Fidelity Bank appoints Mohammed Balarabe as Acting Managing Director

Fidelity Bank appoints Mohammed Balarabe as Acting Managing Director

Fidelity Bank Plc has named its erstwhile Executive Director North, Alhaji Mohammed Lawal Balarabe, as the bank’s acting Managing Director/Chief Executive Officer, following the arrest of its MD/CEO, Mr. Nnamdi Okonkwo by the Economic and Financial Crimes Commission, EFCC.

Dollar Slips as US Data Lower Rate Hike Expectations

Dollar Slips as US Data Lower Rate Hike Expectations

The dollar extended its losses against the yen and euro Tuesday as fresh data indicating a slowdown in the US manufacturing sector lowered expectations the Federal Reserve will hike interest rates any time soon.

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Poll Bribery Scandal: $115m Came From Stolen Crude Oil – EFCC

– Investigating the poll bribery scandal, the EFCC found out that $115m came from proceeds of stolen crude oil

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Consumer Confidence Index Drops on Macro-economic Uncertainty

The volatile economic situation in the country appears to have caught up with the consumers, with findings showing sharp decline in consumers’ confidence and attendant negative effects on Fast-Moving Consumer Goods (FMCGs).

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NB Posts N77.55b Revenue, N10.5b Profit in Q1

Nigerian Breweries (NB) Plc has posted a revenue of N77.55 billion and profit after tax of N10.45 billion in its first quarter operations.

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No Bill on Creation of Grazing Reserves Before N’Assembly, says Ekweremadu

The Deputy Senate President, Chief Ike Ekweremadu, has said there was no bill on creation of grazing reserves before the National Assembly.

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Agencies Buy Air Ticket Abroad For Intending Travellers Due To Dollar Scarcity

The Nigerian aviation industry, travel agencies are devising creative ways of remaining in business as the scarcity of dollar keep affecting their daily operations.

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Foreign Reserves Dip Significantly, Reverses Previous Gains

LAGOS — Amid myriad of restrictive measures to stem the steady slide in the external sector of the economy, a significant reversal of gains has been recorded in the foreign reserves, with latest figures at $27.1 billion as at last weekend, showing a decline by $730 million or about 2.6 per cent in April 2016, against $27.9 billion recorded in March.

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Government Targets N5tr Yearly From Mining

The Federal Government has affirmed that mining business has the potential to buoy the nation’s economy by N5 trillion a year, with concomitant bright prospects of creating thousands of job opportunities.

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Oil Prices Start Week On a Low After Recent Rally

Oil prices dipped Monday after enjoying another strong rally last week, with news of a jump in Iraqi exports bringing supply glut fears back to the fore.

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Nigeria’s Gas Export To U.S. Drops To Zero

2,000 indigenous firms attend Houston conference
• Kachikwu urges carbon initiative, blames suspension of oil search in Chad Basin on insurgency

Let's Start Judging Govt By The Jobs Created By Magnus Onyibe

Let’s Start Judging Government By The Jobs Created By Magnus Onyibe

A couple of years ago, Nigerian economy was growing at between 6-7%, GDP rate.

This was probably due to the fact that crude oil/gas, Nigeria’s main export earner, attracting 90% of foreign exchange, FX income and which constitutes about 11% of her GDP, was trading at over $100 per barrel.

NLC faction demands N90,000 minimum wage

NLC Faction Demands N90,000 Minimum Wage

AHEAD of today’s Workers’ Day, also known as May Day, a faction of the Nigeria Labour Congress, NLC, led by Joe Ajaero, yesterday, rejected the N56,000 national minimum wage proposal reportedly sent to the Federal Government by the Ayuba Wabba-led NLC and Trade Union Congress of Nigeria, TUC, saying it was not in tune with economic realities faced by workers.

May day celebration: Buhari addresses Nigerian workers

May Day Celebration: Buhari Addresses Nigerian Workers

– President Muhammadu Buhari has called on Nigerian workers to cooperate with the government for the progress of the country

– In his May Day message to workers, the president assured that the present administration will protect their rights and promote incentives for great productivity

Moody’s Downgrades Nigeria's Issuer Ratings From Ba3 To B1

Moody’s Downgrades Nigeria’s Issuer Ratings From Ba3 To B1

Moody’s Investors Service, better known as Moody’s, has finally downgraded Nigeria’s long-term issuer ratings from Ba3 to B1.

B1, B2 and B3 are judged to “have speculative elements and a significant credit risk”, while Ba1, Ba2 and Ba3 are seen as “speculative and a high credit risk”.