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$1.2b Etisalat Loan: CBN, NCC Wade In To Save 4,000 Jobs

The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) are collaborating to save telecommunications giant Etisalat from going under on account of the $1.2 billion controversial syndicated loan owed a consortium of 13 local banks. The regulators’ intervention is aimed at saving the jobs of the over ...

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2017 Budget Will Aid Private Sector Development Says Udo Udoma

The Minister of Budget and Planning, Udoma Udo Udoma has said that the 2017 budget will focus on businesses around the private sector. He said that the budget will create an enabling environment for the private sector to thrive in their business. “We are focusing on the private sector, we ...

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NCC, CBN Intervene In Etisalat Debt Crisis

A meeting between the officials of Etisalat Nigeria, Nigerian Communications Commission, the Central Bank of Nigeria and a consortium of banks has reportedly been scheduled for tomorrow, June the 21, to find a resolution to the debt crisis troubling the telecoms company. According  to  Channels Television several meetings are ongoing ...

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Economic Recession: The Worst Is Over Says Minister

Minister of Finance, Kemi Adeosun,  says Nigeria has had a very rough economic route over the past two years, but believes the worst is over. Speaking at the just concluded Bloomberg, NSE (Nigerian Stock Exchange) forum, Adeosun said Nigeria has learnt hard lessons from its immediate past and is moving ...

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Etisalat, Banks Talks Deadlocked Over $1.2b Debt

The fate of Etisalat Nigeria, the fourth largest telecommunications network operating in the country, hangs in the balance as the telecom giant battles to pay its creditors. Etisalat Nigeria had in 2013 obtained a seven-year loan facility of $1.2billion from 13 local banks and their foreign counterparts to refinance a ...

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Naira to appreciate further on stock purchases –Analysts

The naira is expected to strengthen against the United States dollar in the coming week as offshore investors pile into local stocks, currency and financial analysts have said. According to them, the naira will likely strengthen against the dollar in the coming days as more offshore investors buy up local ...

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BDC Operators Want CBN To Review Dollar Buying Rate

The Association of Bureaux De Change Operators of Nigeria (ABCON) has advised the Central Bank of Nigeria (CBN) on steps to sustain the naira’s recovery against dollar. The naira has remained at N362/$1 at the parallel market in the last one week, a major improvement from N520/$1 in February. In ...

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2.1 million Nigerians lost their jobs in 2016 –NBS

The National Bureau of Statistics has said that the number of Nigerians who became unemployed rose by 2.1 million to 11.55 million at the end of 2016 from 9.48 million at the beginning of the year. The NBS stated this in its unemployment report, which was released on Monday night. ...

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Forex Users Dump BDCs As Naira/Dollar Rates Converge

These are not the best of times for Bureaux de change (BDCs) operators. They have been shunned by foreign exchange users following the convergence of naira/dollar rates at the parallel market and BDCs for the first time in two years. The exchange rate at both parallel market and BDCs closed ...

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We Will Continue To Invest In Nigeria Despite Economic Recession Says ZTE

ZTE Nigeria, a Chinese telecommunications company operating in Nigeria, says it will continue to invest in Nigeria,  despite the current economic crisis. Speaking in Lagos at the weekend, Head of Administration, Yawei Yang said the company expressed its commitment to continue to invest in the economy and most importantly in ...

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