The Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed. According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38bn. However, as of March 31, the country’s debt portfolio from China had risen to $3.40bn. According to …
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Nigeria has lost N24.72bn ($60.14m) in 10 days to the Twitter ban that took effect on June 5. According to NetBlocks Cost of Shutdown Tool, Nigeria loses N102.9m ($250,600) every hour to the ban. The Federal Government had on June 4, 2021 announced the suspension of Twitter in Nigeria. The Minister of Information and Culture, Lai Mohammed, had cited ‘the …
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The value of the naira to the dollar fell from 196.99 in December 2015 to 410 in April 2021, reflecting a 51.95 per cent decline despite the various foreign exchange policies introduced by the Central Bank of Nigeria to strengthen the currency. According to a monthly document obtained from the CBN’s website, the value of naira at the inter-bank forex …
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The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by an online news medium. Reacting to the report, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, described it as, “fake news” and should be discarded in its entirety He said: “The report is fake news. There is no iota of truth in …
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Nigeria is in talks with four West African countries expected to buy unused electricity from it. The deal will be done through a planned $570 million Northcore Power Transmission Line. The acting Managing Director of the Transmission Company of Nigeria (TCN) and Chairman, Executive Board of the West African Power Pool (WAPP), Engr. Sule Ahmed Abdulaziz, stated this on Wednesday …
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Nigeria’s total debt stock rose by N191bn in the first quarter of this year, according the figures released by the Debt Management Office on Wednesday. The DMIO said the debt stock rose to N33.107tn as of the end of March 2021 from N32.916tn in December 2020 It said the country’s external debt however reduced due to the redemption by Nigeria …
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The World Bank has listed Nigeria among the three countries with the largest electricity deficits in the world. It said during the last decade, a greater share of the global population gained access to electricity than ever before, but the number of people without electricity in Sub-Saharan Africa increased. The bank disclosed this on Monday in a report, titled ‘Universal …
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While the age-old saying and philosophy of virtue being its own reward (or seeing doing good as its own reward) remains a strong motivating factor in doing good persistently, it helps when virtue gets recognition from time to time. Even though anyone or organisation committed to doing good will keep doing so with or without recognition, recognitions for virtue tend to act like a shot in the arm for such people ororganisations, spurring them to commit …
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In a bid to foster positive business relationships, Fidelity Bank makes concerted efforts aimed at collaborating with the private and public sectors. The Bank had in the past paid courtesy visits to industrialists and top government officials such as the Governors of Ogun State, Lagos State, Oyo State, Imo State and Osun State, as well as the Founder of BUA …
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First City Monument Bank (FCMB), has re-assured that it will continue to champion, execute and support initiatives that would enhance the ecosystem, as well as tackle some of the adverse effects of climate change and other challenges facing the environment. According to the Bank, this is in recognition of the fact that a cleaner and more sustainable environment is key …
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