dinner, held in Lagos at the weekend.

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The Investments and Securities Tribunal (IST) sitting in Abuja has finally resolved a decade-long cyclical dispute between a stock broking firm, Valueline Securities and Investments Ltd and First City Monument Bank Plc (FCMB) over the repayment of N2.5 billion shares purchase fund misappropriated in 2008 by the defunct FinBank Plc with which FCMB consummated a merger. The Director, Corporate Affairs, …

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Nigeria recorded a total investment commitment of 83 billion dollars between January 2017 and March, Mr Okechukwu Enelamah, the Minister of Industry, Trade and Investment, said. Enelamah spoke in Abuja on Tuesday at the opening session of the Direct Investors Summit Nigeria, expected to attract over 190 investors from 40 countries in key sectors of the economy. The summit was organised by …

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The Vice-President, Prof. Yemi Osinbajo, says the Federal Government has invested close to 10 billion dollars in infrastructure development in the last three years. He said the investment which focused on roads, power and a new national rail network, was unprecedented. Osinbajo spoke in Abuja on Tuesday at the opening session of the Direct Investors Summit Nigeria, organised by Nigeria Investment Promotion …

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Pan-African Financial Services Institution, United Bank for Africa (UBA) Plc will be rewarding its loyal customers who refer friends and family to the bank in its new diaspora campaign. The campaign is designed to reward customers of the bank who refer their Diaspora friends/relatives to open a UBA account. Specifically, this campaign will last for three months and the bank will …

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The Lagos State Government on Monday said that it has so far achieved an average monthly Internally Generated Revenue (IGR) of N34 billion in 2018 compared to monthly averages of the last three years. Commissioner for Finance, Mr. Akinyemi Ashade who disclosed this at the ongoing annual Ministerial Press Briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration …

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The Nigeria Deposit Insurance Corporation (NDIC) has become the first public sector organization in Nigeria to be awarded three International Standards Organization (ISO) certifications by the British Standards Institute (BSI) simultaneously. At an elaborate ceremony in Abuja, the Corporation was presented with the three certificates by the British High Commissioner to Nigeria who was represented by the Lead Trade Adviser …

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The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent. The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja. He explained that eight out of the nine members of the …

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President Muhammadu Buhari on Tuesday threw a jibe at former President Olusegun Obasanjo for spending $16bn on power projects during his tenure, without corresponding power supply to Nigerians. Although he did not mention any name, Buhari said “a former Nigerian leader” was bragging at a time that his administration spent the amount on power sector, yet there is nothing to …

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