Oil and Gas Free Zones Authority Nigeria

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CBN Sells $1bn To Help Clear Backlog In Biggest Dollar Sale

The Central Bank of Nigeria (CBN) sold about $1 billion on the forward market last week to clear a backlog of dollar obligations in selected sectors, traders said yesterday, its largest special auction since a currency peg was removed in June. Analysts said the naira would likely appreciate before the end of the year, based on the move by the ...

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GTBank Plc: Greater Feats in Store

By Folakemi Emem-Akpan Outlook The 2015 was a profitable one for Guaranty Trust Bank (GTBank) Plc, albeit a slightly less profitable one than 2014 was. Despite the economic recession, it was able to concentrate on core banking operations and turn out a decent profit, most of which it dedicated to dividend payout to shareholders. The 2016 financial year even seems ...

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MTN pays N80bn of N330bn fine — FG

mtn

The Federal Government says MTN had paid N80 billion of the N330 billion fine imposed on it for failing to deactivate more than five million unregistered SIM cards.   Speaking at the News Agency of Nigeria (NAN) Forum in Abuja, the Minister of Communications, Mr Adebayo Shittu, said that the company paid the sum for the first year. It will ...

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Telecoms Sector To Attract N799bn New Investments In 2017

With anticipated new investments to deepen broadband Infrastructure in the next few months, the Nigerian telecommunications sector which already has about $68 billion total investments so far, is set to add N799 billion (about $2.6 billion) through telecoms licences and capital investments in the year 2017. LEADERSHIP learnt that the Nigerian Communications Commission (NCC) targets N189 billion ($619.6 million) earning ...

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FG Promises to Settle N2trn Contractors’ Debt in 2017

ALTHOUGH Federal Government’s projected capital spending of N2.24 trillion for 2017 is a nominally significant increase over the N1.75 trillion for 2016, the current budget is actually bigger than that of 2017 in real terms. According to Minister of Budget and National Planning, Senator Udoma Udo Udoma who gave detailed breakdown of the 2017 budget projections in Abuja on Monday, ...

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Forex: FG Orders CBN To Abolish Parallel Market

As the gap between the value of the Naira at the interbank and parallel market continues to widen, the Federal Government has announced plans to converge the rates by abolishing the parallel market. The gap between the interbank and parallel market rates has grown to N184.75 as at yesterday, as the naira was sold at N490 to the dollar at ...

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Why FG Won’t Increase Tax In 2017 – Udoma

The federal government yesterday gave a breakdown of how the proposed N7.28 trillion appropriation for 2017, tagged “Budget of Recovery and Growth” would be funded, ruling out tax increase and retrenchment of workers as funding options. The government explained that rather than increase the tax burden on the people, it planned to fund the proposed budget by borrowing from internal ...

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Dangote Cement is most Capitalised Firm on the Nigerian Stock Exchange

Dangote Cement remains the most capitalized company on the Nigerian Stock Exchange (NSE), as at December 16, 2016, with a market capitalization of N2.9 trillion. This represents 31.56 per cent of the whole stock market capitalization as at December 16, 2016. Nigerian Breweries and Nestle Nigeria, all in the manufacturing sector, trailed Dangote Cement with market capitalization of N1.13 trillion ...

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FG: 2016 Revenue Projections Failed

Over half of this year’s capital projections have failed due to shortfall in expected revenue, the Federal Government revealed yesterday. The Federal Government budgeted about N1.8 trillion for capital projects in 2016 but only N753.6 billion was released as at October, Minister of Budget and National Planning, Senator Udo Udoma said yesterday. Government had expected that the N6.06 trillion budget ...

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2016: Market Still Under Pressure, Equity Investors Lose N662bn

With only about eight trading sessions left before the end of the year, it is almost certain that investors in the Nigerian stock market may well end this year again in losses, repeating the same scenarios in the two previous years,as investors in the Nigerian stock market have so far lost N662 billion this year. The stock market had moved ...

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