The 36 state governments on Monday restated their demand for more transparency and accountability from the Nigerian National Petroleum Corporation (NNPC) and other revenue collection agencies in the country to enhance the profile of federally generated revenue. Akwa Ibom State governor, Godswill Akpabio, who made the states’ position known at the retreat for Revenue Mobilisation Allocation and Fiscal Commission (RMAFC)…
The Nigerian Stock Exchange recorded a total gain of N662 billion on equities at the close of trading activities in January, after the marginal gains of N5 billion in the preceding month. The market value of the 217 listed equities, which opened the month at N7.913 trillion, closed on the last trading day in January at N8.575 trillion, reflecting a…
Chinese telecoms hardware and network makers are biting off bigger chunks of African business and are likely to overthrow hitherto dominant European vendors in a region with mouthwateringly low penetration rates. While in the past they might have brought unreliable technology and a handbook only in Chinese, the firms are leveraging on a pool of skilled labour and government loans…
Kenya’s shilling was slightly weaker against the dollar on Monday, pressured by dollar demand from the energy sector and traders said they see the shilling gaining once tea exports start flowing to Egypt. At 0815 GMT, commercial banks quoted the local currency at 81.35/55, from Friday’s close of 81.40/50. “The shilling has been under a lot of pressure for a…
More private companies have expressed their interest in the electricity companies being offered for sale by the federal government ahead of the February 18 deadline for receipt of applications. In December last year, the government, through the Bureau for Public Enterprises, called for interested buyers for 51 per cent stake in 11 electricity distribution companies, while concessionaires are sought for…
Ordinarily, consolidation makes a position of power or success stronger so that it is more likely to continue. Several enterprises have utilised consolidation by way of mergers, acquisitions, and combinations to avert failure or grow their businesses. However, it is a risky double-edged sword that could mar the fortunes of enterprises if improperly conceived. The case of Nigeria’s banking industry…
Fadama user groups in Aragba-Orogun, Ughelli North local government area of Delta State, have received farming tools worth N2.8 million. The coordinator of the Fadama III Project in the state, Anthony Abanum, told the News Agency of Nigeria (NAN) in Asaba that the items were given to the groups to enhance their members’ productive capacity. Mr. Abanum listed the farm…
The Garki Model Market in Abuja would soon have pre-paid electricity meters, an official of the market told the News Agency of Nigeria (NAN) on Monday in Abuja. The market has been without electricity since January 2010 because of a N23.7 million debt owed the PHCN. Innocent Amaechina, head, corporate affairs, Abuja Markets Management Ltd. (AMML), managers of the market,…
The Sokoto State government has donated the sum of N80 million to the 681 flood victims in Gwadabawa local government area of the state. The state commissioner for water resources, Umaru Walin-Isa, disclosed this on Sunday in Huchi village while addressing the victims before the commencement of the disbursement of the money to them. Mr. Walin-Isa said that the beneficiaries…
The chairman, Irrigation Farmers Association in Katsina State, Salisu Lema-Jikamshi, has called on government to facilitate the establishment of tomato processing companies to create jobs. Mr. Lema-Jikamshi made the appeal in an interview with the News Agency of Nigeria (NAN) in Funtua, Katsina State, on Friday, and noted that irrigation farming provided job opportunities to many Nigerians. He said although…
The Ado-Ekiti Business District Office of the Power Holding Company of Nigeria (PHCN), has lamented customers' refusal to pay their electricity bills, as it presently stands at N614 million. The public affairs officer, Evbotokhai Oarhe, disclosed this in a statement he made available in Ado-Ekiti on Sunday. According to Mr. Oarhe, the debtors include government ministries, and their agencies, corporate…
Unease over the outlook for the country after the April general election is due to a variety of reasons. One source of worry is the fact that the political class is not acting differently - albeit it was always something of a stretch to have imagined that without incentives to the contrary, they would have gone through a damascene experience.…
When two people become a couple, they confront a myriad of financial choices and decisions. Are you engaged? How much do you know about your fiance's financial situation? After the excitement of the wedding ceremonies, it will be time to face your financial future together. Research shows that money matters have some part in most divorces yet, most couples go…
Following the extension of trading period at the Nigerian Stock Exchange (NSE) last December from two and half hours to four and half hours, trading analysis showed that some sectors of the NSE have improved significantly in their performance. The NSE is the second most capitalised market in Africa after Johannesburg Stock Exchange, which is open for five hours, and…
Despite the decision by the National Assembly to cut the budget proposals by government ministries, departments and agencies (MDAs) by 50 per cent, the Finance Minister, Segun Aganga, insists the country is buoyant enough to finance government business. Many of the ministries and agencies had their 2011 appropriation sliced in a manner that members of the various committees say was…