Category: Business News
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Dangote’s $2bn Petrochemical Plant to Produce 77 Grades of Polypropylene
Dangote’s $2 billion Petrochemical Plant located in Ibeju-Lekki, Lagos State, is designed to produce 77 different high-performance grades of polypropylene in the country.
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Emirates Airline extends suspension of Nigerian flights to UAE
Emirates Airlines has extended the suspension of Nigerian flights to Dubai, United Arab Emirates (UAE) till September 5, 2021.
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Buhari appoints successor as Yemi Kale bows out as Statistician-General of the Federation
President Muhammadu Buhari has approved the appointment of Dr Simon Harry as the new Statistician-General of the Federation to head the National Bureau of Statistics (NBS). This is according to a statement from Mr Yunusa Abdullahi, Special Adviser, Media and Communications to the Minister of Finance, Budget and National Planning on Thursday. Harry is to…
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Nigeria records 5% GDP growth for second quarter
Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, the National Bureau of Statistics (NBS) has said. The NBS disclosed this in the latest report on the nation’s GDP entitled Nigerian Gross Domestic Product Report (Q2 2021) released on Thursday. It explained that the increase in…
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NNPC GMD hints on when Nigeria will stop importing petrol
Nigeria will stop the importation of Premium Motor Spirit (PMS), popularly known as petrol, when the Petroleum Industry Act (PIA) comes into full effect, and when the Dangote Refinery kicks off operations. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, disclosed this on Wednesday in Abuja. He made the disclosure…
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PIA implementation won’t raise fuel price –PPPRA
The Petroleum Products Pricing Regulatory Agency (PPPRA) yesterday said the implementation of Petroleum Industry Act (PIA) may not necessarily lead to an increase in the pump price of petrol in the country. The Executive Secretary of the Agency, Mr Abdulkadir Saidu, disclosed this in a statement in Abuja on Sunday. “There is no gainsaying it…
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Despite court ruling, FIRS threatens to penalise Nigerians who pay VAT elsewhere
The Federal Inland Revenue Service (FIRS) has urged taxpayers to continue to pay their Value Added Tax (VAT) to it to avoid paying penalties for failure to do so. Mr Abdullahi Ahmad, Director, Communications and Liaison Department of the FIRS, gave the advice in a statement on Sunday in Abuja. He said the FIRS issued…
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CBN bars microfinance banks from FOREX transactions
The Central Bank of Nigeria (CBN) has cautioned microfinance banks in the country to stop engaging in foreign exchange transactions and other unauthorised dealings. The apex bank stated this on Friday in a circular titled ‘Cessation of Non-Permissible Activities by Microfinance Banks’ issued by Ibrahim Tukur from the CBN’s Financial Policy and Regulation Department. “The…
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Alpha Morgan Capital Managers receives BBB-(IM) grade rating from Agusto
Alpha Morgan Capital Managers Limited has been rated BBB-(IM) with a stable outlook by Agusto&Co. Rating Services. TheNewsGuru.com, TNG reports that Alpha Morgan Capital Managers is a fund/portfolio manager with an operational track record of nine years in the asset management business. The firm provides management services primarily to HNIs, retail and institutional clients across…
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Okugbe Microfinance Bank subscription crosses N200m mark
The quest for the Urhobo nation to set up a microfinance bank primarily targeted at women and youths reached a milestone over the weekend when the subscription to the proposed bank crossed the N200m mark. The regulatory guidelines as established by the Central Bank of Nigeria (CBN) require the promoters of that category of microfinance…