Business

CBN

CBN To Stop Burning Banknotes, Adopts Recycling

February 13, 2020 3:24 am

The Central Bank of Nigeria (CBN) says it will end the process of burning banknotes and adopt recycling.

In a document published on its website, the apex bank called on recycling companies to submit proposals for a contract to recycle wasted banknotes.

“Section 18(d) of the CBN act 2007 authorises the apex bank to arrange for the destruction of currency notes and coins withdrawn from circulation under the provision of section 20(3) of the said act or otherwise found by the bank to be unfit for use,” the call for proposal read.

“The CBN generates 100 tons of paper banknote …

President Muhammadu Buhari

Your Investments Safe, Buhari Assures Oil Companies

February 11, 2020 5:34 am

Despite rising security challenges across the country, President Muhammadu Buhari on Monday told foreign investors, especially those in the petroleum sector, not to panic as their investments remain safe. 

This was as he launched the Nigerian Gas Transportation Network Code, (NGTNC), a contractual framework between gas network operator and gas shippers that specifies the terms and guidelines for operation and use of the country gas resource.

President Buhari gave the assurance at the opening of the 3rd Nigerian International Petroleum Summit (NIPS) in Abuja.

Represented by the Secretary to the Government of the Federation, Mr. Boss Mustapha, Buhari told the …

Nigerians Begin Payment Of ₦6.98 Per USSD Bank Transaction

Electronic Payment Transactions Hit ₦151tn

February 11, 2020 5:33 am

The total value of transactions through various electronic payment (e-payment) channels in the country rose by 13 per cent to a total of ₦150.773 trillion in 2019, compared with the ₦133. 637 trillion recorded in 2018.

Also, the volume of transactions stood at 2.952 billion in 2019, higher than a total of 2.073 billion recorded in 2018.
The figures were contained in the latest industry e-payment data for full year 2019, from the Central Bank of Nigeria (CBN), obtained by THISDAY yesterday.

But the data put the total value of intra-bank e-payment transactions at N441.905 trillion in 2019, while total …

Forex

CBN Injects $218.41m, CNY 18m Into Forex Market

February 10, 2020 2:51 pm

In line with its intervention in the interbank foreign exchange (forex) market, the Central Bank of Nigeria (CBN) at the weekend, injected the sum of $218.41million into the retail Secondary Market Intervention Sales (SMIS) and CNY 18million in the spot and short-tenored forwards segment of the inter-bank forex market.

 

The bank’s Director, Corporate Communications Department, Isaac Okorafor disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan, on the other hand, was for Renminbi-denominated Letters of Credit.

 

Okorafor, in a statement, further expressed satisfaction over …

Isuzu

Isuzu Begins Export Programme For Sub-Saharan Africa

February 10, 2020 2:50 pm

Isuzu Motors South Africa in Port Elizabeth has started supplying knocked down (KD) Isuzu D-MAX pick-up kits for assembly purposes to its Isuzu manufacturing facility in Kenya. 

This represents the first intra-continental regional trade exchange of its kind for Isuzu on the continent and is aligned to its strategy for its South African vehicle assembly plant to serve as a hub for growing its overall volumes in Sub-Saharan Africa.

Isuzu Motors Limited, majority shareholder of Isuzu East Africa, regards the opportunities in Africa, based on infrastructural investment, to be significant. The East African operation previously focussed only on truck and …

Mitsubishi L200

Mitsubishi L200 Is Nigeria’s ‘New Pick-Up Of The Year’

February 10, 2020 2:49 pm

Less than one year after the latest model of the Mitsubishi L200 was unveiled by Massilia Motors at an impressive event at the Landmark beach in Oniru, Lagos, the vehicle has been named the Pick-up of the Year by the motoring press in the country.

Nominated alongside popular competitors in its segment, the Mitsubishi L200 was adjudged the winner by the Nigeria Auto Journalists Association (NAJA) at its annual awards held at Eko Hotel, Victoria Island, Lagos, recently.

Managing Director of Massilia Motors/Country delegate of CFAO Group in Nigeria, Mr. Thomas Pelletier, stated that his company is elated by the …

Dangote Refinery, Others Threaten Existing Plants – OPEC

OPEC Committee Recommends Fresh 600,000bpd Oil Output Cut

February 7, 2020 5:58 am

With crude oil prices shedding over $11 per barrel this year to $55, thus alarming the producers, a panel set up by the Organisation of Petroleum Exporting Countries (OPEC) and its allies have recommended a provisional cut of 600,000 barrels per day in oil supply to the international market, in response to the Coronavirus outbreak, which has reduced the demand.

Reuters reported that Thursday’s recommendation of the technical panel of the cartel and its allies, better known as OPEC+, to stabilise the oil market, will however await Russia’s final approval.

The Joint Technical Committee (JTC) is not a decision-making body …

First Bank

First Bank To Partner Osun In Mining

February 7, 2020 5:57 am

The Managing Director and Chief Executive Officer of First Bank Nigeria Plc, Mr. Adesola Kazeem Adeduntan, has pledged that the bank will support and partner Osun State in mining in order to create more employment opportunities and to help diversify the economy of the State.

Adeduntan made this known at a meeting between the First Bank of Nigeria team and the Governor of Osun State, Mr. Adegboyega Oyetola, at the Governor’s Office in Osogbo yesterday. He expressed the bank’s gratitude to the governor and the state for the conducive business environment the bank has enjoyed over the years.

The CEO …

Tullow Oil Kenya

Kenya: Tullow Oil Kenya To Lay Off Some Its Workers

February 6, 2020 12:34 pm

Nairobi — Tullow Oil Kenya has announced plans to cut a third of its staff to save on administrative costs.

“The company has had to review and assess its financial performance and business operations to ensure resources are allocated in the most efficient way possible and to ensure that the current structure of Tullow is meeting the demands of the business effectively,” said the firm’s Managing Director for its Kenyan subsidiary Martin Mbogo said in an internal memo.

“These factors have significantly affected the ability of Tullow Oil Kenya to continue sustaining the high human resource wage bill. Reluctantly, it …

RwandAir

Rwanda: Why Qatar Airways Is Investing In RwandAir

February 6, 2020 12:33 pm

If all the remaining aspects of the negotiations go as planned, Qatar Airways could purchase 49 per cent stake in RwandAir, becoming a minority shareholder in the national carrier.

The Group Chief Executive Officer of Qatar Airways, Akbar Al Baker confirmed on Wednesday, February 5 in Doha that the gulf airline was negotiating the acquisition of the sizable stake in RwandAir, considered one of Africa’s fastest-growing airlines.

“It is a 49 per cent stake that we are negotiating for in RwandAir,” Al Baker revealed to the press on the margins of the CAPA Qatar Aviation Summit in Qatar.

Yvonne Manzi …

cruise ships

Angola: Cruise Ships Can Attract Investment

February 6, 2020 12:29 pm

Luanda — The docking of cruise ships in the country, like the cruise ship “Seabourne”, which docked last Tuesday at the Port of Luanda, contributes to the dissemination of the image of Angola in the world, said the national director of tourism and reserves, Lukene Araújo.

Tourists that arrived in Luanda on the Seabourne cruise ship visit city’s tourism sites

Speaking right after the docking of the vessel, the director of Seabourne underlined that cruise ships foster development of the national tourism and help to attract new investors to the country.

Seabourne is an American ship, which came from …

Prada Makes Deal With NYC After Racism Controversy

February 6, 2020 7:00 am

Prada will take steps to fight racism and promote diversity under a deal struck with the city government in New York on Wednesday following controversy over its sale of monkey-like keychain figurines.

The Italian fashion label was forced to apologize in December 2018 after it sparked an uproar by featuring so-called “Pradamalia” objects that had exaggerated red lips and evoked blackface caricatures.

Read Also: I Never Issued Statement On Origin Of Banditry – Ribadu

The items were featured prominently in the window display of Prada’s Soho store in New York.

Critics said the merchandise — which was pulled from shelves …

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