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2 Banks Lose Millions To Robbers In Lagos

Heavily-armed robbers, in commando-style, Wednesday held residents of Ipakodo area of Ikorodu in Lagos hostage for about two hours as they robbed two major banks in the area. The scene of the robbery operation was just a stone’s throw to Ipakodo Divisional Police station. But the policemen who engaged the …

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At Fidelity Bank, We’re Committed To Excellent Customer Experience – Nnamdi Okonkwo, MD

  Mr Nnamdi Okonkwo, Managing Director/Chief Executive Officer, Fidelity Bank Plc, has said that the bank will continue to reward loyal customers in order to show appreciation for their patronage of the bank’s products over the years. Nnamdi Okonkwo was emphatic that such appreciation will encourage the banking public to …

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CBN Says: It’s Shameful To Import Toothpick, Fish, Eggs, Sugar, Wheat, Bans Official Forex Access

The Central Bank of Nigeria (CBN) Wednesday said that importers of rice, cement and other products will no longer access Foreign Exchange from CBN, banks and bureaux de change for such importation. Mr Godwin Emefiele, CBN Governor, who disclosed this at a news conference in Abuja, said the measure would …

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Reps Probe $8bn NNPC Oil Swap Deal Despite Row

The House of Representatives Wednesday resolved to constitute an ad-hoc committee to investigate alleged malpractices by Nigerian National Petroleum Cooperation (NNPC) in the $8 billion crude oil swap contracts involving five oil companies, but some members of the House objected to the probe. The contracts in question were brokered by …

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Public Investment Is Still A Critical Factor To Power Reforms’ Success – Amadi

  The Nigerian Electricity Regulatory Commission (NERC) has listed proper project management and prudent public sector investment as critical success factors for total overhaul of the power sector in the country. Dr Sam Amadi, Chairman/Chief Executive of NERC, commenting on the success factors, said: “When our capacity of project management …

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Fuel Subsidy: Nigerians Urge FG To Scrap Scheme

A cross-section of Nigerians on Wednesday urged the Federal Government to discontinue its subsidy payment policy to marketers importing fuel. Respondents in interviews in Lagos said that removal of the petroleum subsidy tainted by fraud would be good for Nigeria’s prosperity. According to the Nigerian Extractive Industries Transparency Initiative (NEITI), the federal …

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NAMA Partners CAPSCA, AFISNET On Medical Emergency, Network Initiatives

By Patrick Aigbokhan The Nigeria Airspace Management Agency (NAMA) has indicated its bid to partner with the Collaborative Arrangement for the Prevention and Management of Public Health Events in Civil Aviation (CAPSCA) towards the actualization of medical emergency preparedness for the Nigerian aviation sector. Engr. Ibrahim Abdulsalam, Managing Director, NAMA, pledged …

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Construction Firms’re Collapsing, Govts’ Debt Over N600bn, Operate At 30% Capacity — FOCI  

Construction companies under the aegis of the Federation of Construction Industry (FOCI) have expressed concern over the high indebtedness of the Federal, state and local governments to the construction industry of over N600 billion. Consequently, construction companies generally are working at 30 percent capacity following the mass retrenchment of our workers …

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Naira’ll Depreciate If We Remove Restrictions — CBN

  The Central Bank of Nigeria (CBN) has expressed fears that removal of restrictions imposed on the interbank foreign exchange market will lead to sharp depreciation of the naira. The restrictions were imposed to curb demand for dollars in a bid to halt the depreciation of the naira against the dollar. …

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Power: Operate Single Account For Electricity Funds – NERC Orders Transmission Company

Following a recent threat by Manitoba Hydro International Nigeria Ltd, management consultant for Transmission Company of Nigeria (TCN) to withdraw from the laid-down agreement over alleged “substantial breach of contract,” the Nigerian Electricity Regulatory Commission (NERC) on Monday directed TCN to maintain a single account for the payment of electricity …

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