News
Lagos Unveils Mega Infrastructural Projects to Boost Security, Unlock Traffic Gridlock
Lagos State Government, yesterday, unfolded fresh projects aimed at boosting security and revenue generation in the state.
Commissioner for Information and Strategy, Mr. Steve Ayorinde, who led other colleagues at an inter-ministerial briefing in Alausa, Ikeja, said the mega projects were designed to enhance investments as well as improve the living standards of residents in particular and Nigeria in general. Vanguard
Drug Scarcity Hits Aso Rock Clinic despite N3.87bn Budget
Despite the N3.87bn allocated to it in the 2016 Appropriation Act, lack of drugs and other essential medical items have crippled operations at the State House Medical Centre, The PUNCH has learnt.
The centre provides medical services to the President, Vice-President and their families, aides, members of staff of the State House and other entitled public servants.
It is also a training facility for house officers and other medical personnel. Punch
Avengers Split Over Planned Dialogue with FG
The Niger Delta Avengers on Wednesday appeared divided over whether or not to engage in a dialogue with the Federal Government over the crisis in the geopolitical zone.
While a self-acclaimed spokesperson for the Avengers, Mr. Ballantyne Agiri, said in a statement on Wednesday that the NDA was ready to enter into dialogue with the Federal Government for a possible ceasefire in the region, the Avengers in a counter-statement by Mudoch Agbinibo, denied the claim.
Agiri had in a statement mailed to one of our correspondents in Jos, the Plateau State capital on Wednesday, said that it had constituted a contact and dialogue group to engage the Federal Government in meaningful dialogue as part of the initiatives to resolve the crisis. Punch
‘Three Ministers Told Me Buhari Would Lose In 2015’
A member of the Board of Trustees of the ruling All Progressives Congress, Mr. Olisaemeka Akamukale, on Wednesday said no fewer than three members of President Muhammadu Buhari’s cabinet did not believe he would emerge as President in the 2015 election.
Akamukale, a former National Auditor of the APC, however, did not mention their names.
The APC leader, who was the Chairman of the defunct Democratic People’s Party, one of the parties that merged to form the APC, said this against the backdrop of allegations of neglect by some members and supporters of the APC and Buhari who worked for the President during electioneering. Punch
Why I Named My Dog ‘Buhari’,
The Police in Ogun State, yesterday, released unconditionally, the 30-year-old trader, Joe Fortemose Chinakwe, who was arrested last Saturday for naming his pet dog ‘Buhari’.
The embattled trader, Chinakwe. The embattled trader, who was visibly angry after his three-day incarceration in police cell, was let off the hook around 5pm on Tuesday after the intervention of both the Serkin Hausa and President-General of non-indigenes in the state. Vanguard
Business News
Nigeria Imports $227m Sugar in Seven Months
Nigeria imported $227million worth of sugar in the first seven months of this year, according to the central bank.
The highest monthly value of imports of $79.1 million was recorded in June, a Central Bank of Nigeria monthly compilation of funds used for sugar imports obtained by Bloomberg News showed Wednesday. Thisday
GTBank Posts N91bn Profit, Declares 25kobo Interim Dividend
Guaranty Trust Bank Plc yesterday reported its audited financial results for the half year (H1) ended June 30, 2016, showing positive growth across performance indicators.
Gross earnings rose by 37 per cent to N209billion from N153billion in 2015, driven primarily by growth in fee and commission income as well as foreign exchange income.
Net interest income fell marginally from N80.1billion to N79.1billion, while impairment charges surged by 530 per cent from N6.0billion to N37.5billion. However, non-interest income improved by 160 per cent from N38billion to N91.4billion in 2016. Non-interest income was the major catalyst for the upsurge in earnings, after benefiting from foreign exchange revaluation gains. Thisday
Telecoms Operators Fret over Proposed 9% Communication Services Tax
The Organized Private Sector (OPS) has expressed concerns over the proposed plan by the federal government to impose a special tax of nine per cent for the use of communication services, noting that this move would only succeed in worsening the prevailing high cost of doing business in the country.
The operators under the telecommunications arm of the Lagos Chamber of Commerce and Industry (LCCI) said the economic implications of this bill would affect consumer purchasing power which they say negates the principle of neutrality, maintaining that it would also discourage investment and impede development of the telecommunications sector. Thisday
Skye Bank not Distressed, CBN Insists
The Central Bank of Nigeria has again faulted speculations that some banks in the country may be going under because they are distressed, stating that all existing banks are in safe financial condition.
The apex bank in a statement issued on Wednesday night by the Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, reiterated that neither Skye Bank whose management was removed last month nor any other bank was in distress.
It said contrary to speculations going the rounds, the funds of depositors in all the banks remained safe and there was no need for panic withdrawal by any bank customer. Punch
CBN grants Fidelity Bank E-Commerce License
The Central Bank of Nigeria has granted Fidelity Bank Plc final licence to operate electronic commerce services in Nigeria.
In a statement on Thursday, it said the development would enable the lender to empower Micro Small Medium Enterprises in line with its strategic business objectives.
The platform, dubbed ‘The Fidelity GreenMall,’ is an online marketplace with fully integrated e-commerce capabilities for online payments, delivery logistics, advertising, and business networking opportunities, among others. Punch
Nigerian Banks Can’t Fund Mining Projects – Ex-NMC MD
The Federal Government’s plan to diversify the nation’s economy leveraging the solid minerals development cannot be funded by banks in the country, a former Managing Director of Nigerian Mining Corporation, Dr. Biodun Olorunfemi, has said.
Olorunfemi, who is currently the Vice-President, Mineral Watch Global Investment Company Limited, said in an interview with our correspondent that only the stock exchange had the capacity to provide the funding required for the development of the mining sector. Punch