Category: Business News
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Insurance Brokers urged to engage in advocacy
In a bid to make more Nigerians buy insurance products, insurance brokers have been urged to engage in more advocacy programmes. Speaking during the investiture ceremony of Mr. Rotimi Olukorede as the 10th Chairman of the Nigerian Council of Registered Insurance Brokers (Lagos Area Committee), Bishop Mike Okonkwo MFR, Presiding Bishop, TREM who was the…
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INTELS sacks 700 workers without benefits in Rivers
Workers of Intels Nigeria Limited on Friday received the shock of their lives when the management of the company formally sacked 700 of them without benefits. The aggrieved sacked workers, who began the protest on Tuesday said they would only stop their demonstrations if the firm paid their benefits. The protesters and members of the…
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FG speaks on introduction of new taxes in 2021
The Federal Government said on Friday that it was not planning to introduce any new taxes in 2021, but is making efforts to reduce the tax burden on the Nigerian people in view of the current economic situation occasioned by the COVID-19 pandemic and the fall in the prices of crude oil in the international…
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CBN releases categorisation for payment system
The Central Bank of Nigeria (CBN), in line with its commitment to promote a strong and credible payment system, has approved new license categorisations for the payments system. A circular signed by Mr Musa Jimoh, Director, Payments System Management Department of the apex bank, states that the new framework offers clarity for new and existing…
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Nigeria’s $1.5bn World Bank budget support loan request hits fresh road block
Nigeria’s 1.5 billion dollar budget support loan request is “still in the works”, says Shubham Chaudhuri, World Bank Country Director for Nigeria. Chaudhuri said this on Thursday in Abuja, at a media conference on the presentation of the World Bank Nigeria Development Update (NDU) for December. The report titled “Rising to the Challenge: Nigeria’s COVID…
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NNPC Committed to Bringing Down Cost of Production, Remaining Competitive – Kyari
The Nigerian National Petroleum Corporation (NNPC) has, for the umpteenth time, pledged its commitment to bringing down the unit cost of oil production in the country to $10 per barrel, so as to remain competitive in the Industry and deliver value to all Nigerians. A statement from the Group General Manager, Group Public Affairs Division,…
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UBA’s GMD, Kennedy Uzoka Honoured with Prestigious Zik Leadership Award
The Group Managing Director/Chief Executive Officer, United Bank for Africa (UBA) Plc, Kennedy Uzoka, was on Sunday night presented with The Zik Prize for Professional Leadership. The award was presented by the Secretary to the Government of the Federation (SGF), Boss Mustapha, under the chairmanship of Nobel Laureate, Professor Wole Soyinka at a glamorous event…
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New policy to improve diaspora remittances starts Dec. 4 – Emefiele
The Central Bank of Nigeria (CBN), Mr Godwin Emefiele has announced that the new CBN policy to improve the Diaspora remittances into the country takes effect on Dec. 4. Emefiele made this in his remarks on “Improving remittance Inflows into Nigeria ” obtained from the apex bank’s official website. He said that policy measures were…
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CBN strengthens dollar supply with new rules on domiciliary accounts, remittance
Worried by the poor dollar supply in the Nigerian economyy, the Central Bank of Nigeria (CBN) has introduced new rules that allow beneficiaries of diaspora remittance and transfers into domiciliary accounts to receive their money in foreign currency. Previously, beneficiaries of diaspora remittance can only receive in cash the naira equivalent of the amount transferred.…
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Ex-Unity Bank manager, Adam jailed for N11m ATM fraud
The Maiduguri Zonal Office of the Economic and Financial Crimes Commission, EFCC, has secured the conviction Adam kaka Adam, a former banker, who was sentenced to one year imprisonment by Justice Ibrahim Jauro of the Yobe State High Court sitting in Damaturu. The convict was prosecuted on one-count of theft to the tune of N11,…