The Federal Government has said the introduction of a new price regime for Premium Motor Spirit (petrol) has become inevitable in order to halt the crippling fuel scarcity in the country and ensure availability of the product. The Minister of Information and Culture, Alhaji Lai Mohammed, who stated this at the inauguration of the Advertisers Association of Nigeria (ADVAN) Marketers Conference in Lagos on Friday, said only the liberalization of petrol supply will ensure the availability of the products. “Distinguished ladies and gentlemen, I can tell you that that decision is inevitable, if we are to end the crippling fuel…
Author: Pride Team
Lagos State Governor, Mr. Akinwunmi Ambode on Friday expressed dissatisfaction at the deplorable state of some sections of Oshodi-Apapa Expressway, saying the road was too strategic to the economy of the State and therefore cannot be ignored. Governor Ambode, who made an unscheduled inspection tour of the road while returning from the grand opening of a 70, 000 capacity Motorbikes Assembly Plant in Mile 2, directed the State’s Ministry of Works and Infrastructure and other relevant government agencies to immediately move to site and fix the bad portions of the road. A visibly worried Governor Ambode had stopped his convoy…
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Local equities returned to winning ways as the local bourse recorded more than three gainers for every stock that lost value. This resulted in an increase of the twin market performance measures, NSE ASI and market capitalisation, by 91.5 bps each. Most sectored gauges increased, save for the NSE Industrial Index which fell by 0.49%. Shares of major petroleum products marketers, Forte Oil, Total Oil Nigeria, and Mobil Oil Nigeria, appreciated by N10.50, N9.19 and N5.57 to close at N220.50, N159.60 and N160.66 per share respectively. However, fast moving consumer goods maker, Unilever Nigeria, retreated by N1.22 to close at…
Bank of Industry (BoI) is working in partnership with the Katsina State government on a N2 billion Enterprise Development Fund. The initiative is intended to boost the entrepreneurial prospects of indigenes of the state. The inauguration of the matching-fund followed the commissioning of the bank’s Katsina office, by the State Governor, Aminu Masari. Speaking during the signing of the memorandum of understanding (MoU) between both parties, BoI’s acting Managing Director, Mr. Waheed Olagunju said the bank’s total loan exposure to industrialists in the state had reached N11.4 billion. He said under the terms of the partnership, the state government would…
Central Bank of Nigeria (CBN) has produced a draft guideline on the regulation and supervision of non-interest (Islamic) micro finance banks (MFBs). A Non Interest (Islamic) Financial Institution (NIFI) means a bank under the purview of the CBN which transacts banking business, engages in trading, investment and commercial activities and also provides financial products and services in accordance with the principles of Islamic Commercial Jurisprudence. Similarly, a Non Interest (Islamic) Microfinance Bank (NIMFB) means any MFB licenced by the CBN to carry on the business of providing financial services, engages in trading, investment and commercial activities and also provides financial…
President Muhammadu Buhari has vowed to decisively deal with intractable corruption in the country saying that his administration’s will soon begin implementation of the principles of the Open Contracting Data Standard. He said this in London. In Nigeria’s country statement to the Anti-Corruption Summit hosted by Prime Minister David Cameron of Britain, President Buhari said that the Federal Government will apply the Open Contracting Data Standard to major projects in the oil, transportation, power, health, education and other sectors. The Open Contracting Data Standard (OCDS) enables disclosure of data and documents at all stages of the contracting process by defining…
Oil traded near $46 a barrel in New York amid signs Canadian oil-sands production is coming back online after wildfires forced operations to shut. Enbridge Inc. expects to restart its Athabasca crude pipeline in Alberta this weekend. Canadian Natural Resources Ltd. restored normal production rates at its Horizon oil-sands site. Prices rose as much as 1.7 percent earlier as supply reductions around the world helped whittle away the global surplus. In addition to the outages in Canada, Nigeria said militants have curbed the country’s oil output by as much as 600,000 barrels a day. The global surplus in the first…
Rivers State Governor, Nyesom Ezenwo Wike has condemned the blowing up of pipelines in the Niger Delta by militants, saying that it is not in the interest of the region as it negatively affects the revenue that accrue to the states for development. The governor also revealed that in the next few weeks, he would flag off the dualization of the Saakpenwa-Bori road to serve Ogoni communities. He said the states of the Niger Delta will work with the Federal Government and Security agencies to ensure that the stoppage of pipelines by militants. In an interview with German Television, ARD…
The Executive Governor of Kogi State, Alhaji Yahaya Bello, has assured the management team of the Ajaokuta Steel Company Limited and all the people of Kogi State that during his administration, the revival of the steel company would be concluded. The governor said this while receiving the team, who visited him at his office in Government House, Lokoja, on Tuesday, 11th May 2016. He said he was taking the issue of natural resources very seriously and would make concrete demands of the President, Muhammadu Buhari, and the Federal Minister for Mineral Resources, Dr. Kayode Fayemi, as it concerns the steel…