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Deliberation For 5G ongoing - NCC

Deliberation For 5G ongoing – NCC

November 10, 2020 5:33 pm

Nigerian Communications Commission (NCC) has issued a Draft Consultation Document on the deployment of fifth-generation (5G) Mobile Technology in Nigeria.

Read Also: NCC Grants MTN, 9mobile Right To Trial Of National Roaming Services

NCC Director, Public Affairs, Dr Ikechukwu Adinde, said this in a statement on Tuesday in Abuja.

Adinde said that the Draft Consultation Document for the deployment of the 5G in Nigeria has been produced and uploaded on NCC’s official website (www.ncc.gov.ng).

He explained that the document defined the implementation plan for the deployment of 5G in Nigeria.

The NCC wishes to draw the attention of the general …

Transport Company Acquires 50 Buses, Opens Kaduna-Lagos Route

Transport Company Acquires 50 Buses, Opens Kaduna-Lagos Route

November 6, 2020 5:48 am

Kaduna-based transport company, Kaduna Line, has deployed 50 buses to ease transportation problems for commuters from Kaduna to other parts of the country.

Read Also: Kaduna State Records 84 Fire Outbreaks In January

Mr Augustine Ogar, the company’s Managing Director, made the disclosure on Thursday at the inauguration of the Kaduna-Lagos route.

He said that the target was to reopen old and new routes to meet the increasing demand for transportation services, saying, “We started with Kogi then, Kano and now Lagos. The Lagos route would open up additional windows to the West including; Kaduna-Ilesha, Ekiti, Akure, Ibadan and Offa”.…

Fidelity Bank Posts 9 Months Result As Profit Hits N21.3bn

Fidelity Bank Posts 9 Months Result As Profit Hits ₦21.3bn

November 3, 2020 11:55 pm

Fidelity Bank Plc has continued to sustain its impressive run of financial performance with the strong 3rd quarter results for the year, released Monday at the Nigerian Stock Exchange (NSE). Details of the results show improvements in key indices though Gross Earnings dropped marginally by 3.7 percent from ₦161.1bn in 2019 to ₦155bn. 

Profits were however up by 3.6 percent, closing at a Profit Before Tax (PBT) of ₦21.3 billion whilst Profits After Tax (PAT) rose by 7 percent from N19bn to ₦20.4 billion in the period under review.

In other indices, Customer Deposits, Net Loans, and Total Assets …

Local Rice Supply Threatened After Massive Looting Of Warehouses

Local Rice Supply Threatened After Massive Looting Of Warehouses

November 3, 2020 6:09 am

 Rice Millers under the agies of  Association of Nigeria (RIMAN) has raised concerns that the nation’s rice production following the looting and destruction of warehouses which occurred in several parts of  the country,  according to them, rice production in the country is currently under threat and only urgent government intervention can forestall scarcity of the staple food in the market.

29 rice mills were reportedly looted and vandalized across the nation, with RIMAN members estimated to have lost about N228 million worth milled and paddy rice, aside vandalized equipment and private property running in millions of Naira.

RIMAN, in a …

Expect Crash In Food Prices, Farmers, Others Tell Nigerians

Expect Crash In Food Prices, Farmers, Others Tell Nigerians

October 31, 2020 9:54 pm

Farmers and other stakeholders in the agricultural sector have projected that the high cost of food in most parts of the country will begin to drop in few months time.

Read Also: Open All Cattle Routes – Kaduna Peace Committee Tasks Farmers

Farmers under the aegis of the All Farmers Association of Nigeria, as well as those of the Nigeria Cassava Growers Association of Nigeria, stated that going by the harvesting of various crops, the cost of some food items would soon fall.

They told our correspondent in separate interviews that the current high cost of agro-produce was because the …

China Manufacturing Growth Eases In October But Remains Strong

China Manufacturing Growth Eases In October But Remains Strong

October 31, 2020 6:01 pm

Factory activity in China dipped slightly in October, according to official data published Saturday, but remained in growth territory as the world’s second-largest economy continued its recovery after being hammered by the coronavirus.

The closely watched Purchasing Managers’ Index (PMI) is a key gauge of manufacturing activity in China, which has largely bounced back after plunging in February because of tough pandemic-control measures.

In October, the PMI figure stood at 51.4, slightly below the reading of 51.5 for September. Any figure above the 50-point mark represents growth while below …

Nigerian stocks grow by N571b, Nestle, Dangote, Mobil lead gainers

Nigerian Stocks Grow By ₦571b, Nestle, Dangote Lead Gainers

October 30, 2020 4:14 pm
Bullish trading continued on the Nigerian Stock Exchange (NSE) on Friday after Eid-el-Maulud holiday, with market value growing by ₦571 billion.

Market capitalisation which opened at ₦15.386 trillion inched higher by ₦571 billion or 3.71 per cent to close at ₦15.957 trillion.

Also, the All-Share Index improved by 1,093.09 points or 3.71 per cent to close at 30,530.69 from 29,437.60 achieved on Wednesday.

A breakdown of the price movement chart shows that 43 stocks recorded price appreciation in contrast with 11 losers.

Nestle led the gainers’ table, gaining N129.20 to close at N1,421.70 per share.

…
Refineries Damaged Beyond Turnaround Maintenance - NNPC

Refineries Damaged Beyond Turnaround Maintenance – NNPC

October 30, 2020 3:59 pm

The Nigerian National Petroleum Corporation (NNPC) yesterday attributed the prolonged neglect of overhauling the refineries in the country to the delay in making them functional.

It declared the refineries as damaged beyond the usual Turnaround Maintenance (TAM).

However, to revamp them, the national oil is embarking upon total rehabilitation of the plants, which despite currently being non-functional, gulp about N10 billion monthly in payment of salaries and other in-built costs.

Speaking yesterday on the third day of the virtual Oil Trading and Logistics (OTL) Africa Downstream Expo 2020, on the theme “ Petroleum Refining Trends and Outlook for Tomorrow’s Energy …

British Airways sinks deeper into red

British Airways Sinks Deeper Into Red

October 30, 2020 10:04 am

International Airlines Group (IAG), the owner of British Airways and Spanish carrier Iberia, has recorded a cumulative loss of €5.6 billion, up till September.

Its latest quarterly loss, published Friday, was €1.76 billion euros, a fallout of the worsening Covid-19 crisis that has decimated demand for global air travel.

The loss after taxation in the three months to September contrasted with net profit of 1.0 billion euros a year earlier, IAG announced in a statement.

Read Also: Qatar Airways Gets $2bn State Aid After Huge Loss

The company resumed flights over the summer, following the national lockdown, but only operates …

Free Meter Distribution Begins In Kano, Kaduna, Lagos Today

Free Meter Distribution Begins In Kano, Kaduna, Lagos Today

October 29, 2020 9:41 pm

The free distribution of electricity meters to Nigerians will commence today (Friday) with the simultaneous inauguration of the scheme in Kano, Kaduna, Eko and Ikeja electricity distribution companies’ franchise areas.

Read Also: Niger, Benin, Togo Pay Nigeria N2.04bn Electricity Bill

A source in the Presidency, who spoke on condition of anonymity because he was not authorised to speak on the matter, disclosed this to journalists on Thursday.

According to him, the free distribution of meters is in fulfilment of the promise of the President, Major General Muhammadu Buhari (retd.), to ensure mass metering in the country and in the process …

Banks, Telcos In Talks To Settle ₦17bn USSD Debt

Banks, Telcos In Talks To Settle ₦17bn USSD Debt

October 28, 2020 9:50 pm

Commercial banks and mobile network operators have commenced discussion on how the ₦17bn accumulated debt for Unstructured Supplementary Service Data access will be paid.

Read Also: Banks CEOs Disclaim MTN Over USSD Transactions Charges

Findings showed the two parties would reach an agreement on modalities for payment soon.

Confirming this to The PUNCH, the Chairman, Association of Licensed Telecommunication Operators of Nigeria, Gbenga Adebayo, said, ‘Discussions are ongoing and we are hoping that this will result in settlement. But certainly, the banks are indebted to telcos.’

The Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, who spoke …

CBN Increases Access To Mortgage Financing

CBN Increases Access To Mortgage Financing

October 28, 2020 9:30 pm

The Central Bank of Nigeria has said it has removed the restriction on non-member mortgage lenders from refinancing their mortgages with the Mortgage Refinance Company.

Read Also: China’s Central Bank Quarantines Banknotes

It said it now permits the MRCs to refinance the qualifying mortgages of lenders that do not hold its equity, subject to compliance with all other relevant provisions specified in the framework.

The CBN said this in a circular titled ‘Regulatory and supervisory framework for the operations of a Mortgage Refinance Company approval to refinance non-member banks’ issued to all banks and other financial institutions.

The circular, which …

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