News

The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), has said there are corruption allegations in the Central Bank of Nigeria’s foreign exchange allocation and transactions. Malami added, on Wednesday, the fraud allegations were “supported by several documents.” According to a subtle query issued by Malami to the Governor of CBN, Mr. Godwin Emefiele, demanding …

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The Transmission Company of Nigeria says the nation’s power generation rose from 3,528MW to 4,043MW between February 1 and February 15. TCN, in its website, said that the 515MW increase in generation as at February 15 was due to slight increase in gas supply to some power generating companies. It said, “The total output of 4,043 megawatts from all the …

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A group of Nigerian professional based in London, known as Nigerians In The Square Mile (NISM) has launched its Lagos chapter, with the aim of aligning London and Lagos market for better trading opportunities. The launching which was held at the Nigerian Stock Exchange had in attendance professional in the financial sector based in Lagos. In his welcome address, the chief …

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Component manufacturers from the National Association of Automotive Components and Allied Manufacturers of South Africa (NAACAM), last week, reaffirmed their determination to support automotive manufacturing in Africa with initial focus on Nigeria, Kenya, Algeria and Ethiopia. NAACAM envoys, who were in Nigerian cities of Abuja and Lagos to discuss industry and trade matters with principal directors at the National Automotive …

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Nissan Motor Co., Ltd. On Monday announced through a statement the financial results for the nine-month period to December 31, 2016. “In the first nine months of the fiscal year, Nissan generated an operating profit of 503.2billion yen, which represents a 6.1 per cent margin on net revenues of 8.26 trillion yen,” said Carlos Ghosn, Chairman and Chief Executive Officer. …

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The National Bureau of Statistics says the Consumer Price Index, which measures inflation, increased by 18.72 per cent (year-on-year) in January from 18.55 per cent recorded in December, 2016. The CPI, which measures the average change over time in prices of goods and services consumed by people for day to-day living, is 0.17 per cent points higher from the points …

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Just a day after U.S President, Donald Trump had a phone conversation with Nigeria’s President Muhammadu Buhari, Power Africa, an initiative by the US government to light up Africa, on Tuesday said it was planning to invest about one billion dollars on the power sector in Nigeria, the programme’s coordinator, Mr Andrew Herscowitz said. Herscowitz announced this in Abuja at …

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The federal government yesterday rewarded Mr. Ezekiel Izuogu with N10 million and 55 other inventors with N60 million for their efforts in the manufacture of unique scientific inventions and innovations. Presenting the cheques to the awardees in Abuja, the Minister of Science and Technology, Dr. Ogbonnaya Onu said the grants arising from the result of the findings of the Presidential …

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Nigerian returnees from Libya have revealed how their search for financial freedom and a better life turned into a nightmare for them. On Tuesday, 161 Nigerians returned voluntarily from Libya, assisted by the International Organisation for Migration after being detained for several months in Libya. They said they travelled to the North African country with the hope of crossing to …

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The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, says it will establish a $300m agribusiness loan project for youth farmers across the country. NIRSAL is an arm of the Central bank of Nigeria that provides agribusiness investments credit risk guarantees to help drive economic development through agriculture. The organisation also helps to reduce credit risk in agricultural lending. The …

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