Business

How $3bn Was Stolen In NNPC/NDPC Strategic Alliance Contracts – Osinbajo

…says grand corruption is Nigeria’s economy’s biggest problem Nigeria’s Vice President, Prof. Yemi Osinbajo, says the promoters of the companies in strategic alliance contracts with the Nigerian National Petroleum Corporation (NNPC) and NDPC made away with close to 3billion US dollars, almost a tenth of Nigeria’s reserves, at one point. In his remarks at the 7th presidential quarterly business forum at ...

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Fidelity Bank Promotes Financial  Literacy to 3,500 Students in 31 Schools

Fidelity Bank has tutored 3,500 students in 31 schools across Nigeria, as part of activities to mark this year’s Global Money week and Financial Literacy Day. The bank’s Managing Director, Mr. Nnamdi Okonkwo, who was represented by its Divisional Head, Brand and Communication, Mr. Charles Aigbe, was at the Government Day Secondary School, Lokoja, Kogi State. Also, other senior employees of the bank visited other schools in ...

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Bank Fraud: Indian Billionaire Jeweller Modi, In Trouble

Indian authorities have seized a solar power plant and some 134 acres of land belonging to billionaire jeweller Nirav Modi in connection with the country’s biggest-ever bank fraud of 1.8 billion U.S. dollars. “The Enforcement Directorate took possession of the land and solar power plant in Ahmednagar in western India Sunday. “Earlier, it attached 21 immovable properties worth 5.24 billion ...

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Nigerian Banks Lose 2m Customers In 2 Years – Statistics

Despite Central Bank of Nigeria’s (CBN) effort to promote financial inclusion,Nigerian banks lost over 2 million customers between 2016 and 2017. According to statistics from the Nigeria Inter-Bank Settlement System (NIBSS), the number of active bank accounts also reduced by 1.5 million, dropping from 65 million to 63.5 million. The statistics obtained by the News Agency of Nigeria (NAN) from the ...

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NNPC Reiterates Commitment To Overhaul Refineries

The Nigerian National Petroleum Corporation (NNPC) has reassured that nation’s four refineries would soon get back to their optimal, nameplate capacities. Group Managing Director, Dr Maikanti Baru, made this known in a statement signed by Ndu Ughamadu, the Corporation’s spokesman, on Sunday in Abuja. Baru gave the assurance shortly after receiving this year’s Man of the Year Award from Nigerian NewsDirect, a ...

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Toy Retailer To Close Or Sell All U.S. Stores

Toys R Us is closing its doors after 70 years in business. The iconic toy retailer will shut or sell all of its almost 800 stores in the United States, a source familiar with the matter told CNNMoney on Wednesday. The company’s CEO, David Brandon, notified employees earlier in the day, according to an earlier report by The Wall Street Journal, which ...

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Banks Have Not Significantly Impacted Lives Of Most Nigerians – Osinbajo

Nigeria’s Vice President, Professor Yemi Osinbajo, says banks have not really significantly impacted the lives or livelihoods of most Nigerians. Osinbajo said this at the public presentation of a book titled ‘Banking Reforms In Nigeria: The Law, The Prospects and The Challenges’ at the International Conference Centre, in Abuja on Monday. According to him, “Nigerians look around and are puzzled ...

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Bank In Alleged Unlawful Conversion Of Microfinance Bank’s N219m

…Keyamo writes bank, demands refund within seven days Solicitors to Ohha Microfinance Bank Ltd, Keyamo Chambers, has written an open letter to the Managing Director of Sterling Bank Plc, demanding a refund of the sum of N219m belonging to the microfinance bank but alleged to have been unlawfully converted by Sterling Bank. In the letter, made available to NewsProbe today, Keyamo ...

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Africa’s Population Explosion A Ticking Time Bomb — African Development Bank Governors

The African Development Bank and its East and North African Governors have stressed the need for urgent measures to match the continent’s growing population and youth unemployment, which they likened to a “ticking time bomb.” The meeting described the continent’s growing young population as a potential growth engine for the world. “The good news is that the solution is within ...

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Land Use Charge: We’re Ready For Dialogue – Ambode

…says only 700,000 out of 8 million taxable adults paid taxes in 2017 …as Dangote, Ovia, Elumelu urge Lagosians to voluntarily pay taxes Lagos State Governor, Mr. Akinwunmi Ambode, on Tuesday said his administration is not oblivious of the hue and cry generated by the revised Land Use Charge Law, saying that the government is ready to dialogue to resolve ...

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