GDP: Economist blames NASS for slowdown posted in Q1

An economist, Prof. Sheriffdeen Tella, on Wednesday blamed the National Assembly for the negative quarter-on-quarter growth posted by Gross Domestic Product (GDP) in the first quarter of 2018. Tella, a Professor of Economics, Olabisi Onabanjo University Ago-Iwoye, Ogun, said that NASS members were causal factor for the stunted growth in the GDP. He said delayed budget consideration and approval contributed to the drop in the GDP during the period under review. “It is also hoped that NASS members will realise, through the figures, that they were the causal factor of…

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Tribunal orders FCMB to pay N988.5m decade old debt

The Investments and Securities Tribunal, Abuja, on Wednesday ordered First City Monument Bank Plc (FCMB) to pay the sum of N988.5million to a stock broking firm after a decade long dispute. Valueline Securities and Investments Ltd, who brought the bank before the tribunal, said the debt was from shares purchase fund allegedly misappropriated in 2008 by the defunct FinBank Plc with which FCMB merged in 2012. The claimant joined SEC and CBN as respondents in the suit. The matter had been handled by the Securities and Exchange Commission (SEC), Central…

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Google launches Impact Challenge in Nigeria, commits $2m

Google on Wednesday launched the Google Impact Challenge (GIC) Nigeria 2018 aimed at empowering the citizens to drive community impact. The Google Country Marketing Manager, Affiong Osuchukwu, said at the unveiling in Lagos that Google would commit two million dollars into the project in form of grants to non-profits using technology to reach their goals. TBI Africa reports that a non-profit is dedicated to furthering a social cause or advocating a viewpoint. “This is the first time we are running a GIC in Africa. Many African non-profits are doing great…

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Cycling Lagos: DStv to transmit event to 11.9m subscribers

The Media Officer of the Cycling Lagos, Bamidele Adeleye, on Wednesday said the partnership with Pay TV, MultiChoice, owners of DStv and GOtv would relay the competition to its over 11.9 million subscribers. Adeleye said in Lagos that the television right agreement with the South Africa-based Pay TV was to ensure that the competition enjoyed wide coverage. “The television right partnerships for hosting of the maiden international cycling event, tagged CyclingLagos on Aug. 25, 2018, will have a transmission to about 11.9 million subscribers. “Multichoice will provide the Sub-Saharan Africa…

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Kaduna proposes N165m for child spacing in 2019

The Kaduna State Government has proposed N165 million in its 2019 budget for the purchase of reproductive health/child spacing commodities and consumables. The state, which earmarked N100 million for the service in 2017 and N75 million in 2018, said on Wednesday in Kaduna that the amount would also be used to reduce high maternal and child mortality rate. Hajiya Nafisa Musa, Kaduna State Reproductive Health/Family Planning Coordinator, made the disclosure during the opening of a two-day step-down training on child spacing budget monitoring, analysis and scorecard system for stakeholders. The…

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Analysts differ on retention of 14% MPR

Analysts have taken different positions on the retention of the Monetary Policy Rate (MPR) at 14% by the Central Bank of Nigeria (CBN). The analysts expressed their views in separate interviews.  The Chief Executive Officer, Economic Associates, Dr Ayo Teriba, said to protect the economy and financial market, the MPC was right to retain the MPR at 14 per cent. “If you look at inflation, it has declined for 15 conservative months; also, exchange rate, particularly on the parallel market, has gone down from N500 per dollar in January 2017,…

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Afreximbank approves $200m for Telecom Egypt for cross-border marine cable

The African Export-Import Bank (Afreximbank) says it will commit up to $200 million to Telecom Egypt to enable the firm acquire a cross-border marine cable. A statement issued on Wednesday by Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, quoted Dr George Elombi, the bank’s Executive Vice-President as making the disclosure in Cairo. Elombi, who is the Executive Vice-President, Governance, Legal and Corporate Services, said the working capital was done under a deal coordinated by the Abu Dhabi Islamic Bank in Egypt. He said…

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$16bn power projects: SERAP urges Buhari to refer Obasanjo, Jonathan to EFCC, ICPC

 The Socio-Economic Rights and Accountability Project (SERAP), has called for further probe of the alleged mismanagement of 16 billion dollars power projects between 1999 and 2007. SERAP made the call in a statement by its Executive Director, Mr Adetokunbo Mumuni, on Wednesday. The organisation urged President Muhammadu Buhari to urgently refer the case to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for further investigation. It said the alleged squandering of over N11 trillion meant to provide regular electricity supply…

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Shell spends N202m on projects in Rivers communities

Shell Petroleum Development Company (SPDC) Joint Venture said it spent N202 million on projects in its host communities in Emohua Local Government Area of Rivers. General Manager, External Relations, SPDC, Mr Igo Weli, stated this in Omudioga community on Wednesday at inauguration of 18 projects spread across 12 communities in Emohua Local Government. Weli, represented by Dr Chibuzo Anyim, SPDC’s Coordinator of Community Interface, said the fund was spent in line with its Global Memorandum of Understanding (GMoU) agreement with communities. According to him, the projects were funded by SPDC…

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22 firms receive NERC’s ‘No Objection’ to participate in meter procurement process

The Nigeria Electricity Regulatory Commission (NERC) has granted 22 successful firms ‘No Objection’ to participate in the procurement process for provision of meters for electricity consumers in the country. A statement issued in Abuja on Wednesday by Dr Usman Abba-Arabi, NECR’s General Manager, Public Affairs, said the decision was in accordance with Section 8(4) of the 2018 Meter Assets Providers (MAP) Regulations Abba-Arabi said following NERC’s approval of the MAP regulations, applications were invited from interested investors for ‘No Objection’ from the commission. He said the MAP regulations were intended…

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