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Recession: Dangote sacks 36 expatriates, 12 Nigerians

Aliko Dangote

The current recession rocking the Nigerian economy has hit one of the biggest employers of labour in the country outside of the government as the Dangote Group, belonging to Africa’s richest man, Aliko Dangote, has fired 48 members of staff. Our correspondents gathered that those sacked were made up of 36 expatriate and 12 Nigerian workers from the group’s headquarters ...

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N500m alleged bribe: Buhari’s top aide surrenders for probe

President Muhammadu Buhari

President Muhammadu Buhari may have ordered one of his senior aides to answer to the allegation of taking N500 million bribe from a leading telecommunications firm in Nigeria to reduce a huge fine imposed on it by the Nigerian Communications Commission (NCC). The aide, according to findings , has already made statement to an investigation team headed by a top ...

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ENUGU: Building Strong, Sustainable Partnership for Achieving SDGs

Governor Ifeanyi Ugwuanyi

The government of Enugu State under the leadership of Gov. Ifeanyi Ugwuanyi in collaboration with Department for International Development (DFID) Regional Office South-East / South-South and Start-up Hub is organizing a one-day round-table for Development Partners in Enugu State. This partnership initiative which is the first in the State and South-East region is scheduled to hold on 25th October, 2016 ...

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Dangote targets 2m metric tons of sugar annually

dangote sugar

The Dangote Sugar Refinery Plc, a member of Dangote Group, on Monday said it plans to produce between 1.5 and 2 million metric tons of refined sugar annually from locally produced sugarcane. The Acting Group Managing Director, Mr. Abdullahi Sule, made the disclosure at the 2016 World Food Day celebrations organised by Lagos State Government. Sule, who was represented by ...

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FG, World Bank seal $1.3bn SMEs deal

Kemi Adeosun, Finance Minister

The Federal Government at the weekend reached an agreement with the World Bank Group and other development partners for the release of about $1.3 billion for the funding of Small and Medium Enterprises (SMEs) with the planned takeoff of the Development Bank of Nigeria (DBN). Nigeria’s Finance Minister, Mrs Kemi Adeosun, who broke the news at a post event press ...

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1,500 jobs at risk as Erisco Foods threatens to pull out of Nigeria

Eric Umeofia

Erisco Foods, an indigenous company, says its inability to access foreign exchange from the Central Bank of Nigeria for the procurement of machinery may force it to relocate to another country. Eric Umeofia, the company’s chief executive, disclosed this on Wednesday. He said 1,500 employees could lose their jobs. “It is difficult for indigenous manufacturers to access forex despite CBN’s ...

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Power sector losses reduce as generation picks up


The daily losses being recorded by operators in the power sector have reduced as electricity generation picks up gradually across the country. An analysis of the power industry statistics obtained by our correspondent in Abuja on Sunday showed that the average daily loss of about N2bn recorded by the sector towards the end of the second quarter had reduced to ...

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N36.8bn worth of gas lost to militant attacks


The country and some oil companies lost at least N38.6bn in one month as gas production from joint venture assets and the Nigerian Petroleum Development Company dropped by 40.9 billion standard cubic feet in July. The loss was as a result of production disruptions occasioned by the recent upsurge in militant attacks in the Niger Delta, mostly targeted at onshore ...

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Buhari commits to boosting domestic manufacturers

Nigerian President Muhammadu Buhari (L) addresses delegates at the start of a conference to tackle corruption at the Commonwealth Secretariat in London on May 11, 2016. / AFP PHOTO / LEON NEAL

President Muhammadu Buhari ‎has assured members of the Manufacturers Association of Nigeria (MAN) that his administration will be removing bottlenecks and create a more business-friendly environment to ensure that citizens embrace Nigerian manufactured goods.‎‎‎He said his administration recognises the sector as a major driver of Nigeria’s economic growth because of its immense natural resources and the entrepreneurial spirit of Nigerians.  The President said this at ...

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Naira plummets to all-time low of 472/dollar

Naira - Dollar

The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime. The local currency stood at 452 to the dollar at the close of trading on Tuesday, down from 445 against the greenback on Monday. ...

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