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28 Officers Detained as Customs Seizes another Cache of 475 Illegal Arms Import

No less than 28 Customs officers have been arrested in connection with series of illegal weapons imports through the Lagos seaports, following a fresh discovery of another container loaded with 475 riffles at the Tin Can island ports in Lagos, yesterday. The discovery is coming at the heels of a ...

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CBN Gives Banks Four-week Ultimatum to Open FX Teller Points

The Central Bank of Nigeria (CBN) has given a four-week ultimatum to deposit money banks which have not complied with its directive to open teller points for retail forex transactions. In a statement issued on Monday, the apex bank said banks that fail to comply within four weeks would be ...

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Customs Hits Bumper Seizures of N1.6b in Lagos

… 20 SUVs of 2017 Included The Nigerian Custom Service (NCS), has made a spectacular seizures of state – of –the –art vehicles and other sundry goods within the Lagos axis with a street value of about N1.6 billion, in three weeks. The seizures comprises mostly of 17 assorted Sports ...

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Osinbajo to Foreign Investors: Put your money in Nigeria now or risk regretting in 10 years

Acting President Yemi Osinbajo has advised investors willing to take advantage of the opportunities in the Nigerian economy to do so now or risk blaming themselves in 10 years time. Speaking at the presidential villa in Abuja during a meeting of delegates from the Nigerian Initiative for Economic Development (NEID), ...

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IMF: Nigeria’s Economy Remains Challenging Despite Signs of Relief

Calls for coherent policies to enhance recovery Ndubuisi Francis in Abuja and Jonathan Eze in Lagos The International Monetary Fund (IMF) has declared that Nigeria’s economic backdrop remains challenging, despite some signs of relief in the first half of 2017. It also noted that near-term vulnerabilities and risks to economic ...

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FG Urges Dangote To Complete Refinery Before 2019

The federal government has urged Aliko Dangote, president of Dangote group, to make sure that he achieves his target of ending fuel importation in the country by December 2019. Ibe Kachikwu, minister of state for petroleum resources, made the call when he visited the Dangote oil refinery site at Lekki ...

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FG Targets N7.9tn 2018 Budget As Senate Approves $1.8bn External Borrowing

Proposes $45/b, 2.3mbpd in MTEF Six states get nod for $750bn foreign loans The federal government projects that it would spend about N7.9 trillion next year, about N500 billion more than its N7.44 trillion appropriation for this year. The government’s plan came to light Thursday through the Minister of Budget ...

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UK Bank Appoints Okonjo-Iweala As Director To Earn £130,000 Annually

Ngozi Okonjo-Iweala, former minister of finance, has been named an independent non-executive director at Standard Chartered PLC. Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England and with presence in 70 countries. According to a statement released on Thursday, by Jon Tracey, the ...

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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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