FG Partners Lagos Firm On 150km Per Hour Lagos-Abuja Fast Rail

FG Partners Lagos Firm On 150km Per Hour Lagos-Abuja Fast Rail

In a bid to solve the challenges of gridlock and hazards involved in travelling by road from Lagos to the Federal Capital territory, Abuja, work is in the pipeline for a hi-tech transportation system for the route. The fast cable light rail project will cover the distance of Lagos and Abuja in 45 minutes at an average speed of 150km per hour but has capacity for 500km per hour. At a gathering in Lagos to sensitive members of the public to the project, the Regional Head, Skyway String Transport Technology,…

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Osinbajo: Nigeria’s Debt To GDP Is 20%

Osinbajo: Nigeria’s Debt To GDP Is 20%

Vice-President Yemi Osinbajo on Tuesday defended Nigeria’s $73bn debts despite admitting that the debt profile grew by another $10bn between 2015 and this year. In 2015, the VP said the debt size was $63bn, growing by $10bn to hit $73bn in 2018. However, Osinbajo, who spoke during a town hall meeting with Nigerians in Abuja, defended the debt profile, arguing that the country was still within the safe region, especially when compared with other countries. He said people had misconceptions when they argued that the present administration of President Muhammadu…

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New List Of Debtors To Be Released By AMCON

New List Of Debtors To Be Released By AMCON

The Asset Management Corporation of Nigeria is preparing to release another list of debtors, an investigation has revealed. The corporation’s Head of Corporate Communications Department, Jude Nwauzo, confirmed this to our correspondent in a telephone chat. According to information obtained, the corporation has decided to expose the debtors following their failure to meet their debt obligations after several peaceful engagements. Nwauzo told our correspondent that AMCON would be forced to charge the debtors to court if they failed to repay their loans. In October, AMCON published a list of defaulters…

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UBA To Reward Customers For PoS Use

UBA To Reward Customers For PoS Use

To further encourage e-payments, Pan-African financial services group, United Bank for Africa (UBA), has announced that it will reward 25 lucky customers with N100,000 each, for making payments with their UBA cards through its Point of Sale (PoS) terminals at any merchant location. The promo is scheduled to run till December 31, and after repeated use, customers will be automatically enlisted for the draw when the total sum of payments they have made on UBA POS terminals exceeds N50,000. A total of illion is up for grabs. Speaking during the…

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FG To Add 1000MW To National Grid In 2019

FG To Add 1000MW To National Grid In 2019

AfDB says 645m people without electricity in Africa Although, there are about 645 million people without electricity in Africa, with about 90 million Nigerians affected, the Minister of Power, Works and Housing, Babatunde Fashola, has said the Federal Government is doing everything possible to reverse the trend in Nigeria. Fashola, at a post-event interview with reporters on the side line of the on-going first Africa Investment Forum (AIF), organised by the African Development Bank (AfDB), in Johannesburg, South Africa, yesterday, said the Ministry expects over 1000 megawatts (mw) to come…

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PMB Silent On New Minimum Wage

PMB Silent On New Minimum Wage

President Muhammadu Buhari congratulates chairman, Tripartite Committee on the Review of National Minimum Wage, Amal Pepple, at the Presidential Villa, Abuja, on Tuesday. NAN photo The Presidency on Thursday said President Muhammadu Buhari has yet to endorse any figure as the new national minimum wage. It said the reports that Buhari reneged on earlier acceptance of the N30,000 recommended by the National Minimum Wage Tripartite Committee were therefore not correct. The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, made the clarification in a statement made…

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Germany Bans Diesel Vehicles In Cologne, Bonn

Germany Bans Diesel Vehicles In Cologne, Bonn

A German court on Thursday ordered Cologne and Bonn to join a slew of cities in banning older diesel vehicles from their roads to combat air pollution, as the government struggled to reach a deal with automakers on cleaning them up. The Cologne administrative court said the western city must ban the dirtiest diesels from its centre and other streets from April 2019 to tackle dangerously high levels of nitrogen dioxide (NO2) emissions. In the smaller city of Bonn the restrictions would apply to two streets. The ruling, which the…

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BPE: More Companies Will List In 2019

BPE: More Companies Will List In 2019

Director-General, Bureau of Public Enterprises, Mr. Alex Okoh The Bureau of Public Enterprises has said the Nigerian stock market will see more Initial Public Offerings next year. The Director General, BPE, Mr Alex Okoh, said the BPE was working towards the privatisation of some government companies and assets that would later be listed on the Nigerian Stock Exchange by way of public offering. According to him, the privatisation and IPO listing is the BPE’s way of contributing assets to the capital market on behalf of the Federal Government. Skyway Aviation…

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Ibrahim: NDIC To Pay MfB Depositors In Full

Ibrahim: NDIC To Pay MfB Depositors In Full

Managing Director, NDIC, Umaru Ibrahim The Managing Director, Nigeria Deposit Insurance Corporation, Mr Umaru Ibrahim, has said that it will soon commence claims payment to depositors of failed microfinance banks and primary mortgage banks. He said at the ongoing Lagos Trade Fair, ‘Sadly, as you are all aware, the Central Bank of Nigeria recently revoked the licences of 154 MFBs and six PMBs due to their insolvency. The action became necessary due to erosion of their capital base, poor liquidity, inept management, as well as some insiders helping themselves with…

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IMF: 50% Of Nigeria’s Revenue Spent On Debt Servicing

IMF: 50% Of Nigeria’s Revenue Spent On Debt Servicing

Minister of Finance, Zainab Ahmed The International Monetary Fund on Thursday painted the precarious situation of the nation’s economy in particular and Sub-Saharan Africa’s, in general, going by how much the country and the region spend on debt servicing. According to the Breton Woods financial institution, Nigeria spends more than 50 per cent of its revenues on servicing debts, a situation that does not give room for other necessary expenses. Speaking at the presentation of the Regional Economic Outlook for Sub-Saharan Africa – Capital Flows and the Future of Work…

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