An operator of the Lagos State Bus Rapid Transit (BRT) scheme, Primero Transport Services, has announced plans to increase its fares on all routes in February. The company’s Managing Director, Mr Fola Tinubu, made the disclosure in an interview in Ikorodu on Thursday. Tinubu said that the increase was as result of its increasing operational cost. The company has maintained …

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Chairman of Transcorp Group and United Bank for Africa, UBA, Mr Tony Elumelu, has said Nigeria’s power sector will soon collapse if urgent action was not taken. Elumelu told CNBC Africa: “The agency of government that is responsible for making sure that this sector delivers on its potential is not doing well enough. We are owed a lot of money. …

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For the fourth consecutive year, Nigeria has failed to rise in Transparency International’s Corruption Perception ranking. TI, which released its 2016 report on Thursday, ranked Nigeria 136 out of 176 countries. However, while the organisation scored Nigeria 26 per cent in its last report, it scored the country 28 in its latest report. The war against corruption is one of …

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The Director –General of the Securities and Exchange Commission (SEC), Mounir Gwarzo has restated the commission’s resolve to promote the development of Commodity Exchanges in the country. Speaking when he received the New Exco of the Association of Stockbroking Houses of Nigeria(ASHON)  on  a courtesy call at the commission on recently, the Director General said the commission was willing to …

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The Nigerian Stock Exchange (NSE) has listed the Stanbic IBTC Asset Management Limited (SIAML) Pension ETF 40 as one of the Exchange Traded Fund that will be traded on the NSE floor. A total of 10,000,000 units of N100 each at par in SIAML Pension ETF 40 was listed. According to the promoter investors can only buy a minimum of …

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Banks’ assets have depreciated in the last two years, with provisions for Non Performing Loans (NPLs) hitting N856.9 billion, a financial market report has said. The report by the investment and research firm Afrinvest West Africa Plc was released yesterday. It said provisioning for the NPLs, which rose 3.1 times from N280.4 billion in December 2014 to N856.9 billion last …

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The Economic Community of West African States (ECOWAS), in conjunction with the European Union (EU), has launched the implementation of the European Union Support to ECOWAS Regional Peace, Security and Stability Mandate Programme (ECOWAS-EU PSS Project) aimed at creating the right atmosphere for development in the region.   The project, which will see ECOWAS, EU and other developmental partners committing …

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Citing the need to cut debt and make its biggest overseas acquisition profitable, India’s largest mobile-phone operator, Bharti Airtel Ltd. is considering mergers or stake sales at some of its Africa operations. The Chairman, Sunil Bharti Mittal, who stated this in an interview with Bloomberg, at the World Economic Forum in Davos, Switzerland, said some of the firm’s businesses in …

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As part of its Green Energy Project, the Bank of Industry at the weekend in Lagos launched its 1 billion naira solar energy fund to boost its off-grid electricity generation project. The fund would be made available to firms partnering with the bank in the development of solar energy services across the country. Addressing stakeholders at the event, acting managing …

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  The management of Dangote Cement Plc, at the weekend gave out a whopping N2.4 billion to its teeming distributors across the country, as their sales bonus for 2017. The management also promised that a sum of N5billion has been set aside to assist the distributors in enhancing their sales in their different locality for the year 2017. The excited …

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