Business

MTN Nigeria Replies CBN On Illegal Repatriation Of $8.1 Billion

MTN Nigeria on Thursday refuted the claims by the Central Bank of Nigeria that it illegally, in collusion with four Nigerian banks repatriated $8.1billion from its Nigerian operations to offshore investors. The CBN said the remittances between 2007 and 2015, in tranches of 2.63 billion dollars, 1.766 billion dollars and 348 million dollars were done in flagrant violation of the ...

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How Africa can up its game on water management for agriculture

Africa’s waterways, like the Barotse floodplain in Zambia, must be properly managed. Bioversity International/E.Hermanowicz Andrew Slaughter, University of Saskatchewan Global agriculture is facing unprecedented challenges. It’s estimated that the world’s population will reach 9.1 billion by 2050 with an ever expanding middle class. Current food production levels will have to be increased by 70% to meet future nutrition requirements. At ...

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Illegal Repatriation: MTN To Refund $8.13bn As CBN Fines 4 Banks N5.87bn

The Central Bank of Nigeria (CBN) has imposed a N5.87 billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over alleged illegal remittance of foreign exchange to offshore investors of MTN Nigeria Communications Limited. This is even as the  CBN has directed MTN to refund 8.13 billion dollars which was illegally repatriated by the company with the aid ...

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Investment Inflow Drops 12.5% In Q2 2018

By Ben Abraham Nigeria recorded a decline of $790 million in foreign investment in the second quarter of 2018 (Q2 2018) as a total of $5.51 billion was received during the period compared to $6.3 in the preceding quarter. This represents a drop of 12.5 per cent (q-on-q) against the preceding quarter (Q1 2018), but a whopping 207.62 per cent ...

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11 Banks Spent N100bn On Fuel, Maintenance In 2017

…as operating expenditure mounts By Mike Abbah As Nigeria’s lingering electricity crisis persists and operating expenditure mounts, 11 deposit money banks (DMBs) coughed out a whopping N100.98 billion of shareholders’ fund to meet energy needs of their operations across the country. The amount also includes expenditure related to the maintenance of their power generating facilities and, in most cases, the ...

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5,000 Entrepreneurs For Africa’s Largest Entrepreneurial Convening In Lagos

Africa’s leading entrepreneurship-focused philanthropic organisation, the Tony Elumelu Foundation (TEF), has announced October 25, 2018, as the date for its 4thannual TEF Entrepreneurship Forum. The largest gathering of African entrepreneurs and the broader entrepreneurship ecosystem will unite over 5,000 entrepreneurs, global investors, leaders from the African public and private sectors and developmental organisations at the Federal Palace Hotel, Lagos.  The ...

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Oil Rises After OPEC Sources Say Saudi Crude Output Fell

Oil futures gained on Monday after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran. Brent crude futures rose 54 cents to settle at $73.75 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 52 cents to settle at ...

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36 Finalists Emerge In Maiden National MSMES Awards

In line with the Buhari administration’s commitment to continue to support growth in the Micro, Small and Medium Enterprises (MSMEs) sector, arrangements have reached advanced stage to host the first ever National MSMEs Awards as 36 finalists have emerged for the event scheduled to hold in Abuja on August 2. The 36 finalists were selected from businesses across the country ...

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State House, Budget Office, 306 Others Spent N149bn Illegally – Auditor-General

The Auditor-General for the Federation, Mr Anthony Ayine, has queried 308 Ministries, Departments and Agencies of government over extra-budgetary spending of N149.5bn in 2016. According to a Punch report, this is contained in the 2016 annual report of the Auditor-General for the Federation, which was obtained by The Punch on Sunday in Abuja. The 2016 audit report is the latest ...

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