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EFCC Recovers N328.9bn from Conoil, Total, Seven Others

The Economic and Financial Crimes Commission (EFCC) wednesday said it had recovered a total of N328.9 billion from nine major oil marketers in one year. The spokesperson of the commission, Wilson Uwujaren, disclosed this in a statement in Abuja. Uwujaren, according to the News Agency of Nigeria (NAN), identified the ...

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Emefiele Warns Against Possible Return To ‘Protracted Recession’

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) has warned that the positive economic growth recorded in the second quarter of 2017 is “very fragile”.. Speaking after the monetary policy meeting on Tuesday, Emefiele said forecast available to the committee shows that Nigeria’s recovery from recession remains very ...

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Etisalat Nigeria Beats Deadline Changes Name To 9mobile

Etisalat Nigeria is changing its brand name to 9Mobile, TheCable has learnt. A few weeks ago, Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator, due to a N541 billion debt. On July 4, 2017, a new board was appointed at ...

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Etisalat Exits Nigeria, Gets Few Weeks To Drop Brand Name

The Etisalat Group, the parent company of Etisalat Nigeria, has pulled out of Nigeria and demanded that the use of its brand be phased out after three weeks. The Abu Dhabi-based company decided to exit the country after talks between Etisalat Nigeria and a group of banks over the restructuring ...

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CBN Boosts Forex Market With $195m

The Central Bank of Nigeria (CBN) wednesday intervened in the forex market with injection of $195 million. The forex inflow, which came on the first day of business after the Eid-el-Fitr celebration, went to various segments of the inter-bank market. The intervention was part of CBN’s plans to shore up the value of ...

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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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