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Malabu Oil Scam: ENI Denies Any Wrongdoings

ENI, also known as the Nigeria Agip Exploration Limited, has said the transactions leading up to the auctioning of $1,616,690,656.78 Malabu oil block followed due process The board of directors of the oil firm made this known in a statement on Wednesday. ENI said that an independent US law firm had ...

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Xenophobic attacks: Militants threaten MTN, others as Obasanjo berates S’African leaders

A coalition of Niger Delta militants, on Wednesday, threatened to blow up Multichoice, owner of DSTV; MTN, Shoprite and 16 other major South African investments in Nigeria if the Federal Government failed to shut them down within one month. The militant groups, who were reacting to the xenophobic attacks on ...

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LADOL, World Business Leaders Plot Africa’s Benefits In $12trn Global Economic Development

The Lagos Deep Offshore Logistics base (LADOL), has joined notable world business promoters in mapping out strategies to actualize how Africa could effectively reap a whopping $1 trillion from a projected $12 trillion new market value in an emerging global economic system. The projected $12 trillion economic developing plan evolved ...

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Naira Further Gains As CBN Pumps In More Dollars

The naira on Monday continued to strengthen against the dollar and other major currencies, gaining N10 to exchange at N450 to a dollar at the parallel market. The pound sterling and the euro exchanged at N560 and N470. At the bureau de change (BDC) window, the naira sold at N399 ...

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British Council Partners FirstBank To Host Lagos Theatre Festival 2017

British Council in partnership with First Bank Nigeria plc has announced this year Lagos Theatre Festival holding from 28 February-March 5, 2017. From Tuesday 28 February – Sunday 5 March 2017, over 500 artists will gather to present over 70 performances at 16 Venues, spanning 6 days at the Lagos ...

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CBN Reintroduces Charges On Cash withdrawal

The Central Bank of Nigeria (CBN) has announced that charges on deposits will be re-introduced. In a circular released on its website, the apex bank said the decision was made at the 493rd bankers committee meeting that held on February 8. The apex bank also said it would extend its ...

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Dollar Tumbles on Parallel Mkt, Buy Rate Falls Below N490

• Buy rate falls below N490 as Teriba urges CBN on building reserves • With $30bn, we have firepower to meet demand, says central bank • Fitch: New FX policy action may ease pressure on banks The new foreign exchange policy actions introduced by the Central Bank of Nigeria (CBN) ...

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CBN Pumps $500m into FX Market, Banks Take up Only $371m

Sells $491m in two days as naira appreciates on parallel market Says request for submission of tax clearance by customers erroneous, will be corrected wednesday In keeping with its promise to ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, the Central Bank of Nigeria (CBN) ...

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Outrage as Indian-packaged garri sells in Nigeria

Nigerians on Monday expressed outrage after it emerged that Indian-packaged garri was being sold in the country. The garri is packed in a 500g bag, which has the picture of a lady and an inscription, ‘TRS’ (Asia’s Finest Foods) on it, with a price tag of N450. The Executive Director, ...

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CBN Increases Forex Supply To Banks

The Central Bank of Nigeria (CBN)  has provided new additional funds for banks to meet the personal and business needs of Nigerians following new adjustments to its FX policy. The apex bank said it would also provide forex for medical needs and school fees, effective immediately. In a statement by Isaac ...

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