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The Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Mrs Abimbola Akinajo, has assured that Lagos would witness an operational railway line in 24 months.

Lagos Red Rail Line Ready In 24 Months – LAMATA MD

October 19, 2020 11:59 am
The Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Mrs Abimbola Akinajo, has assured that Lagos would witness an operational railway line in 24 months.

Speaking at a milestone meeting on the implementation of the Lagos Rail Mass Transit (LRMT) Red and Blue Line projects with the contractors and consultants, Mrs. Akinajo, an engineer, said the meeting was to reiterate the already established positions on timeline for the delivery of the rail lines to passenger operation.
The Red Line is one of seven rail lines identified in the State’s Strategic …

Our Official Website Was Not Hacked – CBN

Our Official Website Was Not Hacked – CBN

October 17, 2020 5:07 am

The Central Bank of Nigeria has denied reports that its website was hacked on Friday.

The apex bank in a statement on its Twitter page maintained that contrary to reports, its website was safe.

It further urged Nigerians to avoid peddling fake news as its website is adequately protected and there was no cause for alarm.

Read Also: Renowned Hackers Hit Nigerian Broadcasting Commission

The statement reads, ‘Contrary to claims on social media alleging that the website of the Central Bank of Nigeria has been breached by malicious persons, we wish to state categorically that our website is secure.’

‘We

…
Refineries Damaged Beyond Turnaround Maintenance - NNPC

NNPC Releases 2019 Audited Financial Statement

October 16, 2020 5:33 am

The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement (AFS).

It shows 99.7 percent reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019.

The publication comes five months after NNPC made its 2018 AFS public.

NNPC spokesman, Kennie Obateru, in a statement on Thursday quoted the Chief Financial Officer, Umar Ajiya, as saying that the 2019 statement will be published on the corporation’s website for transparency.

Read Also: NNPC Almost Out Of Red Zone, Cuts Losses By 99.7%

He said this was in line with the principles of the Extractive Industries Transparency …

Yahoo Groups Announce Shutdown December 15

Yahoo Groups Announce Shutdown December 15

October 15, 2020 2:58 pm

Yahoo has announced that its 19-year-old service platform Yahoo Groups will shut down on December 15, 2020, after a steady decline in usage.

Verizon which took ownership of Yahoo in 2017 made this announcement known on Tuesday via the Yahoo Groups website and emails sent to Yahoo Group users.

”Yahoo Groups has made the decision to shut down as of December 15. Yahoo Groups has seen a steady decline in usage over the last several years. Over that same period, we’ve witnessed unprecedented levels of engagement across our properties as customers seek out premium, trustworthy content.” the group stated in …

South Sudan Abandons Plans To Introduce New Currency

South Sudan Abandons Plans To Introduce New Currency

October 15, 2020 1:36 pm

South Sudan said it had reversed its plans to introduce a new currency as the pound continues to depreciate against the U. S. dollar and other major currencies due to the economic crisis.

Read Also: Efforts To Unify Soldiers In South Sudan ‘Stuck’: UN Envoy

Michael Lueth, the Minister of Information and Broadcasting, said this on Thursday in Juba.

Lueth said the move to change the local currency was only a mere proposal by the economic crisis management committee as a means to salvage the economy from further collapse but was not agreed and passed by the cabinet.

…
Refineries Damaged Beyond Turnaround Maintenance - NNPC

NNPC Almost Out Of Red Zone, Cuts Losses By 99.7%

October 15, 2020 11:52 am

The Nigerian National Petroleum Corporation (NNPC) has released its 2019 Audited Financial Statement with a 99.7% reduction in its loss profile from ₦803bn in 2018 to ₦1.7bn in 2019.

The new report comes five months after the corporation published its 2018 Audited Financial Statement,

The NNPC Chief Financial Officer (CFO), Mr. Umar Ajiya, said that the 2019 Audited Financial Statement, will be published on the Corporation’s website for all to see in keeping with Management’s commitment to transparency and accountability.

Ajiya also said the release will be in consonance with the principles of the Extractive Industries Transparency Initiative (EITI) of …

World Bank Commends FG For Removing Petrol Subsidy

World Bank Commends FG For Removing Petrol Subsidy

October 15, 2020 4:16 am

Mr David Malpass, President of the World Bank Group, has commended the Muhammadu Buhari Government for removing subsidies on petroleum products.

He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at the ongoing 2020 International Monetary Fund (IMF)/World Bank virtual annual meetings.

Malpass was responding to a question on whether the World Bank saw an opportunity or problem regarding the enormous youth population in Nigeria, alongside rising unemployment and the burden of COVID-19.

“I compliment Nigeria for tackling the problem of subsidies in the hydrocarbon area.

“By reducing those subsidies and …

Rwanda to grow medical cannabis, strictly for export

Rwanda To Grow Medical Cannabis, Strictly For Export

October 14, 2020 3:54 pm
Rwanda has approved the production of medical cannabis strictly for export, seeking to target fast-growing markets in the United States and European Union, even though its use remains illegal at home.

Guidelines for the production and export of medical cannabis were approved by the cabinet on Monday, and a government statement said Wednesday that it would not change strict local laws around marijuana consumption.

“Rwanda will begin to receive applications for licenses from interested investors for this high-value therapeutic crop. This investment framework does not affect the legal status of cannabis consumption in Rwanda, which remains prohibited,” the statement said.…

Union Bank

Union Bank Secures $40m IFC Facility To Boost Trade Finance

October 14, 2020 8:33 am
IFC, a member of the World Bank Group, has announced a finance guarantee facility to Union Bank to boost access to finance for local business, enable increased international trade for Nigeria, and help protect the country’s economy from the impact of the COVID-19 pandemic.

Read Also: Stock Exchange Lists Union Bank’s ₦30 Billion 10-year Bond.

The $40 million facility, under IFC’s Global Trade Finance Program (GTFP), will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses.

The …

Hyundai appoints Euisun Chung group chairman, succeeds dad

Hyundai Appoints Euisun Chung Group Chairman, Succeeds Dad

October 14, 2020 4:49 am

Hyundai Motor Group appointed 49 year-old Euisun Chung as group chairman on Wednesday, succeeding his octogenarian father Moog-Koo Chung.

The appointment formally cemented Euisun’s succession to the leadership of the world’s fifth-largest automaker conglomerate from his octogenarian father.

In the first generational handover at the South Korean automobile giant in 20 years, Hyundai Motor Group said Euisun, had been promoted to chairman from executive vice chairman.

His father, Mong-Koo, was made honorary chairman.

Read Also: Honda Cyberattack Halts Plants In India, Brazil

Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive …

Dangote Refinery, Others Threaten Existing Plants – OPEC

Dangote Refinery, Others Threaten Existing Plants – OPEC

October 13, 2020 12:04 pm

New refining capacities expected to come on stream in Nigeria and other African countries in the next few years may increase pressure on existing plants on the continent, the Organisation of the Petroleum Exporting Countries (OPEC) has said.

OPEC, in its newly released 2020 World Oil Outlook, estimated refining capacity additions between 2020 and 2025 at around 5.2 million barrels per day based on the review of announced and planned refinery projects.

“Significant capacity additions are also expected in Africa in the medium-term period. Additions of new refining capacity are clearly in line with oil demand growth expectations, which show …

CBN Explains Why Nigeria Can’t Stop Borrowing

FG To Use VAT Proceeds To Subsidise Electricity Tariff For 3 Months

October 13, 2020 12:02 pm

Proceed from Value Added Tax will be used to subsidise electricity tariff, according to agreement reached between the Federal Government and Labour.

The subsidy could be as much as ₦10.20 per kilowatt hour distributed across bands A, B and C for up to three months, said minister of state for labour and employment Festus Keyamo.

The three months is time for the joint technical committee bridging the talks between labour and federal government to complete its scope of work.

The committee, comprising ministries, departments, agencies, Nigeria Labour Congress and Trade Union Congress, was put up to investigate the implementation of …

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