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Dubai-based company pulls out of Etisalat Nigeria – CBN

The Central Bank of Nigeria (CBN) has disclosed that Dubai-based investment fund – Mubadala – has pulled out of Etisalat Nigeria after the telecommunications firm failed on Friday to renegotiate a $1.2 billion loan taken out four years ago with

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NDDC office sealed for not remitting tax

The Bayelsa Board of Internal Revenue (BIR), on Friday sealed off the Bayelsa office of Niger Delta Development Commission (NDDC), over alleged non-remittance of N336million Pay As You Earn (PAYE) tax liability. The BIR enforcement team served a court order

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Etisalat says half of $1.2bn loan cleared

Etisalat Nigeria says it has cleared almost half of the $1.2 billion loan it collected from a consortium of 13 banks. A statement from the company signed by the Vice President, Regulatory & Corporate Affairs, Ibrahim Dikko, said contrary to

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Second Niger bridge project suffers another setback

The dream of having the second Niger Bridge, a gateway to South East region, has been threatened again going by reports. The construction of the bridge has remained a mirage as successive governments have consistently broken their promises to construct

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Delta enters $20m oil palm production deal

The Delta Government has signed a $20 million Memorandum of Understanding (MoU) with Norsworthy Investment, a private firm, for the cultivation of 3,000 acres of oil palm and processing plant project. The project which would be sited at Akwukwu-Igbo in

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Stocks fall for second day as sentiment turns

Nigerian shares extended falls for the second day as sentiment started to weaken amid the possibility that index provider MSCI will downgrade Nigeria later in the year. The main index shed 2.05 percent to 32,791 points, dragged down by its

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Financial expert urges discipline, professionalism to ensure Naira recovery

Alhaji Aminu Gwadabe, a financial expert on Thursday called for fiscal discipline and professionalism in the banking sector as a way to ensure recovery of the nation’s currency. Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) said this

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Apapa-Wharf road gridlock can result to fuel scarcity -NUPENG

Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has expressed worry that the gridlock being experienced by petroleum tankers and articulated vehicles on Apapa-Wharf Road may result to fuel scarcity. Alhaji Tokunbo Korodo, the South-West Chairman of the union

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NB to increase local raw materials sourcing to 60%

The Nigerian Breweries (NB) Plc has said that it was making plans to increase sourcing of raw materials like sorghum, Food Grade Starch and others locally from 57 to 60 per cent by 2020. Mr Patrick Olowookere, Corperate Communications and

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Wave of developmental projects powered by NDDC sweeps across Akwa Ibom (Special Report)

By Jossy Ekpe, Uyo There is no gainsaying the fact that the price for success is more success. This stands true of the throng of projects the current administration of the Niger Delta Development Commission (NDDC) has recorded in Akwa

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