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Oil production has risen to 2.1 million barrels a day, the managing director of state oil firm NNPC said on Tuesday, without giving an explanation for the increase. “We are hoping that by the end of 2017 we should ramp up production to above 2.2 million barrels (per day),” Maikanti Baru told an oil conference in Abuja. According to Reuters, …

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Barring any last minute change, indication is high that fuel scarcity is imminent as Independent Petroleum Marketers Association of Nigeria (IPMAN) issued a two-week warning strike over alleged extortion by Depot owners and officials of Department of Petroleum Resources (DPR) at various depots across Lagos State. The oil marketers said it may also shut down all its over 2000 member filling …

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The Vice President of Dangote Group, Alhaji Sani Dangote on Monday in Lagos implored relevant Government agencies within and outside the Seaports to facilitate unhindered movement for all trucks conveying perishable items. Speaking at the Nigeria Agricultural Export Zero Reject Forum in Lagos, Dangote emphasis need for Nigeria as a country to tackle and overcome logistics challenges at Seaports and Airports. To …

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The Federal Government has postponed for three months a trade conference meant to drum up badly-needed investment due to the temporary closure of its capital’s international airport, the organisers said on Friday. According to Reuters, the delay is the first sign that government and business activity will be impacted by the six-week closure of Abuja airport for runway repairs just …

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New Partnership for Africa Development says it will invest €38m in youth empowerment in five African countries in three years. The Director NEPAD Continental, Estherine Fotabong, disclosed this during a courtesy visit to the Secretary to the Government of the Federation on Monday in Abuja. She said that the project would focus on skill acquisition for the youths of the …

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Zenith Bank Plc has recorded a gross earnings of N507.9 billion in its full year operations, as against N432.5 billion achieved in the corresponding period of 2015. Specifically, the bank’s result for the full year ended December 31, 2016, showed 17.4 per cent rise in gross earnings, from N432.5 billion in 2015 to N507.9 billion during the period under review. …

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The Central Bank of Nigeria (CBN) has been consistently criticised for the manner in which it has managed Nigeria’s foreign exchange (forex) market. One of the complaints is the directive by the CBN to commercial banks to allocate 60 per cent of their forex sales to the manufacturing sector and at the rate advised by the CBN.  The second major complaint …

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From Right: Fela Ibidapo, Group Head, Corporate Communications, Heritage Bank Plc; Omobolaji Mogaji, Media Sales Executives at Multichoice and Gifty Powers, Big Brother Naija’s housemate, during her visit to the bank’s head office in Victoria Island Lagos, weekend. Advertisement

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Securities and Exchange Commission says it has sealed up the premises of Yuan Dong for unacceptable investment operations in the country. The Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors. “Investments in the scheme range from a minimum deposit …

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The Deputy Managing Director, Ecobank Nigeria, Tony Okpanachi, has said the introduction of various innovative electronic payment platforms by the bank is in line with its deliberate policy to provide seamless and innovative services to customers and banking public. According to him, the e–payment system will further engender the financial inclusion strategy of the Central Bank of Nigeria (CBN) and …

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