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Amosun, Obasanjo commend Nigerian Breweries on backward integration

Ogun State Governor, Senator Ibikunle Amosun and former President, Chief Olusegun Obasanjo have commended the backward integration policy of Nigerian Breweries The duo who spoke at the commissioning of the company’s upgraded brewery in Ota, Ogun State enjoined other corporate organisations to follow the fruitful example of Nigerian Breweries Plc. At the ceremony, Governor Amosun, who was informed by the ... Read More »

FOREX: CBN offers, receives bids for $100m

The Central Bank of Nigeria (CBN) says it hasoffered and received bids for $100 million from authorized dealers in the interbank market to meet the requests of genuine customers. The CBN spokesman, Isaac Okorafor, disclosed this on Thursday, March 16, 2017, adding that the sales will be settled on Friday, March 17, 2017. He, however, disclosed that no intervention was ... Read More »

NCC, CBN move to save Etisalat from creditors

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) staved off the planned takeover by a consortium of banks the company is owing over N200 billion. NCC Executive Vice Chairman Prof. Umar Garba Danbatta broke the news yesterday at a conference shortly after the opening of the” NCC’s Year of Consumer”, which was held at its headquarters ... Read More »

CBN clears $150m FOREX forwards

The Central Bank of Nigeria (CBN) on Wednesday, March 15, 2017, sold a total of $150 million to authorized FOREX dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate ofN320/$1. Confirming the details of the sale to the dealers, the Bank’s Acting Director in charge of Corporate Communications, Isaac Okorafor said the highest rate ... Read More »

Fanta, Sprite with Vitamin C not poisonous, says NBC

The Nigerian Bottling Company (NBC) Limited has faulted claims that its products, Fanta and Sprite when taken with Vitamins C are poisonous. In a statement by its management Wednesday, the firm said information on the safety of benzoic and ascorbic acids as ingredients in soft drinks, citing a Lagos High Court order, is misleading. “In the judgement delivered on February ... Read More »

Govt saves $150m monthly from ban on rice, wheat imports

The Minister of Agriculture, Chief Audu Ogbe yesterday in Kano said the policy on the ban of importation of rice and wheat has enabled the country to save $150 million monthly. Chief Ogbe, who spoke in Garun Baba village in Kano during this year’s wheat farm harvest ceremony, said the importation of rice, wheat and some other cereal crops through ... Read More »

Nigeria’s Inflation Declines To 17.78 Percent

Nigeria’s headline inflation has declined for the first time in 15 months, showing 17.78 percent year on year in February, from 18.72 percent posted in January. According to the latest report released by the National Bureau of Statistics (NBS) on Tuesday, food inflation rose to 18.53 percent year- on-year from 17.82 percent and 1.99% month-on-month from 1.29 percent in January. ... Read More »

Naira sustains gain against dollar

The Naira on Tuesday sustained its gain against the dollar at the FOREX market, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N455 (Buying rate), N457 (selling rate) at the parallel market, from the N455/460 it traded on Monday, while the Pound Sterling and the Euro closed at N547 and N480, respectively. At the Bureau De ... Read More »

Ford, Vodafone offer Wi-Fi vehicles in Europe

Ford has partnered Vodafone to bring 4G LTE connectivity to vehicles in Europe via the new FordPass Connect built-in modem and Wi Fi hotspot capability. Incorporating an external aerial, the Wi-Fi hotspot enables up to 10 devices to connect to the network at once. This will enable passengers to surf the internet with improved connectivity. With FordPass Connect, the FordPass ... Read More »

Debt: Etisalat gets reprieve following NCC, CBN intervention

Reprieve came for Etisalat Nigeria on Friday following a meeting convened by the Central Bank of Nigeria and the Nigerian Communications Commission to find a quick resolution of the loan default crisis facing the mobile network operator. The NCC said on Sunday that the meeting succeeded in halting the attempt by Etisalat’s creditors to subject the firm to a takeover. ... Read More »