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N10bn Debt: AMCON Takes Over Assets Of Afrijet Airlines

The Asset Management Corporation of Nigeria (AMCON), on Friday, took over the assets of Afrijet Airlines Ltd. owned by Chief Vitalis Ibe, over an unpaid debt of almost N10 billion. This is contained in a statement issued by Mr Jude Nwauzor, Head, Corporate Communications, AMCON. According to the  statement said the …

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Customs Command, Seme Border Arrests Suspect With N4.4m Indian Hemp

The Seme Border Area Command of the Nigeria Customs Service, Badagry Lagos, has arrested a suspect with a large quantity of illicit weeds suspected to be cannabis, otherwise known as Indian. Already, the suspect one Mr. Sylvester Gbenga, bearing 106 wrapped parcels, has been handed over to the National Drug …

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Jimoh Ibrahim, UBA Bicker Over N120bn Aviation Fund

There was a mild drama at the investigative public hearing on the alleged mismanagement of the N120bn Aviation Intervention Fund organised by the Senate Committee on Aviation on Wednesday when the Chairman of the defunct Air Nigeria, Mr. Jimoh Ibrahim, denied collecting N35.5bn from the Bank of Industry. But members …

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Market Regains Investors’ Confidence, Appreciates By N224bn

The stock market rebounded on Tuesday after Monday’s loss as investors showed renewed positive sentiment. The Nigerian Stock Exchange market capitalisation appreciated by N224bn, with 37 stocks making the gainers’ chart. The market had started the week with a loss of N163bn on Monday, which was the first day of …

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Naira Crashes To 288/Dollar At New Official Market

The naira plunged by 31 per cent to 288.85 against the United States dollar on Monday at the close of trading at the newly established interbank market. The local currency also depreciated at the parallel market where it closed at 346 to the greenback, down from around 330 and 335 …

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Investors Inject N760bn Into Stock Market In Three Days

The Nigerian Stock Exchange reacted positively to the news of the unveiling of the new foreign exchange guidelines by the CBN last Wednesday as the market capitalisation soared by over N760bn, with investors committing huge sums to acquire more shares. The move by investors to acquire more stocks at this …

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Kachikwu Visits Maritime University Site

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Thursday paid a surprise visit to the site of the contentious Maritime University at Okerenkoko, Gbaramatu kingdom in Warri South West Local Government Area of Delta State. The minister was said to have been directed by President Muhammadu Buhari …

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Forex Policy: IMF Lauds CBN, Naira Appreciates

The local currency gained N12, rising from 367 to 355 against the United States dollar at the parallel market on Thursday, a day after the Central Bank of Nigeria released the much-awaited foreign exchange market framework. Forex dealers and analysts said the naira-dollar exchange rate, which closed flat at 367 …

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Stocks Gain As CBN Says Market’ll Determine Naira Rate

After weeks of consultation with stakeholders in the financial services sector, the Central Bank of Nigeria on Wednesday finally released the flexible foreign exchange guidelines. The CBN Governor, Mr. Godwin Emefiele, who announced the details of the policy while briefing journalists at the apex bank’s headquarters in Abuja, explained that …

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CBN ‘Deregulates’ Naira, FX To Be Determined BY Market Forces

The Central Bank of Nigeria, CBN, on Wednesday has announced a full float of the Naira, which will make the foreign exchange, forex, rate to be now determined by market forces. Speaking at a press briefing in Abuja the CBN Governor, Mr. Godwin Emefiele said the apex bank will however …

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