Headlines:
Now On Air: Rise and Shine (Newspaper Review) with Olutayo Ogunade and Opeyemi Lawal

Impact Business Report

Showing 1 to 9 of 113 posts

Economic council directs NNPC, others to refund N8tr

Economic council directs NNPC, others to refund N8tr

2018-05-18 10:35:28

Excess crude account now $1.803 billion The National Economic Council (NEC) has directed the Nigerian National Petroleum Corporation (NNPC) and other agencies in the country to refund unremitted revenues in the sum of N8trillion (about $21billion) and another N526billion into the Federation Account. The council, headed by Vice President Yemi Osinbajo, consists of governors of the 36 states of the federation, minister of the Federal Capital Territory (FCT), governor of the Central Bank of Nigeria (CBN) and minister of finance. The directive came yesterday, following the adoption of a report by auditing firm, KPMG. Recall that following suspected cases of… continue reading


CBN sustains liquidity mop up as N330bn inflow hits interbank

CBN sustains liquidity mop up as N330bn inflow hits interbank

2018-05-14 13:13:23

THE aggressive liquidity mop up operations conducted by the Central Bank of Nigeria (CBN) last week is expected to persist this week as inflow of N330 billion boost interbank money market liquidity. In a bid to tackle excess liquidity in the interbank money market, worsened last week by inflow of N290 billion, the apex bank mopped up N454 billion from the market by selling secondary market (Open Market Operations, OMO) treasury bills. Financial Vanguard analysis reveal that the N50 billion worth of 119-Day OMO bills offered by the CBN was largely undersubscribed as subscription and amount sold stood at N2.9… continue reading


Nigeria spends $36.3bn on fuel importation in 5 years — CBN

Nigeria spends $36.3bn on fuel importation in 5 years — CBN

2018-05-08 10:51:37

CENTRAL Bank of Nigeria, CBN, yesterday, disclosed that the sum of $119.409billion was spent on the importation of commodities into the country in five years. Of the amount, $36.371billion was expended on the importation of petroleum products from 2013 to 2017. The Director in charge of Research in the apex bank, Mr Ganiyu Amao made the disclosure while testifying before the House of Representatives Ad-hoc Committee on Refineries Turn Around Maintenance, TAM. CBN Governor, Mr Godwin Emefiele Amao also lamented that the huge expenditure had affected the nation’s external reserve and induced the depreciation of the naira. He said: “Data… continue reading


Public assets worth over N5b lost to vandals, FCTA Minister

Public assets worth over N5b lost to vandals, FCTA Minister

2018-05-05 11:04:54

MINISTER of the Federal Capital Territory Administration, FCTA, Malam Muhammad Musa Bello has put the total amount of vandalism of public assets and critical infrastructure in the nation’s capital at over N5 billion. While decrying public amnesia towards public assets, which he said emboldened the hoodlums, the minister however expressed readiness to leverage on the very wide network of the National Orientation Agency (NOA) to stem the ugly trend and restore vandalized assets. In a paper he presented at a stakeholder conference on the Protection, Preservation and Community Ownership of Public Assets and Critical Infrastructure, organized by the National Orientation… continue reading


Nigeria, China seal $2.5b currency swap deal

Nigeria, China seal $2.5b currency swap deal

2018-05-04 10:50:58

Nigeria and the People’s Republic of China have sealed a $2.5 billion (Renminbi (RMB) 16 billion) currency swap deal. The agreement, which is purely an exchange of currencies, will make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough Naira from banks in China to pay for their imports from Nigeria. Indeed, the deal will protect Nigerian business people from the harsh effects of third currency fluctuations. The development came after The Guardian, in a recent report, classified the bilateral engagement as one of the failed policies of the Federal Government, as two years… continue reading


FG recovers N1.6bn from single account in commercial bank through TSA – Adeosun

FG recovers N1.6bn from single account in commercial bank through TSA – Adeosun

2018-05-04 10:12:19

Minister of Finance, Mrs Kemi Adeosun, yesterday, disclosed that the Federal Government has recovered the sum of N1.6 billion from a single account in a commercial bank. made possible by Treasury Single Account, TSA. She said the implementation of the Treasury Single Account, TSA, made the recovery possible. The minister made the disclosure before the Abubakar Damburam-led Committee of the House of Representatives, probing the level of implementation of the TSA policy of the Federal Government. Adeosun further hinted that the recovery was achieved through a consulting firm engaged by the Finance Ministry. She however, refused to give the identity… continue reading


Telecom operators want NCC look into indebtedness of small companies

Telecom operators want NCC look into indebtedness of small companies

2018-05-03 12:14:23

Telecommunications operators on Wednesday called on the Nigerian Communications Commission (NCC) to look into the indebtedness of smaller telecom operators and support them to survive competition. Mr Gbenga Adebayo, Chairman, Association of Telecommunications Operators of Nigeria (ALTON), made the call at a telecom stakeholders’ forum in Lagos. The forum organised by NCC was to discuss the level of competition in Nigeria’s telecommunications industry. Adebayo said that reports and studies had shown that big telecom operators survive more than small ones, urging that NCC should identify small operators in debt and help them. “We should not only ask for the amount… continue reading


BoI gets fresh N305bn to finance industrialists

BoI gets fresh N305bn to finance industrialists

2018-05-03 09:37:54

A total of $1bn (N305bn) has been raised by the Bank of Industry to finance the industrial sector of the economy in the 2018 fiscal period. The amount is expected to be deployed in key sectors of the economy such as Information Technology, manufacturing, and Micro, Small and Medium-scale Enterprises, among others. The Managing Director, BoI, Mr. Olukayode Pitan, confirmed the amount during an interview with our correspondent in Abuja on the sidelines of the bank’s Annual General Meeting. He said the bank had identified funding gaps in the industrial sector, which he estimated at about N700bn, adding that this… continue reading


Satellite business: NIGCOMSAT, TURKSAT seal deal to serve Africa

Satellite business: NIGCOMSAT, TURKSAT seal deal to serve Africa

2018-05-02 11:27:55

The Nigerian Communication Satellite, NIGCOMSAT Ltd and the Turkish Satellite Company, TURKSAT, have sealed an agreement to serve the served and underserved areas in the delivery of satellite based services across Africa. The agreement provides a framework of cooperation between the two satellite operators in various areas amongst which include; shared satellite ground infrastructure in Africa and Europe, backup capacity arrangements, satellite communication training, broadcast content sharing and satellite applications development with particular emphasis on e-government applications. The collaboration is expected to allow both operators use their resources and specific expertise to provide new and innovative satellite-based solutions. It is… continue reading


Nigeria’s unemployment, poverty rates increased in 2017 – World Bank

Nigeria’s unemployment, poverty rates increased in 2017 – World Bank

2018-05-02 11:15:32

Nigeria’s unemployment and underemployment rates increased in 2017, the World Bank has said. A statement issued by the World Bank in Abuja on Monday night showed that this was indicated in its report, ‘Nigeria Bi-annual Economic Update’. According to the report, Nigeria emerged from recession in 2017, but poverty in the country increased slightly. Titled: ‘Connecting to Compete’, the report stated that Nigeria’s Gross Domestic Product growth reached 0.8 per cent, driven by an expansion in oil output and continued steady growth in agriculture. The World Bank said, “The decline in the non-oil, non-agriculture sector, however, continued, as aggregate demand… continue reading


Listen Live

Now On Air

Rise and Shine (Newspaper Review)
Anchor: Olutayo Ogunade and Opeyemi Lawal
Time: 6:00 am to 7:30 am

Up Next

Unspecified
Anchor: Anonymous
Unspecified

Connect With Us

Click here to pay for ads